my new business idea

[look-a-like]

Hi everyone,

I recently spotted a niche in the online health and fitness market which I believe I can exploit (with a little help..oh and money). I looked absolutely everywhere and couldnt find what I needed online and the offline option is WAY too expensive trust me so I have set myself a goal of owning my first website by the end of October, which I think is achievable.

Does anyone have any advice on starting up a website business? is there anything I need to bare in mind that differs from setting up a normal trading company? Also my business would be offering a service as apposed to selling products, is there much difference in the startup procedure?

Thanks in advance

Dan

[Indizine]

Those questions are really broad. I'd suggest breaking them down and also doing some research and planning. Go to your local enterprise agency(www.nfea.com) for free help with business planning which will draw out your questions and answers.

There are lots of things to consider, so find a web designer you can trust to help you and not take advantage of the fact you are a complete novice to owning a website let alone starting a website. There are many pitfalls so do plenty of research to avoid as many as you can. Don't rush and don't buy on impulse; this will pay off, trust me.

I used to be a business advisor and manager and director of 2 business start up agencies and you can draw a lot of information from them. They will often be working closely with Business Link but if not, contact them too. Get as much free help as you can and bounce ideas around, get recommendations, etc. If you have specific questions, fire them away in the different forums her on A1. If there is anything I can help with, I will try and answer them.

Depending on your age or other circumstances, look for specific support that might be available e.g. Princes Trust, Prime, etc. Are you working at the moment? Have you got money to invest? Once you have completed a business plan you will know roughly how much you will need to start up and how much you will need to make to stay afloat for the first 12 months, and how much sales you need to make each month.

The legalities that apply to offline trading in the main also apply to online trading with regards, tax, vat, etc. But there are also regulations for trading online, e-commerce regs, plus good practice stuff, that will all help you do well online. Don't take shortcuts, don't miss essential stuff out to cut on costs, and don't forget to make sure there is a market in the gap you have found.

[Moneyman]

The big question is HOW do you charge?
subscriptions are very very difficult to get. you have to offer stuff for free and then charge for premium services.
also make sure you cant be ripped off. if you post any information or video etc. try to stop it being copied otherwise people just stick it on youtube.

popularity is no guarantee of income

[iblbuilder]

You also need to be aware of the rules of your locality and how they relate to other countries citizens using the site. For example, we are a UK regd company, but as its more cost effective, we host our site in the USA. So although we are Uk based, we have to comply with US legislation. It can be complex.

[Marketest]

Everyone has given you really good advice here. The one area I would stress a great deal of importance over is market research. You stated that no-one else offers the service you want to provide, make sure that this service is both marketable and desirable. Part of every good business plan should be effective market research. With these uncertain times, it is now clear that researching a startup's market has never been more important. Market research will help you to determine:

· whether you are providing something that is wanted
· how much your customers would be prepared to pay
· where and how would they prefer to buy
· who is most likely to buy from you.

Costas

[alby]

Lots of Good Advice there, but one point made by Marketest i think is especially important. The point is about the suitablility of the service your considering offering. Just because you cannot find it at present doesn't mean its never been done. Its possible it was tried and failed miserably by another company, or there is simply no call for it. I'm not trying to be negative about your idea, just would suggest that you maybe do some preliminery marketing and ground work before you go ahead all guns blazing. I speak from experience, believe me

[virtuallysorted]

My advice on online businesses would be to get at least three quotes on everything. When I first thought about my business I had a really clear idea about what I wanted, which is one area where I think a lot of wannabe internet entrepreneurs fail - they change their minds halfway thru the webdesign.

1) Know what you want and clearly write it all down and supply it as part of the quote process and
2) Get at least three quotes

My website was initially quoted as being £7,000!!! I eventually paid £800 for it and was really pleased with the results. Since the initial build it has been through many incarnations... You will probably want something with built in SEO and also the ability to update it yourself using a CMS system.

Hope this helps!
Caroline