How to plan an online business venture ?
E-commerce market has seen a phenomenal 50% growth in India in last 5 years. Many Venture capitalists and Angel investors have helped by putting their trust and money on various online business ideas which have done incredibly well in few past years. Though there were tough times also in the industry shaking some big players off for some time, as it has been understood that online will survive and continue for long and ups & downs are just the part of it. In 2017, it is estimated that 10 crore people will shop online (Source: Assocham)
If you are really looking forward to starting an Online Business Venture, don't wait. This is the right to jump into the digital ocean and take your dreams ahead. Jumping might not be easy because of easy entry and low investment to start. But it is not impossible to be successful if things are planned well and thoughts are on the clear path on How, What, When and Whom to target.
Online business can help you reach your product or services to masses in very less amount of time and if it's approved by the users, you can consider it a hit with good sales and regular traffic. Now the question arises how to make your online business idea a hit. Have you had thought of it?
What are the considerable points that help any idea to have that spark and appeal to make it eligible for the market? Some of them are as follows:
a. If you are starting to consider to have uniqueness through some product or service
b. Get the right product/service mix for the user to show interest
c. Get the pricing right - Online highly prices sensitive
d. Understand how is your competition positioning itself in market
e. Get open-minded towards feedbacks but don't get confused, art is in grasping the right points
f. Don't forget to consider the branding part. It will give an edge to others
g. Dynamism through creative marketing strategy will provide heavy traffic to website
h. Understand expenses and Return on investment properly before putting in the money - Utilize it wisely and try not burn up all soon.
i. Create a team that will help in different aspects and have same or near passion & understanding as you have for the idea.
j. Focus on quality, be it in Design, development, product /service, promotions. But have a deep understanding of how things work and what you have to do.
k. Leadership should be sensed by others to respect your decision and implement it in right way. The important point to be considered to make the idea grow.
IN BRIEF, the Online business industry is growing and has the future to sustain and grow. It's now up to the idea (which unfortunately everyone has a great one), and it's implementation which plays a crucial role in making an idea successful or fruitless.
To start an online business. Get in touch with us at firstname.lastname@example.org
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