Secret Ingredients to Start Internet Business

Successful businesses have certain common features. These common features are important and secret ingredients which would definitely help business to reach the pinnacle, and it is no less important to internet business. These secret ingredients will deliver the positive consequence that will take you completely by surprise. Soon after starting an internet business many entrepreneurs and new business professionals anticipate getting something pleasant out of the blue, but this will never happen unless you blend these ingredients and implement in business.

Kill Attitude about Money, Money, Money

Attitude of Gratitude

Thrive consistently in anything you do with regard to business

Set daily Goals by setting high priority

Learn from mistakes

Never self underestimate

Believe in yourself

Recommended Readings:
Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth

Ten Days to start an online business

Open an Online Business in Ten days is one of the excellent books I have ever seen. This book is useful for dummies and novices who want to start an internet business. If you are an entrepreneur and would like to start an online business I’d recommend you to read this book. It shows the real advantage of online business and more importantly it shows what needs to start a new business.

Also read the customer reviews…

Ten Days to Open an Online Business

Other Recommended Stuffs

Start Ebusiness

Internet Riches

eBusiness - The Generic Term

This article is for a newbie and/or small business owners who want to extend business online or would like to add electronic medium to the business. Before making a start it is always good to understand what ebusiness is.

E-business is a way of conducting business through electronic medium, that is influencing technology like EDI (electronic data interchange), E-commerce, electronic funds transfer.

All website applications and e-buying and selling are few example of e-business, to be precise, these applications are a part of ebusiness. All successful online business system requires e-business applications and website is one such application.

A business can be said as ebusiness, if any business processes that runs through an Automated Information System (a website or web based applications)

We all know that business has several different functions and process like marketing and sales, finance, human resources, Operations and Supply chain etc. Any of these functions or process if automated by means of electronic technologies can be labeled as e business.

Having a successful online business system or extending business through electronic medium like internet requires village, it is not a one man's job and effort.

Examples of e-Business

Customer relationship management
Enterprise resource planning
Document management systems
Human resource management
VOIP – Voice Over Internet Protocol
Email
web conferencing
Content management system
Online Retail Shop
e-Marketing
Supply chain Management

This will blog be focused more on how to market your products or services through internet (one way of conducting e business). It means you are conducting marketing and sales through internet.

It is not required that once you start marketing through products and services internet you should shutdown all your offline marketing activities or operations,

marketing through internet can also influence offline sales.

If you have business offline and would like to have an online presence or like to sell things through Internet then read this blog, I'll tell you simple steps to start e-business or internet business.

Read the following articles...
E-Business and E-Commerce - The Slight difference, yet meaningful
Strategic Plan to Start Internet Business
Internet Business Issues

Strategic Plan to Start an Internet Business

Below are the steps to start an internet business. There are two possibilities/scenarios to start an internet business

1. If a person has already got an offline business for him/her this would be like extending business online . (online presence)

2. If a person has no offline business, and probably looking for a one to start,

I have sprinkled my own ideas or strategic plan to start their internet business, which would help in both the cases/scenarios.

Please take a look at the below steps and let me know your suggestions/comments.

Internet business Objective and Analysis:

• Analysis of Offline Business model/Analysis of Internet business model
• Defining New Internet business Objectives – Redefine offline Goals, Vision and Mission / Defining New Internet business objective - Set new online goals, vision and mission.
• Correlate, Offline Business (if you already have an offline business) and Internet Business model – This has to go hand in hand
• Ebusiness Options Available – Depends on which internet Business model you choose.

Market Analysis:

• Online Product or Service Demand Analysis
• Online Survey and Analysis - Customer Analysis (Probably their preferences)
• Website Competition Analysis
• SWOT Analysis with respect to internet business

Strategic Planning:

• Defining Website Goals
• Marketing your business - Setting up Strategy to build your Unique Selling proposition
• Online Pricing Policy
• How offline promotion and online promotion will influence your business.
• Measuring the success (Deriving the success factors)
• Project Deadlines
• Project Roles
• Team Skills

Pre-Web design Analysis:

• Website Planning (WDLC)
• Schedule Planning
• Domain Name Registration
• Website Hosting plans
• Legal Issues
• Privacy and Trust
• Online Catalog Software (if you want to sell online)
• Web design/Develop software (If you want to develop in-house)
• Content Management Software (if your business requires frequent content updates)
• Online payment conceptualization (if you want to sell online)
• Physical Delivery System ( fulfilment process)
• Overall Cost analysis/Funding

Website Design and development:

• Website Conceptual Design /Prototype
• Basic Content Development/ Content Prototype
• Website Design
• Functionality Development
• Payment gateway software

Internet Marketing:

• Defining Website Promotion Strategy
• Marketing through Search Engine
• Marketing through Email - Affiliate
• Marketing through Affiliate program (Hiring Affiliates) – Affiliate (if you choose for affiliate channels include affiliate software)
• Marketing through Web 2.0 (Social Media Websites)
• Online Branding and advertising
• Blogs and Podcast to market the product
• Offline Marketing to drive traffic online
• Measuring Success – Web Analytics/Log file analysis

Develop a neat marketing strategy which should help you to achieve your objective.

Building Your Customer base and Legal issues:

• Gathering Information
• Returning policy (for ecommerce)
• Planning for Customer Support/ Online Customer Support
  
• Forming business ethics

You should also be interested in the following e-books

The Internet Strategic Plan

How to Write A .com Business Plan: The Internet Entrepreneur's Guide to Everything You Need to Know About Business Plans and Financing Options

Starting an internet business? Check the issues involved

e-Commerce in the internet is not new and technology has grown to such an extent that even small businesses can have a successful online presence. But whatever, the technology be, businesses confronts some exceptional challenges to market the product/services through the internet.

Some unique challenges where businesses struggle...

Business awareness over the internet is a big challenge. Of course there are ‘n’ numbers of internet techniques to make your business aware to your audience, but all strategies are not successful unless you have smart plan and strategy.

Technology and changing trends. Very Dynamic and innovative, today's technology might get outdated in a short span of time.

Online Trust is one of the biggest challenges. Still marketers/businesses struggle or at least take time to gain trust from an online shopper.

Too competitive - As you have a passion to get noticed in the internet, the same wish your competitors might also have.

Implementing and Tracking your business over the internet - Need lots of operational/marketing related work to have a successful online presence.

So, before making your hands dirt to start online business plan properly to have a successful online presence.

The Internet Business Objective

Step 1 - Set Internet Business Objective.

Situation 1: List out your internet business objective. Ask yourself,

what is your existing business?

Why you want to extend business online?

Why do you want to use internet as a Successful business tool?

Set SMART objectives based on 5S of Internet Marketing

Sell, Speak, Serve, Save and Sizzle

Objective 1: Internet as a Selling Tool

Objective 2: Internet as a Speaking Tool

Objective 3: Internet as a Serving Tool for your customer

Objective 4: Internet as a Cost saving tool

Objective 5: Internet as a Sizzling tool

The above listed objectives can fit for your existing business or you can have your own set of objectives.

Write your internet business objective.

Choose your business model. (Note your internet business model should correlate with your offline business)

OR

Situation 2: If you don’t have an offline business but would like to start an internet business, Ask Yourself, What internet business you have to start?

Check Internet business models available in the internet, you don’t have to reinvent the wheel simply research on internet business models. For quick information I’ll give you some internet business models available.

Become a reseller (Affiliate – Sell Others Product, Refer Affiliate Directory to become an affiliate)

Sell Information

Sell Services

Sell Products

Sell Ad space from your website

under both these situations you have to decide and list your internet business objectives and goals.

The Feasibility Study to Start Internet Business

After setting up an objective it is imperative to conduct a feasibility study. Feasibility study is an important tool to analyze the effectiveness of a proposed business plan; it is a safeguard against the wastage of investment or resources. The feasibility is conducted before the commencement of the new business plan or business expansion. Conducting a feasibility study to start new business online or to extend your existing business online is the one of the good decisions because you are analyzing its viability to ensure that you have taken the right decision at the right time. The feasibility study will assist you to know your strength and will also help you to analyze the possibilities of extending and marketing your business online.

What Factors should I consider to conduct a feasibility study?

The business feasibility study will identify the hurdles and the roadblocks in the proposed business concept and will also determine the effectiveness of business concept. The following are the factors one should consider in feasibility study.

Market Viability

Technical Viability

Business Model Viability

Financial Viability

Management Model Viability

The above are the important dimensions of the feasibility study. Based on these viabilities one has to go further in making the right decision. All the above factors must prove feasible for the proposed business.

Business Feasibility Study Outline:

1. The Executive Summary: Prepare the executive summary about who you are and what do you do? This is usually prepared at the end of the study but it is presented first.

2. Introduction: Here you have to introduce yourself and your company in detail. Your goals and objectives of why do you want to extend your business online. And where you would like to see yourself after few years. This section will also include the vision and the mission of your company.

3. Product or Service: Here you have to tell about your product or service which you are going to market online and offline as well. Also tell your product mix, if you have any. OR if you are going to market other's product tell more about that product and its popularity in internet marketspace. Also describe, how your customers will use this product, what benefits you are going to deliver to them, if you sell it through online. Who are your target customers etc.

4. Technology: Technology has already driven businesses to the horizon. Study about the existing technology. Analyze your technological strength and try to figure out what the existing technology is?
   

5. Online Market Environment and Competition: Be clear about your target market(s). Try to find out who are your online customers and end users. Why should they buy product from you? What is the distribution system available through online market? How your product or service will benefit your end users. What is the market trend of your product or services? Who are your online competitors? How do they distribute the product through online?
   

6. Business Model: Describe how your business will generate revenue
7. Marketing and Sales Strategy (Both Offline and Online): Layout the basic marketing plan. Differentiate your offline and online marketing plans or mix it up as a single marketing plan. Also list out what are the e-tools you are going to use to market your product through online. What is the online selling strategy you are going to adopt?

8. Production and Operation Requirements (not required if you are marketing merchants product): Describe the complexity of your production system. This study is not required if you are marketing merchants product/service.

9. Management and Personnel: list down your company staffs details and their role also list down who will be managing online operations and marketing etc

10. Critical Risk Factors: Try to study the risk you’ll face in the entire business system if you extend your business online.

11. Financial Projections: This section will include Balance Sheet, Income Statement Projections, Cash-Flow, Break Even Analysis, and Capital Requirements. All the financial terms and expenditures you had spent and also the ROI.

12. Findings and Recommendations of the study

Do you have anything to say about this? feel free to add if i have missed out anything.