Choosing your online home business
Online businesses are dynamic and accommodate the needs of the market and that of the Internet users from time to time. The manner of Internet use for business therefore, will depend entirely on the inventive genius of individuals and their limitations. It must be remembered that the Internet is only, “a tool,” for a successful online home venture.
There are thousands of types of businesses that can started using the web beginning from selling products, running and agency, conducting auctions, being a liaison, selling countless types of services and so on. Finding the niche you are comfortable with can be key to the success of your online home business.
Remember that an estimated 300 Million people use the Internet worldwide and the economy created through the web and like any other economy, is also governed by financial models, cultures, regulations, structures and political situations. The choice of online business has to be based upon market intelligence, as well as the other governing factors that will affect the growth/survival of the business.
Choosing a business begins with finding your strengths through a truthful SWOT analysis. This has to be followed by analysis of the market and finding a strategic space in the market. For, often, it is simply apt timing and optimal positioning is all that is needed for success.
If you have a specialized domain expertise it is best to leverage that to get a higher income/ better positioning. However, it may also be a good idea to understand current market needs and pitch for the most sought after online functions that will quickly give you a good remuneration and bolster your confidence.
Arm yourself with basic Internet intelligence data and make an informed choice:
For instance:
• Forrester research reports that a third of all households make atleast one online purchase in a year and the paper predicts that this number will increase to 40% by 2009. In 2004 Internet retail sales in the US totaled around $ 87.5 Billion and $10 billion was made through customers directly purchasing from manufacturers. So if you are going to be in product selling you will need to find they market size of the products you want to sell, assess the competition in the area and make a decision based on potential growth for atleast the next five years.
• The outsourced market for video delivery services (in the US) in 2007 was $450- $500 million.
• The audio and web conferencing services in Europe hit the $1 Billion mark in 2008.
• The rough estimate of the size of the custom writing services market is $10,800,000 and is said to be growing at the rate of 30% annually.
While all these figures are very promising, understand that you will be starting out at a very small scale. Have a clear idea about the time that will take for you to get and execute a unit size of any business of your choice. Realistically estimate the time you can spend on your online home business per day. The two will give you an idea of how much money you will make. After which you will need to plan for scaling up by either getting faster at your job, spending more time, hiring more people or giving better quality that will help up market your service at a higher price. Like any business venture a home based online business is very challenging and will need your constant attention and nurturing.
If you have any specific queries on specific areas do contact us by visiting www.onlineIncomesReviewed.co.uk .
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