Considering that dot-com failures have become so widespread, you can ask whether it is profitable to invest in a relatively risky Internet project. The fact is that when the pronounced growth and decline of dot-com companies were so actively promoted, sales through the Internet continued and continue to grow at a rate of 20-25% annually. Even the economic downturn of recent years has not prevented their growth.
While the hype around the new economy has almost abated, one thing is certain – the fact that the Internet has revolutionized our business practices and has become one of the largest and most unique sales channels. Many companies finally realized that their very existence could be in danger if they do not integrate the Internet into the model of building and running their business.
But the question remains: is there a truly effective method of doing business online?
Below I have cited several components that are relevant for all Internet projects. Although they are not the only components of an online business, understanding them will greatly improve your chances of running your business effectively online.
Business plans are like road maps. Imagine you were in an unfamiliar city and you have to find an address without a map! How would you feel? Of course, you would be more comfortable with a map of the area! Same thing with a business plan. Although many successful projects could have been launched without a formal business plan, a good business plan will improve your chance of success and help you avoid many mistakes in the future.
A recent study of successful entrepreneurs showed that those enterprises that had a written business plan achieved much better results than those that did not.
With a written business plan, you have a clearer picture of your planned project. Therefore, before you start your project on the network, spend some time and write down what you plan to do.
Product or service
If you are a traditional business company simply trying to increase sales of your services or products over the Internet, your task is quite simplified! At least you don’t have to think about what to sell.
But how to decide what to sell to an entrepreneur who plans to start a completely new Internet project?
In fact, through the Internet, you can sell almost any product or service. You can say: “Wait because expensive items cannot be sold through the network, is it?” Not so! By 2004, the automotive and component industries alone forecast $ 274 billion in profit through online trading. There are even cases of buying corporate aircraft over the Internet.
If you seriously intend to start a business online, then finding the right product or service should not be particularly difficult.
• Intelligent products such as e-books, manuals, and rare information or data sell well over the Internet.
• The Internet is replete with products sold in large bulk.
• Thanks to the worldwide spread of the Internet, it has become much easier to find the manufacturer of any product that you plan to import into or export from your country.
• If you have the experience, good services are also Internet services such as web design, travel arrangements, and others.
• Internet users are willing to pay for various information on the network. The global network information market increased by $ 50 billion in 2003. You can also consider this position.