BASIC PRODUCT CONSIDERATIONS
It is time to think about what type of product is best for you. Successful online business and Internet Marketing requires that you really need to know your abilities, desires, and budget capacity before deciding upon a product or service to promote.
Previously mentioned is that a passion for the product combined with good content and knowledge enables you to present yourself as an authority regarding the product and are necessary elements for developing successful promotional campaigns, abundant sales, and large commission payments.
It was also stated that the use of business intelligence software or services help to identify important aspects of your promotional efforts such as types of customers, purchasing trends, competition, and so on. Business Intelligence analytics can also boost your sales and help define in what direction to proceed regarding product selection and marketing.
Once you are familiar with all of these elements, you can begin to pick a product or service upon which to focus your online income producing effort. Start with deciding seemingly small issues that ultimately become major concerns.
SMALL ISSUES BECOME BIGGER ISSUES
You will want to consider why someone would buy the product from the Internet as opposed to a “brick and mortar” store. Is it important for the customer to see, feel, or listen to the product? Does the product need to have its features demonstrated? Is it perishable, fragile, bulky, or in any other manner difficult to ship? Will shipping the product require insurance charges? Are the ship to and from destinations easily managed?
Will you need to keep inventory and pay for inventory insurance? Will you need space other than your home to run the business? Can you sign up for wholesale drop/ship services that handle all of those issues? Can you afford to do that? Are your credit credentials and limits good enough to do that?
Will special types of credit extensions, processors, merchant services, and miscellaneous fees be reliably measurable? Will you be able to easily calculate profits and losses to the point that you can present a meaningful budget, control the cost of marketing, and assess the value of a customer? Can you control the cost of sales? Do you need a complex pricing strategy? Will you need special refund procedures (including shipping methods and costs)? Do you have a dependable financial accounting system?
Will there be difficulty in creating company policies? Can you provide simple and complex security measures that protect your business, your website, and your customer’s valuable purchasing identity credentials?
Can your product be enticingly presented when using a website? Will the development of a website and related Internet services be useful and affordable? Will you be able to control the development and maintenance of the website, or do you rely upon a webmaster? Do you know how to choose a webmaster?
Do you need customer service employees? Can you use virtual assistants? Can important activities be reliably outsourced to other individuals and companies?
DO NOT OVERLOOK BASIC LEGALITIES
Never neglect to check out your local and state requirements for conducting your business. Be sure that you become familiar with the Small Business Administration (sba.gov), the Federal Trade Commission (ftc.gov), the Internal Revenue Service (irs.gov) and other entities that affect the legality of your product and business operations.
Not only think carefully about a variety of aspects regarding your business and the manner in which a customer interacts with it, but visit other company websites to better understand how many issues are handled. If you can learn from your competitors and others, then you have a good chance in rising above them.
Don’t Get Overwhelmed – Just Plan Well
Planning is the key activity. In the beginning you will frustrate yourself if you try to cover all aspects of starting to earn an online income and develop an Internet based business.
However, really think about that which might be problematic and prepare solutions. The best solution might be to start out slowly and test the waters with a “dummy” type of product – one that teaches you how to master various activities but is able to be economically inconsequential.
Now start to pick a type of product such as a digital (intangible) product or a physical (tangible) product or a service.
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