Running an Internet business has several advantages. First, the barrier for entry is much lower than that of a brick-and-mortar enterprise. Second, you are not limited to a physical location. You can manage it from wherever you are on the planet, as long as you have an Internet connection. Third, if it takes off, the profit margins are large.
For all these merits though, not every online business succeeds. In fact, the vast majority don’t make much headway and eventually fall by the wayside. Competition is intense. Immediately your Internet business goes live, you are launched into a battle for eyeballs against thousands of sites out there.
There’s no magical formula that guarantees the success of an online business. But there are things you can do to better your odds. Here’s a look at five of these.
Table Of Contents
1- Conduct Market Research
When you are considering starting an Internet business, you probably already have an idea of what it is you want to do. Before you sink precious cash into building the site, evaluate the market viability first. Your perception of the opportunities may not necessarily be consistent with reality. Market research will not only test your perceptions but also open your mind to lucrative gaps you hadn’t previously thought of. A great place to start your research is Google Keyword Planner and Google Trends to gauge sentiment and what people are most interested in. Next, run a Google search for your preferred keywords to see who your main competitors are.
2- Identify a Niche
The primary reason the Internet is so popular is the fact that you can find almost anything you want on it. So it would perhaps seem a bit of an impossible mission for you to identify an underserved niche.
Nevertheless, there remain limitless niche opportunities. You just need to know how to look. Remember, you are in search of an underserved niche and not one devoid of any competition. Identifying a niche helps you have the best shot at achieving profitability and growth fast.
3- Understand and Comply with Relevant Laws
An Internet business may be based in the cloud, but that doesn’t mean it exists in a legal vacuum. Like any other enterprise, there are laws that will define how your business is run. From the structure of a business to what content you can make available for download, the decisions you make can make or break your business.
Work with an attorney to understand all the laws that relate to your operations and the things you need to do to ensure compliance at all times.
Choose the Right CMS
In the early days of the World Wide Web, websites were built and managed via manual HTML coding line-by-line. It wasn’t a problem at first because the overwhelming majority of websites were simple text-only pages. As new technology emerged and user demands grew, websites became much more sophisticated.
This drove the need for content management systems (CMS) that made creating and managing websites easy even for people with no technical background. For years now, WordPress has been the most popular, so naturally, it’s a CMS you want to check out first. That said, keep an open mind and consider the suitability of other CMS platforms.
Search Engine Optimization
Just because your Internet business is live doesn’t imply that the people who need your product will come running to you. Search engine optimization (SEO) improves your visibility on search engine queries so your website appears among the first results for your target keyword. The greater your search engine visibility, the more organic traffic you will draw to your site.
SEO strategies you could deploy include keyword research, high-quality content, guest posting, external linking, internal linking, backlinks, social media posts, and meta descriptions.
When you start an online business, you are always staring at the risk of failure. Addressing these five points will greatly enhance your chances of success