*SPECIAL REPORT* Part 1: Running a successful eBusiness - pt 2

Day 510, 19:41 • Published in Canada Canada • by AugustusV
continued from last page...

eWorld Economy Magazine *special report*: Part 1: Running a successful eBusiness - pt 2

Part 2: Running your eBusiness

1)Purchasing materials
If you have a company that requires raw materials to work with, that first thing you wanna do before hiring employees, is to go out and purchase some materials (remember to leave some money to pay for employee salaries)

2)Hiring employees
This can be a little tricky. If possible, hire yourself at first, and pay yourself the lowest possible salary. You can also be a little silly of you want, and pay yourself a ridiculously high salary, and boast to all your friends about it (just remember to donate it back to the organization at the end of the day to keep your company from going bankrupt 😛 ). Since you start out with a Q1 company by default, you can try to get some employees by hiring new citizens with 0 skills in order to get some productivity going and start making some cash. Later on you can move up the ladder and hire better trained employees if you wish. If you are unsure how much to pay your employees, you can go look at the human resources link and check for the average pay.

3)Managing employees successfully
This will be one of the many things that will be discussed in Part 3 of this report: "Strategic eBusiness Management - advanced management". Please subscribe and check your mailboxes for Part 3 of this report!

4)Upgrading
You can upgrade your company to produce higher level products for a fee:
Upgrade costs:
Level 1 to Level 2 =20 Gold
Level 2 to Level 3 = 50 Gold
Level 3 to Level 4 = 100 Gold
Level 4 to Level 5 = 200 Gold
(downgrading is free)
Once you have higher Q your products will have more value, more value means more profit. Try to get your company to at least Q3 before you progress in creating another company. Keep in mind that some sectors like "moving tickets", may NOT benefit from an increase in quality, and may actually damage your business. Other sectors like "housing", may only be profitable once they reach a higher level. However more on this subject is explained in Part 3: "Strategic eBusiness Management - advanced management".

5)Getting Market License
Getting a market license means paying a fee to be able to export your products to other nations. Sometimes it's perfectly fine to be selling within your eCountry, while in other times, if the demand is low in your eCountry, you should try to sell it in another eCountry. However these are just the basics, for a more through understanding please subscribe, and be sure to check out Part 3: "Strategic eBusiness Management - advanced management".

This ends Part 1 of our report: "Running a successful eBusiness - the basics".
We hope this article helped many of our newer citizens grasp the basics on eWorld Businesses, and we hope you will check back for Part 2 & 3 of this special report.
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