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.
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?
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.