Looking to cash-in on the millions spent by consumers on the web? Considering putting your business online? Read on to understand the opportunities, challenges, and success factors.

Anticipating thousands of visits and even more orders (if that’s possible), business owners look to the web to “cash-in”. After all, what a market! Millions upon millions of people use the web every hour of every day!

The growth of websites has been dramatic over the past few years. The number of website grew over 210% between 1998 and 2002. Consumers have come to expect a business to have some presence on the web.

So, how is a business to get a piece of that “market”?

Anticipation – check out these numbers!
In 2002, there were 167 million web users in the Unites States. By 2004, it’s estimated that $8.5 billion (yes, billion) will be spent online by college age and younger web users (I was lucky if I had $5 to spend when I was that age). Add to this, the users from other countries and we’re talking about some serious dollars!

Go to www.clickz.com/stats for more information on Web trends and statistics.

Bricks and mortar success – is it a requirement?
You (or the company that hired you) have an existing business, store, shop, service, etc. and you are thinking (or should be) about branching out – virtually.

Business success or failure outside of the Web, does not necessarily guarantee success or failure on the Web. “Bricks and mortar” success depends on new and repeat customers walking through the door, making purchases, and being happy with what the business provides.

Online business is similar to bricks and mortar. You need customers to find and to enter the business site (walk through your virtual door), make purchases, and be happy with what you provide (happy customers mean repeat purchases).

If your bricks and mortar business is a success, you might be able to translate that into success online. Furthermore, if you don’t have offline success (or have no offline business) you still may find success online. It’s a new marketplace!

Web Success Factors
What success factors are translatable to the Web? The success factors that work in the non-virtual world, also can work on the web – good/sound product(s), fair price(s), good customer relations, and location, location, location.

The relative goodness/excellence of one factor can offset a relatively bad level of another factor. For example: Inferior product factor is offset by a lower price (as compared with higher quality products) and excellent customer service/relations offsets may other factors.

If you own a bricks and mortar business, document what factors made your real world business a success. Is it your product, price, location, good looks, advertising? Ask your customers and write it down. You may be able to translate this to the web.

Then there’s that mantra “location, location, location” – a critical factor in the real world and a critical factor in the virtual world. If customers can’t find you, or don’t like what they find, you do not make a sale.

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