Starting up
internet business is a good idea, but designing a business model is where the actual risk lies. You might even have a good business model with sure fire ideas but still it requires a lot of confidence to start up your own business. You may think hosting website with any content will boom your business and large amount of people can visit and make purchase from your website. If you have such a mind-set first banish it because setting up your own business require lot of hard work, planning, innovative and thought-provoking ideas etc.
Every business confronts risk and when it comes to internet business the level of risk rises as if the temperature rises due to hot scorch sun. People might think every internet business owner owes a website and “it “would be the easiest business on earth so that you can reap currency as and how the water gushes through the stream. Managing internet business requires the lots of energy, consistency and risk.
Define E-Business:Before defining E-business, I’d like to say one thing the word ‘e’ will eventually will go-off in the near future leaving E-business as just any normal business. The term ebusiness is associated with internet business and online. It might differ in the context but still holds the same meaning.
E-business means using internet and World Wide Web to conduct business operations. The Term E-business and E-Commerce are used interchangeably, but both are entirely different leading to the same path. To know the difference between E-Business and E-Commerce,
Benefits of E-business Over Traditional Business In General:E-business, when implemented strategically will improve your ROI, increase customer database, increase productivity etc. The following are some of the benefits of E-Business
1. Round the Clock Service: E-Business provides a facility to keep in touch with your customers 24 hours a day, 7 days a week, to be precise it works on 24x7 principles. Customers can view your product or service information at any time and from any place, which would lead to developing new niche markets, identify new prospects etc.
2. Competitive Advantage: If you want your rivals to beat-up in the business consider e-business as a business tool which can communicate, help customers to find products at low operations cost etc. This would eventually boost up your ROI and customer satisfaction.
3. Increase Productivity: E-business can also help your business to enhance productivity. The outstanding advantage of e-business is streamlining the business process and operations. You can get in touch with your staffs and suppliers to communicate about the production process, set up e-supply chain, improving sales cycle etc.
4. E-Business can also lower your procurement, inventory cost. It can also improve the customer service.
The MAJOR ISSUES involved: Cost: Cost is one of the biggest factors. But fortunately setting up an e-business will not cost huge amount of investment (still depends on your business turn over and how hot is your pocket)
Technology: Most E-businesses fail because they lack in understanding technology.
Security: Electronic Payment, confidential information of your customer, viruses etc. But thanks to tech-guys, the security issue can be resolved if you set up your e-business with proper and advance technology
In my last post I promised my readers that I’ll be posting series of articles on how to start an internet business from scratch, in other words, how to build a successful online presence (if you already run an offline business). Before getting into the series of articles, let us first understand…