With the Real estate rates rocketing and inflation pouring in, who would think of setting up an online business from scratch? Yet, many people are going online and the internet business sector is booming. So what do you need to be really successful in raising one? We sum it up for you!
Have A vision: You must have a vision to succeed. A vision so strong and positive that it becomes a mantra for your employees. As a leader, your vision should realize, further, the visions of those following you; be it any of your customers or employees or other clients. So have a strong vision, protect it, nurture it and realize it.
Make a business plan: Nest, You really need to have a business model that you can follow. A strong business plan cannot only find you some really big investments, but also make sure (if, of ‘course you stick to your plans) that you cover your short term goals and gradually realize your vision to be really successful. So make a thorough business plan with your sales projection, marketing plan and other important plans before you start executing them without if’s and buts’.
Find investments: This is the step where almost 70 percent of the people would give up. But if you know that finding investments is a process and giving up is a big mistake, you will succeed in finding your capital. Put up all your savings; make a great sales pitch and bundle up your business plan. In the initial phase, you should ask your family and friends for investments by actually selling yourself and your idea to convince them that they can indeed get healthy returns if they do invest. You can even look for angel investors. And given the quality of your plan and your sales pitch, you will sure find one after knocking up many doors. When you see yourself getting recognized and making marginal profits, it’s time for moving to a Venture Capitalist for funding!
Set up the interface: Now that you have gathered up funds, set up your website. Position yourself in your customer’s shoes and see what kind of an interface can actually enhance your experience, since it’s an online business. Look how your competitions have set up. Try to beat them!
Manage sales and marketing: Now you definitely want your business to go viral. So execute your marketing plan. Social marketing can totally do the job. Send newsletters (email marketing) but do not spam. Hold out sweepstakes and other ways to attract potential customers. A healthy marketing can boost your sales like a miracle.
Master your services: On time delivery, great inventory management and attractive refund policies can do the charm! Trust your customers to gain their trust. Fostering a great customer service team can be a great investment of your time, money and energy.
Bootstrap and grow: Finally, your projections are being met and your turnover is growing. Yet, it’s not the time for cheese and pancakes! Hire quality people and invest in better suppliers to get better returns from your business. Bootstrapping can make your business stable and debt free; the key to growth and success!
About the author: Rebecca is a blogger by profession. She loves writing on technology and luxury. Beside this she is fond of gadgets. Recently an article on latest car stereos attracted her attention. These days she is busy in writing an article on Portable microwave.