A wonderful article by Jon Allo.
Every online entrepreneur is not only interested in launching a successful online business but also wants it to be sustainable. Launching a new business on the internet is an exciting process. You have access to customers from all over the world and your business can be trading 24/7 – something that is just not possible with a traditional bricks and mortar business.
But before you leap in, this “launching a business checklist” is specially designed for online entrepreneurs. Anytime you’ve got some ideas for launching a business on the internet, just pull out this checklist to help make sure your new business has the makings of a winner.
7 Point Checklist For Launching A Successful Online Business
- Is The Market Big Enough?
Launching a successful online business will only achieve its goals if the market you are entering is big enough. Is there be a sufficient amount of customer traffic to visit your website to hit your minimum income goal? The minimum goal is for you to decide. For new online entrepreneurs it may only be something like $100 a month. While for more experienced entrepreneurs it may be an amount in the thousands. As a rough gauge, assume you’ll be able to get 15% of your main keyword’s traffic. At a 1% conversion rate, would it be enough traffic to get you to your minimum goal?
- Is There At Least Three Low-Competition Search Terms?
To get started, look for low-competition search terms. These are keyword terms you believe you can rank in the top five for within no more than 3 months. Your new market should have at least three of these terms, so you can start making money right out the gate.
- Are People Are Spending Money In Your Chosen Market?
You may think that your new online business has the best products ever, but make sure that other people in the market are actually spending money. There are many markets that may appear to have low competition, but no real business occurs simply because people don’t spend money in that market.
- Is There Repeat Product Potential?
It is one thing launching a successful online business, but it’s another thing to maintain a constant level of sales. You will almost always make more money in a market where you can sell repeatedly, as opposed to a market where you can sell just one item. In other words, look for markets where you can sell additional products and services or where there are recurring income models. For example, membership websites and software licences.
- Are There Competitors?
Competition can strike fear in the hearts of new and experienced online business entrepreneurs alike. But competition can be a good thing. It shows that people are making money in that market. If there are no competitors, it probably means that others have already tried it and failed. The key to launching a successful online business into an existing market is to focus on a specific audience within the market and offering them something unique.
- Are Prospects Passionate or Desperate?
This is related to the point above. When you have chosen your market, say health and beauty, is your target customer passionate about the issue? Health and beauty is a broad market. Whereas if you target a specific audience within that market, for example, solving a problem like acne, your audience will be more desperate about finding a solution. The more passionate and/or desperate your audience, the more willing they will be to buy your products or services.
- Do You Want To Do It?
Is your chosen market one that you’ll want to be in for the long-term? Sometimes you’ll find a market that looks good on the surface, but you just know it will be dull work. Starting a successful business online is the first part of your online business journey. Remember that running a profitable online business a isn’t a sprint – it’s a marathon. Building your customer base, gaining their trust and getting your new online business noticed can take as long as six months, sometimes even more in competitive arenas.
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