Building a Business Online - The Obvious Points

byfowleriw

231 followers

11 years ago

Important!

As with any business define your goals and establish where your market is (is there a market) and can it be profitable?

The above is may or may not always be easy to answer. In my book research, research and research some more.

I may be pointing out the complete obvious but, it is far more favorable to spend time putting the foundations in place to build upon. If you do not complete this critical step you will be on track to potentially waste a lot of time and your hard earned cash by flogging a dead horse.

Competition? Is there any competition? Is the market flooded with competition in your particular area you are looking at. Will it be difficult to compete in your chosen market place? What sets you apart from your competition? What is your USP?

UNIQUE SELLING POINT (USP) why would people be interested in you above others in your selected area. Can you offer something special your competition cannot, does your service or product offer something your competition cannot? What sets you apart and why would customers come to you as opposed to your competition?

There is no easy answer to any of the above unless you know your field - and importantly you have completed your research before putting your cash into a new venture.

Best of luck with any new venture but, take a few steps to secure positive steps and eliminating negative factors that may see you fall back a step or two or at least prevent you taking an unexpected hit.