Starting an online business is all new to me. I have so many questions, from where do I begin to how can I manage it? I decided to take a Web Online Business course in hopes that I might learn something that would help me.
In this blog I will attempt to write down all that I learn throughout this course in hopes that it will not only help me, but others who are starting from scratch with an online business.
This week I am learning about Business Models vs Idea Generation. What is the best way to start an online business? Should I start a business by using a model business or by generating my own ideas? Each way has its pros and cons. Using a business model I have something to compare apples with apples by following a tested field. However, I feel that even though it may be a safe route, I do sacrifice that I have competition with something that is already out there. Going with an Idea Generation concept may be a little more challenging, but my creative ideas may be something that is needed or wanted. This can prove to be risky, but then it may be more lucrative as a business than I think.
I learned that there are three things that can help me in choosing a business:
- Look for an under-served product or service. Is there something that can make one’s life easier or more enjoyable?
- Find something I have a passion for. No one wants to work on something that they don’t like. I want to get up in the morning happy to work on the business I created.
- Look into how much money I will need to invest into. How much will I need to start up the business? Can I afford that? What about inventory? Even though I need money to make money, I don’t want to go into debt into a business that may not work out.
Another thing I learned this week was creating a Google AdWord account. This is a very helpful site that lets me search web keywords and monthly searches. This tool has proved to be very useful. Instead of having long hours of research and surveys, I can look for key online words that can give me a better look at whether a business is in high, medium or low competition and what key words are searched more frequently. I feel that this would be very helpful when you are marketing your business as well.
Maria Berry's Online Business Blog 