For you to be a successful online entrepreneur, the first step is a good business idea. A good idea is really the starting point before everything else falls into place. The ideas outlined in the previous discussion will hopefully provide fodder for thought and help you in identifying a suitable idea for your Internet business. What we are going to discuss next is the fundamental factors that go into getting started in an Internet business.  

The process of creating a new Internet business requires a complete approach that integrates various aspects of the business to create a hassle free, risk free, user-friendly online environment for customers. 

The critical issues are:

• How to start the internet business, 

• The process of putting your internet business together

• How to making it accessible to surfers

• Managing the business

The approach to tackle these critical issues is outlined next in the 6 key steps in an Internet business.

6 key steps in an Internet business

1. Deciding on the product or service that you want to offer:  Zeroing on a unique product idea, exploring availability of the products or raw material, exploring suppliers, cost, etc

2. Drawing up a business plan

3. Getting your website up and running: Website design, domain name registration, hosting the website, payment system and online security measures.

4. Organizing the outside infrastructure to support the selling effort: Negotiating with suppliers, finding a warehouse, creating an efficient delivery system.

5. Managing and maintaining the website: Search engine optimization, replying to customer queries, updating the website, etc

6. Managing the internet business

(a) Marketing and sales– deciding on pricing policies, creating awareness, driving traffic to your website, promoting your internet business, offering discounts, promotional schemes, membership benefits, schemes to get repeat purchases, etc

(b) Financial management

(c) Ongoing upgrading and improvement – keeping in touch with changing technology, keeping track of competitive activity, updating offers and marketing schemes, seeking customer feedback, adding new products or services, and so on.