Rashaad Patrick PhD - 12-Point Checklist For Building an Online Business (Part 2)

Building an online business is never an easy task. Either if you are a business veteran or a beginner pursuing a dream, there are numerous challenges to overcome, trends to keep an eye on and a need for tremendous preparation. To make it at least a tiny bit easier, I decided to put together a 12-point checklist in a 4 part series, covering all the essential steps for starting an online business.

4. Take a look around

Okay. You have an idea, which seems to be interesting and also figured out a business model, that would generate constant revenue for your online business. Now it's time to turn the focus on the other players. Dig up everything on any other online companies, or solo entrepreneurs who are offering the same service as you will be. The chances are high that you will bump into a bunch of future competitors, where the best scenario is ending up with a few big names who are doing something similar. Why? Because it proves that your idea is already working - only it's making others successful at the moment and not you.

Don't get nervous about discovering that your idea is already out there. In these cases, you can either get back to the first point and think of another one (not the easiest thing), or alter your present idea, so that it can offer something better, faster, cheaper, easier compared to your future competitors. Also, if it seems like that there are hundreds of others doing the same as you are planning to, don't simply just give up on your idea, but start thinking about how you could make it unique. Surely if there are hundreds like you, they were able to do the same, so why give up? The next point might come in handy in this case.

5. Analyze and learn

It's time to get back to the lab! Gather every detail that you can on your future competitors. Know them and know them well. If you are going to join the competition for online success, it is vital to know the business model of the others. How do they generate revenue? Who is the most successful? What are their strengths and weaknesses? What is their target audience? It might take considerable time but these insights are vital in the long run. Why? Because this can help you create value and transform your idea into an actual piece of art, that offers better capabilities compared to others. Furthermore, it helps you to make your future product or service: UNIQUE!

6. Uniqueness

If you have done your homework, you should be aware of the similar services out there. The information can help you to hone your future product or service and make it more unique. All the data that you have gathered in point five and two, will get you a bunch of vital insights on your target audience, the best business models out there, the various pricing possibilities, and on the unique functions, services or extras which are needed to differentiate your own service from your competitors. This is your way to uniqueness. 

Part III is on its way

Dr. P