You need to make some money. Perhaps you’d like to change careers. Maybe you’d like a new challenge. Or you’ve just heard the rumors about the fortunes to be made on the internet.
Any one of these reasons might have led you to the decision to start your own internet business, but before you begin investing your time and money there are some important questions you need to answer to determine if an ebusiness is right for you.
First you should consider your familiarity and ease with the internet. If you don’t know about negotiate the web or attempting to do makes you uncomfortable then this alone does not mean you should rethink starting an e-business. However it does mean that you need to spend time learning about how the internet works and getting familiar with basic tools such as email, web browsers, message boards, and search engines. If your discomfort was a simple result of ignorance then don’t worry about it as you can acquire the knowledge and skills you need. However if you find that you simply don’t like it even after you become familiar then that should be a red flag to consider another career path.
Second you should consider your business knowledge and experience and then consider how that works for you or against you in the world of ecommerce. A simple lack of knowledge and experience simply means that you will need to spend time learning or filling in the gaps in your knowledge. The good news is that this information is readily available on the internet. Of course the bad news is that if you leap into business before you are ready it can cost you a lot of time and money. My advice is to read articles and ebooks to acquire a basic foundation then begin spending time in some online forums and ask questions. People are always willing to help. Don’t spend any money while building this foundation knowledge. You don’t have to so why do it? Latter on as you begin to delve deeper into your niche then you may decide that some information is worth paying for but hopefully by then you’ll be a better judge. However you may discover during your studies that ecommerce bores you or confuses you. Again, that should be a red flag to consider another career path.
Third what need will your e-business fill? Obviously you have needs but that is not what I’m talking about. Think about your potential audience or customer. Start searching for other products that might compete with yours or other businesses that already exist. Visit forums, subscribe to newsletters, and study web sites that relate to this field. Eventually you will be able to determine if there is a need for your e-business, how big a demand exists, and how much competition is already in place. It is important to consider these angles because each fact will help determine how easy it will be to establish your new business, grow that business, and ensure its success. You can make a success in a highly competitive field but it is more work than finding yourself in a smaller, yet unexplored, niche.