Wed 2 May 2007
Things You Should Know Before Starting An eBiz
If you have a small business, then you should definitely have a website. In fact, some of the most successful businesses are E-commerce sites. However, there are some important factors that you should consider before starting an eBiz.
Most people are eager to plunge into ebiz and invest all their money into building an elaborate website and procuring products. However, this is not really the smartest way to go, unless you have an infallible business plan.
First, you will have to purchase large quantities of goods in order to get substantial wholesale discounts; you will have to pay huge shipping charges and storage charges. If you are just starting out and your business is new, you can easily get in over your head.
One of the best ways to reduce the chances of making costly mistakes is to start small. Initially, it is best not to invest large amounts of money. Instead, invest in less expensive goods and learn the ropes first. Begin with a small investment, and as you make profits re-invest that amount back into the business, and so on.
Conduct Market Research, Test Your Results
As you progress, you will find out where you are making profits, and which goods are selling the most. Some experts recommend the ‘funnel theory' to find a niche for your product or service. Start with a broad range of products and services. From there, by conducting market research, you can funnel downwards, getting increasingly smaller, until at the other end of the funnel, you end up with a small number of products that you can actually make profits from.
Selling on eBay is one of the best ways for beginners to learn the ropes of online business. There are many reasons for starting out this way. It is easy, inexpensive, and fast. There is already built-in traffic, and the people viewing your goods and services are doing so because they are looking for that kind of product. And, it is the best way to get exposure to the nitty-gritty of doing business online.
Starting an online business takes careful thought and planning; by doing your homework first, you will ensure that your business will be successful.