Seven crucial things to consider when starting an online business
Many of us have considered a career change. Some perhaps not voluntarily these days but the fact remains that you must now seriously consider it. One of the first mistakes many make is they think they must stay in their current field of expertise. That is what is known as the comfort zone. This is a euphemism for "afraid to learn new things." Change does not come easy for most. Just the daunting task of learning and readjusting to all things new can be quite stressful. All the considerations like uprooting the family, schooling, friends and every other aspect a career change brings. The majority of people out there utilize the internet for one thing or another some even to search for a new job. How many think about making the internet their new place of business?
In this series of articles We're going to discuss the seven crucial things to starting a home based business online. These seven things will enable you to look at opportunities with discretion and confidence so you don't begin that vicious cycle of invests, fails and repeats.
The first thing is you must find a business with a unique product and high demand for that product. Is this product in demand in the marketplace? Would this product be a value to you without the business opportunity? Let's use health food for example. The market is flooded with nutritional supplements. How many more juices or fat burning pills are really needed in the market place? When considering any venture you want to look at return on investment (ROI). At what price are you going to sell a product that there are a million different varieties of? Not much I can assure you. This means your commissions will be equally small and that is no way to gain financial freedom.
The second thing is it must have a lucrative compensation plan. You are looking for high upfront pay as well as high residuals on the back end. You cannot make a career change if you are making $50.00 commissions not to mention the extreme burnout you will experience in the process. You are looking for a product that sells for $1,000.00 and up with a 50% commission. This way you are earning $500.00 to $1,000.00 per sale with the high residual income on the back end. The reason for this is after a year or two of building this business you will deserve a vacation and will need to know you can take a month off and head to the Caribbean and not worry all your gains will be lost. This back end residual enables you to create true financial freedom and a lifestyle you can thrive in.
These are the first two of seven things to look for when considering an online business. The next few articles will continue to cover the remaining five crucial things. If you have at all considered a home based business these seven things will help guide you to making an informed and confident decision to take your life in a new direction.