Over the past several months, I’ve had a business project in mind. To this end, I took a class to organize things. The class takes things from the marketing side to build an online business, and by mid-December, I’ll have it up and running.
This week, we jumped into understanding different business models, a topic I’ve previously discussed in other classes and researched so I could know my options for my own business. We will be creating an online business in one semester. So, we need to understand the costs involved in the methods.
If you plan to sell a product, some, like drop-shipping, don’t require you to keep the product on hand. Another company does the management of this. However, you might lose some profits in the arrangement. You need to examine how those balance against possible storage costs. Other models don’t include physical stock at all. These involve services, affiliates, and subscription-based businesses.
Another part of the week involved working with Google Ads and generating keywords to understand demand and competition. In this instance, we used the keywords to test how high (or low) the competition currently is for a given topic. Then, the possible demand was determined based on expected click-through and impression rates for a given budget. I think an important aspect of this is finding the right keywords for a project to generate the appropriate
Most of my training has been from the design side of things. We’re in week two in this class and I’ll be writing a weekly reflection of the process. Come along for the ride.
