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Setting up an online business seems to be an easy task, especially for those who are internet savvy. However, there is no guaranteed income you can obtain from this particular business if you don’t have proper planning. If you are a new comer in this industry, I would advise you to set a realistic goal and work towards it accordingly.
Let me share with you how to work out your goal:
Step 1: Plan what you want to “sell” online
Before you set a goal, you must have some rough ideas about what you want to do through internet. There are many things you can do online. It is not necessary for you to sell physical goods. You can also make money by providing services to people. Hence, you are suggested to consider what form of business you want to do. It can be in the form of online store selling different types of products. You can also consider providing services or expertise to online users. If you prefer to take up some easy tasks, you can choose to be freelance writer and assist online business owners to write articles or blogs.
Step 2: Perform SWOT analysis
Do you really know what you are good at? Having computer skills is not sufficient for you to start up your new business. You need to perform SWOT analysis to find out your personal strengths and weaknesses. It will be good for you to list down your strong points and the skills you have. In order to be successful in online business, you are required to have good marketing skill so that you can promote your products or services well and grab online users’ attention fast. Besides, you are reminded to check out the business opportunities available through internet. If you don’t have capital to purchase stocks, you may consider taking up affiliate marketing programs. Honestly speaking, setting up your own business may involve certain financial risks. You are reminded to find out possible threats that may affect your financial position. For instance, if you want to sell a new product, you need to check whether there is any competitor in the market.
Step 3: Identify your target market
Knowing your target market is essential. Don’t just simply sell your products or services to anyone because you may not reach your target market accurately. It will be a waste of effort if you don’t conduct proper market research. In order to get consumers’ response fast, you are recommended to conduct survey through social network to find out whether there is any demand for the products or services you plan to sell.
Step 4: Set your goal
Now, after determining what you want to sell and which target market to focus on, you can now set your goal. Ask yourself what you want to achieve for the first three months. Set a low sales target first because you need time to approach the online users. Don’t expect people to visit your site and place order immediately after you have worked out your own website or blog. You are reminded to spend time to produce quality content to attract online users’ attention. You need to revise your marketing strategy from time to time to suit changes.
Seriously speaking, earning five figures income is achievable if the right steps are taken. Keep all the points above in mind and implement your plan in a steady manner. Always tell yourself that small achievement will always lead you to big achievement if you have great passion and patience.