10 Keys to Creating a Profitable Online Business - Take a good...
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Take a good look at the existing competition. Look at the quality of their work. Could you do it better? What prices are they charging? Could you do it cheaper? If you can effectively do either of these you're on your way to building online wealth.
2. Should you sell a product?
More people than ever buy products online, but the main thing to consider is whether you want to sell a tangible product or a virtual product.
As with selling a service, you must first determine whether a market exists for your product. Look at similar products then decide whether there's room for another player. All products will have to be sold through a website, from which an order can be taken and a payment can be processed. If you have the knowledge and necessary skills, you can easily build the website yourself. Otherwise you will have to pay a professional.
A tangible product is something that can be held in the hand, therefore it will also need to be packed and shipped. Processing orders is very time consuming, but more importantly you may have to keep inventory, which can be very expensive plus you'll need to find storage space.
An alternative is to sell virtual products. These include downloadable e-books, videos and information products. You'll still need a website with ordering and credit card processing facilities, but you will not need to keep any inventory and it won't take up any space (except on your computer's hard drive) Many successful Internet marketers use this method to maximum effect.
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