Finding The Inspiration
It's all very well to hand your coat at the door and usher
yourself in to the world of e-commerce, but as is the case
through much of life, actually getting somewhere in your
trade is a different skill altogether.
Much of successful Web business comes down to one raw
factor; inspiration. Yes, you can have the technical skills
of a computer science graduate, or your middle name can be
Determination, but inspired vision is a rare and priceless
commodity.
What separates the rich from the poor in the online world?
Is it powerful servers? Adsense vouchers? Marketing know-
how? While those attributes certainly help, the real thing
to have is hidden in your brain. Behind every brilliant
invention is a brilliant creator, as they say.
You don't have to be distantly related to Einstein to follow
the e-commerce trail (although it surely helps), you simply
need a clear vision of a product or service that people will
want to have. It really is as simple as that.
The question is, where do we find that inspiration? It can
feel like everything has already been done. And that's the
first mistake. We shouldn't be interested in what's just
passed us by - we should be looking to tomorrow. What's the
next big thing? How can a service be improved? What's the
missing link between two popular products?
If you've ever felt as if these entrepreneurs have some
hidden Web site that they visit for inspiration, well,
you're probably not too far from the truth. The reality is
that inspiration is all around us.
The next big consumer must-have could be staring you in the
face from your laptop. Take a look at MySpace for example.
Here's a Web business which took the successful elements of
three other Web sites - Blogger, MP3 and Craig's List -
before moulding a brand of its own.
The several hundred million registered MySpace users is
testament to the vision of its creators.
You don't have to have a gigantic budget to enjoy success.
Take a look around the Web and see what's popular. Read
those geeky IT magazines. As baffling as they can seem, they
often provide valuable insight in to where e-commerce is
heading.
Most great Web sites have been extensions of other great Web
sites. You don't need to invent a new concept gadget. You
don't have to discover the hidden secrets of gravity. You
simply need to keep your eyes peeled for the direction in
which consumers are throwing their money. And when you feel
that you can predict their next move? Get in there first!
Money Makers and Time Wasters
So you've been tossing and turning in bed all night. The
spouse is in a foul mood. However, you can't help but believe
that you've stumbled upon a genius new product.
Even better, nobody else has thought of it!
Now it's time to follow a few valuable tips of the trade.
First of all, if you have that moment of clarity - don't let
it drift away in your sleep! By the time you wake up, you
may have forgotten the finer details of what you had
planned. While that doesn't particularly say much for the
idea in the first place, you'd be surprised how many heads
have been banged against walls in bitter regret that
somebody else has later gone on to make a fortune on the
same premise.
Have a notepad by your side if you ever feel yourself
drifting in to "deep professional strategy" mode. Jot down
the ideas as they enter your mind. Even if they sound silly
and you later dismiss them, these notes can strike chords
weeks later and be recycled for a new project.
Once you've written the idea out on paper - forget about it.
Yes, that probably sounds unnecessary. And after months of
businessman's blank, you'll hate us for saying it. But
without leaving the idea for a reasonable period of time,
it's possible to plunge ahead in to a doomed enterprise.
Many failed businesses are born from the same situation. A
moment of supposed wisdom on a long Tuesday night, and
suddenly breakfast is eaten with a smile pasted across your
face. Before lunch, the company's already been launched. Yet
by dinner time, indecision has struck and you're not quite
sure whether it was such a good move in the first place.
Such rash decisions are a timeless tradition in all forms of
business. You can avoid wasting your valuable time by
writing the ideas down, letting them brew and coming back to
them when you're in a distinctly level headed mood.
Another common mistake for inexperienced business people
stems from, for lack of a better term, blunt arrogance.
"Yes, of course I can compete with Coca Cola and Pepsi on my
shoestring budget! This is MY Company!"
Well, your company or not. Take a good look at the
opposition before you plunge in to the market. Can you
compete with the alternatives? Does your brand have any
significant advantages over its rivals?
If not, what are you expecting from the venture?
Are you looking to exploit mindless consumers? Or are you
out to con a few fat cats in to dispersing with juicy
cheques before boarding up shop and jetting to the Bahamas?
It's good to be realistic. Trusted and respected brand names
are typically the ones which stick around in the long term.
If your project involves too much black hat short term
exploitation, the alarm bells should be ringing. It's hardly
a wise choice for a reliable pay cheque, is it?
What Is A Niche Market?
Hold your horses. We're not getting that technical.
You've probably heard the term "niche market" thrown around
sporadically, but you might not be fully aware of what it
actually is. Well, to put it simply, a niche market is an
area of business which takes a very special approach to
conquer.
If you're offering a service in an industry where such a
thing has rarely been tried before, you're appealing to a
niche market. That is, one which doesn't hold much
mainstream appeal, but generally requires a great deal of
expertise.
Take a look around at your fellow consumers and what do you
see? Most people are content with what's available to them.
You'll rarely find a disgruntled mother sauntering home from
Tesco complaining about a product which hasn't been invented
yet.
But a niche market is heavily weighted towards this sort of
theory.
If you can offer something which benefits a consumer - or
even better, another business - and it hasn't been exploited
before, this is appealing to a niche. It's a small yet vocal
demand that you can build a reputation around.
So why are people interested in this line of marketing? It
goes along the line that if a consumer views a product as
advantageous, they'll pay money on a regular basis to have
it.
Therefore, if you can corner that market and prove yourself
as the "go to" business, you've established a brand that can
survive the long term.
Planning Your Business Venture
If you've decided on a direction for your business venture,
you're probably bursting at the thought of translating it to
money in the bank.
As we've already discussed, making a rash decision can prove
costly and a great waste of time. A good idea isn't likely
to lose momentum on a short term basis, and you should plan
your venture as effectively as possible before committing to
dotted lines.
Reading theses pages makes a good start. By the time you
reach the final topic, you'll have a thorough understanding
of the areas in which you'll be required to work.
But your project will require much more thought than that.
First and foremost, you should work out the details of your
financial budget. Don't spend more money than you can afford
to invest. Yes, a new business can be exciting territory but
if it all goes wrong, you don't want to end up in a worse
situation than you started.
Decide what you can afford to spend on a monthly basis and
draw up a list of items required to launch the business. It
could be Web hosting, domain registrations, software
licenses or even a physical commodity such as the materials
for what you're going to be selling.
Produce a rough estimate of what you'll need to make a
return for your investments. Be honest with yourself.
There's no point in low-balling yourself. If you're only
likely to make 75% of what you need to get by, step back and
think again.
Most businesses will need a few months of heavy investment
for little return. Can you afford to commit to this? Do you
have the capital to get the business off the ground?
Before giving the green light to the business plan, derive
some long term expectations and require that you stick to
them. Do whatever it takes. Get the wife to throttle you
with the frying pan until you pull the plug if need be. Just
don't fool yourself in to fighting a lost cause on pride
alone.
And of course, use the people around you. Do you have
friends or acquaintances with experience in the field? Maybe
you should try and search out some advice. Post on forum
message boards and gather a portfolio of opinions. It's
possible to improve your business plan by interacting in
this manner, and you never have to give away your mystery
project's details.
|
