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Building an online business - You first need an idea - Part 1

  • TommyCarey Level X3
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    Building an online business - You first need an idea - Part 1

    When it comes to starting and building up a business online, it all starts with an idea.  It doesn't even have to be a great idea or unique, you just need an idea that you can run with in order to make some profits.  I know some of you will want to do a non profit, and that's great, but you won't be coming back here claiming you're successful.  I'm going to be talking more about a for profit type of business model so that people can have a better idea of what to do and what not to do when working online Building an online business - You first need an idea - Part 1

    There are statistics everywhere online that will tell you that over 50% of businesses fail within the first 3 to 5 years.  This is a staggering amount because that means over half of the businesses you drive past, who are still in their infancy, are going to close their doors within the next 5 years.  All of that can be avoided if you know what you're doing and the ones who do end up closing their doors probably could have avoided that outcome if they just ran their business a little better, but you never know.

    Everyone who is working online, or wants to, thinks that everything will just fall into place without a business plan.  I can't tell you much this is untrue, you definitely need a plan of attack in place prior to starting anything.  You will need to know what is going to happen and what you will need to do if something goes wrong.  If you don't, you're going to be screwed in a very short amount of time lol.

    I'll be breaking down this discussion into 5 different parts so you don't get flooded with information all at once.  I will interlink them so you can skip ahead, but they won't be linked right at the beginning since they will get written up at different times Building an online business - You first need an idea - Part 1

    In this part of the discussion I'll be going over the idea stage of starting up your own business.  This is a crucial part of your business plan because if you don't have an idea, and you're just winging it, you're likely going to fail miserably.  Now I do know some people who got into businesses that they didn't think they would, but they stumbled upon something that could br profitable and then did a massive amount of research before going all in.  This is a rare case but can happen to anyone.  I mention this just so I don't get people coming in here saying something along the lines of "I started my business without any prior research and do just fine!" lol.

    Let's get started!


    The idea stage

    You will need to sit down and think of what you're most passionate about.  This is because when you're passionate about something, then turn it into a business, it's easier to run and manage because you already know a lot about the products or services that will be going into it. 

    If you plan on "winging it" in the idea stage, you need to step back and think "Will I fail or will this work?" and if you think it will work, you need to go back to the drawing board lol.  So let's think of what you could possibly be passionate about...

    • Motherhood (babies)
    • Sports
    • The Outdoors
    • Tech (computers, smart phones, VR, etc.)
    • Home and Garden
    • Gaming
    • Design
    • Marketing
    • etc.

    These are just a few big niches that you can get in to, but I would avoid them if this is your first business.  I say to avoid them because it will take a lot more work to become successful in these niches compared to smaller niches that you can dominate Building an online business - You first need an idea - Part 1

    So lets say you go with something in the gaming niche, which is great, but all you have right now is a broad idea.  You will need to narrow it down slightly so you can get a little more targeted.  Now remember, the gaming niche is extremely tough to crack in to even if you narrow it slightly, but it can be done over time (years).  I'm just using gaming as an example and I hope you get the idea lol.

    So to narrow down the gaming niche you will need to think of what you're targeting, consoles or PC gaming.  If you go towards PC gaming then you have finished narrowing it, sort of.  If you go with gaming consoles, you can narrow it even more since there are multiple systems out there.  Remember, there are console specific games, so if you want to target one game that is specific to PlayStation or Xbox you will need to choose the right console.  If it doesn't matter which console you're targeting, then go with the one you like the most.



    So now it looks like this...

    Gaming >> Gaming Consoles >> PlayStation or Xbox or Nintendo



    After this you can get even more specific by narrowing it down to gaming genres like fps, MMO's, etc.  So now you have a specific console and a gaming genre, which will make it much easier to talk about if you're only into fps or MMO's Building an online business - You first need an idea - Part 1

    I would target one specific console and run with it.  Later on you can branch out and target each gaming console then link together all of your websites for a bigger network Building an online business - You first need an idea - Part 1


    Now that you have your idea, you can continue on to the website design and domain!



    In Conclusion:
    You need to at least get semi-targeted when you're in the idea stage because starting out too broad will always send you in different directions and put a much larger work load on your desk each week.  If you narrow it down, it will be much easier for you to focus and you won't have to do as much research compared to targeting everything within a niche Building an online business - You first need an idea - Part 1


    Remember to follow me!
    https://www.seoclerks.com/user/Razzy


    Thanks!

    Razzy

    #Business Web Development
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    kgord

    kgord

    I agree with this. There is a an old adage that states, build a better mouse trap and the world will build a path to your door. It is just one of the things that you might keep in mind when you attempt to build a business. It is important to have an important and novel idea for those who want to build an online venue.
    9 years ago

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    Corzhens

    Corzhens

    Sometimes ideas don’t come easy and you tend to listen to people in your circle. Maybe an online business would need passion for you to have full motivation in what you are going to do. However the idea of the business if borne by passion should also be studied. It’s like saying passion will not bring you anywhere unless you have the mechanics in your mind. It is like a plot of a story that you have to study very well in order to be able to write the novel. Thinking about the plot is different from writing the story.
    7 years ago

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    wiseagent

    wiseagent

    The idea is to start a business as a screenplay is for a movie or a heart is for the heart of the human body.

    I know a lot of people who have already underestimated the development of good ideas just to figure out many problems later (which could have been avoided in the development phase).

    By the way, nice tips.
    9 years ago

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    augusta

    augusta

    Certainly without a beneficial idea while trying to start a business we could end up wasting our money and come out empty handed it always important to think it through on what we can deal on before anything.

    in everything we need to do concerning a business then the whole idea be superb so that other things would just fall in to places.
    9 years ago

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    wiseagent

    wiseagent

    Besides losing money, the person will lose something much more precious (and invaluable) that is the time. Building an online business - You first need an idea - Part 1

    Before you start anything you need to get a good idea in your head. It might even be a little messy in the beginning, but still... A good idea.
    9 years ago

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    cmoneyspinner

    cmoneyspinner

    Starting out too broad is a very bad idea! In fact, I would think that if you went to a lending institution to apply for a business loan to get things started and the loan officer reviewed your business plan, that would probably be the reason you get turned down for the loan.

    Though the loan officer probably won't say it in these exact words, the reason for being rejected would likely be:
    • "It's too much of a risk. You need to narrow your focus. Come back and make your presentation for funding again, once you have a real gameplan that looks like it might survive in the business world. We don't put money into black holes to have it disappear. We're a business and we also want to stay in business! (Wink wink.)"
    9 years ago

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    overcast

    overcast

    I think some retail business do start too broad. And that is the only way for them to stay relevant. It's into that business model though. Like you mentioned the plans many other business execute would be different. And in case of the retail business they need to start out with broad approach. I guess each business and it's market and the people around are different. So we just learn as we go ahead.
    9 years ago

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    overcast

    overcast

    I think ideas there are plenty. But what matters is the execution. That is what is going to change the way things are going. I personally think that people should focus on the business execution. Get small details sorted. And that in itself is more than enough to get more leads. You can see that online business has less issues. But if you have some legal constraints then surely that would add up more into the online business part too.

    I am guessing that some of the time business has it's set of the limits that needs to be validated as well. And on that point you have to focus more on the execution. If there is no execution, what seems to be the point of the ideas? None.
    9 years ago

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    Pixie06

    Pixie06

    I started my online business some years back and today I am quite successful. I can't deny the fact that it was very difficult for me at the beginning. At a certain point I got so discouraged and decided to stop selling online. I then requested some of my close friends to help me. I realized that my marketing strategies were not really good and I had to change it. I started advertising on many sites and my friends helped me by encouraging others to like my Facebook page. Providing an exceptional customer service will guarantee your success as an online seller.
    9 years ago

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    vinaya

    vinaya

    Whether you are starting an online business or brick and mortar business, you need an idea. Every business starts with an idea. You want to establish an online shoe store. The shoe store is your business idea. You want to open a front store and sell clothes. The clothing store is your idea.
    Once you have the idea, you will have to research on the idea. The first step of doing a business is getting an idea.
    9 years ago

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    jpyy

    jpyy

    An idea is good, but ironically, many people have done well with general discussion forums and blogs. In fact, it could be said you don't have to pick a niche, but if you do, then you should carefully think about it. However, though, any niche, assuming it's not too weird, can get some money, and probably enough for someone to live on. Nonetheless, the owner has to have enough capital and brains to make it work.
    9 years ago

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    Barida

    Barida

    I beg to disagree on this matter. Claiming that the general discussion type is the best way to run a blog/forum. Having a niche can make one popular on the work as weak.
    8 years ago

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    Barida

    Barida

    This is the article that I've been looking for since I've got plans on how I can open and start a forum or a blog. So, it is one of the best lessons that I've learnt today on how to start out my small business in the future.
    8 years ago

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    hazelandrea

    hazelandrea

    I agree that the best way to find the main idea of your online business is to know what interests you because if you do so, it's like hitting two birds with one stone. You will be able to earn money while doing/ dealing with something you love. I think that is one of the most important parts in starting a business online and having the motivation to continue to grow that business because if you love what you, then it will be easier for you to handle work.
    8 years ago

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    Corzhens

    Corzhens

    The idea stage or the phase where you decide on the kind of business is crucial to the success. The impulse is always on the prospective market so it is imperative that you have to do a market research. For online business, market research is not as difficult as in offline business that you need to walk around and check on people. Maybe the first prospects of your planned business are the people in your social media network. You can perhaps post a poll or survey for them to give you an opinion that will help you decide on what business to open.
    8 years ago

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