Developing an online business is more than just having a good idea, it can be a great one, but if you are not aware of how to turn your ideas into reality it will never flourish into a successful business. At Twelve12, we create specific plans for online marketing in Orange County and elsewhere, according to our customer’s business model. We want to share with you some information to help you turn your great idea into a profitable business.
If you are not sure where to begin, don’t worry about it, as we’ll cover the basics and this way you will have an idea on how to turn your idea into a money-making business.
The first step is to outline your business model; define all the aspects of your ideas, but from a business perspective, and define your customers, as the more information you have on them, the better. Then move on to your value proposition: why is your product better than the other options? Which needs are you satisfying? Then move on to the ways that you are going to establish relationships with your customers and also the ways that you will reach your customers.
You also need to think about the channels that work best for your business – sometimes this is very clear, but at other times, you will find that there are several options, so list them in order of importance and find one that has a cost-benefit ratio that will satisfy your customer and your business.
Then is time to move on to the revenue stream,.You need to be extra careful and understand your customers completely and the price of your product: how much are they willing to pay? How are you going to generate money? Some companies sell certain products very cheap and they make money by selling supplies, such as coffee pods or shaving blades.
Then move on to the necessary things that you will need for your business to work, such as resources; you could need a laboratory or a shop, a speciality tool, etc. It usually depends on your value proposition, so plan in order to support your main idea. Then work on the activities to make your business happen and the suppliers or partners that may be key to your success. At the end of all this, describe your cost structure, which covers everything that you have to pay for – and that is key for your business.
And that’s it! With this exercise, you will be able to outline your business model and make the necessary changes to start working with a more detailed business plan. If you need help outlining your business idea or how to develop your online marketing in Orange County, give us a call today; at Twelve12 we’ll be delighted to help you.