OK... these are tough economic times; everyone you know is probably watching their daily spending and cutting back wherever possible. Can we really start an online business in these hard times? YES..WE CAN!To begin with, internet startups have low overhead and startup costs, thanks in part to inexpensive, yet robust e-commerce software and services on the market. Your new business can be set up in a home office and attended to at night and on weekends, allowing new entrepreneurs to keep their day jobs. In addition, most entrepreneurs can set up their online business in less than one weekAnother reason an internet business can be lucrative even in a down economy is that online shopping is growing. During the first quarter of 2008, revenues generated by online-based business were $32.4 billion, according to the U.S. Census Bureau—a 13.4 percent increase from results for the end of 2007. In general, e-commerce is THE bright spot in the retail world todayWhether or not the economy is bad, here are some of my best practices to keep in mind when opening an online business:1. Have a NICHE/Focus on a SPECIALITY Category: We’re essentially competing with big box retailers when entering the online retail space, so be sure you offer great CUSTOMIZED service2. Offer Innovative MARKETING Technology: An innovative referral program (Buyer A refers Buyer B to your company, and you give Buyer A a discount) helped to build my customer base very quickly Remember: Always make it “convenient” for your customer to keep coming back3. PRICING: Even if you are selling “niche” products, always keep pricing a priority Understand that small online businesses are never going to compete with the big box retailers on pricing, but there’s always a promotion or value-added program we can offer that helps customers deflect that (takes their minds off of pricing).Remembering that a unique product, an innovative marketing technology and promotions definitely help customers deflect prices are extremely important business strategies during a recession because people have less discretionary money to spend. All entrepreneurs should focus on strategies that keep their customers coming back....again and again, and again~SatinDolle“If It Is To Be...It Is Up To Me ”
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