Before You Build Your Site Learn the Internet Business Model So You Don’t Lose Money
The Foundation of Every Internet Business
No matter what your business model, there are five core components that are the foundation of every successful Internet venture. Ask yourself these five questions:
1) What is your specific Market?
2) What is your Offer to that Market?
3) How much Traffic do you have to your site?
4) How solid is your Backend?
5) How Repeatable is your offer?
Are you ready to be focused and committed to your Internet business and its success? If so, then read on. We’re going to go through the big picture of how these components work together and discuss the overall philosophy behind each component’s role in creating a solid foundation for your business.
Know Your Market
No matter what your business, you should be serving a carefully designed target market. Your market forms the foundation of your customer base. Therefore, it is essential that you identify your target market before you spend additional time and money on driving an audience to your product or service.
First you must choose an audience that satisfies the following criteria:
1) They are easy to reach
2) They are willing to spend their disposable income to achieve this
3) They are hungry for a solution
In other words, a very good market is a group of people who have a common basis of need with enough spending power to accept the solutions you offer, so you may best serve them.
Before you invest a lot of money in an advertising campaign, it is essential that you determine if your market is strong.
To check if they are “easy to reach” (item 1 above), use an e-mail auto responder. If a person is not able to give you their e-mail address, they probably will not trust you enough to give you their money. On the other hand, if you can obtain an e-mail address from someone, and they give you a small amount of money for something that solves their immediate problem, they may not wish to give you a larger sum of money in the future, unless you provide an especially greater value for your next product or service offering.
Therefore, before determining the price for your goods and services, you must investigate what other vendors are charging for similar goods or services. If you do not choose a strong market, you can do everything else in your business perfectly, and still be unprofitable.
The return on investment you receive from your up-front due diligence will far outweigh your time investment.
To Your Success!
For over a decade, Internet consultant Viktor Grant has caused small businesses to maximize their profits by optimizing their web presence using the comprehensive Internet Business Systems at Earthgrid. Need help? At Earthgrid.com, we offer technological solutions to help you develop your Internet Business Model before you build your website. The author grants full reprint rights to this article. You may reprint and electronically distribute this article so long as its contents remain unchanged and the author’s byline remains in place.