Online entrepreneurship is one tight competition out there. Good thing you are in the Philippines.
There are still gaps in marketing, niches that are untouched and business ideas that need to be filled. If you are stressing about what to build as your business, you have the perfect time to think about the basics of online entrepreneurship alongside it. Here they are.
Know about technology
Being an online entrepreneur requires at least the basic knowledge about the following: web platforms, online tools, internet business systems, software systems, and internal and external systems. Having a bit of a technical background about these things will help you make sense of the different back-end work to build your business online.
Technology also includes learning concepts like search engine optimization, search rankings, back-linking, and business to person, person to person, and business to business relationship over the web.
Traditional marketing is a lot different from internet marketing. The difference does not only manifest in the concept but also the processes involved. In addition, internet marketing falls under three models or categories:
- Long tail – an online version of service providers like Amazon
- Platform networks – the online equivalent of connecting people like sulit.com and JobsDB
- Information transmission – the web counterpart of information transmitters like G-Cash and other bills payment tools online
Knowledge about your niche
Knowing something or a lot about the line of business you want to engage into will help you in the approach you will adapt during the course of your entrepreneurship. It will help you especially in matters of decision-making and your operations.
Under niche information, you will need to possess business intelligence by knowing your edge in the competition. You can utilize paid or free methods of strategizing based on the information gathered from your competitors.
Knowledge about the business system
Understanding how your business operates as a whole is important in your overseeing its day to day operations. This is especially applicable if you do not intend to hire people to help you run the business. A detail you miss or that causes your confusion could mean the detriment of your business so you need to be really familiar with that you do.
When it comes to business systems, you will need to familiarize yourself with the different market analysis strategies. This can take the form of consumer-based survey to determine future trends.
Once you are familiar with the different knowledge related to online entrepreneurship, you can move on to the next step, which is to build your business. Here are a few tips to get you started:
- Find an unsaturated niche and invest there
- Design a consumer-friendly website
- Promote or advertise your business
- Create a newsletter and a blog
- Write press releases and email marketing promotions
- Build yourself and your business a reputation
- Communicate with your customers
Note that the basics provided above may overlap with each other and are not to be considered a step by step approach towards online entrepreneurship. You learn as you move on.