The Ultimate Entrepreneurship Guide (Part 2): Coming up with Innovative and Successful Online Business Ideas

The Ultimate Entrepreneurship Guide (Part 2): Coming up with Innovative and Successful Online Business Ideas
August 12, 2013 Oasis500

The key to taking advantage of the growing popularity of ecommerce and building a profitable business is to come up with innovative and successful online business ideas. This becomes even more important in the light of significantly high number of active websites. According to a recent web server survey by Netcraft, the total number of active websites currently stands at 172 million. The first basic step in running a successful online business is to identify an online business idea that aims to resolve a key problem being faced by people or offer a product or service which is highly needed. Read on to know more about searching for small business ideas and making them successful.


Tips for Searching for Online Business Ideas

It is easy to conduct a search for online business ideas that entail sale of products and services, but what is more important is choosing a product or service which is highly useful and demanded besides being sustainable. You can either generate your own ideas or get inspired by the successful ideas of others. In case you have come up with an innovative idea for starting an online business, you would need to check up its viability by doing a thorough research. This includes checking its market potential and analyzing its financial feasibility.


Here are certain tips for searching for top ideas for starting a business:

  • Analyze Existing Online Businesses and Get Inspired-Look up for successful internet businesses and analyze whether the same model can be used to sell a different product or service. You can also choose to offer the same product or service on a localized level or in a different segment.
  • Look for online business ideas in problems that you face in your daily life- Think about the problems that you may be facing or about services that can make your life better. This is bound to give you top ideas for starting a business. A classic example is of a mother looking for good parenting and schooling tips for her child coming up with the idea of starting a website providing useful information for other moms. Similarly a person who is health conscious and always looking for products and services that are good for health, can think of providing information on wellness products or sell such products and services.
  • Extend an Existing Store Into an Online Store– If you have an existing business or a brick and mortar store you can easily extend it by opening an online store and save lots of money and efforts. Opening an online store can not only expand your sales but also widen your customer base and reach out to customers spread across the world.
  • Sell Information –Apart from ideas that call for sale of products you can even sell information on various subjects or software, You can even guide people about doing a particular task through informative videos and articles on your website.
  • Use Existing Business Models To Offer New Products -You can even take your small business ideas from some existing businesses but find out new ways to market the same and provide better services.
  • Opt for Marketing of Existing Products of Other Businesses– Online business ideas do not necessarily mean that you have to start from scratch. Instead you can find a company that has a product or service needed by people and agree to sell that. This route allows you to earn commissions on a regular basis.
  • Choose an Idea Related to Your Niche-Identify your niche area and check whether it is feasible for you to operate online. If yes, go ahead and get started.


Factors Essential for Making Your Business Idea a Successful One

While an online search will provide several online business ideas for you to take up, we would advise you to choose the one that connects with your growth strategy and for which you are willing to work passionately and persistently.  Once you have chosen a business idea, you can make it successful by adopting an innovative and aggressive marketing strategy.  Even a small business idea like selling a product can be made innovative by the use of right and effective marketing strategies.

Once you have zeroed in on a business idea, you need to identify the factors that can help you make it innovative and successful:

  • Passion and Persistence– Passion for any idea or business can make you work hard and chalk out strategies essential for implementing and operating it.
  • A professional looking but user friendly web site- The backbone of any online business is a well designed and user friendly web site that allows smooth functioning of a business. A website which is compatible with mobile devices and smart phones is bound to be more successful in view of their growing popularity and usage amongst the younger generation.
  • Adequate Resources- You need adequate funds, manpower and technical knowledge to successfully convert an online business idea into a profitable venture.
  • A niche product or service– A simple online business idea can be made into a highly successful one by offering a unique or a niche product and service.
  • Use of Various Internet Marketing Strategies– Even a simple idea for an online business can be made into a highly successful venture by adopting a variety of marketing strategies like Search engine optimization, social media optimization and affiliate programs. One should take steps to generate good traffic to their website by publicizing about their own online presence.
  • Keep Customer Satisfaction as Your Top Priority– This will get you good reviews which in turn will play a key role in driving future traffic.

Thus the whole process of starting a successful online venture requires you to do some research and look around for unique and successful business ideas. Apart from this, the passion to be successful, dedication and adequate resources play a key role in developing and implementing innovative online business ideas.


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