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20 Top Strategic Advice for Internet Entrepreneurs

Advice for entrepreneurs: These days, the internet is a major part of both small and big business. With extensive traffic on the web, from social media advertising to new methods of merchandising online, a new generation of business people is growing up: the internet entrepreneur is someone who is looking at the vast power of the internet to start or grow a business. Whether it’s a physical merchandising business or a play on innovative modern services, someone who wants to become a successful internet entrepreneur will often pay attention to some startup basics involving blending this new technology with classic good business sense.

See also: 64 Tips on What an Entrepreneur Must Assume when Starting a Business

20 Top Strategic Advice for Internet Entrepreneurs

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1. Take courses in business and management. You need business training before you can hope to succeed as an entrepreneur. Enroll in business courses, preferably at a four year college. You may choose to get an MBA sooner or later, as this is a great way to learn more successful business practices. However, you will be your own boss if you start an internet-based business, so you may not need it to move up the ladder.

2. Get training in technology. The ability to write code or develop websites is optimal. If you have colleagues starting the business with you, you may be able to focus on the business aspect of your website. Nonetheless, you will need a basic level of computer competence to successfully maintain, trouble shoot, and do damage control for your business.

Advice for entrepreneurs

3. Do an internship. Look for internships in internet marketing or search engine optimization (SEO) to get more interaction with internet businesses. When applying, you don’t have to sound like you have the same resume as Steve Jobs. But make sure you have a concrete reason for applying, and that something about the specific business interests you,

4. Decide what you will do. You need to have an idea to have a business. Figure out what parts of the economy are doing well and focus on them. You could, on the one hand, provide a physical service for people, like arranging for the local purchase and delivery of groceries. Or, on the other hand, you could provide a virtual service like consultation or editing.

  • The most successful internet startup ventures today are SEO consulting, business coaching, selling specialized goods as a retailer, social media consulting, and web design.

5. Do market research. Your idea may seem like something profitable, but until you see who else is doing it, you won’t know how you will fit in. Use statistical data offered by government agencies such as the Bureau of Labor Statistics as well as third party sources to find similar businesses. Do your own word-of-mouth interviews, surveys and tests to see what people would spend money on.

20 Top Strategic Advice for Internet Entrepreneurs

6. Have a concrete business plan. Just as in traditional business, internet businesses can profit greatly from a well thought out business plan that will help attract capital, guide leaders in starting and growing a business, and present this fledgling enterprise to the outside world as something legitimate with great potential.

  • A business plan helps you structure your company and convince potential investors that you have a viable company.
  • Look at the sector your product fits into, and design a marketing strategy.
  • Structure your company according to this strategy.
  • Write out projected expenditures and cash flow.
  • For a more detailed guide to creating a business plan.

7. Look at the little details too. A detailed business plan should help present viable finance for a business. It should also attract interest and enthusiasm by offering investors and others a vibrant look at the potential for what the business is offering. A business plan gives new businesses what they need to survive: attention and the presentation of potential success.

  • Putting together a projected budget will force you to think through your business model. It will also show investors that you know how to run a business. Start by making a list of all possible expenditures and all possible sources of income. Then calculate how much each should cost you.
8. Choose a complementary partner(s). You and your new best friend will be responsible for every aspect of business until you are big enough to expand. That means that you don’t want someone who has the same skill set as you. If you are better with creating and maintaining the website, pick someone with exciting business ideas. If you can’t do basic coding and website building, find someone who can do that in addition to helping run a business.

Advice for entrepreneurs

9. Register your domain name. The first step to creating an online presence for your business is reserving that catchy domain name. You may not get your first choice, since so many have been reserved already. Look around at different domain registrars to see what domain names you can purchase cheaply.

  • Simply using your company name is still an old standby for choosing a domain name. However, you may choose to come up with catchy compound words, or even create new words.
  • .com is still the extension preferred by most businesses, but .net is growing in popularity. There aren’t any drawbacks as far as SEO goes. Though the original use of .net was for network providers, it is now a viable option for commercial business.
10. Get a web host. Many domain registrars are also web hosts, meaning that they lease space for your domain name on their server. This also comes with many basic services that allow for the continued accessibility of your website on the internet. Unless you have a large amount of startup money, you will need to go with a less expensive web host. Although this may mean sacrificing some security and reliability, you can move up later.
11. Register your online business. One business license you have to have is for your online operations. You have to register with the IRS to be legitimate in the eyes of the federal government. This application simultaneously registers you on the state level in some states, but not in others. Look at your state’s laws to see if you have to fill out another application.

20 Top Strategic Advice for Internet Entrepreneurs

12. Make your website. An important step for internet startups is making sure your website is easy to use for you and your customers. Design it so that the basic functions run smoothly, even if you can’t get the fancier features yet. Those will come later. For now, worry about having a website that people can navigate without getting error messages, and that tells them all the information about your business that they need to know.

  • The most important parts of any business website are the logo, the main menu, the search box, the social media icons, the header image, the written content, and the information at the bottom.
  • It is important that your website follows all US trademark and intellectual property laws. This includes any usage of trademarked logos.

13. Look into tax details. Even though your business is conducted online, you will be registered in the US, and in a state. Find a state and county with favorable tax requirements, and move there if you can. This is also a good time to learn local and federal trade regulations. Don’t get hit with a lawsuit in a few months because you didn’t know the rules!

  • If you plan on doing business with foreign clients, look into international trade regulations.

14. Add shopping carts or other infrastructure. One of the key aspects of becoming a successful internet entrepreneur is to put the needed tools onto the website. Allow customers to get involved with the business and make transactions easily and conveniently. Besides, the shopping cart is a feature expected of all online marketplaces now, so it would be a glaring omission to potential customers.

20 Top Strategic Advice for Internet Entrepreneurs

15. Use surveys to drive future business. Customers need a way to buy, but the business also needs a way to track sales and identify target audiences. Complex web tools and good leadership can allow for a sophisticated marketing plan. Use your web skills to discover and target the features your customers want to see.

  • You will have to determine what part of your business model you want to investigate, who you will ask and how, and a sample size.
16. Develop smart phone apps. This is a rapidly expanding aspect of online businesses, even though phone apps don’t function essentially different from web browsers. One of the reasons is that ad block software is not compatible with apps. This means that people who buy ad space with you will know that users will see their message. Develop an app for your business to attract potential investors while this technological loophole still exists.

17. Pursue appropriate advertising. Advertising needs are different for every business. Dialing in exactly what a specific internet business needs is a huge part of success for any internet entrepreneur or business startup leader. However, it is a good idea to target potential online customers where they operate: online. Buy ad space on search engines, other websites, and other apps.

  • To figure what other websites your customers use, look at the analytics offered by popular search engines. This will tell you where your customers are located, what they look for on your website, and much more – even if not the other websites they visit. You can use some logic and deductive reasoning with this information to invest in some well-placed advertising.

18. Take advantage of easy modes of internet advertising. Video sites and other media uploading sites offer a variety of great ways to advertise a business creatively. Social media is another free and easy way to get your business out there. It is easy for one person to run every aspect of a social media campaign in addition to their other duties. You can even set up many social media sites to update content automatically if you program it to.

20 Top Strategic Advice for Internet Entrepreneurs

19. Add physical advertising. It’s important to remember that in some ways, the internet exists in isolation. Many users who don’t regularly use the internet need other ways to get attached to the business as first-time customers. Participating in local events and using other time-tested strategies will help the web business profit from effective outreach. There is nothing wrong or unnatural about having a website that is successful in your real life community.

  • For example, if you have a website that registers and processes local farmers in the local farmer’s market, it makes sense it will be more popular at home.

20. Build a Diverse Skill Set

Once a person has strong finances, it is important to build a diverse set of skills and then apply those skills in the real world. The beauty of step two is it can be done concurrently with step one.

Building a skill set can be achieved through learning and trying new tasks in real-world settings. For example, if an aspiring entrepreneur has a background in finance, they can move into a sales role at their existing company to learn the soft skills necessary to be successful. Once a diverse skill set is built, it gives an entrepreneur a toolkit that they can rely on when they are faced with the inevitability of tough situations.

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