1. Have a good business plan.
I know you've heard this a lot, but it's actually true, and probably is the most important of them all. Your plan should consist of an objective (what you intend to accomplish), situation analysis (what you're offering strengths and weaknesses), marketplace issues ( what's going on with your customers, competitors, and trends), strategies (be strategic), implementation (describe your tactics you've chosen and any goals or milestones you expect to meet), and measure of effectiveness (a plan is not complete without projections of results against which actual performances can be measured).
2. Product demand
Research the market before you dive into your business, see what products are in demand and what the customers are searching for. There are awesome sites like terapeak that shows what customers have searched for and purchased over a certain time period. You can use information like this as a barometer to source products that you don't have to worry about stocking for long periods of time.
3. Unique products
Step outside the box, you don't have to sell what everyone else has, mix it up a little. I've been selling on eBay for 10+ years and I have found that customers tend to come looking at my store once a week to see what's new. I keep them on their toes because they never know what I'm offering and it keeps them curious.
4. Customer Service
I recently did a survey to over a hundred people about " what are three main components that determine if you make a purchase?" The list I created had ten selections to choose from. I will list them...
1. pricing
2. customer service
3. feedback rating
4. quality
5. loyalty
6. someone told you about the product
7. detailed description of the product and lots of photos
8. return policy
9. shipping cost
10. incentives
I was a little shocked when I tallied up the results. Coming in at a whopping 51% of the votes was "pricing". I kind of figured that it would be in first place however, I didn't think it would be over half the votes. Placing 2nd was "customer service" with a staggering 30% of the votes. I wasn't expecting customer service to have such a huge percentage of the votes. And 3rd place was awarded to "quality" with about 8% of the votes and the other 11% was scattered amongst the rest.
I've won customer service awards so I know how important the customers are. You have to treat them like you would want someone to treat you if you're buying a product. Ship your products packed well and quickly. Most customers are impatient, just think about it, if you purchase something especially online you're going to be on the look out for it. So if you delay shipping it can possibly cost you a bad review even though the service was as stated. Avoid the little mistakes, pack all items extremely well, think how you would feel if you open the package. Remember without he customer there is no business.
5. Don't Lose!
You have to be careful with this one. I think anyone who start a new business should have a break even plan.
Unfortunately for me I didn't have this attitude, I thought the more I put into it the better the outcome. I realized having an online business can be quite difficult at times. The most important thing is TRAFFIC. It's extremely hard to get traffic to your site. You can have the coolest site in the world but without traffic it's useless. Thanks to awesome programs like Google AdWords you can drive traffic directly to your site. I have just about mastered AdWords but at a terrible cost. I didn't know anything about getting traffic to my site. I signed up for AdWords after watching hundreds of videos online about getting traffic to your site. AdWords was siphoning money so fast out of my bank account and I wasn't getting many leads to compensate for the amount of ad dollars I was spending. After that I joined just about every webinar, seminar that Google was offering. I called just about everyday to find out everything that AdWords had to offer. Luckily I did that because I was seconds from disaster with my credit cards.
6. Add value to yourself.
You have to add value to yourself in order to have a successful business. There are thousands of videos online that can help you LEARN about your business or businesses in general. Take time out everyday to watch a video on something that can help you better your business. There are also many books that you can pick up on business. If you're starting an online business learn about SEO and getting traffic to your site, so people can see what you're offering. Traffic is the most important thing when having an online business, so learn the ends and outs on it. Listen to the smart people (people that's already at where your trying to go), they haven't got where that at without failing. You can benefit from this by learning from their mistakes.
7. You should always finish the day a little smarter.
What I mean by this is, you should learn something new everyday about your business. Whether you're watching something on tv and implement it into your business, finding different ways to win customers over, or studying the market, these are the little things that will make you stand out. I'm not saying you should work everyday, just learn something new especially if you want a growing business.
8. Think Big.
Your mind allows you to go as far as you think. If your thinking to the rooftop that's far as you'll go. If your thinking to the top of the mountain that's as far as you'll go. However, if your thinking to the moon that's quite a bit of work. That's doing everything I just mention and more, you have to do ALL the little things because your striving to be the best and if that's what you want, see you on the moon.
9. Believe in yourself and your idea.
You have to truly believe in what you're doing and your idea. This has to be one hundred percent real. You have to feel it inside and be passionate about it. If you have that passion others will feel it too, and want to be apart of what you're going. if you're unwavering in your belief you'll infect all those around you.
10. Never Give up.
This is posted all around my office. I truly believe this can make or break a business or any venture in life.
I wrote a book about willpower (finding your inner will) because I was told how strong-willed I was as a kid. This has carried on to my adult life and I apply it towards my business. I have failed a few times and it's extremely frustrating. I find myself soul-searching and asking why or what did I do wrong. The most important thing that has helped me is my will to be successful and that never give up attitude even in the darkest days.
I've worked extremely hard and gained tons of knowledge through failing, there is no way I will throw that away in which is exactly what I will be doing if I stop. If things aren't going as plan it's okay, find out what the problem is and try to solve it. Never, I mean never hold your head down when things aren't going so well, trust me it's not going to make things better. Read quotes from the greats and you'll realized that they even failed at something at one point in time. Never Give up, learn from your mistakes, push harder even the days you don't feel up to it. Strive for greatness for your surely to find your place in the world.
Terence Simmons
Author/ Business owner
http://www.YouBulkit.com
(c) 2012
Article Source: http://EzineArticles.com/?expert=Terence_Simmons
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