Business

3 Essentials For Building A Successful Business

Building an online business isn’t easy. Building a winning online business is even harder. Startups have a tough road towards success, and their fledgling success rate proves it. According to Forbes, nine out of ten startups will inevitably fail. Though, with all of that said, there is hope for new businesses. One Montreal, Quebec-based company, Momentum Ventures, has seemingly cracked the winning business code. Having launched seven successful businesses in eight years in seven attempts, Momentum Ventures has a perfect record when it comes to launching successful online ventures. While it’s never as simple as three steps, Momentum Ventures have three broad questions they have to answer before launching a new business. momentum ventures

  • Who Is Winning?

Who are the leaders in the industry you are currently targeting? Is the market steadily growing? You need to be able to identify who is winning in your desired industry and determine whether or not this industry has long-term growing potential going forward. An industry could meet the final parameter in many ways.

For example, FlightHub, Momentum Ventures’ flagship brand, was deemed to be a solid long-term investment based on the fact that travel agencies were moving online at a very high rate. In addition, travel is an expanding industry that grows as countries and regions grow economically, meaning more destinations becoming available, more travellers going abroad, and more tickets being purchased. In fact, as online travel continues to grow, Momentum Ventures is preparing to launch a new online travel agency called Alio.

  • Can The Market Be Tapped Into?

After identifying the leaders and the growth potential in your selected industry, it’s time to figure out your unique angle. How are you going to penetrate the market? Do you have a plan that can ensure your success against established leaders? If the answer is yes, you enter the research phase, learning everything about the industry, the competition, and how you can make your impact in the marketplace. Ultimately you need to decide what you are going to do, how you want to do it, and if it can be done successfully.

  • Are You Passionate About The Industry?

You have to live with the work you do. So, after doing the research, examining your angle, and studying the market, do you still care enough to devote your life to making this business a successful one. You don’t have to be a management expert, but you have to have passion and drive, and in order for your business to be successful, the answer must be an emphatic yes. You need to not only love the industry, but be willing to stick through the dark days of development, testing, and launch. It’s not a relationship, it’s a marriage to your product and the steps required to ensure its success.

Following these three steps only gets you started down the road to building a successful online business. It takes dedication, passion, ability, and a little bit of luck to turn a business into a winning business.

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