Anatomy of an E-Business - Essay Example

DOING E-BUSINESS During these recent times, the E-Business and E-Commerce industry has been growing at a rapid rate with people today being dependent with doing business and transactions over the internet. As time continues to pass, an increase in the emergence of new E-business facilities will be seen that will deal with every need of a consumer with just a click of a mouse. Thus, this will make the lives of people relatively easier and convenient. Since the creation of the Internet, people have been trying to use it to further improve the life of people. Among these improvements is doing business over the internet. Thus, the E-business and E-commerce concept was created to address the specific need of a consumer for such. Now this paper will discuss about making an E-business possible. Getting Started Starting one and maintaining an E-business is a difficult task. Thus, it is important to think about different things and factors that can affect your E-business in the present and in the future. (Hall, p.1) Of course there are different questions on how to pursue a preferred E-Business. The paper will try to highlight these important questions and topics. No turning back When starting an E-business one must be driven to pursue the product or service that the owner wants to. The E-business might suffer setback and losses in time and it is very difficult for anyone to recover but that is part of the cycle that one must look into. A potential investor must be able to realize that it is going to experiences losses and failure at the beginning. (Hall, p.1.) Accepting Huge Amounts of Stress In setting up an E-business, it is assured that each is going to take huge amount of stress along the way. So, a person must be strong enough to handle stress of conducting an E-Business in order to survive in this competitive area. (Hall, p.1.) Choosing the good Business In determining the right amount of business for its needs, one must look into what a person likes and what the people demand for. It will be a good start in determining what type of E-business to conduct. The paper will now present several suggestions in choosing the right E-business. Venturing in a Bookkeeping E-Business If one is adept in this field, then this might be a good venture. In a bookkeeping business, one must be knowledgeable enough in keeping spreadsheets and doing accounting with adequacy and reliability. (Bregman, p.1) Ensuring customer satisfaction in the facilitation of this E-business, assure steady profits and flow of customers. Offering a consultancy E-business Many industries right now are relying on consultancy firms over the internet. Thus, if a person is adept in this field, then maybe this can be a great start in starting a consultancy E-business firm. It has been reported that there is an increasing demand for consultancy firms online as technological advancement enables communication in various boundaries possible. (Bregman, p.1) It has been reported that in the United States alone, consultancy firms online are earning profits of $ billion dollars. (Bregman, p.1) Maybe it is good thinking about joining the competition in the consulting industry. However, a consulting industry would require a thorough understanding of the client company and can give the ample information that the company needs to have in order to achieve in this E-business endeavor. (Bregman, p.1) Important Elements in Starting E-business As the paper had mentioned awhile ago, venturing in an E-business is not a bed of roses. One must be able to understand that there are risks involved and one must be strong enough to be able to survive. The first one is having a good plan ahead for the business. (Reveron, p.1) This will be elaborated in the next section of the paper. The next element is having the passion to start, continue and finish the jobs that are given. (Reveron, p.1) Having this in background, then you are now capable of venturing to the huge market of E-Business. Creating the Business Plan After accepting that all these are possible, then one is ready to start an E-business. The next step in doing it is creating a business plan to start an E-business. Knowing what desired E-business would be like would be vital for the future growth of each one's endeavor. Thus, the paper will try to point out several important aspects of a good business plan to make an E-business more feasible. The first one is having a vision-mission in a business plan. Having a vision-mission goal can help in determining the direction of your E-Business. (John Morris, p.1) After determining the vision-mission, other important aspects of the business plan should include the goals, products and/or services that will be made, the marketing strategy, the financial projection and lastly the exit strategy if all else fails to go on company/firms side. (John Morris, p.1) Choosing the right name Though it may sound very subtle, choosing the name for the company can be vital for its success of downfall. Many successful e-business firms and companies attribute their success to the names each has given to their company. Thus, it is also important for starters to choose the appropriate and good selling name for the company. The paper will try to point out some important tips on how to get a good name for a starting E-business firm. The first point to consider is the way it attracts clients. This means whether or not the name can be remembered by a client. (Apruk, p.1) Another thing to be considered in choosing the right name for the company is the uniqueness of the name. (Apruk, p.1) Having a unique name would eliminate the threats of lawsuits filed if ever the name that shall be chosen is registered. Furthermore, having a company name trademark would be a good idea. It may be costly at first but once you start earning profits out of the company, other firms might try to copy the name and cut the company's profits. Getting the Right Persons for the Job Now that the company has created a business plan, and assured the owner that it can overcome any obstacles that can hinder it from starting its own E-business, the next part is choosing the right people to get the job done. The kind of persons that is needed for the job will depend on the kind of E-business a person/s is trying to setup. So be sure to pick out the best possible people to start an E-business. To be able to maximize the cost, be sure to have the right people that the company needs for the job. (Morris, 2006) This means settling only for the most needed persons at the time. For starters, each one must improvise with the capital the firm has, if the owner can be able to do the job then do it, it will save time and money if the owner will do it. Existing laws and regulations In starting an own E-business, one must be aware and knowledgeable about the existing and current laws that govern the industry. This is to enable not to be liable for any lawsuits or complaints of violations to these laws. Among these laws include age restriction, copyright, insurance, and other related laws that would depend on the type of E-business that you are starting. (Silver, p.1) Linking the things you need Having understood all the things mentioned before, the company is now ready for pre-operational requirements needed for the business. Before starting the E-business that owner want, there are pre-operational objectives that the person must accomplish first prior to operating the actual business. The next section will detail the following pre-operational objectives that you should do. Creating the Homepage A vital component in doing E-business is the establishment of a personal website to cater the goods and/or services that the company is willing to offer. Thus, creating a homepage that will cater this is vital for the success of the company's endeavor. Be sure however, to include all the necessary technical issues in creating the company's homepage to ensure its security. This includes the privacy policy, user agreement, terms and conditions, and copyright. (Silver, p.1) Inputting the goods and/or services to sell Now that the company has formally established its own personal webpage to cater clients in its E-business, the firm must now input the goods and/or services that it is willing to offer to their clients. This is self-explanatory as to the reason why it should be done. A good tip would be making these products and/or services more accessible to the potential customer and client to prevent mishaps and shifting to a rival competitor firm. Importance of Insurance Another thing that the company needs to consider in doing pre-operational requirements is having insurance for the E-business. Though, it may prove costly for the company at first to have an insurance policy, having one would be a safety net for the company and ensure security in dealing transactions in the company. (Silver, p.1) Securing Modes of Payment Since there are reports of fraud, hacking, and deception in the internet, buyers and clients aren't too responsive to this idea thus limiting the number of clients available for a transaction. Thus, there is a need for the company to ensure the payment schemes for clients are safe and reliable in your company. ("Accepting Payments", p.2) There are many methods in ensuring your clients payment safety. It is up to the company's choice and strategy on what modes of payment to apply in the E-business. Furthermore, there are alternative payment options that the business can also use for it to be more flexible in transactions with its clients. These include money orders, existing checking accounts, check cards, electronic checks, internet checks and pay pal. ("Accepting Payments", p.2) Allowing the company being diversified in its payment schemes plus being eligible in making these ends meet will ensure customer satisfaction and increased profits on your E-business. Operating the E-business Now that the company has successfully done the pre-operational requirements, it is now time for it to sell and make profits of out of the goods and/or services that it has. The next section of this paper will deal on how to operate an E-business at a full scale. Getting the right clients The first task as a fully-operational E-business entity is to entice clients to avail of the goods and/or services. The company must be able to target potential buyers and clients for there is a huge amasses of people who access the internet everyday. It would be impossible if everyday that the person cannot see your site and the products and/or services that it offers. Targeting what the population needs As the paper has clearly mentioned back, getting the owner's mind straight of what to sell is important. Thus, the newly established company must cater to the current needs of the population. People nowadays are very responsive to the kind of items and/or services sold over the internet. (Michael Lerner Productions, p.1) The company must be responsive to these changes and produce possible business strategies to be able to address these changes. Importance of Advertising Advertising has always been an important aspect of a successful business. This also applies to an E-business. It can be seen that companies are spending huge amount of money to advertise their product and/or services. Thus, the E- business also applies the same logic. A successful E-business needs a good advertising strategy to attract customers and clients. (Michael Lerner Productions, p.2) Conclusions In conclusion, the paper will point out several important tips in maintaining an E-business. Being Updated A good businessman must be able to update every now and then new trends in demands and preferences by consumers. Moreover, he/she should be able to manage the costs and profits that the firm is incurring for protection of the business and at the same time increasing its efficiency and productivity Experiment, Expand, and Lessen It is in the discretion of the owner of an E-business if it should experiment, expand or lessen transaction for its E-business. A good E-business must be able to address these changes in time and at the same time predict important changes in the business. Once again, it is the prerogative of the owner to be able to ensure that the E-business is gaining profits and not incurring losses with the application of these business strategies. A successful E-business may be in the palm of each ones hands, but the real big question is does each one really have the guts and determination to fulfill these things and at the same time the skills to maintain one Works Cited Apruk, H. How to Choose and Find a Business Name for your Company. 2006. 29 November 2006, Bregman, L. Ten Businesses you can start from Home. 2006 29 November 2006, Entrepreneur.org Accepting Payments. 2006. 29 November 2006, Hall, G. Things you need to consider to prepare yourself mentally for starting a Business. 2006 29 November 2006, Michael Lerner Productions Learn the Net. 2006 29 November 2006, Morris, J. Finding Who you Need - Advisors Accountants and More for your Home Business. 2006 29 November 2006, < http://www.articlecafe.net/Article/Finding-Who-You-Need---Advisors-Accountants-And-More-For-Your-Home-Business/11923> Morris, J. How to Write a Great Business Plan. 2006 29 November 2006, Reveron, J. Business Start-Up: The Two Most Important Elements for Business Success. 2006 29 November 2006, Silver, J. A to Z of Legal Issues: Everything you need to know from A to Z about going online and staying out of legal hot water. 2006 29 November 2006, Read More