Some Tips For Starting Your Online Business
If you are one of those you have even once thought of having a service or product
that could bring you a fortune then probably you also thought of starting an online business which would help you to sit back and watch how the money rolls in.
According to IMRG consumes spent about 30.2 billion pounds sterling on online services and goods in 2006. During the past 10 years because of the growth of internet many businesses that are related to the internet had a great success.
The internet changed our lives and the way we live. It is a place where individuals can easily compete with well known organizations and earn money.
If you are someone who wants to start his/her own online business you have to know some things before you start it.
According to Tony Cohen who is the head of an entrepreneurial business to start a business first of all you have to create a good business plan.
You should know the market that you are going to be involved in, your competitors, how to find good resources, attract funding, build loyalty with consumers and form alliances with the partners that are strategically important for you. So you need to research and get prepared first.
According to Jeffrey Macklin who works for FDUK the objective of your business plan should be telling a simple but compelling story after which the reader would be eager to meet the management team and know more about this proposition. According to Macklin your business plan should be approximately 20 pages long and it should be possibly accessible and brief.
Another important element that you should take into consideration while starting your online business is to find out if there is a market for your online business.
According to William Berry who is an internet millionaire all you need to do is to find a niche. You should aim to find a niche that doesn't have a market leader yet or try to become more niche.
There are quite a lot of financing options that aspire entrepreneurs. For some business to raise funds can involve a number of different sources. For example this can be bank finance in the form of overdraft or loan which in most cases is cheaper than selling equity or shares in your business. According to Machlin equity investment is good for the businesses that are able to provide security that is necessary or are not aimed at increasing the level of their borrowing.
If you are thinking of equity investment for your online business you have two options in this case: venture capitalists and business angles. Business angels are individuals that are wealthy and are looking for investing in growing companies that want to raise between 10,000 and 250,000 pounds sterling. They usually offer advice and contacts. Venture capitalists are those who invest minimum of 2 million pounds sterling in case of they see a significant return for example in three years.
And the last but not the list your website should be simple and clean as people will purchase from you only if they trust your site and can find there what they want, so update your site periodically and have a human face to present your business.
by: John Smithson.
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