The Business of The Internet -Thinking Like an Online Entrepreneur

Using the internet to conduct business is similar in many ways to operating a traditional company or brick and mortar business. Profitability, taxes, overheads and customer feedback are all examples of things that affect your business whether it is online or off. Some exceptions, however, set apart an online business.  Even the most experienced entrepreneur can get caught in the trap of forgetting those differences. Particularly important are your mindset and how you approach the business of the internet.

Adjusting your mindset slightly and seeing your business through the eyes of an internet entrepreneur isn’t difficult. Doing so is simply a matter of recognizing that the business of the internet changes the way you can and should operate your online business.

When you think like an online entrepreneur, you should:

Visualise the invisible.

Although the doors, walls, shop assistant and even the cash register maybe invisible for your online business they definitely exist. In fact, every part of your online business leaves an impression. Yet rarely do you see or hear the response to your storefront directly from customers. Consequently, and contrary to popular belief, a website is not a “set and forget”system, it demands your continual attention -new products to add, bugs to fix, emails to reply to. I mean, you wouldn’t just open the doors to your store and then never update the fixtures or fittings or replenish the stock….would you?!

Understand who your customers are

You may not meet and greet all of your customers personally however the business of the internet gives you the opportunity to learn and understand almost everything about your customers. You can learn where else they shop, how much time they spend on your site, where on your site they spent the most time, where they exited the site, what products they’re interested in, where they live and work, how much they earn annually. Online Entrepreneurs record and use this information regularly to better serve their customers and increase sales.

Being Ultra Responsive

The way people use the internet to buy, sell or search for products or services changes rapidly. Also the rules for operating an online business as imposed by the government and the business world in general are modified almost daily. To ensure continued success online means that you must take the initiative to keep up with the new trends, laws and regulations, safety and security concerns, technology and internet marketing tools.

Speak the language

Communicating to customers through a website can be challenging. Your buyers, want and expect quick and easy access to information. Because attention spans are limited, content should always be relevant, easy to find and most importantly to the point.

As an online entrepreneur you must chose your words carefully. Your site’s content, including the words you choose on your web pages, serves two purposes:

• It helps sell your products or services to visitors.

• It plays a massive role in search engine optimization, or the way you can increase visitors to your sites by placing higher on the ranking list by internet search engines.

Knowing when to recreate the wheel

You might be able to develop a new or different method for doing business online, although it is probably not necessary. Innovative tools already exist and you can find them on the internet quickly and cheaply. You don’t need to recreate the wheel -you just need to know how to find and utilize the tools that are already out there.

Rinse and repeat

In the business of the internet establishing multiple streams of revenue or maximizing a single source of revenue is common practice online. For example, you might have an outstanding information product for sale on your site. The same product can just as easily be sold on other websites in exchange for a small percentage of earnings. Or you can choose to add another online entrepreneur’s product to your site and pay that person a percentage of earnings. This is known as affiliate marketing or affiliate programs and is common practice.

The business of the internet is ever changing there have been many successful online entrepreneurs dreams; be that financial, career satisfaction, time leverage or purely personal. Having read this post you should now be of the mindset of an online entrepreneur….Go forth, conquer and make your internet business dreams a reality.

About

James Debono is a small business owner and Internet entrepreneur. James dedicates his time to helping other small business owners leverage the power of the Internet to drive business growth and positive change. Click here Join James Debono on Google+

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