Latest posts by Amrik Virdi (see all)
- 5 Blogging Mistakes You Must Avoid - November 9, 2012
- Research And Reflection Are Crucial To Your Success - April 15, 2012
- Understanding Your Online Obligations For Your Web Venture - March 31, 2012
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Research And Reflection Are Crucial To Your Success
So you have an idea for a web venture. You’re eager to set up your website and launch your online business to start make money online. Before you jump in, take some time out for research and reflection. Doing this could save you time, trouble and money! It will also increase your chances of running a successful online business.
RESEARCH -
Being knowledgeable about every espect of your web venture will ensure that you are ready for anything.
Do the following:
1. Research your idea thoroughly to ensure that it is viable. Do you offer something that your customers want or need? Are your prices competitive?
2. Research your potential market. Who are your customers? Where are they based? How much money do you need to make to break to them?
3. Research your finances. Do you need to make to break even?
4. Research running a business. Seek advice from your business enterprise agency. Read as much as you can about setting up and running a business. Know your legal obligation. be prepared for every eventuality.
5. Research your competitors. How are you different from your competitors? What are your strengths and weakness? How can you make your website work? How can you make sure your website is reliable and efficient?
6. Research your venture’s human resources requirements. Will you need to work with or commission other people (web designer, copywriter, marketing consultant, customer services staff, etc.) to establish and run your web venture?
7. Research entrepreneurial potential. Is there potential. is there potential for growth? Are you prepared for
rapid growth? Where do you see your web venture in two, three, four or five years’ time?
REFLECTION -
Talking time to think through your ideas will work in your favour. Reflection is akin to tapping into the mouse; it can give your venture a creative edge and help you come up with USPs (unique selling points) or an innovative angle.
Dedicate some time to reflection on a regular basis. Some entrepreneurs keep a note book or journal to record ideas or progress. This can be particularly beneficial, especially if you’re working through a few challenges or issues that need a resolution.
To kick-start some active reflection on your business plans, try the following.
1. Look at your basic business idea. Consider all the different approaches you could take with this venture. For example, say you are passionate about horse riding and want to start an equestrian website. Think about all the different angels you could take. Ideas may include a website to: advertise horses and ponies for sale; sell rosettes, tack or riding wear; offer jobs for people who want to work with horses; advertise horse rug cleaning service; sell horse painting or promote an online pony magazine, etc.
2. What do you see yourself? How can you place your experience, skills and knowledge to good use in your proposed web venture?
3. Reflect on your short, medium and long term plans. Where do you see yourself in four weeks, four months or four years?
4. Put yourself in a potential customer’s mind. What would you want to gain from this website? Does it have exactly what you’re looking for?
5. Mentally step through your plans to launch your web venture. What needs doing and when?
6. Don’t rush into decisions. Where possible, take time to think things through.
Got any more tips about Research and Reflection? Please share them in the comments.
I like to research possible markets by using the Oxbridge Communications Standard Periodical Directory. Not too many online marketers have heard of it, but us oldtimers know it well. This resource is the entire list of magazines, periodicals, newsletters, college papers, newspapers, and journals. Roughly 60,000. It’s been published continually since 1964 and is now in it’s 34th edition.
I’ll leave it to you to work out how to use it for now.
Meredith G. recently posted..Frigidaire FFCM0724LW Microwave Oven
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Your article is very informative. The funny thing is I go to a lot of business meet ups and all people speak about is SEO how to make google love them How to get to page one of search engines etc etc not about what the customer wants or needs and then if and when they reach page one they wonder why no one is buying. SEO is inportent but the most importent thing is your audience. If you audience loves you google will love you
Twitter: jenniferdrai
Great article! Research is definitely the foundation upon which a website is built. I especially agree with you on studying what the competitors are offering. It is important to create a new trend by offering what others are not, that way, stand out as a fresh product in the mind of consumers. Thank you for sharing.
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I do most of this already, but I think my weak point is that I’m not skilled in writing. Need to work on that, guess dropping out of school didn’t help that aspect.
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i think number 4. Put yourself in a potential customer’s mind become one of the most important.
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It’s a true fact that you can never do enough research. But there also comes a point when you just have to take the plunge, and get stuck in. Nothing beats learning on the job. Given all the projections we made when setting up our business, we learned two things: double all of your projected costs and half all of your projected incomes.
If it is still feasible and profitable then, you probably have the makings of a good business.
Doing some research is crucial. But getting lost in market research is another thing. You can’t research the future. As Henry Ford said, “if I asked my customers what they wanted, they would have said a faster horse.”
Hi Amrik!
Thank you for this article! I agree with you especially when it comes to the reflection part. When I am done with my work I take a long look at it, to make sure I find pride in my work, and feel confident with it. This was a very informative article!
Grace.
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You’re absolutely correct. Without research, you’re shooting in the dark! Conduct research and come up with a plan that’s unique.
Good thing you post such useful information like this. It could help us, to where we focus to venture for business and doing research is very important.
thanks for the share.
If there is one thing I always have a problem with, it is #6 on the Reflection list. *headdesk*
You are right though, this list applies to anyone getting into this industry (or just writing in general). I’ll have to share some of these tips with friends and colleagues to see what they have to say about it.
I believe most will sagely nod their head and take notes.
Thanks for sharing this!
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Hi Amrik,
Very informative article and some good advice. Too often people jump into business with a whimsical notion about making money and being successful without doing the necessary research. A good guide would be if most of the research stacks up, you are passionate about you do,you find a USP in your niche and you are prepared for LOTS of hard work, then go for it. Business is an interesting and emotional journey.
Trent
Twitter: muscleover40
Have to add a bit more to this post as loving the comments Its rare to hear people say the word HARD WORK unfortunatly the net is full of gurus showing how i made £20.000 in one week(ok i exaggerated only a little)with this secret just 39 dollars get it now as someone once said there one born every minute
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Hey Amrik !
I really want to say that your article is very informative and your are correct at many points. I just want to say that research is the key of everything !
Regards
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Research is important as you have said. I happen to make the mistake of not doing research before starting up my site in a certain niche, which lead to much more work required on my part. Be sure to do your research before taking action!
You pointed out the most important factors on research and reflection to be considered for the success. I agree with all of your points but point number 7 would really help us grow according to my aspect.
Thanks,
Balaji
So true, but at the beginning of one’s online marketing career one gets such an overload of information and learning stuff that one finds little time for reflection. But it is of utmost importance, especially for the novice affiliate marketer.http://youtu.be/Su4ibmx2MaE
Interesting article, Amrik. I agree that many people overlook the importance of research.
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Great post. I never really doing my research right. I never have the luxury of free time. But after reading this, I think I will do research more.
Research is very necessary not only in blogging but in ever field of life. I like the idea of Research your competitors as this will help us bring new ideas.
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Amrik
You are right. Research And Reflection Are Crucial to the online success. All the points describes in this article is very true, specially point no 4. Seeking advice from professional and experts is very important. They will know better than any one else and they can guide you properly. Gaining a lot of knowledge by reading as much as you can about anything and everything related to it. And then go for it.
Sanjib
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Research is really important especially against competitors. To beat them, you have to find what they’re doing right, and copy it and make it better.
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