7 Key Factors That Make or Break Your E-Business
Building an e-business can appear to be a daunting task to the uninitiated. You may be familiar with the phrase “if you build it, they will come”, popularized in the 1989 film “Field of Dreams”. Although this might work great in the paranormal field, for the vast majority of e-businesses, having a proven system to follow can make the difference between having a growing e-business and a ghost town. So before you start building, understand these seven key foundational elements of e-business success.
Develop an Entrepreneurial Mindset
Although many things come into play when nurturing the entrepreneurial mindset, one key character trait is found in all successful entrepreneurs: perseverance. Do as little or as much as you can, just keep doing it and don’t give up! Research other traits, common to successful entrepreneurs, and see what works for you.
Come up with a Winning Idea
Being yourself has a lot to do with developing a great concept for your e-business. Brainstorming is an essential method for finding a perfect winning theme. What’s your passion or hobby? What topic could you go on and on about? Perhaps you are blessed with a unique talent or acquired a special skill? If you are thinking that you have nothing to offer, you are assuredly mistaken. We all have something special to offer, a unique gift.
Gain Market Insight
Perform research on your theme and identify niches. Check out the competition and elaborate on your concept. Explore all the nooks and crannies to understand as much as you can about the possibilities. Follow a path and take a fork in the road, this is the time to nurture the explorer in you.
Plan a Strong Income Strategy
Once you have researched your idea and have a good understanding of the market, you need to determine how you will generate income. Can you offer a unique product? Perhaps you can monetize your e-business via affiliate program or advertising revenue. There are many ways to generate income online. Lay it all out ahead of time in a comprehensive and diversified plan.
Develop a Plan of Attack
Start building the structure of your e-business. Document discoveries from previous steps and anticipate future needs and opportunities that you wish to capitalize on. Design the layout of your e-business website and structure it logically.
Take Time to Evaluate
Determining the commercial viability of your idea is critical to your success. Will you generate income, or invest your resources into a fruitless endeavor? Review your e-business plan and perform additional market research if required. Once you are convinced of your e-business’ potential, lock it down. Otherwise, start brainstorming again.
Make it Brandable
Building a strong brand with a memorable, catchy name and clever positioning is a key factor for your long-term success. Your website’s domain name goes a long way towards establishing that “brand of you”. That’s why registering your domain comes at the end of the 7-step process, not at the beginning.
These seven e-business building steps are an integral part of the Action Guide that comes with every SBI! or SBI! for WP subscription. Solo proprietors (or those in the planning stage) save time and money as they build their online business the smart way, with SBI! or – for those on WordPress – with SBI! for WP.