Starting off a fresh online business may seem intimidating at times, especially to the greenhorns in the field of Internet. However, with a planned approach and diligent effort, the procedure may well boil down to a much easier chore. Here I present the first in a series of articles that will assist you to establish a strong online presence. Unequivocally, there are four ways that you could commence your online business, and they are as follows:-
a) Start from scratch – You can formulate your own product or service to sell. You might be enticed to follow other eminent businesses and develop a similar product to theirs. However, nothing sells better than a novel concept. So, try carrying out a preliminary market research in order to feel the pulse of the market. This would enable you to establish a healthy customer base, which is critical to boosting your online business.
b) Start away with affiliate marketing – If you are on a shoestring budget and cannot develop your own product from scratch, then affiliate marketing is a viable option for you. You can market the products of a well-renowned company through affiliate programs. The company would typically dole out commissions on each sale accomplished by you.
c) Start an online business by reselling – You can buy hot selling products at wholesale prices from a well established organization. Then onwards you can sell them at retail by promoting them at your website.
d) Start an online venture via direct sales – You may become an affiliate of a Multi-Level Marketing (MLM) company. You can market their products and earn commission on sales accomplished by you. Affiliates signup through an existing member, who is typically placed above them in the distributor hierarchy. That is, the sponsor earns higher commission than a fresh entrant.
An online business can be quite lucrative if planned with discretion. In general, astute investments do pay heavy returns. It is imperative that you realize the importance of choosing a viable online business. The choice of an online business should be made, bearing in mind the resources in hand and the existing business milieu.