Online entrepreneurship is one of the earmarks of today’s generation. Being a relatively nascent industry, online businesses are teeming with opportunities to make money with minimal to no physical presence required. Yet while many people dare venture the industry, not everyone succeeds. In fact, according to multiple sources, 90 percent of internet startups turn belly up within their first four months. Don’t let yourself be part of the statistic by reading these five tips for online entrepreneurs who’ve decided to take on Malaysia’s ripe e-commerce platform.
Understand and Execute the Basics
Stick to the fundamental internet marketing etiquette. High volumes of email messages, phone calls and texts, and other aggressive forms of marketing can earn your brand a bad reputation. Such techniques are not worth the energy you spend to achieve them. Read up on the Terms and Conditions imposed by programs and third-parties you decide to partner with to avoid breaching contracts and paying hefty penalties.
Continuously Learn and Sharpen Skills
Although it’s important to concentrate on aspects that help build and manage the online business, learning new skills is especially useful in the ever-changing internet landscape. Balance your time between internet marketing techniques and back-end program scripting. These skills can be acquired even just by investing an hour or two of your time per day, yet can play an integral role in your online business’ future success.
Running an online business in Malaysia is inherently chaotic but even more so when you are disorganized. Keep all business dealings logged and sensitive files and backups stored properly. Manage your software programs and email accounts for updates and backups. Ultimately, your goal is to be able to access any file or program within less than a minute. Tidying up your computer and desk can optimize productivity and work quality.
Choose the Right Virtual Office Provider
Virtual offices as the title implies, offer telecommunication and address services without leasing actual physical work space. You will be given a remote receptionist, virtual assistant, and even a dedicated call center to transmit and receive phone requests of your customers. What keeps this service invaluable specifically for online entrepreneurs is that it minimizes office overhead expenses while also helps retain the client’s professionalism.
A brilliant idea is worthless until you actually create something from it. You can get 10 to 20 ideas per day but none of them will have actual value. Being an online entrepreneur in Malaysia or anywhere else in the world for that matter must have the self-starter attitude to get good ideas off the ground and build value around it. Once you get an idea, draft a plan of attack for it and start gathering your financial and intellectual resources to make it happen.
Despite the overwhelmingly high failure rates for online entrepreneurs, the career path is one worthwhile taking. It teaches you discipline and innovation in the process of building the brand, gives you limitless profit potential and teaches you how to manage risk effectively, and grants you the financial independence from having to work for someone else.