Small Business Resource Guide
Ten Keys to Making Money On The Internet
There is no real secret to making money on the Internet.
There are just well-known key factors that must be met in order for you to
achieve online success. If your business doesn't meet these key factors then
it is bound to fail. Without further ado, here are the Top Ten Keys to Online
Success...
Internet Business Key #1: Provide Value
Let's look at two of the most successful online ventures: Yahoo
and Amazon.com. Why are they so successful? They provide tremendous value to
the Web. That's what they've been doing all along. Your website must provide
free resources, foster a sense of community and show real value to your
visitors. Without useful information and real content, your website will just
be background noise. Provide real value and the revenues will follow.
Internet Business Key #2: Quality Presentation
Providing content, community, and utility is not enough. It must
be presented well. Quality means fast, clear web design that looks good and is
easy to understand. It should be easy on the eyes, as well as the brain. Your
users will make quick determinations about the quality of your site. High
quality will result in repeat visitors and more traffic. The word about your
awesome site will spread!
Internet Business Key #3: Be Unique
Your site must be unique. You should own something no one else
has. In most Internet business opportunities you're nothing but pitching
something you don't even know anything about with a web site that looks
exactly like thousands of others. It's depressing to see people waste their
money promoting some "get rich quick scheme" or advertising the same programs
as everyone else. Not to mention those ripoff cybermalls. So, if you don't
have your own unique website which fosters the Five C's (content, community,
consistency, capability and commerce) then you're nothing but a cyber-static
salespitch.
Internet Business Key #4: Build Your Brand
Why is Yahoo! valued at 10 times more than Infoseek? It's their
brand name. Yahoo! is now virtually synonymous with the Internet. Amazon.com
has also attained great name recognition. Both companies have formed a name
that people can easily remember and with a comfortable ring to it. Today the
key success factor is not about gaining market share, but rather gaining "mind
share." This means brand recognition. Your name needs to be catchy and
meaningful. Your name needs to express a feeling or image in the mind of the
consumer. For example, the name Yahoo! is exciting and makes me feel like I've
struck gold. The name Amazon.com paints a picture in my head of a vast and
great jungle where anything is possible.
Internet Business Key #5: E-commerce
Let's face it. E-Commerce is here to stay. According to
Forrester Research, Online retail sales will hit $108 billion by 2003. Your
site must have a fully-functional E-commerce system built into it. It's
expected if you want to actually make sales through the web. Visitors need to
be able to purchase your product or service at any time with just a click of a
button. Your site needs to make shopping a fast, fun and easy experience.
Cater to the impulse buyer and provide a simple yet effective shopping cart
system. How else do you expect to make any money on the Net?
Internet Business Key #6: Form Affiliations
One of Amazon's biggest success factors is their affiliate
program. Wherever we go there's an Amazon book being sold on a website. It is
so important to form solid partnerships and affiliations. Set up your own
affiliate program and you might just see your profits soar. Develop joint
venture partnerships with those web sites that fit with the "theme" of your
business. Remember, you won't survive very long if you're trying to do it all
by yourself.
Internet Business Key #7: Technological Knowledge
No one accomplishes all of the above key factors without
substantial technical know-how -- or at least ready access to it. It goes
without saying Yahoo! and Amazon.com have many very technically savvy people
on staff. Surely you wouldn't expect to build a substantial online business
without doing the same. Of course, you don't have to be a programmer, but you
must have access to those people who can support you technically.
Internet Business Key #8: Promote
Advertise! Promote! Tell the world about your site! And I don't
mean spam. I'm talking about a constant, strategic and aggressive promotion by
using opt-in lists, ezine advertising, classified advertising, search engines,
targeted email marketing and other online promotional tools. Advertise on the
radio, newspapers, and television. You have to let everyone know that you
exist and that you mean business. A web site is, in reality, infinitesimal
bits of data buried in a computer. It only means anything if people come see
your site.
Internet Business Key #9: Patience
You have to be patient and think long-term. It takes a lot of
hard work to be successful and it won't happen overnight. Plan ahead. Focus on
your strategy and develop the right moves for the right time. Take your
business step by step and you'll be greatly rewarded. I see too many people
trying to make that fast, quick buck without putting much work into it. It's
just not going to happen that way.
Internet Business Key #10: Investment
In order to reach your goals and dreams, you have to invest time
and money. If you're short on finances, then try to gather friends, family or
investors to fund your project. If you think you have a really great idea then
you should approach angel investors and venture capital firms. According to
the Small Business Administration, angel investors pour as much as $20 billion
a year into some 30,000 small companies.
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