Aim of this article It is the aim of this article to give a brief insight as to the basics of embarking on a new online business.
Common Ground.
Starting your own business regardless of whether it is online or a traditional offline business makes no difference when getting started. Just because it is online does not mean that it should be looked at and researched any differently. I would suggest greater care is required.
I recently read that the two most major decisions that everyone makes in their lives pertains to:1 • Who you marry or choose to spend your life with.
• What business or revenue making venture you’re going to choose.
They both have a direct impact and will directly affect the way you live your life and the way it turns out. One thing is for sure none of us will make it off the planet alive. It stands to reason those two decisions should not be entered into lightly and only after considerable research. In both cases it takes time to confirm the correctness of your decision.
Interesting when embarking on a new relationship an extra effort is maintained in order to come across the best you possibly can (Yes although you didn’t realize you are selling yourself – you are a salesperson) and it is not until a certain amount of time has passed that both parties relax and slip back into their normal way of life. It is at that point and only then a true representation can be determined and you can gauge whether or not your chosen partner will be compatible with your views and ways of life. Sometimes a slight compromise is required. Interestingly all of this is kind of done subconsciously. It is not until you get past the honey moon period that you will know if it is going to work and then the relationship needs to be worked on constantly to keep it alive eliminating complacency. I think one of the main reasons a relationship fails.
Now although we are not here to discuss the marriage aspect, it does provide a good analogy and comparison, besides I have two failed marriages so that hardly makes me an expert just some one that’s a bit wiser.
Statistically (and I don’t get hung up on statistics or profess to be an expert) most businesses will FAIL in the first few years of operation. The reasons are many fold, and even just understanding the basic causes will aide in the planning of a successful business. Here are a few, most are obvious.
1. Failure to research.
2. Failure to define a business strategy/plan.
3. Failure to define business objectives/aim.
4. None or little knowledge in understanding your chosen industry.
5. Your own belief in what you do.
Expectations.
I have met some folks that have embarked on an online business and due to several factors have given up before they have begun. Due to the very nature of a relatively low start up investment sometimes as low as a few ££’s or $$$’s it does not matter to stop. Even some of the higher end businesses are still a fraction of what it would cost to start a franchise. But the learning curve and time frame for success does not change. In the traditional sense years are spent learning a particular trade i.e. Accountancy or Law two prime examples. Well why is it that for some peoples the fact that they have not made a dime or penny in the first month is enough for them to declare the business a failure a scam or a con. Interesting point – if only those people had found the strength to carry on and develop the learning curve. I wonder how many thousands of extra millionaires there would be living the life of their dreams today.
Before you get started.
With the way that the internet has developed over the last few years more and more opportunities have come to the surface. Some offer a service some offering a product. It may also be that you have a traditional business and are looking to capture the ever growing popularity of advertising over the internet. There are some important factors to establish before you get started and it does not matter what business you are contemplating whether it is a traditional business or a more modern online business you are going to want to ask yourself three very important qualifying questions.
1. Why?
2. What?
3. When?
Let’s look at them in turn!
Why??
The most important question is your WHY. Why would you contemplate an online business? For all of us there is a catalyst a reason that has got us looking for something extra. I hear it said a lot that all you need to succeed in any business is a strong desire to do so (your WHY and DESIRE are one and the same). Why is that? Simply put it will be the driving force that gets you out of bed in the morning and gives you the determination, discipline and the strength to get the job done, to learn, grow and develop. So your why is your desire for something you are striving for or for something you wish to maintain. Some (myself included) started looking after facing some kind of adversity a startling realization that continuing on your chosen path to date has not cut the mustard in fact I felt I was going backwards.
Here are some desires you may have.
1. Financial Freedom – Ultimate.
2. Better lifestyle.
3. Being able to provide for others ie, Family, charities, causes.
4. Be free of stress and constant worry.
Whatever your why or desire is, it has to be strong enough to effect a change. I would suggest your ultimate and continued success will hinge on the strength of your desire.
What is the alternative – simple – you give up before your business takes a foot hold and establishes it self in the market place or you never get started in the first place. In each condition this is the end of the road for your business venture, sadly you will have a tendency to blame all manner of reasons for your failure and even others. The one remaining fact is your WHY was not strong enough.
What??
Having found your way to this article suggests that you are looking and possibly taking your first tentative steps into the world of entrepreneurialism. Take a deep breath and breathe a sigh of relief – you are not alone. The home based online business industry is a current global mega trend. I know that statement does not help.
The answer is to look at what the masses do to get by, to just survive and do something different. It is by no accident that 1% of the world’s population retains 96% of the world’s wealth and in many cases they are household names. All of them are in control of their current and future wealth.
With the millions of opportunity adverts just in the search engines alone makes it a minefield and an almost impossible task to decide on which will be right for you.
So do your research unfortunately there is no short cut and your future will depend on your final decision. Make sure you get this right.
Until recently in the brick and mortar business the answer was to find a niche market and set up your own business or service. But WHAT??? They all came with heavy investments costs such as purchasing or the leasing of premises/offices fixtures and fittings, manufacturing costs advertising, distribution to name but a few overheads. It’s hardly surprising that most ideas are ripped up before they get off the drawing board.
The online business has quite a few benefits with products and services being delivered via the internet, with website development through to online galleries and music/book stores. We are truly in the internet age where even education is being delivered over the internet, a new rising superstar with an expected 100 billion dollar industry. Another pleasing aspect is that with electronic delivered products a lot of start up investment costs can be eliminated. This has paved the way for the home based business which only requires an internet connection and a telephone line. No wonder this has become a booming industry.
One word of caution there are many legitimate business opportunities already established but be wary of bogus online business opportunities just looking to fleece you of your hard earned cash. A couple of danger signs include.
1. A money demand for information up front.
2. If not a genuine service related industry, make sure there is an end product.
3. There is genuine contact information ie physical address and not just a Postal box.
4. Be wary of mobile or cell phone numbers only.
This is a whole subject on its own and for further investigation you can query a search engine for known internet scams and advice on what to look out for google is a good place to start. Government bodies also carry guide lines.
You will find a number of attractive ventures that promise to make you an overnight success and you will probably be familiar with the term “Get Rich Quick” I personally believe there is no such thing. Every legitimate business will involve an investment and hard work with your success measured by your own learning curve, previous experience and of course your desire to succeed.
When??
Ok once you understand exactly why and what it is you want to do you will want to set a time frame, a count down to getting started. Set a time for your different phases
1. Research phase. a. Initial overview of the business concept. b. In-depth studies each specific area. c. Putting it all together.
2. Learning phase. a. For specialized subjects. b. Developing skills. c. System of operation.
3. Getting started phase. a. Gathering finances/capital investments. b. Pre start phase. c. Initial start date.
4. Full operation commencement.
5. Continued learning advancement.
6. Further advancement (higher phases or levels of operation).
At this stage we can bring in personnel and company goals and time frames, but again this is a huge subject on its own.
The best time to get started is NOW o’clock if you already have your why. Get started as soon as possible. If it is not possible to get started due to time constraints on current and ongoing circumstances or the raising of capital investment, then it becomes vitally important to set a structured time frame as this will enable you to stay focused and achieve your goals.
Online Business Considerations.
There are of course many aspects of a business to consider when completing your research. But basically gleam all the information that is available. Some areas that should be considered are as follows 1. Business Structure. a. What type of business is it. i. Direct selling 1 up 2 up etc. ii. MLM iii. Affiliate program iv. Service only no structure. v. Online advertising for offline products.
2. Pay plan (compensation plan) fully understand. a. Percentage per product or service. b. When and how you get paid. c. On target earnings. i. Direct from the parent company. ii. Direct from the customer. iii. Percentages of referral sales if MLM.
3. Products. a. What are they. b. How much do they cost. c. What is the demand. d. What are the benefits of owning the product.
4. Marketing. a. What is the targeted market. b. How big is the market. c. Marketing restrictions. d. Marketing Costs. e. Lead generation options.
5. Distribution. a. How. b. Associated Shipping costs.
6. Manufacturing. a. In house or brought in. b. Associated Costs.
7. Whole Sale company details. a. Type of company. b. How long established. c. How long in current market. d. Future projections. e. Ongoing and future projects. f. New product development.
Again there are other questions you may wish to consider here depending on the type of business you are looking to embark on.
Summary.
This is just a brief overview of just some of the considerations when embarking on a business venture and is intended to give you some relevant ideas and a structured way of assessing your suitability. It is not a full list due to the many thousands of different businesses out there on offer. Just to re-emphasize DO your research into your chosen business. Overall if you don’t have a burning desire for the better life then doesn’t even finish reading this. You won’t have the conviction to carry it through. Not every day in any business is a rosy one – Just remember there are rain days as well as sunny days.
Finally the one other must have ingredient BELIEF – truly believe in your products and your business. I would like to cover that in a future article. Until next time good luck and every success to you all. David Gant www.Davegant.com
Starting Your Online Business Overview - To learn more about this author, visit David Gant's Website.
Like this article? Share it with your friends
 |
Related Articles |
|
 Making Money Online: It’s Not as Hard as You Think!
|
| |
Making money online is not as difficult as it may first appear to be. For those who are new to the internet, the prospect of having to learn about this entirely new world might seem more than challenging, but there’...
|
|
Starting a free online business
|
| |
There are many options available to start an online business for little to no cost; all you have to do is a little research.
|
|
Is It Possible To Make A Home Based Income Online Immediately?
|
| |
On the internet some of the most common phrases you will see are that you can start making a home based income online today or that you can achieve instant wealth. While there is some truth to this, a lot of the st...
|
|
Ideas To Make A Home Based Income Online
|
| |
As there are many different ideas to make a home based income online that you can choose from, you just need to take the time to find the right ideas that will be the best suited for you.
|
|
Patience Is Key with Paid Surveys
|
| |
One of the easiest ways to get started working from home is by completing paid surveys online. There are numerous market research companies that want consumer opinions and are willing to compensate you for your time...
|
|
|
|
![[Get Copyright Permissions]](http://license.icopyright.net/images/icopy-w.gif){kind=small}
