Making money over the internet: A 5 step formula By kannan Balakrishnan

Making money over the internet: A 5 step formula

Getting rich is the dream of many. And internet is a good medium to get rich fast. But one have to do a great deal of homework and consistent effort to get rich. In this short exposure Kannan Balalakrishnan, the great Indian writer tells about the five step procedure to make money using internet.

Step1. Have a basic knowledge about internet.
Internet is a vibrant medium. It is also highly dynamic and evolving. What is selling today may be considered garbage tomorrow. So anybody planning to do an internet business should have a basic knowledge about internet, its evolving trends and the possibilities.
Step2: Get a business idea:
If you think that you have ingenuity, originality and enough time, you can workout your own business idea. Or if you are ready to research a little you can get enough articles discussing original business ideas. If you are a butterfly on the internet, you can adapt the idea from a successful business site (of course without infringing the intellectual property rights) and make your own variations of it. If you are still lazier you can approach a consultant for the purpose. The important thing is that you must have an idea.
Step3: Work out the idea to minute detail.
An abstract idea like “I should have a site selling books” will not fetch you money. So many things have to be decided upon. What content you should have on the site, how you interact with customers, how do you prevent frauds, how do you advertise your site and so on. Another very important thing is the user interface .In all these things a consultant may be of help to you, but if you want to learn and innovate he may be a hindrance too. This phase is a little time consuming, but it lets you weave dreams about your business. Also it is advised to document your design dreams. because these forms the blueprint of your business.

Step4. Implement the business:
Once you have the complete idea of a web business you must start implementing it. If your site permits you can go for an incremental implementation, starting with a minimum set of features and adding new features gradually. This will help you to start earning from an early stage. The advertisement can go side by side. In many phases you may have to get external help or advice.

Step5 Constantly improvise.
As I have said earlier trends in internet are changing at a rapid phase and if you do not make changes in the interface and working style of your site will not be liked by people. So you must constantly watch competing or similar sites and evolve your site over time. The feedback from the users is a good indicator in this regard. Also you must be willing to diversify ,expand and even divert your business according to market forces and user needs.

I would like to get your feedback regarding this article. Please feel free to mail me your opinions.

Kannan Balakrishnan is an Indian writer. He maintains a blog http://www.wbforu.blogspot.com which contains his articles as well as articles of selected authors on web business. His email is kannanb@post.com. He also gives advice on internet business related matters