Everyone you talk to these days seems to have a website or are designing one. So is it worth doing business on the internet and what things can you do to stand a better chance of success?

THE GOOD:

1. “Worldwide Passport to all Destinations”- Firstly, it allows you to sell anything to anyone in the world, within reason. Therefore, your virtual marketplace is Massive with a capital M. Today you may get a customer from Canada, tomorrow one from Australia and so on.

2. “Reduced costs- Money in your pocket” – To run your internet business you do not need a shop premises or expensive intermediaries to find your customers; all you need is a good product or service, a computer and of course a decent website. Thus, core overheads are drastically reduced. Finding the lowest price supplier and completing the transaction can also only take a matter of minutes over the internet.

3. “Other expenses- No need for them”-Administrative expenses can be slashed because invoices, receipts, payments and bookkeeping can all be integrated into a good website. One activity can be recorded instantaneously and knock on through to these other areas.

4. “Business on the move”- You may go on holiday anywhere and if you have access to the internet you can still conduct business. Your shop, products and services move around with you.

5. “Internet business can be a lonely Game”- You can link up with other individuals that may partner you in your business

THE BAD (some of it with a pinch of Good):

1. “Competition and more competition”- The low costs and convenience of doing business on the internet can mean that there can be a huge amount of competition. Some worldwide markets like mobile phones or internet marketing e books are so competitive that you may not stand a chance of making even a cent unless you have some sound guidance and support. Other, more forgiving local markets can have far lower competition (e.g. a local accountancy market). So before you set out on your internet quest, do some thorough research as regards your competition.

2. “No replacement for hard work”- To be successful with your business on the internet you will have to work very hard. If you think you can earn an easy passive income in your first year, then think again. There are indeed a few people who achieve this “golden pass” but you will probably have a better chance of winning the lottery, when you consider how many people are doing business on the worldwide web.

3. “Failure- still the best teacher”- Be prepared for failures as you climb the greasy internet pole. There will be things that do not work and you may even lose some money and pride. But learn from these experiences and move on.

4. “Listen to your critics”- Many internet businesses fail because they design a website they think looks good and promote a product they think is great. Instead, ask trusted friends and other internet professionals what they think of your site. Be prepared for criticism and make adjustments. Read the rest of this entry