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Top 10 Tips for a Thriving Online Business
©
2002 By Angela Wu
Past history has shown that it's not necessarily
the companies with the snazziest websites that do well, or
even the companies with the most money. The 'small guys'
-- that is, Internet home businesses typically run by 1 or 2
people -- may not make the news like the big 'dot-coms', but
there are many who quietly and steadily continue to turn a
profit, even while big companies report huge losses or go
out of business entirely.
So what's the secret? Here are a few tips from small but
successful 'netrepreneurs' on how to build a thriving online
business:
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__1. Find a niche with a demand.
Select a specific market to which you can offer unique
products or services. You can't be everything to everyone,
and trying to offer a giant selection of goods to a huge and
generalized market is the route to frustration,
disappointment, and even failure. We can't all be Wal-Marts!
As a small business, focus on a promising niche market and
work hard to offer them the products and services they want.
__2. Care about the quality of your product or
service.
Sell only what you would be proud to sell to your family and
friends, and insist upon consistently high quality.
This will help to encourage referrals and repeat business --
both powerful ways to keep the profits rolling.
__3. Be smart and frugal.
Avoid unnecessary expenses, and be particularly vigilant
when you're first getting started. One of the nice things
about doing business online is that it's possible to begin
earning an income while operating on a shoestring budget.
Try to minimize expenses. Once your business is
pulling in profits, you can reinvest part of it back into
marketing and expansion.
__4. Focus on marketing strategies that return the
most profit for your dollar.
One of the biggest myths beginners face is that people will
flock to your site once it's built. However, there are
literally billions of web pages available, and every
business has to find ways to attract their target audience
to their little corner of the web. Track the success
of each of your marketing campaigns. Drop those that don't
work, and focus on those that yield the best results.
__5. Provide the best customer service that you
can.
Fast, helpful replies to inquiries and requests for
assistance help to create and keep happy customers.
This is particularly true of the Internet, where people have
come to expect 'instant' responses. Genuinely helpful
answers also help to ensure customers feel as if they're
*people*, and not just another generic, faceless entity in
cyberspace. Treat customers as you would like to be
treated.
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__6. Build your business slowly but surely.
Instead of attempting to build your business into an
overnight success, strive for gradual but steady
expansion. Small businesses operating on tight budgets
generally cannot afford to throw a pile of money into a
marketing campaign that's 'hit-and-miss'. Instead, they find
out what works, then build upon their successes.
__7. Create multiple streams of income.
Your business can continue it's growth by branching out to
offer a variety of products or services. For example,
an online business may earn income from sales of its own
primary product or service, sales of website or newsletter
advertising, and commissions from affiliate programs.
Start with one income stream and gradually add to it when
you have the resources to do so.
Multiple streams of income will also help to 'buffer' your
business against income fluctuations. While one product or
service may experience a downturn in sales, the others may
not. Similarly, if it turns out that one income stream
disappears (for example, an affiliate program shuts down),
then you can fall back on your other products and services.
__8. Work together.
Use the Internet to find like-minded entrepreneurs.
Develop mutually beneficial working relationships with
carefully selected businesses. This will provide you with
the opportunity to cross-promote your products and services,
as well as give and share advice. A strong support network
can help to build your own business as well as the
complementary businesses with whom you choose to partner.
__9. Keep educating yourself.
What works online today may not work quite as well tomorrow.
Invest in continuing your marketing education and put what
you learn to good use. You don't want your business to
simply 'survive' online; you want it to thrive!
__10. Enjoy what you do.
If you don't, then business will only be a chore, not a
pleasure. Being passionate about what you do will give
you that extra energy and desire to build a business that
continues to offer your customers quality products and
services -- while earning a profit
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ABOUT THE AUTHOR:
Angela is the editor of Online Business Basics, a practical
guide for beginners to the 'net. Packed with instantly
usable tips, you'll love its focus on effective fr*e and
low-cost marketing methods, specifically chosen for people
operating on shoestring budgets! Get the details here:
http://onlinebusinessbasics.com/article.html
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