Setting up an Internet Business
Ten Tips for Contractors Setting up an IT Internet Business:-
Be First in the Business
It is most important to be first than to have the best product. Don‘t be a me-too site. The first one is likely to remain market leader. Look how hard Pepsi have tried to replace Coca Cola. Often people don‘t really need more than one.
2. Be Different from Competitors
If you do want to get into a market area, don‘t go into it trying to be better than the market leader. Go into it trying to be different from the market leader, i.e. filling a slot that the market leader doesn‘t occupy. Look at what they don‘t do, rather than what they do.
3. Make Good Product
Make sure that your product is as good as you can get it before trying to market it. You can make the mistake of concentrating too early on PR and marketing. Good product sells itself as it leads to viral marketing, i.e. word-of-mouth.
Try to get as many links with as many top quality sites as you can when setting up an internet business. These are like rods that you leave in the water, hooking the occasional fish that comes by.
5. Believe in the Concept
Belief in yourself and the concept is very important. In most cases, you will not be a money generating site very early on, and may not be able to generate a living wage in the first year. If you‘re not convinced about the concept, pack it in early and save yourself a lot of trouble.
6. Be determined
Determination – If you are convinced that you‘re onto a winner, then don‘t be put off by what other people say. Your partner will give you problems, as well as your in-laws (if you have any), and possibly friends as well. This is pretty much a certainty. Don‘t give up though.
7. Have a Vision
Have a Vision – Know how you see the site and business down the line. Close your eyes and imagine it in five or ten years time.
8. Work Out How to Make Money
Work out how you are going to make money. Some sites become very popular but never make much money.
If you want it as a hobby, that‘s fine. If you want to make money out of it, and be able to live off it, work out where the income is going to come from and how much.
Draw up a turnover and profits prediction, and judge the success of your site on it, on a regular basis.
You will, of course, have to make regular changes to it as you get to understand more. If it still looks as if it can make money, keep going. If not, decide if you want to keep it going as a hobby.
9. Keep Up the Day Job
If you can, keep up the day job until you have some income coming in from your internet business.
If it needs your full time effort, you have to factor in that it may take a lot longer to make money than you thought.
Most businesses go bust because of cash flow problems, i.e. the business doesn‘t grow as fast as you had calculated, and although it is still growing, you have to quit before you can bring it to fruition, as your money has run out. I‘ve seen perfectly good businesses collapse because of this.
10. Use Good People
Use as many good people as you can. Don‘t try to be an expert in everything, or to learn every skill.
It‘s much better to spend some money, when you have it, on a little expertise, e.g. sales, rather than try and learn it all yourself, which takes longer and takes up the cash and time that you have set aside for the project.
If you are setting up an internet business, the more you follow of the above the more your internet business will be successful.
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