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How to Become a Successful Entrepreneur on the
Web
by: Will Spencer
Becoming a successful entrepreneur in the online world is no
different than becoming a successful entrepreneur in the
brick-and-mortar world. Both tasks require vision, determination, and
hard work.
The online world of the web offers many exciting opportunities for
entrepreneurship because it is fresh, new, and exciting. The cutting
edge of development has always been the most fertile ground for growing
a new enterprise. In the 1800's, the new frontier was the American west
and many fortunes were made there. In the 2000's, the new frontier is
the web, where many fortunes have yet to be made.
Jeff Bezos of Amazon.com is worth 4.85 billion dollars. Pierre Omidyar
of eBay is worth just over seven billion dollars. David Filo and Jerry
Yang of Yahoo are both billionaires. These men made fortunes on the web,
and so can you.
The path to becoming a successful online entrepreneur has changed in the
last few years. The over-optimism which characterized the late '90s and
ultimately led to the subsequent crash in the technology sector has
matured into a cautious and reasonable optimism grounded in traditional
business values.
The party is over; it's time to get to work.
What Are You Going to Sell?
The #1 thing you need to succeed in business is the customer. Whether
you have one customer, fifty customers, or millions of customers, it is
critical to remember that customers are the foundation of any business.
Without customers, you don't have a business; you have a hobby.
Going into an online business, people usually either know what they want
to sell or know how they want to sell it. If the online business is an
extension of a brick-and-mortar business, the entrepreneur knows what he
or she has to sell and is looking for a new channel for their good and
services. If the entrepreneur is looking to start a new business online,
they may not yet know what product or service will offer the best
opportunities for success.
Product or Service
Every business sells either products or services, a few businesses sell
both. Products are easier to sell online because they can be more easily
commoditized. People have become comfortable buying known commodities
online. Services which are sold online are sometimes delivered online
and sometimes delivered offline.
Selling Services Online
If you choose to sell services, the next decision to consider is how the
services you sell will be provided. You can choose to:
* Sell your own services
* Sell the services of others
* Sell an automated service
Selling Your Own Services Online
Each of us has specific talents, abilities, and skills which can be
useful to other people. These things which we have can be offered to
others over the web. Perhaps you are a lawyer, a web designer, or a
painter. It should be the easiest thing in the world to create a web
page to tell the world about who you are and what you can do for them.
The key to success in selling your own services over the web is to focus
on the needs of your customer. For every sentence you write about
yourself online, write an entire page about what you can do for your
customers.
Selling the Services of Others
Selling the services of others allows us to leverage a larger workforce,
and ultimately to build revenue more quickly.
Perhaps you run a lawn-care business where you sell monthly lawn-care
packages to home-owners. Your lawn-care staff may be employees, or they
may be independent subcontractors who do business with you at
pre-negotiated rates. In fact, you may not be in the lawn-care business
at all, you may simply be in the business of being paid for generating
referrals to existing lawn care firms.
Selling Automated Online Services
Selling automated online services presents a very lucrative business
proposition, because it represents a potential revenue stream with very
low maintenance costs. The trade-off is often in the form of
considerable up-front development cost.
If you have the right idea, and the determination to follow it through
to a successful conclusion, there can be no better business opportunity
than selling an automated online service.
The first step, of course, is to determine what people want and what
people are willing to pay for. Will people pay $9.95 for an online
personality test? Will they pay $19.95 for an online personal wardrobe
analysis? What would someone pay for a personalized online horoscope?
How about an automated resume writing tool?
Selling Products Online
If you choose to sell products, you are not limited to selling products
which you manufacture. If you are already in the manufacturing business,
that is a significant advantage and the web is an excellent sales outlet
for many products.
Greater opportunities exist for the rest of us by working with the
distribution channel. We may buy products from manufacturers and sell
then over the web, or we may buy products from wholesale distributors
and sell them over the web.
We may inventory our products and oversee their shipment to customers,
or we may send a request to have the products drop-shipped from our
suppliers to our customers. We may never even see the products we sell.
Setting up IT
Information technology is daunting to many entrepreneurs. Each little
sub-field of IT has its own culture and terminology. It is difficult for
the novice to understand all of the jargon and to determine truth from
hype.
You will not be successful if you try to separate yourself completely
from the technology, but you will also not be successful if you immerse
yourself in it. You must understand IT decisions from a business level
in the same way they you understand decisions which your business makes
in terms of setting prices or acquiring real estate.
The most obvious need for your new online business will be a company web
site. This will introduce you to the professionals known as web
designers. If your business sells more than a few products online, you
will also have to work with database administrators. If you want to sell
an automated service online, you will find yourself working with
software architects and software developers.
>From there you will learn about shared and dedicated hosting and about
the plethora of services (and pricing) available to you as a hosting
customer.
The key in these communications is that each of these professionals owes
you, as their customer a clear explanation of the business value which
they are providing for the money which you are paying them. This may be
an unfamiliar concept to many techies who grew up in the public school
system. Remember, there are always more vendors for a willing customer.
In many ways, IT is the easiest challenge you will face, because so many
entrepreneurs have trodden the path before you. An entire industry
exists to market IT services to entrepreneurs. You only have to decide
what to buy.
Selling Online - Successfully
Once your have negotiated with your suppliers and you have you
distribution system arranged -- now comes the difficult part. Now you
must bridge the gap between your business and your customers.
Most Internet traffic is currently brokered by search engines, such as
Google, Yahoo, and MSN. To do well in business on the Internet, you must
do well in the search engines.
This means appearing very early in the search results for the key words
or phrases your potential customers will use to shop for your good or
services.
Very few potential customers will look for you by name. You must
determine the phrases which potential customers will type into the
search engines and make sure that you rank well in the result listings
for those phrases. Product types or names are common search phrases,
such as "sleeping bags" or "bumper stickers." Key phrases for services
often include a geographic component, such as "real estate kansas city"
or "house painter colorado springs."
Once your key phrases are defined, you must make certain that your
company's web presence is optimized for those phrases. This consist of
two sets of tasks: on-site optimization and off-site optimization.
On-site optimization is designing your web site to be focused on those
key phrases. This is where your web site designer will work with a
professional in the field of Search Engine Optimization (SEO).
Off-site optimization consists of networking with others in your field
to make sure they know about your web site -- and that they link to your
web site. The top search engines use the number of links to a web site
as one of the criteria for determining which web sites to rank highly in
the search results. A SEO specialist can help you in this task, but no
one will know your industry as well as you.
Search Engine Optimization (SEO) is critical to the success of an online
business. The difference between ranking third and thirtieth for your
key phrase is significant revenue for your business.
For more information on Search Engine Optimization, visit the Internet
Search Engines FAQ at http://www.internet-search-engines-faq.com.
The eBay Alternative
The tasks involved in setting up a web site and driving traffic towards
it can be time consuming and resource intensive for a small business.
The time delay imposed by website development and search engine
marketing can require many months to begin to deliver ROI.
Many web entrepreneurs use eBay and other online auction houses to
short-cut this process and begin selling to online customers almost
immediately.
On eBay, you create auctions for the products you are selling and
potential buyers bid to determine what they will pay. You are able to
set minimum prices to ensure that you will not sell products at prices
below your necessary profit margin. You are also able to set up dutch
auctions where you are able to sell large quantities of the same item.
For more information on starting an eBay business, visit Buying-and-Selling.net
at
http://www.buying-and-selling.net.
Summary
The options involved in becoming a successful entrepreneur on the web
are extensive. Picking the right path for you own journey is your first
step on the road to online success.
About The Author
Will Spencer is the webmaster of Entrepreneur Support.
entrepreneur-support.com
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