Research Paper Sample on Starting a Business Online

Starting a Business Online, Part 2

Question 1

            In such a situation, the first thing to do is to accurately determine the value of the domain name. I would seek to determine if the domain is worth more than or is equal to $1000. There are numerous methods that can be used to determine the value of the domain. These include seeking free valuation from online forums like Nameslot and Digital Point, using the services of professional domain trader, making use of online valuation tool like Swift Appraisal or Valuate, and paying for professional valuation from websites such as Domain and Sedo Appraisal. After this stage, I would go through domain names on sale and see the average price at which they are sold. Similarly, I would conduct a research to see if I can get a new domain name for my business. A domain name is an address through which a business is found online. It is the platform through which the business expresses itself to the customers. When selecting a domain name, it is important to choose one that allows customers and web users to quickly locate the business. If I were to sell the domain name, it could negatively affect the business. From an ethical perspective, it would mean I place more value on money than on the business itself. This would damage the creditability of the business in the eyes of the customers. For this reason, I cannot sell the domain name of my business for any amount.

Question 2

A catalog display is the main way through which the business puts across information about its products to its customers. A good catalog has to be convenient and reliable (always available to the customers). The goal is to boost sales and create a return on investment. Shopping Cart Capabilities refers numerous scripts that keep track of the various items visitors pick to purchase from a givenwebsite up to the time they checkout. It has tailor made features that permit the program to be set up in a manner that suits the needs of business and its customers. It carries out different functions including arranging products in a catalogue and determining how payments are processed. The shopping assumes complete authority over a business` online store. For any online business, the shopping cart is a must have. Unlike a brick and mortar store that closes for some time during a day, an online store never close and the shopping cart is always available. Other than giving the customers the opportunity to choose how their products will be shipped, it also gives them flexibility in terms of payment methods. The shopping cart software also allows the seller to keep track of the orders made by the customers. Similarly, a shopping cart is connected to the business` online inventory and this permits the business owner to know the inventory level and when it needs to be replenished. It also allows the business to track what customers buy most, and therefore plan for the future. Transaction processing software supports secure transactions over the internet. This software verifies the buyer`s information and is intended to offer security and protect customers from identity theft and fraud. Transactions done online are verified through third party organizations. A credible online business must have a certificate of certification for financial transactions on their site.

Question3

There are several strategies through which a business can create a strong web presence. A strong web presence benefits thee business in terms of increased web traffic and customers` interest, and improved communication with the customers. A strong web presence also creates and sustains customer loyalty and increases the business` visibility on the web.to build a strong web presence, a business has to branch out its website to optimize its chances of being discovered by new customers. A business can use channels such as Twitter, Facebook, and LinkedIn to provide relevant information about the business (Schneider, 2011). Discussions in these platforms provide opportunities for the business to respond to questions from the customers also direct them to the business` website. A professional and strong social media identity plays a significant role in building customer trust on the business. Similarly, websites such as YouTube provide the business with opportunities to feature its products in a video, which is then posted online. Potential customers love product videos because it gives them an opportunity to see the product as it is. Similarly, operating a blog in a business` website is also an effective strategy that can be used to demonstrate to the clients that the business is not a faceless organization. In addition, updating the blog regularly and providing honest response to customers` queries gives the company a personality. A blog not only enhances a business` web presence, but also helps it in receiving unsolicited feedback. Similarly, business newsletters can provide information about business happenings and generate sales leads and traffic. As a business, it is important to request visitors to the business website to sign up for a newsletter.

Question 4

            The business` selling proposition is: our bouquet brings uniqueness. The market segments the business will target are working class females and full time professional women. These people generally earn in excess of $45,000 per annum. As a result, they can afford to buy clothes and other leisure items. This group will be our target market because they work fulltime and are therefore of in need of different clothes and accessories for work. They also have the purchasing power. In addition, unlike men, women shop for clothes more frequently.

There are numerous benefits that come with our business` products or services. Firstly, ourboutique is different from those offered by competitors because as a business we are committed to offering style and quality as a package.  Our main concern is to make our clients happy with every cloth they buy from us. As a result, we will offer clothing of all sizes and shapes for our female customers. Most importantly, our business will not just be a store selling clothes, our clients will benefit from our knowledgeable and experienced sales team. Our goal is to achieve exemplary customer service. We will have an attractive and inviting business environment. Our lady`s boutique will also provide advice and fashion information to our clients. The services found at our boutique cannot be found in other clothing stores.

In advertising in the web, the business will first register a domain name, followed by selecting a web host.  The business will then design a web page, and thereafter we can begin marketing and advertising through a website.  We will also create a social media page in Facebook and connect with professional women through LinkedIn. Email marketing for potential customers who are interested in our clothes will also be available. In addition, the business will create a bouquets blog as a way of reaching new customers. Through the blog, the business will be able to converse with the public and demonstrate the personal and human side of the business. The business` web address will be printed in the company`s business cards and on other stationeries such as pens as a way of promoting the brand and the business.

Reference

Schneider, G. (2011). Electronic commerce: 2011 custom edition (9th Ed.). Mason, OH: Cengage Learning.