Starting an Online Business

Even with the ongoing recession, building a business online remains a viable approach for any new start-up. Why? Well, while even online retailers are feeling the pinch of a tight economy, they are also expected to pick up market share at the expense of traditional retailers during this downturn. So, an online approach is both more sustainable during a slowdown and a way to get more out of the next economic recovery.
According to a recent study of 217 online retailers, most expect growth to slow over the next year, and most are seeing the recession impact their bottom lines. However, 80 percent of the survey respondents see online retailing as better equipped than traditional retailing for countering the effects of the recession. This is why online retailers should continue to take market share from more traditional competitors.

However, that does not mean that all online businesses will succeed. There are some fundamental steps that will help an online business get off the ground more smoothly.

1. Market Research to Identify Deamnd For Your Products and Services. Market research should help you determine several quantitative facts about your potential market, including overall size, demographic makeup, growth rate, and income level. These facts can serve as an initial reality check on your business plan, as well as help you make initial projections about the scope of your business. Beyond the quantitative benefits though, some fundamental market research should help you form a mental picture of your typical customer. This mental picture can subsequently inform a variety of other business choices, from web site design and development elements, to where to promote your site, to what range of related products or services to offer.

2. Competitive Analysis to Understand Your Competition. Your market may look attractive in isolation, but next you need to assess the competition. Who are the market leaders, and what are their strengths and vulnerabilities? Who are the new entrants into the market, and which ones are picking up market share? Knowing your competition will help you determine where you fit into the marketplace, and this in turn will influence your product, promotion, and pricing strategies.

3. Back-Office Infrastructure to Process Payments. This is a key. For one thing, an online business relies on a technology infrastructure that is affordable and yet will stand up to spikes in volume due to seasonality or successful promotions. Then there are key details such as credit card processing -- things that make the buying process as seamless as possible. For most start-up businesses, basic infrastructure issues such as the technology platform and credit card processing are outside their primary areas of expertise, so outsourcing solutions should be considered. Always compare credit card processing prices before you select the one that best fts your business needs.

4. Attractive Website to Increase Traffic and Conversions. Now you can think about setting up shop. That's precisely how you want to think about Web design--it is your place of business. The look and navigation of that Web site help you project an image to your customers. Are you hip, or are you traditional? Are you complex, or easy to access? Different positioning calls for different images, but there are two universal rules to website design: don't look amateurish, and don't make it difficult for visitors to make a purchase. This is another area where outside, specialized help can make a big difference, as opposed to spending time on something beyond your reason for being in business.Compare Web Design Prices to select the one that best meets your needs.

5. Use Internet Marketing and SEO to Promote Your Web Site. An online business should focus its promotional strategies on capturing an online audience. This means some non-traditional promotional strategies, such as search engine optimization (SEO) and internet marketing. SEO helps associate your product or service with Internet searches on related topics. Internet Marketing allows you to pay for Internet advertising according to the amount of activity it generates, and to monitor the results of that activity. Because the Internet is still a relatively new business medium, promotional techniques and consumer behaviors are changing rapidly. Fortunately, there are internet marketing specialists who can help you stay abreast of evolving strategies in Internet marketing. Use an online service to find and compare SEO prices and internet marketing price quotes.

Conclusion

Overall, there are two major principles to apply when starting an online business:

1. Your business plan should represent a combination of traditional business methods and techniques specific to the online medium

2. You should identify the tasks where your organization can add value, and outsource functions outside your primary expertise.

Applying these principles using the steps described above, should help you get your online business off to a successful start.

Path To Early Retirement For Under $5K

As 68 million American baby boomers start to retire, they are redefining what retirement means. For many, it doesn't mean they've stopped working, but rather that they are exercising more choice over how they work. According to a 2009 survey, some 67 percent of people who chose to engage in some form of work found it to be satisfying, and in three out of five cases, they were able to find jobs for what are known as "encore careers."

Picking the perfect second act for your career can involve trying an industry or a field that's always interested you, helping out with a cause that you believe in, or getting a chance to run your own business.

If it's running your own business that appeals to you, chances are you don't want to invest a large chunk of your retirement savings into a new business venture at this point. Therefore, the key is getting started with minimal  up front investment. This is very possible these days, depending on how you set up your business, and what type of business you choose to go into.

Getting Started on a Shoestring Budget

To start a business with relatively little up front capital, the key is to minimize fixed costs. Variable costs--expenses of the pay-as-you-go variety--are preferable because they allow you to ramp up your investment depending on how the business is going.

Here are some key tools for keeping fixed costs low:

• E-commerce Solutions. Who needs a business location when you have the Internet? The ultimate low-overhead storefront, the Internet gives you access to a world of potential customers. Utilizing e-commerce solutions is much cheaper than having a physical place of business where you receive customers. For example, it allows you to avoid the many expenses of having a retail outlet, such as rent, utilities, staffing, and insurance.

• Outsourcing Back Office Tasks. Rather than building a complete organization from scratch, try to outsource anything that isn't central to the unique value proposition of your business. For example, functions such as customer support, credit card processing and human resources are only needed occasionally or periodically. Therefore, it makes more sense to utilize outsourced call center services for telemarketing or customer support or HR outsourcing for human resource activities than to try to staff it internally.

• Use Social Media Strategies to Promote Your Business. Developing a full scale online social media strategy can seem overwhelming at first. But you can implement simple things by hiring interns to do the leg work such as starting a business blog or using Twitter, and tracking different programs making adjustments along the way.

Low-Cost Entrepreneurial Business Ideas


If the above are some techniques for structuring a business with minimum up front investment, what are some lines of business which lend themselves to getting started with minimal capital?

One rule of thumb is that services generally require less investment than manufacturers or retailers, though with e-commerce some re-sellers can operate cheaply if they have tight supply lines and add value in the process. Focusing on services, the following are some examples of businesses that might be right for the current environment, and can be started on a shoestring.

• Business consulting. If many retiring boomers are going to be starting their own businesses, why not use your business experience to help show them how to do it?

• Green consulting. People are striving to become more energy-efficient, for economic and environmental reasons. If you have expertise in this area, consulting with businesses and homeowners on how to reduce their consumption is a natural.

• Public relations. If you have media and promotional experience, you could be in demand with the new wave of entrepreneurs starting their own businesses. In particular, bringing knowledge of modern promotional techniques such as social media strategies could be valuable to these new businesses.

• Employment counseling. Between a weak economy and an aging population, there are many people facing a career crossroads these days. Helping them find the right niche can be a good way to make use of any personnel experience you have.

• Lead Generation. Sales Lead Generation is growing by leaps and bounds as far as start up industries are concerned. This is a very special industry that affords flexibility and freedom that is unparalleled. And, there is even a significant demand for highly specialized lead generation consultants to help companies generate qualified sales leads in this market.

Running your own business may not have been your parents' idea of retirement, but things are very different today. If you have the entrepreneurial itch, starting a venture might just give you the satisfaction and extra income to make your "golden years" more than just an expression.

Don't let your internet marketing efforts take a summer vacation

Strategies to make the most of the summer slowdown

When most people hear the word "summer," thoughts turn away from work to days at the beach, camping, traveling or summer sports with kids. We normally think of summer as a time when work generally slows down. However, spending on marketing during a slowdown has actually been shown to increase sales leads once spending picks up- according to one study, businesses that increased advertising during the ‘01-‘02 recession saw sales increase an average of 3x times more than businesses who kept marketing spending flat.Here's how to get a head start on Internet marketing efforts this summer:

1. An online marketing strategy like Search Engine Optimization or Search Marketing only works well if your site is equipped to deal with the increased traffic. Hire a website design services firm to make sure your site is easy to navigate and has the capacity to handle more visitors. If you don't have an e-commerce section, now is a good time to accept credit card processing on your site and build a shopping cart. Companies providing merchant account could also have special rates given the slow economy.

2. Develop strategies to land more customers. The way to do that, particularly for small businesses, is to use effective sales lead generation and small business marketing solutions to connect with new customers, partners and suppliers and create a positive experience. Make sure you give every customer the best experience you can. That means clean restrooms, courteous staff, eye contact, handshakes. You've got to do this better than the other people out there. Another good option for local businesses is community involvement. Join a small business networking communities or the Chamber of Commerce. Sponsor a Little League team. Let the Girl Scouts do a car wash in your parking lot. This is part of bonding with your community and becoming an established part of it.

3. Try New Social Media Strategies. If you've been putting off launching a social media strategy, such as starting a blog or using Twitter, now is the time. During the summer, you'll have the time to implement a strategy, hire interns to do the leg work and track different programs making adjustments along the way.

Startup Businesses to Consider in this Economy

The current economic conditions have caused entrepreneurs to approach start ups with a renewed perspective. Gone are the days of mom and pop style restaurants, used car dealerships and grocery stores. The most lucrative new businesses are vastly different from these popular favorites of old. These exciting start ups listed on this business directory offer the promise of financial gain, return on investment, and opportunities to grow by leaps and bounds.

E-Commerce – Retail With No Overhead Costs

Buying and selling goods online is one of the safest start up industries in the current economy. Online resources like Amazon, eBay, Tradeseam and Craigslist make it fast and easy to choose any product and sell it online. Some of these websites even enable users to list their business or product and services in a business directory or product catalog, track inventory, network with customers and do their taxes at the end of the year.
Whether you want to specialize in antique furniture or cell phones, e-commerce is among one of the leading business opportunities. One of the best benefits of this industry is that most people have the option to work from home. This saves on major overhead costs typically associated with retail selling, such as commercial rent, utilities, and labor expenses.

Healthcare – With No Medical Degree Required

The healthcare industry will never cease to grow and prosper. This does not mean you need to run out and apply to medical school. It does mean that there are many exciting complimentary business opportunites that you could pursue. Medical billing services are in high demand, as are medical transcription services, and home healthcare businesses. These are completely viable start up industries that you can easily learn how to master. Business industries related to the medical field are certain to grow and prosper because of the growing demand and they are recession-resistant.

Business Process Outsourcing - With Not Much Capital Needed

One of the most promising startup opportunities is business process outsourcing. Examples of business process outsourcing companies include call centers, answering services and payroll services. These types of businesses take on responsibilities for other prospering businesses. This means that you can capitalize on the earnings and success of others while providing valuable business services.

Business process outsourcing is unique because you can build and maintain relationships across a variety of industries. In an era where every business is looking for ways to streamline their costs, business process outsourcing is an industry high in demand.

Internet Marketing and Sales Lead Generation with Expertise

Internet Marketing is growing by leaps and bounds as far as start up industries are concerned. Individuals with expertise in all different fields are reaping rewards by sharing knowledge and skills with others. This is a very special industry that affords flexibility and freedom that is unparalleled. Working as a internet marketing consultant, search marketing consultant or web design consultant are just a few ways that you can get into one of this industry. There is even a demand for highly specialized consultants in areas like sales and business development to help companies generate qualified sales leads, business leads in this market.

Creating your business during tough economic times requires tact and diplomacy. Choosing the right business to begin with can alleviate a number of economic difficulties for aspiring entrepreneurs. Explore non-traditional start up industries for a more promising future during these difficult economic times.