Coaching For Success
Posts tagged internet business
How to Plan, Play and Win Online
Nov 3rd
Lots of people start an Internet business lured by the promise of quick riches, cash on tap and more business prospects than they know what to do with, but the truth for most people falls far short of the hype. This does not mean I am implying that riches cannot be made or that there are not millions of prospects because I am not, the truth is that most people starting online follow the bandwagon, suffer from information overload which stops them from being effective or plain old analysis paralysis (analyse everything so never get anything done).
Most good offline business throw all common sense and principles they learnt offline in the bin when they go online and forget that the same principles they applied to their offline business can be applied to online businesses with a few enhancements. The most important of these offline skills that a new Internet business can apply to their business is a SWOT analysis.
For those of you that do not know what it is a SWOT Analysis (Strengths, Weaknesses, Opportunities and Threats) is a common strategic practice in the business world. It is a valuable tool and it can be an extremely useful in assessing the status quo and future direction for your business. So it’s important to use S.W.O.T in every business you plan even online.
You should consider all the elements: -
Strengths: – This is what you are bringing to the table, your strengths, what makes your business stand out differently to your online competition. If you have done no research of your competitors how do know you are offering anything different. However your strength does not have to be a difference in product for instance it can be in quality (hint: never base your difference on cost, cheap is not always best and people do not necessarily want cheap). This step should never been under estimated and should be performed to analyse your strengths so that you can grow your business online (Knowledge is power).
Weaknesses: – This is often the hardest part for business owners because most of the time they tend to be blind to the bad parts of their business or the way they work/do business. Now some of you are probably saying you do not have a business yet so this does not apply to me – word to the wise IF YOU are new it doubly applies to you, Why you may ask?
– My question: – how do you grow so your business has strength?
– My answer: – by looking at the possible weakness that can stop you from being successful of course, if you never factor these in you will never understand why your site does not work or worse why you are throwing good money after bad.
We all have strengths and weaknesses and these can translate into the way we do business, but by being honest with yourself and identifying your online business weaknesses you can take essential steps to ensure your success.
Opportunities: – Identifying an opportunity may be the best reason to take action; as soon as you find an opportunity that currently fits with a model you can use or understand in your area of expertise you can apply it and take action now. Opportunities will not wait for you to take action it will just go to the first past the post (your competition will not wait for you, neither will the opportunity). It is really important to quickly analyse whether that opportunity is the right fit for you an example could be you have found a unique niche (place, position) for your online business product or service, if so you need to explode it now so that you can take full advantage of it. Remember you need to assess every possible opportunity regularly for your business growth.
Threats: – Sounds awful doesn’t it! But its not that bad a threats is often in form of competitors, however change in consumer behaviour or economic issues can also be major threats. Some threats may already exist in your business that you are aware of, others may become real threats in future to how you operate online. All threat types need to be researched in order to optimise your long-term strategy for the future safety of your business. Don’t let the threats you identified prevent you from taking action, if anything they should encourage you to take action in a specific way as they have helped you identify which direction to take to ensure you are heading for a successful online business.
Every successful business or person who have made their fortunes online have learned to use and problem use a S.W.O.T analysis in one form or another to grow their business and save it from current and future threats. The old adage ‘if it ain’t broke then don’t’ fix it’ truly applies to SWOT analyses it is as important online as it is offline and should be a must use tool to aid you in your online success, if you are not sure how to perform a SWOT analysis and would like some help do use the contact form on The Internet Business Coach homepage for help.
How To Target The Right Market
Nov 2nd
In this article we will look at how to find a market that would be hungry for your service or products in your Internet Business. To attract clients, we need to focus on what the customers need, and not lose focus on market demands. In fact if the product resembles your competitor’s, then pricing will be an issue, and it is tough to build a successful brand. Once you get to know this, you can get people from all over the world, and you can be reasonably assured that you internet business will do well. Here are the main factors that you need to check before you target a market.
A Large Target Market
The first thing you need to check if there would be enough people to buy your service in the target market, which can sustain your businesses model. This can be achieved by finding the organization and other groups that the target market may belong to.
Is the target market Hungry
You may not enjoy the industry, but because you know there is a lot of money out there, you target a specific business market. Besides if you have discovered that market is lethargic to your products and service then you need to do something about it. Once you have checked about the current products and services available, then rest assured you know the market is hungry.
Will the target market pay enough
This means that you will be charging a price that which will be greater than that of the cost of production. If it costs more to manufacture your product, and the target market is willing to pay you only a fraction of cost price, then you need to recheck your product. A research on the target market will help to see how much are they charging and also checking the pricing tends.
Besides you need to create compelling ways for customers to buy your product, especially when it speaks directly to their needs. Unless we create an excitement and interest with the prospect and target market, you would lose the link of confidence in them which means that you’ve got to get interested in that part of the business which the target market wants.
If you found that this article has helped, The Internet Business Coach would love to hear from you. So please feel free to leave a note or comment and a business expert will reply back appropriately.
How to Cut Cost in your Internet Business
Oct 28th
Any business owner understands that one of the ways to earn profits is to increase profits or cut down unnecessary expenditure to make ends meet and you can see that cutting down costs is easier. If you, the entrepreneur have forgotten the value of hard-earned money, then it’s time you come up with plans to plug the leaks, which could result in saving thousands of pounds for your Internet Business every year without compromising on your profits. Right now with the World Economy in a state of recession, you already know that rising bills and smaller profits if left unchecked, can soon turn your business to history.
Here are some common sense ways to get the bad expenditure off the books.
Turn off Electrical Appliances:
Heard of the famous proverb, “Waste not, want not”. Even your desktop computer and printer, on sleep mode can consume power when kept overnight and switching them off will be the best option. Don’t forget to turn off the air-conditioning and the lights when you leave for the day. Even though notebooks cost more, shifting from desktops to notebooks could save your power bills for your internet business.
Go Green:
Go green is the latest fad for consumers and business. Use florescent or LED based lightings instead of incandescent and you can save more 80% on your bills. Use email and e-fax instead or regular mail and fax which can help your internet business.
Monitor your Bills:
Check your telephone bills to see if anyone is using them for personal use on regular basis. Monitoring the use of Office equipment and supplies like pens, notepads, paperclips, can also help you save. Keep a check on travel allowances and business parties can also bring down costs.
Use refurbished equipments:
Getting refurbished computers from Dell or getting used or second hand office equipment would cost you 1/4th its original pricing.
Hire Interns:
Setting up internship programs for your business can help you get smart and young employees for very less pay for sometime.
Hire Contractors:
Hiring contractors and freelancers can help you save on employee benefits and office equipment.
Use Free Software:
Switching to open sourced and freeware software can help you save thousands of dollars if planned well. Consider the options of switching to Linux from Windows, Open Office to MS Office, Gimp for Photoshop, 3D Max to Blender, etc.
Once you have done your homework, you will notice that cutting costs is much easier and saves you more money than spend on Marketing. If you have any comments or any additional tips, please fill them which can be beneficial for others. You can fill out your information at our website, at www.theinternetbusinesscoach.co.ok and a business coach will get in touch with you.
Social Networking for Your Internet Business
Oct 26th
Experimenting with Social Networking Sites
Social networking sites offer many options to establish groups of individuals with common interests. Internet Businesses can take advantage of these capabilities for collaboration. For instance, you could use LinkedIn’s Groups to create an invitation-only online area to collaborate and communicate. Invest your time
wisely on the right sites for your business. MySpace is the largest social networking site, and you can count on it for great results.
A true business person should know that a lot of time and effort must be put into advertising to get attention. Social networking sites are simply an additional way of online advertising that should be seen as an online business foundation.
Establish Your Credentials
Write profiles that establish your credentials and expertise and most social networking sites start you with a profile page for your Internet Business. Make sure your profiles are keyword-rich, noting that profiles on many sites are captured by search engines. Writing recommendations for past colleagues or people you enjoy doing business with is a smart way to do internet business online and don’t wait to be asked to write them.
If your business frequently uses contractors on projects, having them link to a central site means that everyone in your organization can quickly access both their most current contact information and current project information. For instance, a Facebook application called My Documents allows you to upload five documents (although there is a size limit).
Increasing Your Network
Social networking allows site members with the same perspectives to have easier connections with one another. With many of these sites available in the Internet, you could make best use of these to promote your internet business.
When you have an active account in social networking sites, you should maximize usage of virtual forums. Through this, you could in sync with the current common interests of the forum participants. You might even offer solutions to some of their queries. Also, the forum threads could give ideas about devising new products.
Use It In Your Online Marketing
Once you establish a profile on a social networking site, you will have your own URL on that site that you can use in your marketing materials, on internet business cards or even in your email signature. Also, social networking sites make it easy to email everyone linked to you; this way, you can send newsletters or referral requests.
It Is Free
Social networking sites really offer advantages for your internet business. You could join for free, and have long years of membership without any added fees.
The other thing to consider with social networking automation is that there are different audiences on different sites. Your Facebook page might have more of a personal mix where as your LinkedIn is professional. Your Squidoo profile might be geared toward readers for your new book or ebook report.
Do you wonder why these sites allow free membership? Administrators know that they can profit more from companies who advertise with them online rather than charging people for membership fees and maintenance fees. Meanwhile – head on over to our Website at The Internet Business Coach to sign up for free tips, newsletters, and access to great deals to help your online business.
