As hundreds of dotcom companies ended up shutting down, more net entrepreneurs are also looking for new opportunities. In this short article, I’ll share my personal experience and knowledge with you on how to minimize your risk in order to build a successful and profitable Internet portal on the World Wide Web.

1. First of all, determine your area of interest and a niche market that has potentials. Choose an area that would utilize your existing resources, knowledge and expertise.

2. Research and study scope of your market. If you serve both domestic and international markets, your will have a stronger chance for survive. If you only serve domestic, find out what services would make your business more competitive.

3. Clarify the scope of your business and ask questions before opening your checkbook. Do you have efficient resources available to build a B2B or B2C portal from the scratch? Do you need to leverage current website, customers and sales staff to produce additional revenue? Do you want to do all IT functions in house or should you out source? Do you have a sufficient revenue-generating model? If you are running a one-person operation, do you have enough time and technical skills?

4. Identify your clientele and need to come up with some unique ways to attract your customers and keep them coming back. Remember, content is king!

5. You are running a portal for profits. Identify and develop some solid revenue models. In the past, it has been proven that banner advertising model and transaction model may not be as effective as expected.

6. Identify effective marketing and partnership strategy in order to establish a strong Internet presence. Much failure of startups occurred due to lack of step-by-step strategy and long term plan on growing business. Much just hope someone will buy out their site and make money quick. So how to differentiate your portal from others is your vital task from day one. There are hundreds of portals on the B2B and B2C fields. It is very critical to think about what makes your portal stand out from others in this competitive market.

7. Develop your portal site with free or low cost tools. Some of web tools can be found at DollarTemplates.com. Hire a freelance consultant or offshore consultant to work on your portal project. It is much cheaper than hiring a full service consulting firm.

8. Develop your portal site structure and service offers. For instance, a B2B portal should include Storefronts and optional classifieds, auctions, and request for quotes (RFQ’s) serve their needs. Community features should have online polls, mailing list management, real-time news feed. They provide a highly profitable and competitive offering in most vertical portals. User personalization can also make your portal "sticky."

9. Manage your finance efficiently. Forget about free lunches or parties. Start with solid budget plans and spend your money wisely and carefully. Market your portal site by forming strategic alliances with other websites rather than spending hard-earned cash.

10. Many startups fail because of their poor management. If you want to start with low risk and low budget, consult with freelance consultant rather than hiring a consulting firm. Freelance consultants offer services and expertise at very reasonable rates. If you think about seeking venture capital to jump-start or strengthen your project, you may get a sample plan "B2B DotCom Startup Company Business Plan and Executive Summary" at the B2B Resources Center at http://www.SmarTechLab.com/b2b.htm. However, it is very difficult for a dotcom startup to get VC funding now.

11. Partner with other startups or businesses to strengthen market presence. Many smaller portals are willing to team up with other portal sites to create a network presence on the World Wide Web. Simply ask other portals and it would not hurt you at all!

In conclusion, it has never been easy to build a sound and successful dotcom operation, but keep your dream alive by working hard and working smart. Money will eventually be pouring in.