How to Start an Online Business? | Start an Internet Business

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This lesson – and this section of the CHIMPS® method – focuses on the industry that your product/service (when starting an internet business) is classified under. It is important to have an awareness of the industry you intend to operate in, so that you may:

1. Understand the laws, regulations and guidelines that you must adhere to in selling your product/service;

2. Identify any obstacles and challenges you may have to overcome in launching your product/service into that industry;

3. Understand where your e-business fits in the industry, so that you can exploit advantages your e-business has over traditional business or other e-business competitors.

The below table is the third table of the CHIMPS® method, which lists questions for you to answer regarding the industry your e-business is seeking to enter. What is an ‘industry’? An industry is a general term that covers all products/services of a certain type, split into markets within that industry. For example, Starting an internet business or an e-business that manufactures its own socks and sells them online would be classified under both the textile and retail industries, and the clothing and clothing retail markets; an online learning website would be classified under the education industry, and the online learning or Starting an internet business; a social networking website can be classified under several industries, such as the information technology industry, entertainment industry or media industry, and will also be covered by multiple markets, depending on what services it offers.

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