The world of business is changing and the most significant cause of that change has come from the internet. Before the internet, if you were starting a small business, you would have to find physical premises, find staff, buy stock and invest in inventory to make your business work. You would also stay open as long as you possibly could for as many days as you possibly could in the effort to service your customers. But sooner or later you would have to go home, to see your family, have something to eat and sleep.
But starting a small business on the internet has changed all this. You do not need a building to work from, as log as you have a computer and access to the internet you can start straight away. You do not have to buy stock or worry about how to supply it to your customers. Also, your online business can work for you whilst you are sleeping!
This is possible with online affiliate marketing, where you sell products on behalf of a vendor and they pay you a commission when you sell the product or service to somebody. The vendor takes care of all of the product fulfilment and customer service and you can create automated systems that do all the selling work for you.
So, you can look at starting a small business from home with affiliate marketing. The next step is to find a product or service that interests you. There are thousands of products available to sell online, the difficulty is often trying to decide which ones to pick!
Staring a small business on the internet is very rewarding but basic business principals still apply:
What is Your Reason For Starting a Small Business?
Do not start a business because you don’t know what else to do. If you really want to do your own thing and you’re ready to go for it, then small business ownership can be the most frustrating and the most liberating business decision you’ll ever make. But make sure your reason for starting a small business is genuine or else when the going gets tough, you’ll will lose interest and give up.
What Is Your Small Business Going To Do?
If you are starting a small business, the internet has thousands of products that you can sell. The most important thing is to decide what type of product your business is going to sell. If your product range is too varied then it will be very difficult to get potential customers to trust your advice if, for example,one week you are selling lawn mowers and the next week it is foreign exchange advice.
Create a Simple Business Plan
This does not have to be a huge thousand page document. It just needs to cover the simple facts that detail what you offer, who you’re targeting, how much you’ll charge and how you will make it happen.
Who Is Your Customer?
The more you can know your targeted client, the more focused your marketing efforts will be to reach them. You cannot please all the people all the time. Decide who is your ideal customer and then go and find them.
How Much Will You Charge?
The best way to work this is to ‘reverse engineer’ what you need to earn to make a reasonable living when starting a small business. How do these numbers break down monthly and weekly? How many products must you sell or how many clients will you need to bring in to meet those numbers?
Get Customers
If you don’t have customers you don’t have a business. The majority of your time and effort must focus on sales. Having a smart marketing plan to attract potential customers is your number one priority when starting a small business.
Get Educated
Whether you are doing business online or offline, it is important to be continually educated on what is working now and what is not. For example, what are customers are looking for and how can you provide it to them? How can you get more customers and how can you get your existing customers to buy more from you? Providing yourself with the correct business training will speed up your success when starting a small business.