Judging from the volume of sales calls we have getting here of late, there seems to be a lot of people out there just looking to get their entrepreneurial feet wet! Some have been recently let go, others have had their salaries reduced...whatever the reason many are using this opportunity to get that business idea up and running.
An online business is the obvious choice. With a low cost of entry, it can get you up and running in a relatively short period of time, and can allow you generate income without always having the hassle of being in a premises!And as an MD of a web development company the more online businesses the better!
But you do need to be mindful of a few key considerations before you spend the first cent!
- We're all individuals- The key to a successful online business is the same as offline - what makes you different! Why should people use your website instead of a competitor?
- Best form of flattery - You may have a great new idea for a website but would it be easy to copy. If it is, you need to be able to make your return before competitors imitate you!
- Dog eat dog - What is the competition out there? Simple search engine searches will give an indication of how popular the phrase is (demand) and by clicking through the top search results you will see the quality of the offerings (product/supply). Caution: If the phrase is very popular, consider how you are going to compete on search engines and through getting your brand name out there virally.
- Show me the money- a cheesy marketing friend of mine (you go unnamed BFR) would sagely say - "there's a gap in the market - but is there a market in the gap"..Well the sad truth is - he's right. You need to make sure the website can generate income somewhere down the line.
So best of luck with your new online business.I hope this short guide helps you in your new venture and **cheeky plug** -don't forget to consider Webtrade if you do need that web development partner!.