Lessons I have Learned This Week

    
                    Things to keep in mind when starting an online business 

    This week I have learned so much about how to create and run a successful online business. There are many positives to running an online business but there are also many hardships. But if you know keep learning, you will be successful. 

One of the things I learned this week was the importance of being aware of competition and demand for the specific product or service you are wanting to sell. Competition is good because that means that there is a demand for your product or service, but it can also be detrimental to your business if you don't know what you're doing. When starting off your business, weigh the amount of time you have with your passions and goals. This will keep you on the right track. You also need to be open to different ideas. Stepping back and really looking at your goals for the business will be incredibly helpful. Don't just get lost in the ideas that will make you the most money, be aware of what makes you happy. Another thing I learned was that you can combine different business models to create your own business. If you need a refresher on the most effective business models, go to this website to learn more: Online Business Models

Another thing I learned this week that is helpful to keep in mind when starting your online business is picking the right supplier. This is helpful if you are selling a service, but especially if you are selling a product. Knowing which supplier will work best for your needs is crucial so it requires a lot of thought and research. The main types of suppliers include manufacturers, wholesalers, marketplaces, and drop shippers. You can learn more about these suppliers in this website: How to Find Suppliers for Your Ecommerce Business | Sourcing Guide 2025 

There are pros and cons to each supplier so make sure you compare them all before choosing your supplier. To do this, it is smart to first choose a criterion you will be comparing each supplier on. Weigh the importance of each criterion because the criteria won't all be the same level of importance. Rate your options next using a simple number rating for each criterion. Lastly, rank each supplier based on the exercises above. This will show how each supplier compares to the others and will help you see which one is the best for your needs. 

The lessons I learned this week were helpful to me and I hope they were helpful to you!


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