Round Table
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Business Idea
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Inspiration from Occupation or Pastime
An Internet business idea can come from many sources. There
will be subjects that you already very familiar with. Skills,
information and contacts will have been accumulated from your
occupational and pastime activities. These are your primary sources for
a new business idea.
You may have been involved with your current occupation or pastime
for many years and don't actually regard yourself as being an expert.
However, during this period you will have built up an amazing amount of
information. Familiarity may have made you take that knowledge for granted. Take a
moment and list the skills you have, the techniques you apply and the
materials you use. Surprised? Rediscover what you have.
There are people out there who are either new to your subject area or
seeking to add to their existing knowledge. You have the information.
They want it. You can help them. They potentially have access to your web site 24
hours a day, seven days a week. Present that information on your website
in an interesting and informative style to build relationships and
develop a customer base.
How?
So, how do we provide information and make
money? Whatever your home business idea is the main options are to:
- Sell tangible goods
- Promote and provide a service
- Sell electronic information
- Join an affiliate reselling program
- A combination of two or more of these
These are all income generating opportunities. From now on anything
that has potential to generate income will be referred to as an
opportunity.
Tangible Goods
Tangible goods are wares that are real and can be bumped into as
opposed to electronic information. It could be that you are making objects
during a pastime activity or that you are able to purchase goods at an
advantageous cost and resell at a profit. You will also have to package,
distribute and process returns. Factor these into your calculations.
If you decide to sell tangible goods then take into account:
- The initial buying cost
- Selling price based on the current market
- Operating costs
- Required sales volume
- Packaging cost (including time to package)
- Distribution cost
Do the sums add up to making a profit? If not, then reconsider.
Provide a Service
Use your web site to promote your own services. Many services lend
themselves well to the internet and it's far reach. For example CAD
design, graphics work, web design and writing are created and
distributed with electronic media.
Other services like construction or catering are a different matter.
Let's take it as said that we appreciate that the potential reach of
home based internet business is worldwide. It is reasonable to assume
that your home based internet business will initially consist of a team
of one. Also, assume that you are restricted to a relatively small
geographical area. Call that area the acceptable travel radius from your
home. Offering a service where you have to perform that service in
person may not be practical if the work is outside your acceptable
travel radius. It may useful to state the area in which you operate.
Sell Electronic Information
Electronic information exists on hard disc, CD ROM, floppy disc or
other computer storage media. Electronic information could be documents,
graphics, clipart or photographs associated with your chosen business
idea.
The information could be created by you or purchased. If you purchase
information for resale then ensure that you have reselling rights thus
avoiding copyright infringement.
Affiliate Reselling
All occupations and pastimes have a range of products associated with
them. Products can be information, tools, materials and clothing and more. Ascertain
what the product range is. Locate and form relationships with companies
which sell and distribute those products. In reality you use your
website to promote their products and earn a commission on sales. This
is called affiliate reselling. You don't need to buy, store, package or
distribute goods if you join an affiliate program.
Combination
A combination of approaches can utilized to
maximise the selling opportunity when a potential customer visits your
site.
Practical and a Market?
Once you have an idea carefully work through the practicality
of the idea. Establish that a market exists for your product or service
and that the market will pay what you want.
Take a look at some Pastimes
and Occupations
Now review your Qualities and
Skills.
