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Seven crucial things to consider when starting an online business
| Guest post by: Richard Walsh |
Article Overview: These seven things will help you make an informed and confident decision when sorting through the multitudes of online business opportunities.
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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.
Article #47 “7 Crucial Things Every Entreprenuer Should Know Before Starting An Online Business”
Starting an Internet Home Business Tips
Starting a Business on the Internet
Starting a web based business
Goals For Starting an Online Business - Simple Steps to Success
Referred by: http://jaykubassek.com
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Related Forum Posts
Team Building
- Team building is crucial for effective business management and operation. I guess its not crucial, but it certain holds many benefits. I've built a number of teams in various businesses and have gotten fantastic results from the employees who feel like a part of the team.
Shri
Re: help wanted in u.k.
- Hi Brendan,
Please dont apologize for feeling like you dont know or understand enough business. At least you know you have some things to learn and are willing to do that.
One of the best things you can do write now is start studying business plans and learning about market research. You can find some amazing resources online and at the library. Before you spend the money on a patent you can be gathering crucial data and testing the viability of the product.
One of my favourite resources is a book called "The Art of the Start". Guy K. (I dont know how to spell his last name). You can also visit a local enterprise centre/business centre. I'm sure you have one close by. They can help you on a personal level to know what steps to take to start.
good luck. We are here - we just need to know how to best help. Thanks for writing back!
Re: When do you process online orders?
- Thanks kelvin for starting this thread,i havent purchased online but i have learnt one or two things on this thread for future online purchases.
tope
First decide online or off-line
- I’ve emailed you the complete details see if you like my idea for starting new online business.
You can run business from anywhere in the world if it’s online.
you need passion/desire and sustainable persistance
- sounds over simplified, but to me it has been very true.
starting a business should be more about starting a big life change towards something that you have unwaivering passion and desire to do.
the truth is you will never know all you need to know to start the business your a starting. the truth is there are many things that will test your resolve to starting your business. from simple things like making the time to do small tasks or making personal sacrifices like spending less time with your family.
i've also come to learn that starting a business is about sustainable persistence. ensure that you can continue to sustain your current responsibilities while taking small steps towards your business everyday. most often, i'd say don't quit your job. assuming you have bills to pay. sustain your ability to take care of those bills while taking those baby steps towards the business you desire.
in the end, nothing is overnight. it's more like being a farmer. planting seeds of thought, nurturing them, weathering storms, and working hard everyday with the risk that there may not be any fruit. here's where the passion and desire come in. because if you really are passionate and desire your business idea, you will have no problem re-planting those seeds and starting over again. here's where sustainable persistence comes in. if you disregard your responsibilities in pursuit of your dream business and it doesn't work out, you don't want to have to sell the farm.
selling the farm or being put in position where you need to put all your focus on just surviving puts you further away from your dream.
think long and hard about that passion/desire. make sure it is true and sincere with your own DNA. if it is true. you will succeed.
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