Hundreds of e-commerce businesses fail every day. The owners of failed e-commerce businesses do not envisage the imminent crash of their businesses, but the lack of skill to run a successful internet business is often the reason for failure according to various studies on causes of failed online ventures. In this article, we want to look at how you can succeed in your online business without falling into the pit of failure like others.
Identify your niche and reach out to the right audience
Starting an online business takes wit and understanding your product with defining the right niche to serve. If you sell health product, you need to dig deep to the particular area of health your product serves and market to people who need what your product.
The mistake many failed businesses made was being a jack of all trade without targeting the right audience. Even though everyone wants to be healthy, selling a baby health product to seniors in their 60s will not lead to substantial sales if we take for granted that some grandma might buy a few of your offerings for their grandchildren, they are not the right audience for your product.
Have a business plan
Even in brick and mortar business, we have been told how important business plan is to a successful business. You don’t want to start an online business without a clear cut road map on how you want to proceed and drive your business to success. Within your business plan will include organization, management, marketing, and sales plan. As your business grows, the business plan helps to keep you on track
Get the fund for the takeoff and stability of your business
The mistake some internet business owners make is to think e-commerce requires no serious investment. While I want to agree to some extent, you still need the necessary funds to move your business from the start-up to gain traction and survive the teething problems you will face.
Without funds, every business stands the risk of not making it through the turbulent stages of its life as they are bound to come. When your business can afford the funds, it is possible to change your advert source, build more resources, and pay premium prices to get you to the next stage of the business. For instance, registering and hosting a domain name require a takeoff fund which may expire after a year. If your company has not made money in its first year, it means you need money from your pocket to pay renewal fees for your website, failure to do that will mean forfeiting your hosting plan and domain which mean death to the business!
Give it the time it takes
I often laugh when people tell me you don’t need a chance to start an online business. Some will say you need a few hours of your time daily. Well, my adventure on internet business has taught me that this is a farce! You need time to nurture and grow your business. I think the stage where time is not an issue is when your business has succeeded, and you are on auto-pilot where your money is replacing the time for you. Be prepared to give your business the time it needs to be successful.
Managing online business is not far off from operating a brick and mortar enterprise. It requires your time to plan and implement your plans to the letter. You also need the funds to move from stage to stage until your business starts to pay the bills. Until then, be prepared!
— Brave Agency (@braveagencyuk) 20 de junio de 2017