Category: Business

Top 5 Reasons an Online Business Will Fail

It is the thing today to have an online business. There are people doing everything from running eBay shops to Membership sites. The problem is that most of these businesses will fail, and here’s why:

Top 5 Reasons an Online Business Will Fail
Reasons an Online Business Will Fail
  1. No plan: There is a saying, If you aim at nothing, you will hit it every time. The translation of that is there is no plan, goal, or anything to measure if the venture is successful. You might argue sales, but not if you don’t know how much it is costing you to obtain that one sale. By not having a clear plan with a company’s purpose and goals, a company can be blown around by every trend that comes along.
  2. No research: Sometimes it is hard for people seeing money in their eyes to practice due diligence by researching their idea, checking for the competitors, targeting their audience, and how they can make a dent in that market. By not doing the research, a person is flying blind into an area, and may make some mistakes they may not be able to recover from.
  3. No target audience: Anyone who tells you that everyone is their audience, has no idea. Just in marketing basics, different demographics get their information differently. It is unlikely that you will find a a baby blanket advertised in an automotive parts magazine. Why? It’s a different audience. Again, with the arrow analogy, if you aim at nothing, you will hit it every time. As an online business, one of the first things a business must do is get the right traffic to their website. A site can have lots of traffic, but if it not to the people that are going to buy, then the business cannot flourish.
  4. Bad idea: Not to be unkind, but let’s face it some ideas are just plain bad. It may be a case where the idea started one way and by the time it came out, it was not the same. Some ideas are just not viable and lack the staying power.
  5. Bad financing: It is nice to believe that just because a business is online that it will not cost money to start. It does costs money, but it is used differently than a brick and mortar business. Money might be used for marketing as opposed to overhead, for example.

Running a business is one of the most exciting ventures a person can take, if they walk in with the right idea, plan, research, financing, and know their target audience. Without those five pieces, failure is almost guaranteed.

Free Phones

Free phones have really revolutionized the way that people communicate. Many a person has tried cellular service simply because there was no charge for the handset. This is a long-standing marketing strategy that really works. I know, since it’s the reason I bought my first cell phone!

Today, like many others, I have become so reliant on my cell phone service that I do not even have a land line. My use of a cell phone can be traced back to a free phone I got from a service provider. It’s no wonder that so many cellular companies use this technique to find new customers.

 

Free Phones in the Internet Marketplace

free phones
free phones

Of course, free phones aren’t the only marketing devices used to increase customer bases. Companies have begun to rely more and more on internet advertising to promote their special deals. The cell phone industry has been a major player in the online revolution. These days, you can find not only phones but service plans available for purchase on the web. The phone is sent to the customer’s home, where she can active her new phone by entering an assigned code.

Free phones in combination with other offers make for potent direct-response advertising vehicles. The biggest cellular companies have turned to online marketers to help them increase their respective web presences. With the phone industry so varied, it pays to bring specific products to forefront through the use of internet marketing.

Idx Solutions

Real estate agents continually hear the term IDX when reviewing real estate website design vendors. The term IDX refers to a program that allows the search of a hosted database. The overwhelmingly common IDX application in the real estate world has to do with the MLS or Multiple Listing System. The public can now access the MLS for their area through a private agent’s website using an IDX search frame.

When evaluating whether or not an agent wants to use IDX technology, the main thing that comes to mind is the fact that most site visitors are seeking MLS access. Today’s clients are more tech-savvy than ever, and they feel a need to be as informed as possible. Allowing access to the MLS via an IDX solution is an excellent way to attract traffic to a real estate agent’s site.

 

Use IDX Solutions to Your Advantage

Idx Solutions
Idx Solutions

There are other IDX solutions of use to real estate agents. Keeping in mind that an IDX solution is basically access to a database to search, the possibilities are endless. An IDX solution on an agent’s site can allow clients to not only search for homes, but search for community features, contact numbers for local organizations, and businesses that provide services relevant to a purchase or sale of a home.

The progression to online information has been swift, by anyone’s account. Real estate agents open to the evolution and adaptation that comes with a successful business plan need to investigate the solutions IDX can provide to both clients and agents. In addition to the services IDX programs can provide, the overall impression that an agent is “up on the times” can be especially reassuring to potential clients.

A New Online Business During a Recession Increases Your Bottom Line

When a recession hits, it hits slowly at first and then suddenly hard, leaving you in fear for your business’ bottom line. Will you be able to afford to stay open? To keep your employees? Will you have to drop product lines or services with lower profit margins? And is there anything you can do to boost your budget during a recession to not only survive the economic downturn but perhaps increase sales as well?

There is: an online business is the most efficient and effective way to increase your sales by 10 percent to 30 percent in the first three months with a continual growth after that. The best part? Not only will this help you survive the recession, but it will still be in place and potentially even more profitable when the economy turns around.

A New Online Business During a Recession IncreasesSales with Current Customers

We all know that turning first time customers into repeat customers is a far more lucrative way to spend your advertising dollar and focus than to focus solely on creating new customers. To that end, an online version of your business or an online business that complements your current business allows you to reach those existing customers virtually and keep their attention during a time when they need to know about the deals you have to offer more than ever. You’ve already got their attention and have established credibility by providing them with a product or service they needed. Capitalize on that but giving them a way to find you online and quickly reorder or schedule services so that if they think of it in the middle of the night when your store is closed, they can still secure their order before they forget.

A New Online Business During a Recession Increases Your Bottom Line
A New Online Business During a Recession Increases Your Bottom Line

A New Online Business During a Recession Increases Your Customer Base

Just as your existing customers will benefit from your online presence, so too will potential customers who are searching for the services and products you provide but don’t know where to find them. Typically, a potential customer will search for you using a relevant search phrase on their favorite search engine. If your business doesn’t appear on the first page of listings-even the first few listings on the topic-chances are that you’ll lose their business to the competition. No online business? You’ll definitely lose them to the businesses who provide what you do but with the convenience of online shopping and home delivery. Whether your new online business is a replication of your brick and mortar business or a complement to another online or local business, your new customers will more easily find both incarnations through a new business website.

A New Online Business During a Recession Increases Your Ability to Gauge the Public

Are you considering a new line of products? Do you think that perhaps a subscription service will work for your business? Maybe you’re considering offering classes or workshops to complement the products you provide. There’s no better place to test out your new business ideas than your new online business. Use it as a test vehicle for completely new ideas or test out the integration of new services into your existing product line. Your online customers will let you know whether or not it will be a success in your local business and help you determine whether or not it will be profitable.

Whether you choose to reincarnate your local business online or start a new online business that provides complementary services or products, the first business will inevitably be rejuvenated by your new online venture and your new business will start out a step ahead of the rest thanks to the work you’ve invested in your current company.

Realtor Advertising

Today’s REALTORS® find the current market to be one of the most competitive real estate markets to date. With a flood of new agents, returning agents, and decrease of available properties, it is more important than ever for an agent to obtain clients as quickly and effectively as possible. Many real estate agents working on a referral basis only, now find they are able to afford to engage additional business using advertising.

The steadfast advertising method that continues to be successful yet very expensive is newspaper advertising. Agents advertising open houses and listings for sale are given the chance to gain new clients every time a call is received inquiring about the ad. The largest drawback to this form of advertising is rooted in the cost. Large companies with an influx of additional income due to skyrocketing home prices have begun subsidizing print advertisements geared toward giving their agents an edge.

 

More Advertising Means More Success

Realtor Advertising
Realtor Advertising

REALTORS® with a good grasp on technology and the drive to increase their business find themselves in a very good position. Not only are there many real estate websites offering advertising opportunities, there are also increasingly less expensive real estate web design templates and services available. The amount of information a REALTOR® can provide a potential client using a website or email newsletter eclipses that of print. Most online options do not take a lot of time and are financially conservative, making them even more appealing.

Many REALTORS® do not take into account the need for ongoing advertising to increase their success. With assistance and leads that can be generated from various advertising outlets, a REALTOR® is able to experience success without the chore of prospecting. Continued advertising is important to the viability of an agent’s stable workload.

Sales Force Management

One component essential to the success of a company is effective sales force management. A company is as successful as its sales force unless the product sells itself. Since very few companies enjoy that luxury, and even the ones that might still have sales forces in place, it’s crucial to be efficient if one is to gain a competitive edge. In my experience, the better managed the sales force, the bigger the profits for the company at the end of the day.

Sales Force Management
Sales Force Management

Managing a sales force effectively starts with the person in charge of the sales operation. Although I have always respected sales managers who worked as hard as me in the trenches, I realize that there are a variety of additional skills the manager must have to generate long term success for a company. It is not enough that the sales manager be able to sell customers on the benefits of the company’s product. He or she must be able to manage people, as well as exhibit excellent organizational ability and be able to formulate and execute sales plans.

Regardless of the size of company, it all starts with an idea. The idea can only blossom with effective planning and follow through. The concept of planning your work and working your plan is not a new one. If sales goals are to be reached, and those in turn will drive the company closer to reaching its goals, it is imperative that effective planning be part of any sales force’s management vision.

Sales Plans for Effective Sales Force Management

 

Effective planning should be encouraged at every level of the organization. A company should have a vision, a mission statement and every action should be made in the interest of furthering the company towards its goal. This means each individual of a well managed sales force should have a business plan outlining objectives he or she wants to achieve. Very often, these objectives will be in the form of revenue goals. 

 

Every sales person should have a road map describing the necessary steps he or she will need to take to accomplish the set objectives. An integral component of these plans should be established deadlines. Maybe these objectives will require the cooperation of people in other departments. The process of putting plans down on paper and having sales people think through exactly how they will reach their goals brings the company as a whole closer to reaching its goals.

Daily plans should be a part of accomplishing objectives and will be made more effective if the sales person is held accountable for them. The daily sales plan helps to keep the sales person focused. Additionally, it makes bigger goals easier to accomplish by making them more manageable in the sales person’s eyes. People have to believe they can reach their goals, for without that belief, they will dwindle into a self-fulfilling prophecy of self- defeat.

 

Organization of a Sales Force

There must always be an effective and responsive chain of command if a sales force is to be managed effectively. Sales forces run smoother when they are organized similarly to how the military operates in terms of chain of command. Ideally, a manager–whether it’s the sales manager in charge of the entire sales force or a middle manager–will not have more than five people reporting to him or her directly.

In this way, communication will be efficient as senior management will not be needlessly pestered with day to day difficulties. They can focus on the bigger picture goals of the sales force, while middle management can provide the proper support to the individual sales people. The sales person has an accessible manager, who because of an appropriate work load can devote the time and attention necessary to help the sales person reach his or her full potential. Thus, the company can effectively develop and keep a consistent sales force without the hiring and firing so prevalent in today’s corporate world.

/Retaining Customers /

Retaining customers is one of the most crucial activities a company does, and one that puzzles managers across every industry. It’s always less costly and more profitable in the long run to retain a customer, than to get a new one. Consider the lifetime value of customers, rather than the value they’ll give you from just one purchase.

Over time, repeat business brings you more profit and a loyal following. It also builds your brand and your reputation as satisfied customers spread the word about your good service. Retaining customers saves you money on getting new clients, since it takes at least seven attempts before a prospect will buy from you.

 

Learning about Retaining Customers

Retaining customers does not have to be difficult, though. If you stay in touch with current customers and continue to survey prospects, you will always be one step ahead of their needs. By anticipating their wants and needs, then meeting or exceeding them, customers will be impressed with the value you give them and will continue to do business with you.

Loyalty programs are another way businesses keep customers satisfied. Reward your clients for doing business with you, and they will take notice. Ignore them, and they will go away. Appreciate your current customer base; they are the people that keep you in business and without them, your company wouldn’t exist.

T3 Line Carriers Take Your Online Business Further

Traditional internet connection technology like DSL and cable internet might be enough for your home or small business, but when your business starts to grow, its needs also grow proportionately. When your business is online, its needs grow even more. As your clients grow and most of your services go online, you will get big bottlenecks from ordinary internet connections. Technologies such as T1 and T3 have been developed to overcome these problems. Getting T3 line carriers that are just right for your business needs can free your mind of internet connectivity worries.

Delays from slower connection methods like DSL and cable can hamper the success of your business. T3 internet can provide you with blazing fast connections for your servers and data centers. With 45 Megabits per second as its maximum transfer rate, it is hard to beat T3 in sheer speed alone. Bottlenecks are almost nonexistent with T3, bringing out data faster to your customers.

T3 Line Carriers Take Your Online Business Further
T3 Line Carriers Take Your Online Business Further

Large files like corporate databases, real time video and graphic files are sent through T3 lines fast. With connection speeds that are as fast as 28 T1 connections, nothing is too big for this network to handle. Data is transmitted through 672 channels in a T3 line, each channel operating at 64 Kbps. A total of 44.3736 Megabits can be transmitted in one second over a T3 line, so your internet connection will seldom experience congestion.

Businesses engaging in software development, video conferencing, and VPNs can benefit from T3 connectivity. Almost limitless connections are possible, and file transfers are really quick. If you regularly exchange large amounts of data to customers and business collaborators, having higher transfer speeds can give you an advantage over your competitors.

T3 internet services are far from cheap though. With a very high demand for its services, getting the high speed access is going to cost you. T3 line carriers can justify this cost because of the complexity of laying down and maintaining the whole T3 networks. Special software and equipment are needed to make the whole network run properly. Even so, there are some T3 service providers that offer a decent mix of performance and value.

Most businesses have peak and idle periods. During the idle periods, the full bandwidth provided by T3 connections might just be unusable. Subscribing to carriers that offer Burstable T3 Internet connections is a practical solution. When your business is in its idle stages, bandwidth is reduced. But if under full load, the whole 45 Mbps transfer rates is made available, eliminating bottlenecks and slow downs.

There are a variety of technologies that are used for T3 lines. Fiber optic is the most common, where the data is transmitted through a series of light pulses. Microwave is another technology used for transmitting over long distance. These technologies provide more data handling capacity than copper wiring but still having low transmission errors.

Getting a reliable T3 line carrier to back your online business is crucial nowadays, as our data usage is always increasing. Having a T3 connection can give your clients much more satisfaction as they do not have to wait for their transactions for long. T3 service providers can give you solid network connections to communicate with your business affiliates.

Using Online Video for Your Small Business

Every small business can benefit from online video. The world of YouTube.com specifically and online video as a trend, provide yet another community or network to market and promote your small business, whether you do business online or in a traditional brick and mortar location.

The main goal of using online video to increase your revenue is attracting traffic to your website or physical customer traffic to your store. We have a travel website, travel4seniors.com and YouTube channel and use online video to post travel videos and tips to entertain our visitors and to drive traffic to our website. We have people who watch our videos on YouTube.com and we also have web visitors who watch the YouTube.com videos on our website or Facebook.

Adding video to your website can be done easily by uploading videos to YouTube.com and then embedding the videos on your website using simple links and HTML code. You get the double benefit of offering video to your website visitors, as well as the traffic generated from YouTube.com

The videos we upload to YouTube.com are tagged and titled to reach the largest audience possible, and our channel has clear links back to our website. Here are some tips to help small business owners use online video to promote their business:

Using Online Video for Your Small Business
Using Online Video for Your Small Business

Upload Helpful Content
The best content to upload is informative, helpful information related to your business. We have a travel website, so we upload little travel hints and tips.

Add Video To Your Website and Social Network Pages
Adding video, once uploaded to YouTube.com is easy. Simply add a link or embed the video using the information from the YouTube.com video.

Create a Business Channel
Create a channel specifically for your business and tag or link all your websites, ads, anything you do with the channel address, just as you promote your website. Your goal is also to build subscribers, a network of other YouTube users who like your content and have want to receive updates whenever you post a new video.

Link Your Channel With Other Social Networks
Your YouTube.com channel can be linked to your Facebook and Twitter accounts, so all videos you post are automatically posted to both. This helps cross promote your business across the different social networks and can increase your Facebook likes and Twitter followers, while generating more traffic to your website.

How to Build a Fulltime Online Business and Make Tons of Wealth (Even If You Are a Total Novice)

Have you been searching for the best way to make money on the internet? Have you been searching for the best business ideas that will help you set up your home business or internet business? Do you keep hearing about people making a lot of money on the internet constantly but do not know where to find the best work from home opportunities? Setting up a fulltime online business and making a lot of money is not a distant dream anymore because thousands of people are already making money and the internet has already made several people rich.

How to Build a Fulltime Online Business and Make Tons of Wealth (Even If You Are a Total Novice)
How to Build a Fulltime Online Business

If you want to build a fulltime online business and make tons of wealth even if you are a total novice, then you need to take the following factors into consideration. First you need to sift through all the business ideas that you come across online. All the home based business ideas that you come across online will promise to make you rich within a short time. It is not enough that your business generates money just for few weeks and stops bringing money after the initial few weeks. When you are planning to set up an online business home office, you should make sure that your home based business brings sustainable income.

The business ideas that you choose should be practical and workable. You should be able to run your home based business easily even as a beginner without any need for special or long periods of training. You should consider business ideas from niches of your interest and from niches that you like so that there will be total involvement from your side. When you choose something of your interest and something that you like you will be able to master the new business faster and perform better.

It is a fancy idea to work online from home and many people randomly join some money making scheme online and think that they can become rich overnight. If you want to set up a fulltime online business and make real money, you need to do lot more than that. Once you identify your internet business niche, you need to start short listing the top work from home opportunities by reading reviews online from dependable sources. Here again, do not pick your review websites randomly because most of them may be commercially motivated and you can be misled. Use only credible review websites like Topwebreviewer.com. Never signup for any internet business before you have carefully read reviews of top money making opportunities.

The key to building a successful fulltime business online lies in your ability to find the right work from home opportunity. If you get this first step right, everything else will fall in place and you will be able to make money online. Many people make the mistake of switching from one internet business to another without really taking time to settle with any business. You need to give yourself enough time to understand the new business that you venture into and to start making money.
If you want to learn more, there are great information on http://www.topwebreviewer.com that will make you practically an expert on internet business, and it is up for grabs for FREE at http://www.topwebreviewer.com