Read This Before Starting a New Online Business

Read This Before Starting a New Online Business

In today's blog, I'm going to give you a checklist that you can refer to whenever you want to start a new online business.

1. Is it easy to target the market?

You need to make sure that the market you're trying to get into is targetable before you do anything. What I mean is that your prospects should be part of a community that you can easily locate. This is important because when you start your business, you need to know where to look for your customers.

This may seem common sense, but in reality, many entrepreneurs believe that their product is aimed at everyone. As a result, they advertise everywhere and don't know why the traffic doesn't convert.

2. Is your product unique on the market?

If you have studied marketing, you might recall the term USP, which stands for Unique Selling Proposition. A good USP is one that not only provides a solution to the point 2 problem, but one that is unique.
You don't have to be Einstein to make a unique product. A product can be unique simply by combining two or more ideas into one, or it can be an idea that exists in some parts of the world but is not found in your territory or country. Or it could even be a cheaper way of offering the same solution, and the low price itself could be unique.
No one can tell you if one USP is more profitable than the other. This is where your vision is coming into play.

3. Do you have a strategy for traffic retention?

Getting traffic is easy, keeping traffic is harder, converting traffic to sales is the hardest thing to do. A good traffic retention strategy will help you keep the traffic coming to your website, so that not only do you have more chance of converting traffic to sales, but you also have more people promoting your website if you've done the right thing.

The most common form of traffic retention strategy is to get people to opt-out by giving away freebies. As I have said, this is the most common form, but with more and more marketers using this trick, you need to be more innovative than that to stand out from the rest.

4. Do you have a strategy for automatic sales conversion?

People need to be reminded to buy something from you. If you have to do this manually, both you and your prospects will get sick and tired of it. Instead, what you should do is think of a subtle sales conversion strategy that always reminds your prospects that there's something better waiting for them.
Imagine someone who needs to get from point A to point B every day. Either he can get there on foot or he can take a taxi. It's going to be annoying if you approach this person every day. Instead, you just need to make sure he sees you every day and he knows your offer. One day, when he sees the value of your service, he's going to buy.

5. Is your business building an asset?

Most people are doing business for making money. But that doesn't suffice. You have to make sure that your business builds an asset other than money, as well as making money.
An asset can be a collection of websites that guru calls virtual property, or it can be a network that can be a list of subscribers or a network of affiliates, or you can build an infrastructure that you can use for your future businesses.

Looking beyond money and focusing on building assets is a way to ensure that your online venture is sustainable. 

Whether or not your current business will survive tomorrow, you know you're sure to win because the asset you've built will benefit you no matter what.

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