Many people are saying that the internet is dead. So is there
still money to be made on the Internet?
The answer is a definite YES.
Research shows, time and again, that consumers want to spend
more online, and that the internet is fast becoming an integral
part of their lifestyle and it'll continue to be so. Internet
consumers are cautious and they want sites that are credible and worth shopping before they part with their money.
The traditional brick-and-mortar rules of business still apply
to internet business. It's prudent to remember that the internet is not your business goal; it's a medium in helping you achieve your business goals.
Adhere to my following Rules and you'll be on your way to
building a viable, sustainable and successful internet business.
1. Develop a viable business plan
The biggest reason why so many dotcoms failed is an inadequate
business plan of how and when they will achieve profitability.
To have a successful and sustainable internet business,
developing a viable business plan from the outset is crucial.
Your plan must have a clear and sincere vision that has meaning
to you and your business. Your main focus should be to 'plan to
profit within a set period of time' and this would require you to allow time for thoughtful researching, planning, execution and testing. You'll need to test out your business model first and ensure that it's viable and sustainable.
Don't make the same mistakes that many dotcoms made - trying to
build a global brand before their business model even worked as
it'll lead you into receivership faster.
Regardless of how fanciful and good your website is, if your aim is not to make profit, you'll go out of business.
2. Model someone successful
It's always wise to learn from the mistakes of other people
rather than to learn from your own mistakes as this can sometimes be very costly and painful.
Track and learn from benchmarked success stories, be they your
competitors or otherwise. Why would you want to spend time
re-inventing the wheel when you can learn from those who have
already been there and done it successfully. Learn how they
design their website, create products, write salescopy, their
sales process, etc.
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