So you want to open your own online retail store. You have visions of web orders rolling in while you take business calls and ship products all in your pajamas. What may sound like a quick and easy idea may prove to be a long road of fruitless searches and monetary loss. Too many people have your same ideas and they may either be more experienced, have a better handle on the web or simple sell the right product at the right time. With the explosion of ecommerce sites, it is now very difficult to carve out your own identity on the web. I have provided a number tips and pointers that I have learned along the way in creating my own site: The Stork Store. I hope that you can learn from my many mistakes and feel more educated about the steps needed to become a successful online business.
Tips for starting a small business online:
Research the competition:
Before you spend any money on the new business idea, research your online competition to make sure this is a profitable venture. Every company has a different business philosophy. Some companies play to the wealthy and upscale by offering higher prices, a more sophisticated website and special perks for spending at their site. Other companies offer extremely low prices on their products in an attempt to undercut their competitors. They are willing to accept lower profit margins if it means an increased sales volume. Make sure that you can find a niche within your product market and it will still be profitable. You want to find a middle ground that will allow you to make money as well as attract customers. There are a few products that I refuse to sell on the web strictly because my competitors are offering the products at wholesale prices. Their trick is to charge a higher shipping rate to make up for the monetary loss. Find out about their return policies and if you can match their ability to accept returns. Do a keyword search on three of your top items you want to sell and see if your product can compete price-wise with the search results. Make sure that the internet is not flooded with your product because it will be harder to gain a ranking among the search engines. It is easier to sell a product that is targeted at a smaller audience than the general public. For example, you may do better selling ceramic pink frogs than selling dog leashes. Fewer people are in the market for a ceramic frog and you may be able to move higher on Yahoo or Google.
Next, register your business and receive a tax id number. Tax identification numbers allow you to purchase a product from a manufacturer (without having to pay tax) and sell it to a consumer. This is known as a “reseller.” The tax id number is a federally regulated and used to help the government monitor your business. This … Read More
The internet plays a major role in every aspect of our modern life. Internet technologies play a major role in business. As a business owner, knowing the role of internet in business will help you take advantage of the powerful opportunities it offers to grow you business and make operations more effective.
Here are different ways in which the internet has contributed to the success and growth of businesses.
Communication: The internet makes communication fast and cost efficient. Businesses use internet technologies such as Skype internet and video calls, email and video conferencing to make communication virtually instant.
Growth: The internet plays a big role in the growth of businesses. It gives businesses an opportunity to reach a wider global audience. Promoting through the internet is also a way to increase sales and reach the desired growth level. Business can also expand by having an online division.
Marketing: One of the role of internet in business involves marketing and advertising. Most businesses are taking advantage of the internet to market their products and services to a global audience. The most notable internet technologies here include search engines such as Google.
Networking and Recruiting: Social networking websites play a role in business networking by connecting like-minded professionals. Through the internet, people have found business partners and great employees.
Outsourcing services:The internet has helped cut costs by outsourcing services to countries where it is cheaper to provide these services. Apart from the cost reduction through the outsourcing role of internet in business, outsourcing enables businesses to concentrate on their core services and become more efficient.
Online Shopping Role: One role of internet in business is the birth of ecommerce websites and online payment solutions that allow people to shop online from the comfort of their own homes.
New Opportunities: The internet has opened up new business opportunities and giving rise to a group of successful online business owners. This is a powerful role as anyone can now start an online business.
The role of internet in business cannot be overstated. New businesses are taking advantage of the powerful role the internet plays in business to grow and succeed at a faster rate than was previously possible. Traditional businesses are also not being left behind as they are creating online divisions. A business owner can only ignore the role the internet plays in business at the peril of his or her business.… Read More
What will Gertie say?!!!!
This plucky little Bluetit aimed high and won the heart of his ladylove!
Do I hear the sound of breaking egg shells?! What’s next in this tale of romance?! Is there a wedding to plan for? Will this bird ever make my life simple? I think not! 🙂
Happy Valentines day everyone!!!!
This is especially for Steve H cos he just gave me his amazing tripod yesterday just because! Way better than roses! I also better mention my brilliant sister Pauline who is the BIGGEST Billy fan!!!… Read More