Creating New Internet Business

Today, Internet is emerging as the fastest way to connect to a worldwide audience. Millions of people log on to the Internet for information. Demanding work schedules make it impossible for people to go to a particular store and buy a product. They are now turning towards Internet for everything as it saves their time and energy. Gone are the days when a person actually walked from store to store comparing and contrasting the product they want to purchase.

Internet is like a magic wand, which can help a person scan through various websites, compare and contrast the prices, order the desired product and get it delivered right at one's door step.

First let us try to understand what aspects we need to consider before starting the actual online business: 1. Conceptualize your idea There may be endless Internet business ideas that one can think of, and the only way to pick the best among those ideas is by knowing the target market.

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A simple survey can help in establishing the success of your idea.

If there is no product /service idea of your own, then an online business can be started by marketing someone else’s product or service through affiliate programs. A certain percentage of sales is given by the affiliate depending on the referrals. Joining a direct sales company and marketing their products online or buying from wholesale and reselling the products could also be one of the options to consider. 2. Understand Competition In order to be successful in your business, you have to make sure that you understand that there is going to be a lot of competition.

What idea you have N number of people may already be executing it. So it is very important to have a USP (Unique Selling Proposition). USP is the key of a successful business, which gives you an edge over other competitors. Also a SWOT Analysis is essential so that you realize your Strengths, Weaknesses, Opportunities and threats/risks in comparison to other similar business ideas. Identifying the competitor’s weaknesses and improving your business idea based on the findings is a very good strategy. 3. Create a Business Plan

Creating a Business Plan includes defining your market, understanding and addressing the market, finalizing the operational plan, financial layouts, opportunities and risks. The business plan is very important as it helps the owner to keep track of how the business is doing at any point of time in relation to what was originally expected. 4. Financial considerations Starting any business requires a certain amount of capital. One must understand that profits are not going to start from day one. Make sure you have enough capital to begin the business and to sustain it for a few months.

Also be ready to reinvest part of the profits in order to grow your business. 5. Legal issues It is very important to make sure that your business is following the local laws and regulations. Check the business license requirements of the area so that you do not face any hurdles later on. Now, we move on the the next phase which is the actual beginning of the online business: 1. Register your business and domain name A domain name is your brand name. It gives an identity to your business. You must choose the name in such a way that it describes the core value of your business.

A catchy domain name has an advantage of being easily remembered by people. Registering your domain name would prevent somebody else from using the same name. You can register the name with an organization in your region that will charge a fee, which has to be renewed annually. 2. Create your website Once you have finalized on an idea, and have a good understanding of the financial and legal aspects of your business, you have to start a website. This is the first step in presenting your idea online. You can approach a website designer for this purpose.

The website should be unique and interesting, in order to attract maximum number of hits. Some essential features of a good website: Practically, every individual who is looking out for a product or service takes the help of search engine. So it is very important that the website should be user friendly. It should not take too much time for a person to get the information that he is looking for. Pictures and diagrams should substitute words. This would make the website interesting and it would benefit the user too.

Creating a bookmark or add to favorites button would help in attracting and retaining users who have viewed your website. 3. Website hosting Once the website is ready, in order to be viewed on the Internet it has to be listed with a Network Service Provider (NSP). You have to go to a good service provider who can help you accordingly. Some of the large NSP’s are: CerfNet, IBM, UUNet and many more. 4. Merchant account So, now that your website is ready, we need to think about how customers who buy the product/service will make a payment?

Create a merchant account with a well-known bank It is very important to make the online ordering process safe and secure. The shipping and handling of goods should be properly explained to customers. A hassle free shopping experience will attract and retain customers for a long time. 5. Launch your website Now, it is time to make your presence felt online. Develop some WebPages to let people know more about your business, what you have to offer, contact information, sales information and more.

Register your WebPages with various search engines like Google, Yahoo, MSN etc so that people can find your web page when they search for products/services that your business can offer. 6. Advertising and improving Website Content You need to constantly update your website to break the monotony. Make your website interesting by coming with promotional activities like free shipping, contests, special discounts etc. An interactive forum with your customers will help in retaining them for a long time. Also it is very important to be found on the search engine.

You have to market and interact with search engines so that people can find your business easily. Advertise your website on popular pay per click search engines like Google Adwords. Conclusion: Managing and retaining your customers Your aim should be to retain customers and to see that they come back for every purchase. Make sure you mange the email listings of customers so that you can let them know about the updates, changes, special offers and other promotional campaigns you undertake. Personalize your email message and send important and relevant information. References 1. Plowright, Kerry (The Internet Business Resource kit)