Despite the vast numbers of businesses set up online – thanks to eCommerce websites, content management systems, online shopping carts, and other online tools – the internet has never been a friendly place to start a business.
It’s no coincidence that the world’s largest internet companies are the ones that started in the physical world. They understood the difficulties of getting people to buy in the physical world, and they built their businesses around convincing people to buy in the virtual world.
1. You need a substantial initial investment to get your online business off the ground ( not anymore).
Just getting your site up and running is a huge investment – one that often requires you to buy website space, a domain name, and other software to make it work. But your online business needs to be active on the internet as soon as you launch it – you cannot start making sales, finding customers, and attracting traffic to your site without people seeing you.
And the internet is full of haters. And if they find your company, they will send emails to every newspaper, magazine, blog, and another outlet that writes about your target industry. And if they send enough nasty emails, your site and your business will be dragged into the mud.
You need the ROI on your initial investment – the number of people who will buy products and services after seeing your advertising and hearing your story. And you also need the long-term ROI – the profitability of your online business after a few years. The longer your online business is active, the more people will be buying products and services from your company, but your business’s lower profitability will be.
Most online businesses fail in 3 to 5 years. And if you are not going to get paid a salary for working on your online business, the ROI you are going to get is hopefully increased profits from running your online business.
2. What is the quality of the traffic you are getting?
A) Internet junkies – the kind of people who never leave the house without their computers. The sort of people you want on your team.
B) Regular people – the kind of people you want to market your products to. The sort of people you will ever sell to.
C) Ambient marketing – the kind of marketing where you are marketing your business so that the entire world knows about your business. The world of Facebook is ambient marketing. Marketing to people who are simply checking email or sending an email instead of shopping. Marketing to people who love their Facebook even if they don’t shop from your business. Marketing to people who love their internet junkies even if they never visit your shop. These are people you will never convert.
The kind of business you are running is only half of the battle. Now, you also need people who love your internet junkies enough to recommend your business to others. The kind of people who will use their real names to share your business with others.
This is where most web marketing tools become useless. The only way to have people tell their friends about your internet business is to come up with a professional website. Otherwise, your website will only bring you traffic but no sales.
3. What is your traffic like?
A) Crazy. Unbelievable. The kind of traffic that leaves you wondering how you managed to survive for 25 years without someone telling you there was a market for something you are selling. The kind of traffic that is so unproductive makes you wonder how you ever managed to survive. The kind of traffic that thinks it is so awesome will leave you a positive review because you are selling a product from your website.
No – this is not the kind of traffic that makes you want to cry. This kind of traffic is the kind that is the lifeblood of your business. This is the kind of traffic that will make you money in the long run because you are producing wealth for someone else. It may not be you, but the idea of someone else making money from what you are selling is what will keep you going.
4. What is the quality of your products?
A) The kind of traffic that is hungry for your product is the kind that wants to see the quality of your product and not just the price. They will not buy from you if you are selling junk and will not go to your website if they do not think your products are good enough to eat up the price.
Finally, the kind of traffic that cares only about the value of the product delivered is the kind that is going to make you lose money.
How To Build A Fortune Online
The internet has taken the world by storm, and in just one generation, you can start a business selling anything you want. The only limit is your imagination.
Of course, you must have a product to sell for you to have a successful online business. But since you can sell anything, there are no limits to the number of products you can sell. Now, if you are anything like me, you want to make your business as profitable as possible, and one of the ways you can do that is by expanding your range of products.
Expanding your range of products can mean adding another product line, a second store, or even a third store. There are many factors to take into consideration when expanding your range of products. In this article, I will share with you what I have learned about increasing your products.
Expand your products to get more customers.
Although you want to sell whatever the market is clamoring for, it is smart to focus on expanding your products. A good example of this is DVDs. DVDs are a trendy item, but you would get left behind with all of the other stores which sold them if you tried to sell them online. You can sell DVDs online, but you would stand a better chance at success if you have DVDs for sale in a store. So by expanding your products, you expand your customer base and give them another place to visit.
You want to expand your products because you can.
If you can expand your products, it only means you can deliver better quality products, more variety of products, and better customer service. In a store setting, there is little to no wait time. There is no need to rush to get items shipped. However, online stores often find themselves with excess inventory that needs to be consolidated.
For this reason, you can expand your products online in much the same way you can consolidate a paper inventory. You can reduce by moving items from one location to another or moving them from one category to another. The two main categories of products that need consolidation are electronics and appliances.
Expanding your products can also bring your prices down.
Remember, you want to make your products as affordable as possible to compete with your more expensive competitors. Of course, your prices need to be competitive, but not too competitive that you can not sell your products.
One of the advantages of expanding your products is that, although you may be able to sell products at a loss, you do not have to worry about paying the taxman. When you expand your products, you can send items to foreign countries for processing, so you do not have to worry about paying import duties or taxes. By using this, you can increase your sales by reducing your costs.
You need a shopping cart system that is simple and easy to use.
Just because you can sell products online does not mean you will be successful if you cannot make your customers enjoy shopping online. So just take your time with your design and functionality. If your site looks clunky, people will leave. A good shopping cart system will even encourage their friends to order online, so you have a thriving online store.
Expanding your products is good.
By expanding your products, you will be able to make your customers happy by giving them variety, and by providing them great customer service, and building a loyal customer base. But before you can do this, you need to start your online store by setting up your electronic mail account. This is a must because this will allow your customers to communicate with you. This will help you build a loyal customer base. And building a loyal customer base is something you will need to accomplish to succeed on the internet.
When you have your client base, your next step is to get them to use your shopping cart. Just because you have their trust does not mean that they will use your shopping cart. But by giving them confidence, you can eventually get them to use your products. And by getting them to use your products, you will get them to add items to your shopping cart. Just because you have a growing client base does not mean that you will need to add items to your shopping cart at a fast rate.
Because as your customers add items to your shopping cart, you can slowly reduce your prices to make your customers happy. And by doing this, you can eventually build a thriving online store that will help you maximize your profits.
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