In the popular TV show, Shark Tank, several successful business investors give budding entrepreneurs an audience for just a moment. The entrepreneurs get one chance to pitch their business concept to investors that would otherwise likely never hear of their idea; to see if the investors will, “bite.”
What is interesting is that the “Sharks,” tend to ask a series of questions. They don’t always ask the exact same thing, but there are a few key elements they are looking for. In addition, even if they personally like an idea, they might reject the offer if the entrepreneur can’t answer questions like the following to their liking:
- What do your sales numbers look like?
- What does your product sell for?
- What does it cost to produce your product? and
- How much have you invested in your product?
The answers to these questions are extremely important, because they can help to determine any business’ success online or offline. The Internet has made it extremely easy for anyone to open an e-commerce store. However, making sales does depend on consumer interest. Many times, entrepreneurs begin e-commerce development without any preparation. However, preparation could mean the difference between success and failure.
Feasibility
It’s easy to go online without testing your product. However, it’s usually just as easy to test it. Many entrepreneurs just don’t think to do this. Before the web, many people started businesses out of their homes or garages. Friends and family members bought; then neighbors bought; then the rest of the community bought, and so on.
It is important to prove concept and demand before going into business. Your business can succeed without doing this. However, it’s easier when you know that people will buy your product or service and why. You can test your business easily with people who you know; or by giving out samples to people who you don’t know and getting feedback; or by conducting surveys.
Advertising
Though the web seems personal to many of us, in many ways, it’s actually bigger than the world. In addition to representing people in one dimension, it also represents the various facets of their minds and imaginations. One person can have dozens of profiles, personalities and interests. Your website is one trillionth the size of a drop in the bucket. In addition, the only people who will come to your website are those that have heard about it through word of mouth, an article or through an ad.
You must have the budget to invest in:
- A proven effective marketing plan for your website’s promotion and
- A website that is strong and secure enough to handle the traffic you send to it; and flexible enough to change with your marketing needs and the fluctuating marketplace.
Contact us to learn more about setting up or upgrading your online store.
To your success!
Anton Pachkine
FinestShops E-Commerce Management
Hosting | Customizations | Design | Marketing
www.finestshops.com | 1-800-675-0162
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