Internet Entrepreneurship First Step Getting Started
Below is a MRR and PLR article in category Business -> subcategory Entrepreneurs.
Internet Entrepreneurship: Getting Started
Summary:
Having launched two successful online retail businesses, I aim to share my insights and experiences through this series of articles. When venturing into the world of internet entrepreneurship, there are key essentials that you should consider.
Keywords:
UK, English, British, Scottish, entrepreneurship, home business, niche marketing, internet business, SEO, silk ties, woven silk ties, oil paintings, reproduction art
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First Steps: Choosing Your Business
Embarking on an internet business journey requires careful consideration of a few essential criteria.
Cost-Effective Start-Up
Initially, my goal was to make my business profitable for less than $1600 (£1000). While my silk tie retail site was set up for under $300, marketing costs quickly added up?"around $800 monthly on Google AdWords and Overture. Break-even was reached by the third month. With patience and wise decisions, it's possible to achieve this on a leaner budget.
Minimal Manual Labor
As a management consultant, my time is valuable. I wanted a part-time business that minimized manual work and avoided hiring staff. The internet's potential for virtual operations was appealing. Thus, I opted for a model that didn’t require stocking products. My supply chain expertise pointed me towards dropshipping?"a method where wholesalers send individual orders directly to customers.
Finding Reliable Dropshippers
Be cautious with dropshipping options. Some companies have high prices or overly competitive products, hindering profitability. Avoid paying to join dropshippers with uncompetitive prices. Instead, seek those offering niche products with solid margins.
Profit Potential
Aiming for a monthly profit of at least $1,000 meant pursuing niches, not competing with giants like Amazon. Electronics, despite my familiarity, was too competitive. Identifying less saturated markets without major competitors was crucial.
Exploring Business Ideas
I explored business ideas through newsletters, forums, and dropshipping sites. Once I identified a promising product, I assessed competition and used Google AdWords to gauge potential traffic and costs.
Caution with Ready-Made Websites
Avoid jumping into ready-made business websites without thorough research. I learned this the hard way. Initially, I invested in a lingerie site due to my wife's expertise but discovered the market was fiercely competitive, and supplier prices were steep. Another gadget site was linked to an overpriced supplier. Eventually, I found success with a tie website offering 60% margins.
Do Your Homework
Before buying into any business model, scrutinize sample sites, investigate suppliers, analyze competition, and ensure sufficient profit margins. Thorough preparation can prevent costly mistakes.
By focusing on these essentials, you can navigate the path of internet entrepreneurship with greater confidence and success.
You can find the original non-AI version of this article here: Internet Entrepreneurship First Step Getting Started.
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