Managing an online business is hard as it is rewarding. Business opportunists strive to establish their names and be the predominant force behind major internet niche that presents an opportunity to profit. But like any wise investor would tell you “The fear of failure sometimes clouds even the wisest decision”. Fear that comes from unstable markets and ruthless, often overwhelming competition. For your investment to pay off (especially in the long run), a good management official must be appointed to carry out important decisions and keep a close vigilance over what goes on in the company.
Whether you are in retail, direct sales or in the service sector, chances are you are not the first person to open up a firm. Even the most obscure niche is bound to have at least 2 major brands competing for first place; and you are left to warm the benches. Establishing your brand and breaking thought the monopoly is certainly no easy task. But everything can be done with the right man on the job. In the end, however, there is always a chance that you will fail. In fact more than 90% of online businesses don't make it pass their third year. Here are some reasons why:
Challenge Number One: Competitive Market
The only way one can make it big in this day and age is by being completely original about their ideas. Big business giants like eBay and Amazon where among the first companies to invest in the retail business. And ever since then they have dominated the market, showing no signs of regression or bankruptcy. But we are just scratching the surface here. Alongside big businesses, there are always vicious vultures eating the leftovers. This is an inevitable consequence of the virtual free market system; compelling people from all over the world to invest their money in online prospecting.
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Challenge Number Two: Marketing, Seo And Why It Fails
The way you market your product online has nothing to do with the way you would market your product in real life. Successful marketing depend on savage and continuous SEO (Search engine Optimization), day in, day out. Let's say you have found the best fine china for just the right price, direct import from India. And you have an actual, working website. You take pictures of all the little porcelain pieces; you dress up your home page to be nice and welcoming. A little tweak here, a little animation there; and of course the countless hours you spent choosing the perfect font for your head banner. You upload your website with the high hopes that it will take off almost immediately, and visualize how are you going to spend your money. But as the days turn into weeks, turn into months you start to realize that something is not quite right. What is not right is that you have absolutely no SEO, and without SEO your website is as good as dead.
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But even if hire some to write content for your website, you still have to use guest blogging; linking etc. which can be a lot of work. And let us not forget that other people are doing the same sort of advertisement; sometimes having whole departments doing just that. You have to beat all those people at their own game, and depends on your commitment, determination and sadly – luck.
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Challenge Number Three: Anonymous Customers And Finding Your Target Market
When you are marketing your products online, you cannot make an accurate statistic relating to the type of customers you are dealing with. Of course if you are selling football equipment, there are going to be a lot more young people buying your wares, and this is normal. But like I said, you cannot be absolutely sure and that is for good which have a very specific target demographic. What about selling products like peanuts, or laptops, or any good that doesn't have defined target consumers? How would you know how to market your product? Of course there are ways around this by using online statistic gathering software and have some sort of a poll to figure this stuff out.
Challenge Number Four: Managing A Team
It is easy being a boss in a building where you have everyone sitting in front of you. But when running an online business, sooner or later you are going to find yourself wondering how can one manage so many people without being there in person. And because your employees don't have a direct supervision official, keeping a close eye on what everybody is doing, corruption and laziness run rampant. Again, you can solve your worries by implementing new software to help you keep track of all the comings and goings of your workers. And just like with any worker, you still have to do everything that is in your power to command respect and demand quality work out of your employees. Setting up interactive work groups is an easy way to keep everything in check.
Challenge Number Five: Delayed Profits
Usually people get into online marketing to sell good and services more freely, with much larger supply of customers; easier overall management etc. But selling stuff online is not often the best thing to do, especially when it comes to making a quick buck. It might take your business months, even years to start making any worthwhile profits. Of course this is not to say that you won't see any money during that period, it is just it won't be enough to keep you in luxury. Like I mentioned above, your company's success is determined solely on your SEO rating. That goes double for profits. And sometimes SEO might take some time to work, leaving your website among the back-ranks of the Google ranking system. You don't have to get discouraged from trying everything in order to boost your SEO, just no black hat please, this just won't work in a million years. So arm yourself with patience and the profits are bound to show up, sooner or later.
Rose Finchley provides regular office cleaning but has different plan for her future. After her graduation she want to be a dentist.