If you have not read my post on Internet Entrepreneurship: A quick look you can do so here. Welcome back! Let us now look at these steps in a little more detail.
Identify a need
The beginning of any business venture is identifying a need and then looking for ways to fill the need profitably. How do I find a need to fill profitably? That is a good question, personally, I listen to people everywhere I go, their complaints, frustrations etc, I watch TV not for the fun of it but to see the trends in particular markets, I read some particular sections of newspapers to also find out what the trend is other parts of the world. Internet research is also another way to discover needs that can be exploited.
It is unlikely that you would invent anything new but note that whatever you become aware of the first time is new, even if others have used it in other countries for example, the mobile phone came to Nigeria some years ago and people saw it as a new product even though in many developed countries it was not a new trend. It is interesting to note that a need can generate other needs, for example you buy a car to move around but it does not take you too long to know you would need to fuel the car, check the brakes, change the oil etc.
Do you know Jason Njoku of IrokoTV? He started a digital distribution of Nigerian movies and music when he realized that there were no proper distribution systems for these products, the company is now the largest digital distributors of Nigerian movies and music and Njoku has been named as one of the 10 young African millionaires to watch. This occurred under 4 years!
Do you know Jason Njoku of IrokoTV? He started a digital distribution of Nigerian movies and music when he realized that there were no proper distribution systems for these products, the company is now the largest digital distributors of Nigerian movies and music and Njoku has been named as one of the 10 young African millionaires to watch. This occurred under 4 years!
Determine what you have to offer
Now that you have found a need or created one, yes! You can create a need, the next thing you must now do is to determine what you have to offer. In the case of IrokoTV, they discovered a gap in the distribution system for Nigerian movies and created a digital platform to close this gap profitably, easy huh? Note that your offer must solve a genuine problem otherwise you will not make any money.
Create the business model
A business model is the rational of how an organization creates, delivers, and captures value. When you have identified a need and determined what you have to offer, the next thing you must do is to create business models and iterate until you find one that works. To learn how to create a business model click here
Gather the equipment you need to set up your business
To start an internet business you will need a computer with broadband internet connection, a mobile phone, digital camera, flash drive or external hard drive, printer, and scanner. These equipment will make it a lot easier for you to start your internet business but if you cannot get all of them don’t let that stop you from starting.
Find the people to help you
Nobody succeeds alone, as a startup entrepreneur you will need people to help you along the way to success. Most successful entrepreneurs have a effective network to help them get all they need to move to the next level, they understand that social capital is as important as financial capital.
Build your website
Except you are a techie, you will need some help in building a website for your business.
Set up a payment system
Now that you have built your website you will need to set up a payment system if you want to make money through the website. You would not be able to do this yourself if you are not technically savvy. It is good practice to offer several payment alternatives to your customers to make it easy for them to pay for your products and services. You can learn more about setting up payment systems here
Provide personalized service
Providing personalized service makes your customers feel special and helps you build loyalty and hence your revenue. You can ask for your customers’ names and email addresses just like I do on this blog through Aweber (that’s the box on the top right hand corner, please do leave your email address and name!) Data provided by Peppers & Roger Group shows that 81% of companies with strong capabilities and competencies for delivering customer experience excellence through personalized service are outperforming their competition. Learn more here
Become visible
Do not take visibility for granted, visibility creates opportunities. To make your website more visible by open an account with social media sites like facebook, twitter etc and link back to your website. You can also promote your site offline by ensuring that your web address is on all printed materials, include it in any adverts you do on TV, radio and newspapers.
Evaluate and improve
It is important for you to measure how your internet business is doing by setting aside specific metrics to serve as yardsticks. You can do this by putting up Google Analytics on your website and then looking at the traffic sources regularly.
To Your Success Always
