loonshi

Hi,

Any tips on setting up online business? Or any website that can earn some bucks?

Lookin forward to replies :rock:

Calis

The basic principles apply to any business. You have to be clear on who are your target customers (market), what products/services you want to offer, pricing etc (dun forget the 4Ps of marketing).

For online business, engage/subcribe with a reliable webhost, buy a domain and get a web designing company you are happy with to design your webpage. That's important as it is the fronting/image for your business.

Then design the system such that the surfing and purchasing experience is easy, smooth (done within a few clicks) and caters to various modes of payment (credit cards, bank transfer, Paypal etc)

Lastly don't neglect to market your business offline. Lots of people ignore that, that's why they have very low and slow traffic. It's not a case of I-build-people-will-come-automatically kind of situation.

porcelaindoll

I have an online business on livejournal

its free!

Calis

If you want a free site, can consider using blogs. I suggest blogspot.com, wordpress or livejournal. Then drive traffic to your blog/online business using Technorati and Search Engine Optimisation (SEO). After that, you can explore linking as affiliates or posting links, banners, etc in other sites to increase awareness and visibility.

loonshi

Hi thks alot for the advice. So thoughful. Appreciated. Cheers. *Thumbs Up*:rock:

Calis

You're welcome. :biggrin4:

ronaldng

this topic is definitely useful...
thanks for sharing the tips...
blogspot yeah...

Ba0bEi

cool.. nice great tips.. thanks for sharing!

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moomoobelle

how do u get started ?

i had always wanted to start , but i really got no idea of how to go about it ..

could someone pls guide me ?

thanks in advance

restless

Anyone made some real cash through affilates or referral programs?? Heard that xiaxue made a few thousands/mth..

Calis

To start in any business, 2 elements must be present:
1. Goals: WHY do you want to start a business?
2. Passion & Determination: Do you feel deeply for what you want to do or going to do? Are you prepared to take risks, plunge in deep and slog it out?

Next, do you have any ideas what you want to do or have you identified any business opportunities? List them down. Don't discard any ideas yet. You'll get to filter them out later on.

After listing down all the businesses you have in mind, how do you determine which to pick? The next step: Market Research.
Get statistical data, market trends etc to build up the scenario now and in the near future of how and what businesses will be in demand. There's no point in starting a business when there's no demand now and in the future, as you have to make profits. Be realistic about this because you're not going be to be a charity running on your passion alone. Don't forget to include analysis of your competition too.
(You should have filtered out some ideas that aren't feasible now)

Then determine your target market and customer profile (teens, adults or elderly?), the products and/or services you want to provide.

Next, review your domain of knowledge, skills and expertise. Don't venture into a business you know nothing about, especially you're starting a business the 1st time.

After this, determine which legal structure/identity is most appropriate for your business: Sole Proprietorship, Limited Liability Partnership (LLP) or Private Limited (Pte Ltd). Each has it's own pros & cons, along with the legal liabilities you have to take responsibility for. If you have any doubts or unsure of any issues, do a search and read up on information available online first, before engaging a corporate secretary for advise.

Then map out your Marketing Strategies and mix, using the 4Ps as a guide:
1. Product-Service Strategy
2. Pricing Strategy
3. Promotional Strategy
4. Physical Distribution Strategy (Location, location location!)

What's comes next are the finances:
1. Calculating and determining your initial capital requirement
2. Projecting your financial status for the 1st 3 years (Balance sheet, Profit & Loss Statement, Cash Flow)

After running the numbers, it's time for you to crack your brains and do the legwork of sourcing for fundings.

Then it's time for you to source for suppliers, manufacturers, locations etc...

With all that, you take it from there and start the ball rolling.....


Note: This is a summary/distillation of the process/flow. It's best to find someone who's in business to guide or mentor you along. It'll help a lot in avoiding the common pitfalls and mistakes 1st timers make. Also draft out your Business Plan, as it'll be a guide & reference as you go along doing your business, as well as serving as an asset in sourcing for fundings.

You can refer to this book: Starting Your own Business: A Step-by-Step Blue-print for the First-Time Entrepreneur.
For asking questions or getting advises etc, I recommend this forum: http://www.projectsenso.com/forum

Calis

There are people who generate income via affiliate or referral programs. However, large amounts of income will only be generated when:
1. There's high traffic to the site
2. High conversion rate of traffic-to-customers
3. The right audience are targeted
4. Appropriate selections and models of affiliate & referral programs are chosen

Unless aggressive marketing and positioning efforts are put in, high income from such programs is a challenge to generate.