You do not have to wander around town looking for real estate to get into business for yourself. You can always start an internet business, provided you can offer a viable product or service, or take advantage of opening one of many available franchises. Your abilities, desire and financial resources can help determine the type of business and how long it may take to get it started.
When considering starting an internet business you need to determine the type of business you want to be involved with. You have the choice of selling products or services as well as whether you want to sell your own product line or someone else's. The same can be true for service-related businesses. There are several companies offering services that you can resell and make a profit and if you find any of them useful, you may want to be involved.
You can also choose to sell a combination or products and services to take advantage of different aspects of the online shopping venture. While niche marketing and focusing on one product line has proven successful, so has being able to take advantage of different needs for different customer bases. Niche markets are more focused while a product mix reaches more of your targeted audience. You can also offer backend products, such as printer paper and ink to go with printers.
Working capital is a serious consideration in starting any internet business and probably the biggest expense will involve marketing your business. A good business plan can help you determine your target audience, which in turn will help determine where you will focus your marketing. This plan should be part of the overall business plan as without a specific market to target, you could end up simply throwing money into the wind and hoping it falls where it will do the most good.
Sustaining growth is another planning process and depending on your product line can be a viable exercise. Every business that sells merchandise should plan to offer products that are considered disposable. Items that customers will need to replenish or replace when used to gain the possibility of repeat business. Some businesses, such as home mortgages, are only able to sell to the same customer once, or maybe twice so they are constantly on the lookout for ways of generating more customers.
A business offering disposable items do not have to continually focus on new customers, rather good customer service and quality products can provide continued growth based on repeat shopping by the same customers. For example, if you sell digital cameras, it may be years between sales to the same customer. However, you can bolster your sales by also offering memory cards and printing services or supplies to bring in additional sales to existing customers.
Accounting And Business Research
As the great Belgian detective himself declared, "Try and vary your methods as you will, your tastes, your habits, your attitude of mind, and your soul is revealed by your actions."
Handily, his words don't just apply to fictitious murder suspects. Great detectives (even the fictional ones) are by their very nature great researchers. And they know it's the human aspect, the little grey cells, which really matter.
After all, what is research? It is the process of gathering appropriate evidence - evidence about human beings and their behaviour. Evidence that is hidden or hard to find and evidence that is right there in plain view.
Research is also the process of organizing that evidence in order to see the gaps, themes and contradictions.
And of course, research is the process of analyzing that evidence appropriately and accurately, in order to drive correct assumptions from it.
Sounds a lot like detective work to me - though thankfully less fraught with danger.
The DIY Research route
I'm fully aware that it is not always affordable or desirable to have an external agency conducting your business research. And of course, most great detectives tend to be fictional or unavailable.
That's why Highland Business Research is currently developing the Data Detective Kit - a practical DIY research kit with tips, tools and Excel templates to help you get better business results from your research. We'll highlight the things to think about and look out for that can make the difference between useful research and wasted effort.
This means better business decisions from the research you conduct yourself - so more revenue earned and fewer costly mistakes.
So the most important DIY research tools are those little grey cells - but evidence doesn't collect itself. There are many other tools that will help and they don't have to break the bank.
Four free tools that can help
As a quick Data Detective Kit taster, here are three free tools that can help you track down the evidence you need to answer key business questions:
1. Google alerts - http://www.google.com/alerts
Want to know what is being said about you online? Want to know what your competitors or clients are up to? Google Alerts lets you set up automatic email notifications based on key phrases of your choice (these could include names, phrases or companies). The search engine does the hard work and you get a daily summary of the pages and blog posts on which the phrases have appeared. Leaving you prepped to respond as appropriate.
2. Google analytics - http://www.google.com/analytics
Do you need to understand how people use your web site? Do you know where your traffic arrives from, which pages cause people to leave in droves and how cost effective your web advertising activities really are? Do you know what language your web visitors speak or the search terms they used to find you? Google Analytics (and other similar tools) can help. It's a powerful tool, so it takes some work on your part to really get the full benefits. But if your business is online, understanding how to make your website work harder is a research must.
3. Surveymonkey - http://www.surveymonkey.com
Need to find out more about your customers or website visitors? Want to find out how satisfied customers are with your service? Surveymonkey is a handy tool that lets you produce online questionnaires and surveys. A good survey involves asking the right questions, in the right format, to the right people at an appropriate time - and no tool can do that kind of thinking for you. But Surveymonkey can help you easily build, circulate and collate responses to your research questions and if used well, it's a great tool for DIY research.
Think like a detective
As Hercule Poirot and his little grey cells demonstrate, taking a detective like approach in your gathering and analysis of evidence improves the likelihood of reaching a correct outcome. And in business terms, if you can directly improve the quality and usefulness of your DIY research, you can make better decisions and directly improve your profits.
Both Thierry Goho & Vicky Brock are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Thierry Goho has sinced written about articles on various topics from Writing, Personal Desktop and Home Based Business. Thierry Goho is one of the leading Internet Marketer and has helped many new entrepreneurs succeed online. Member of IAHBE(International Association of Home Business Entrepreneurs), he is one of the best guide to teach what is working or not when it is ti. Thierry Goho's top article generates over 74000 views. to your Favourites.
Vicky Brock has sinced written about articles on various topics from Marketing, The Internet and Marketing. Vicky Brock is Co-Founder of one of Scotland's leading market research agencies. She is also International Committee Co-Chair of t. Vicky Brock's top article generates over 2400 views. to your Favourites.
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