Past history has shown that it's not necessarily
companies with snazziest websites that do well, or even companies with most money. The 'small guys' -- that is, Internet home businesses typically run by 1 or 2 people -- may not make news like big 'dot-coms', but there are many who quietly and steadily continue to turn a profit, even while big companies report huge losses or go out of business entirely.So what's secret? Here are a few tips from small but successful 'netrepreneurs' on how to build a thriving online business:
__1. Find a niche with a demand.
Select a specific market to which you can offer unique products or services. You can't be everything to everyone, and trying to offer a giant selection of goods to a huge and generalized market is route to frustration, disappointment, and even failure. We can't all be Wal-Marts!
As a small business, focus on a promising niche market and work hard to offer them products and services they want.
__2. Care about quality of your product or service.
Sell only what you would be proud to sell to your family and friends, and insist upon consistently high quality. This will help to encourage referrals and repeat business -- both powerful ways to keep profits rolling.
__3. Be smart and frugal.
Avoid unnecessary expenses, and be particularly vigilant when you're first getting started. One of nice things about doing business online is that it's possible to begin earning an income while operating on a shoestring budget. Try to minimize expenses. Once your business is pulling in profits, you can reinvest part of it back into marketing and expansion.
__4. Focus on marketing strategies that return most profit for your dollar.
One of biggest myths beginners face is that people will flock to your site once it's built. However, there are literally billions of web pages available, and every business has to find ways to attract their target audience to their little corner of web. Track success of each of your marketing campaigns. Drop those that don't work, and focus on those that yield best results.
__5. Provide best customer service that you can.
Fast, helpful replies to inquiries and requests for assistance help to create and keep happy customers. This is particularly true of Internet, where people have come to expect 'instant' responses. Genuinely helpful answers also help to ensure customers feel as if they're *people*, and not just another generic, faceless entity in cyberspace. Treat customers as you would like to be treated.
