Top 10 Tips for a Thriving Online Business
| Category: Home Based Business - Getting Started | Date: 2003-06-17 |
Past history has shown that its not necessarily the companies with the snazziest websites that do well, or
even the companies with the most money. The small guys -- that is, Internet home businesses typically run by 1 or 2 people -- may not make the news like the big dot-coms, but there are many who quietly and steadily continue to turn a profit, even while big companies report huge losses or go out of business entirely.
So whats the secret? Here are a few tips from small but successful netrepreneurs on how to build a thriving online business:
__1. Find a niche with a demand.
Select a specific market to which you can offer unique products or services. You cant be everything to everyone, and trying to offer a giant selection of goods to a huge and generalized market is the route to frustration, disappointment, and even failure. We cant all be Wal-Marts!
As a small business, focus on a promising niche market and work hard to offer them the products and services
they want.
__2. Care about the quality of your product or service.
Sell only what you would be proud to sell to your family and friends, and insist upon consistently high quality.
This will help to encourage referrals and repeat business -- both powerful ways to keep the profits rolling.
__3. Be smart and frugal.
Avoid unnecessary expenses, and be particularly vigilant when youre first getting started. One of the nice things about doing business online is that its possible to begin earning an income while operating on a shoestring budget. Try to minimize expenses. Once your business is pulling in profits, you can reinvest part of it back into marketing and expansion.
__4. Focus on marketing strategies that return the most profit for your dollar.
One of the biggest myths beginners face is that people will flock to your site once its built. However, there
are literally billions of web pages available, and every business has to find ways to attract their target
audience to their little corner of the web. Track the success of each of your marketing campaigns. Drop those
that dont work, and focus on those that yield the best results.
__5. Provide the best customer service that you can.
Fast, helpful replies to inquiries and requests for assistance help to create and keep happy customers.
This is particularly true of the Internet, where people have come to expect instant responses. Genuinely
helpful answers also help to ensure customers feel as if theyre *people*, and not just another generic,
faceless entity in cyberspace. Treat customers as you would like to be treated.
__6. Build your business slowly but surely.
Instead of attempting to build your business into an overnight success, strive for gradual but steady
expansion. Small businesses operating on tight budgets generally cannot afford to throw a pile of money into a
marketing campaign thats hit-and-miss. Instead, they find out what works, then build upon their successes.
__7. Create multiple streams of income.
Your business can continue its growth by branching out to offer a variety of products or services. For example, an online business may earn income from sales of its own primary product or service, sales of website or newsletter advertising, and commissions from affiliate programs. Start with one income stream and gradually add to it when you have the resources to do so.
Multiple streams of income will also help to buffer your business against income fluctuations. While one
product or service may experience a downturn in sales, the others may not. Similarly, if it turns out that one
income stream disappears (for example, an affiliate program shuts down), then you can fall back on your
other products and services.
__8. Work together.
Use the Internet to find like-minded entrepreneurs. Develop mutually beneficial working relationships with
carefully selected businesses. This will provide you with the opportunity to cross-promote your products and
services, as well as give and share advice. A strong support network can help to build your own business
as well as the complementary businesses with whom you choose to partner.
__9. Keep educating yourself.
What works online today may not work quite as well tomorrow. Invest in continuing your marketing education
and put what you learn to good use. You dont want your business to simply survive online; you want it to
thrive!
__10. Enjoy what you do.
If you dont, then business will only be a chore, not a pleasure. Being passionate about what you do will give
you that extra energy and desire to build a business that continues to offer your customers quality products and
services -- while earning a profit.
ABOUT THE AUTHOR:
Angela is the editor of Online Business Basics, a practical guide for beginners to the net. Packed with instantly
usable tips, youll love its focus on effective fr*e and low-cost marketing methods, specifically chosen for people operating on shoestring budgets! Get the details here: http://onlinebusinessbasics.com/article.html
angela@onlinebusinessbasics.com
http://onlinebusinessbasics.com
even the companies with the most money. The small guys -- that is, Internet home businesses typically run by 1 or 2 people -- may not make the news like the big dot-coms, but there are many who quietly and steadily continue to turn a profit, even while big companies report huge losses or go out of business entirely.
So whats the secret? Here are a few tips from small but successful netrepreneurs on how to build a thriving online business:
__1. Find a niche with a demand.
Select a specific market to which you can offer unique products or services. You cant be everything to everyone, and trying to offer a giant selection of goods to a huge and generalized market is the route to frustration, disappointment, and even failure. We cant all be Wal-Marts!
As a small business, focus on a promising niche market and work hard to offer them the products and services
they want.
__2. Care about the quality of your product or service.
Sell only what you would be proud to sell to your family and friends, and insist upon consistently high quality.
This will help to encourage referrals and repeat business -- both powerful ways to keep the profits rolling.
__3. Be smart and frugal.
Avoid unnecessary expenses, and be particularly vigilant when youre first getting started. One of the nice things about doing business online is that its possible to begin earning an income while operating on a shoestring budget. Try to minimize expenses. Once your business is pulling in profits, you can reinvest part of it back into marketing and expansion.
__4. Focus on marketing strategies that return the most profit for your dollar.
One of the biggest myths beginners face is that people will flock to your site once its built. However, there
are literally billions of web pages available, and every business has to find ways to attract their target
audience to their little corner of the web. Track the success of each of your marketing campaigns. Drop those
that dont work, and focus on those that yield the best results.
__5. Provide the best customer service that you can.
Fast, helpful replies to inquiries and requests for assistance help to create and keep happy customers.
This is particularly true of the Internet, where people have come to expect instant responses. Genuinely
helpful answers also help to ensure customers feel as if theyre *people*, and not just another generic,
faceless entity in cyberspace. Treat customers as you would like to be treated.
__6. Build your business slowly but surely.
Instead of attempting to build your business into an overnight success, strive for gradual but steady
expansion. Small businesses operating on tight budgets generally cannot afford to throw a pile of money into a
marketing campaign thats hit-and-miss. Instead, they find out what works, then build upon their successes.
__7. Create multiple streams of income.
Your business can continue its growth by branching out to offer a variety of products or services. For example, an online business may earn income from sales of its own primary product or service, sales of website or newsletter advertising, and commissions from affiliate programs. Start with one income stream and gradually add to it when you have the resources to do so.
Multiple streams of income will also help to buffer your business against income fluctuations. While one
product or service may experience a downturn in sales, the others may not. Similarly, if it turns out that one
income stream disappears (for example, an affiliate program shuts down), then you can fall back on your
other products and services.
__8. Work together.
Use the Internet to find like-minded entrepreneurs. Develop mutually beneficial working relationships with
carefully selected businesses. This will provide you with the opportunity to cross-promote your products and
services, as well as give and share advice. A strong support network can help to build your own business
as well as the complementary businesses with whom you choose to partner.
__9. Keep educating yourself.
What works online today may not work quite as well tomorrow. Invest in continuing your marketing education
and put what you learn to good use. You dont want your business to simply survive online; you want it to
thrive!
__10. Enjoy what you do.
If you dont, then business will only be a chore, not a pleasure. Being passionate about what you do will give
you that extra energy and desire to build a business that continues to offer your customers quality products and
services -- while earning a profit.
ABOUT THE AUTHOR:
Angela is the editor of Online Business Basics, a practical guide for beginners to the net. Packed with instantly
usable tips, youll love its focus on effective fr*e and low-cost marketing methods, specifically chosen for people operating on shoestring budgets! Get the details here: http://onlinebusinessbasics.com/article.html
angela@onlinebusinessbasics.com
http://onlinebusinessbasics.com
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