Starting your Own Internet Business
The internet has enabled a new world of business opportunities. These types of businesses both small and large, are available to purchase from Internet Business auction sites including Flippa.com and Biz.Sell.com.
Here are key aspects of these types of businesses that may be suitable for you.
Flippa.com, Biz.Sell and other sites offer a huge directory of businesses carefully categorized. There is a wealth of information regarding overall performance and key market indicators to help you avoid risk. It also offers you the opportunity to find undervalued fireside sales that slip between the views of others. The correct business model and tools and connections to the supply chain required for delivery can create a no touch business model that can be later resold or held for no touch profits. In some cases financing may be available from the seller or Flippa itself.
Here are some important considerations when viewing these types of businesses.
- Look at the bidding process. Who is bidding what and is the competition fierce.
- Know your price by doing your math. Consider the purchase price, and the consistency of a profit with a strong growth trajectory.
- Consider 10X sales net revenue as the going rate for sales targets. You can always offer lower and auction against others to get the best deal.
- Be less concerned with web images but focus more on actionable responses from clients. How long are they staying on your page via a click through. Where are you losing them and why are they not purchasing your product or service. Good web analytics are key (Google Analytics as an example).
- In the case of products, be careful not to try and compete with the big boys including Amazon, Walmart, Target etc.
- What can be incrementally added to the product or service to increase the offerings breath and profitability.
- Tap into a community of users who know and want what you offer. You can then better market to them and offer digital coupons to keep them coming back.
Internet businesses are a great opportunity to take existing products or ideas early on and build it into a viable reliable business. Some choose to buy multiple businesses in very different areas of the market. Remember if there is an audience for what you have or do you will generate interest. You can learn to tap into networks like Google Groups for specific areas of interests like tropical fish or other specific groups that need what you offer.
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