The Ultimate Online Business Success Formula, is written for people interested in starting an online business. The information given in this book will help you save time, money and efforts and help start your business with the right products, tools, and services, which in turn will increase your Return on Energy (RoE). This book walks you through every aspect of starting a business right from identifying a business through research and analysis, product selection, sourcing products, market platforms/sales channels, essential tools including analytics. These tools and services are reliable, trustworthy, and useful. It also cover topics like marketing and promotion, social media networking, useful tips, outsourcing difficult jobs, safety and security. To be successful in a business, you must have good knowledge of the product or expertise in the service, capacity to invest and risk taking capacity. Since you have some idea about the type of business you like to start, based on your experience and knowledge, it would be a good idea to do some basic research to find out whether there is any actual demand for the product or service that you wish to offer. If so, whether there is enough demand and profitability in order to sustain your business. To identify a business opportunity is to look around you, e.g. shopping places, magazines, newspaper ads and reports, articles, blogs or online shopping sites. However, the best place is the internet, where you can do search and find out search volumes, geography, demography, customer profiles like, gender, age, education, income, where they shop, etc. Once you have collected all the information, the next step will be making a business plan. The Business Plan should include details like the product you plan to sell, income and expenditure statement, profitability statement, geography of operation like, local, national or international, mode of operation etc. In addition, you may need to have sales, marketing and promotional plans, source of funds, recurring and fixed expenses like cost of the goods i.e. stocks, fixed assets like computer, software and other tools and services, in certain cases, machinery, rent, electricity and so on. Also, your business expenses, provision for regular family expenses like food, clothing, children's education, recreation, transport, electricity, gas, water and other utility bills to be provided for. Once you have decided about the type of business you like to start, viz. Information products, Physical products, or Services, select the appropriate selling channel i.e. Market Platform, like popular shopping sites or your own independent web store. Whatever be the type of ownership, you need to know certain important aspects of your business, like registration of your business with local/state bodies, laws pertaining to your trade, tax liability, filing of tax returns and payment of tax, banking account, sales tax and VAT registration, export or import license requirements, excise laws and tariffs, customs duty etc. To identify products that sells well and can give you reasonably good profits, the best method available is through Market Research. With over 4 billion web pages on the internet, getting a front-page ranking in Google search is almost impossible, but not difficult with proper search engine optimization. Most businesses fail within the first three months of starting the business. The major reasons for the failure are no planning, no market research, or survey, improper selection of products, and market segmentation and having no sales and marketing experience. In order to save your time, money and efforts, I have done all the research for you and given the list of essential tools and services that will enhance your RoI. Information about safety and security, and monetization methods are also provided.
About the Author: K Raveendran, author, writer and a retail specialist with over 15 years experience, out of which 8 years in middle management capacity. The domain experience include FMCG, Life Insurance, Real Estate and Internet Marketing. Likes reading books on management, travelling to exotic places and keeping track of world affairs.