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Building Your Own Busisness:The Most Important Step to GETTING STARTED

Aug 17, 2007
Start with a very detailed business summary. Your business summary should give a good description of the entire business plan from budget to target audience to required equipment. Lets face it you cant run an online business without a compute. After you have completed the business summary you should begin to list the objectives or the goals that you want to accomplish through the business. Next and perhaps most importantly, you should develop your marketing plan. The marketing plan will address all the specifics of the business. When developing the marketing strategy you should consider the following:

The target market is the customers that you expect to see visiting your site. For example will your product be more appealing to college students or those who are in retirement?

Consider the competition for your product when determining the marketing strategy. Choose a product that will be seen as unique and useful. Visit sites that are offering the same or similar products. Find out the cost, and how they are marketing their product. Finds out the pros and cons of their business and try to improve your product based on their flaws.

Research the various methods for advertising online. You should become educated about search engines and how they work since each one is different. Also be sure that you know how to submit your site to search engines. You should be prepared to spend a small amount of money on advertising, but the profits that you will gain from the advertisements will prove to be money well spent.

Think about pricing. Again, look at the competition and see what similar products are selling for. Pricing can play a big role in the success of your product since selling a product well below the average price may lead customer to think that there is a problem with the product or that it is not of the best quality. However, pricing items too high could also deter customers.

Determine the shipping method. Be sure that you know how products will be shipped so that you can have shipping details clearly posted on your site. If you are shipping things of great value, you should consider providing shipping insurance. Also, think about shipping outside the country that you live in.

Think about the different methods of payment that you will accept. If your business does not accept credit cards, you should be ready to give up half if not more of your sales.

These few things will help your online business to become a great success and provide you with peace of mind knowing that you have thoroughly thought about and planned for the opening of your online business.
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