Category: Business

This week, as I read about the pros and cons of different business models, I realized that a great deal of effort is required for almost any new business in order for it to succeed. Simply figuring out where to source products that you plan on selling requires a great deal of research, analysis, and careful planning. Price is not the sole, or even primary, factor in deciding where to source products from. Turnaround time, minimum order requirements, and many other factors all play an important part in this decision.

The assignments and reading for the week had a great deal to do with drop shipping versus affiliate marketing. From thinking through both business models, I was able to realize that each had their own distinct advantages and disadvantages. Drop shipping had more potential for growing into a full-blown merchant site, while affiliate marketing had less capital investment required. On the other hand, drop shipping can lead to more negative experiences with customers because of things like poor quality products and how returns are handled. Each of the two models should be carefully considered for how well they suit what a business is seeking to do.

This week, as I completed the assignments for this class, I realized how many amazing tools are available to almost anyone looking to start an online business. Things like the amount of people interested in a given product would have taken thousands of dollars and a team of surveyors to find out beforehand. Now, thanks to tools made available by Google as well as other ad services, it is trivially easy to get a good idea of what kind of demand there is for any given product. Similarly, platforms like WordPress have made it easy for anyone to set up their own website for running or advertising their own business. In the 90’s and 00’s it would have taken a solid knowledge of programming to accomplish anything similar.

Overall, the things that I read and learned this week gave me an immense sense of gratitude for all of the help available in starting an online business nowadays. It has really opened up new markets and opportunities for people of all skill levels, as well as from all walks of life, to be able to make an impression on the rest of the world. Guides about different business models and their advantages are right at our fingertips. Knowing the ins and outs of the different business models can help a company get started on a firm financial footing, as well as avoid potential pitfalls which could potentially jeopardize their success. The internet is full of opportunities for anyone who looks for them.