Site Building & Hosting

                                              https://smallbiztrends.com/2016/05/free-website-builders.html

This week there was a lot of growth in learning which site builder would work with the preferred host and domain name of my choosing. I spent a lot of time researching different site builders, gathering information on plan pricing, host capability, and ease of use to determine which applications would be at my skill level and still meet the needs of my business. 

I found the most important criteria to be for any business owner was personal preference. In researching the many site builder and hosting sites, I learned the majority of website builders integrate hosting in their applications and offer similar plans with competitive pricing. I then realized most site-builders and hosting sites make it easy for a first time e-commerce owner to build a professional website. The simplicity can make it difficult to chose a plan because of the overwhelming choices. Based on the many applications to choose from, it was difficult for me to make a decision. I then started to research some of the downfalls of these sites. For example the terms for cancellation policies, bandwidth requirements, available SEO tools, and subscription agreements. Considering some of the limitations to these applications provided opportunity to expand my knowledge and do some more research. 

What I want to remember from this week is making the effort to research when choosing a site builder and host are well worth the time invested. It would have been easy for me to go along with the popular choice in the discussion boards or to only focus on one criteria to meet the basic requirements of this course, but I wouldn't have fully grasped the concepts taught this week and I would never have known what SEO meant or why its so important to consider when starting an online business. 

By the end of the week, with confidence, I have been able to make an informative decision on what site & hosting plan works for my business. Outside of finding the right applications for my business this week, I also learned critical thinking is equally important when making good decisions. 

Sourcing the Product

Photo Credit: https://diodetech.com/product-source.html

As mentioned previously, creating a web based business is new knowledge for me. It took effort to understand the benefits and drawbacks of using affiliate marketing vs. drop shipping as a business model. At first glance, the answer seemed simple when choosing a method to generate sales. The easier method being affiliate marketing. 

With affiliate marketing, everything was cut and dry. Find publishers, offer a commission, and bring in the profits. It certainly seemed ideal compared to drop shipping which would require overcoming some challenges like chargebacks and extended shipping times. However, what I learned this week was easier doesn't mean better.

I discovered through the readings and resources in the assignments this week that implementing a decision matrix is the first step to targeting what is important to the business owners and the company before making a decision on a business model. Using a decision matrix will aid in establishing a business model by ranking the importance of quantifying criteria based on a comparison between two or more alternatives. Once a ranking of importance is established, an obtainable model can be implemented.

I also found, it's equally important to do the research to discover what will work despite any challenges that come with the best answer. For example, although affiliate marking seemed like the easier route in the student recommendation model, in the long-run, it would require a great deal of time and money to find publishers willing to advertise products on their website. Given the skill set of the student group and their criteria, affiliate marketing may not have been the best answer. Further research into finding the right business model is well worth the investment. 

Business Model & Idea Generation

                  Photo Credit: https://www.designtechweb.com/the-significance-of-web-design.html 

Being new to web based businesses, I am a novice at many of the ideas and processes of starting an online business. There are insecurities, but also excitement in learning something outside of my comfort zone. 

For this week, despite my self doubt of using technology, I found using Google Ads to be a creative way to look into demand and competition of a product. By utilizing the information from the forecast option and keyword planner, assumptions on what products or services to sell as a start up company was helpful in generating ideas for the right business model, low risk markets, and highly sought after products with low competition. 

Another notable learning objective this week was how to brainstorm business ideas. What should come first? The business model or the product? My initial thoughts were based on passion. Having a product or service based on passion would be a driving force in the motivations to continue pursuing a business model that may have setbacks. Passion also provided opportunity for a new business owner to examine lateral thinking by looking in to an existing problem and applying worthwhile solutions while understanding how their strengths can contribute to the solution. By pursuing a passion, the business would be based on purpose rather than profits. 

However, I discovered a new way of thinking from the discussion boards. I learned that passion isn't the only thing to consider when starting a business. Knowing specific skills and capabilities that an individual posses, can greatly benefit a business model before exploring products or services to render. Choosing a business model first can have its benefits because it allows room for testing and revising assumptions based on demographics and meeting consumer needs.