Web Business Creation Week 1&2

This weeks objectives were to learn how to create and run a successful online business.


The Business should …

  • It needs to actually sell goods or services, generate leads for a B2B business or maybe to promote other people’s goods or services.

  • The business needs it’s own website, and not products sold on a separate marketplace.

  • The website used should be contingent with the product sold

Deciding on a Business Model

Notes on different business models

Problem and solution method. Every problem could be a potential business opportunity. A million dollar idea.

The Market First Method: Choosing a specific market first that you wnat to serve before deciding on a product or service. Understand the markets demographics, psychographics, behaviors, beliefs, needs, wants and problems. What problems do they need solved?

Personal Strengths Method: What kind of products or services can you individually offer? What can you teach to the world and the people around you? What do you have to offer or provide mentorship on?

Mix and Match method: Take two concepts and see if they can be combined aka branding styles, target audiences, core features etc. Make a list of existing concepts and mash them together.

The importation method: Travel the world and absorb the cultures and ideas around you. Take ideas from other ideas and find ways to import them to where they could be profitable.

Lateral thinking method: Look at an existing problem and redefine it. Consider alternative possibilities.

The Godin Method: creating products by going all the way to the edge of an existing product, by taking an existing product or service and giving it a twist or unique element to make the idea remarkable.

The Christensen method: Finding innovations in the high technology markets. New products or services that fundamentally change an industry. Exlow-end distributions: low priced straightforward offerings using lower cost business models.(best for markets with over served customers and offer a simpler product or service) OR Newmarket Disruptions: make it easier for customers to do something that previously required being or hiring specialists.

Borrowed Ideas methods: Find a source with free ideas to pick up from. Piggyback off of others ideas.

Steps in Defining a Business Model

  1. Define a business model

  2. What your selling to

  3. Who your selling to

  4. Where you source products from

  5. Where you sell products

  6. how you compete in the market

  7. how you earn revenue

Business models by steps #1 Define what your selling (Ecommerce)

Physical products: tangible things that need to be stored in warehouses and shipped to customers

Digital products: only exist digitally and arent physically tangible. You only need to make it once to then sell it again and again.

- Ebooks, courses, content, media, publications, membership sites, webinars etc.

Services: Products provided by a person or company fulfilling a task for another person or company

- consulting, coaching, virtual assistant, web design and development, writing, social media management, photo and video editing.

Apps: Apps on our phones, tablets or computers.

Marketplaces: Creating a marketplace and making revenue from passive action of others

commission-based business model

Affiliates: All of the above, but done by work of oneself promoting a product.

Others

Airbnb

Amazon

Etsy

Freeeup

Those are some of my notes for now! When it comes to starting a business, I’ve been hesitant with a desire to make sure that I had the time and mentorship to do it right. This class has already started out with covering every miniscule detail, (as long as one does all of the reading.) I’m confident that this process will be tricky, but I will feel supported enough to make a jump and start the trials and errors of selling online.


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