Starting an Internet Business? 10 Crucial Things to start with (Part 1)

By: Fwahmi Avessel

They say that the only thing that’s constant is change. Previously there’s flexi hours then telecommuting and now, building a business from home. Thanks to the rapid advancement of technology, it seems that the number of people jumping into the soho bandwagon shows no signs of declining any time soon.

In its 2004 The Small Business Economy report by the Small Business Administration, home-based businesses form the majority of U.S businesses. A staggering 53% to be precise!

A considerable number of those who have started businesses from home are the dot com entrepreneurs, otherwise known as internet marketers/entrepreneurs. Low (or even zero) start-up costs, risks and overheads are some of the reasons why this has become the business model of choice for many.

Another strong pull factor is the ability to capitalize on both the domestic and international markets. That’s the beauty of the internet for you.

But don’t quit your day job yet. If you think that’s all you need to know to bring in the greens, you better think twice. There is a high chance that your business will not reach its full potential if you do not factor in the following components in your business blueprint:

1) Education/Knowledge

Obtaining the right knowledge is a crucial first step that you should take before you even attempt to start. You simply can’t bake a cake the first time without first finding out what ingredients, steps and equipment that are required can you?

Educate yourself on the basics and essentials such as (but not limited to) the general internet marketing environment, legislation, web design, online scams and search engine optimization strategies before you make that jump into cyberspace.

You’ll be asking a lot of questions but you need to ask the right questions in order to get the right answers from the right people.

Learning from the experts such as Holly Mann, Mike Filsaime, Mark Joyner, Derek Gehl, Yanik Silver as well as other successful internet entrepreneurs will equip you with the valuable knowledge to form a strong foundation for your online business.

2) Right Attitude

Never ever believe for a moment that you’ll get rich by doing business online overnight. Never ever believe that running an online business is going to be easy. Promise yourself that. Do believe that with hard work, patience, determination and a positive mindset (never ever underestimate the power the human mind) you will achieve your goals.

Just because you don’t see results mean that you’re a failure and therefore you quit. It just means that something is not right somewhere. You don’t just sit there in your car when it suddenly stalls in the middle of the highway do you?

Of course not, you try to find out the problem, troubleshoot and rectify it. If all else fails, you call the towing company and a cab to resume your journey to your intended destination. You do whatever it takes, tweaking and tuning but you don’t quit.

A wise man once said, “Winners don’t quit, quitters don’t win.”

3) Time Management

Working on an internet business from home can be pretty challenging. It can also be a double-edged sword. For sure you’re closer to your family and can spend more time with them but it can also distract you from accomplishing critical tasks and goals if you do not mange your time well. Set a daily schedule and follow it. Stay organized and you’ll stay in business.

However, If you find that you are hopeless in this area and seriously need help to organize your life, www.effexis.com and www.getharvest.com are a couple of resources that you should take a look into.

4) Planning

You need to write out and execute a business plan. Note that I set the word execute in bold. You can have the most elaborate business plan but it still wouldn’t do any good if you don’t carry it out. Just a simple one will do.

This serves as a roadmap or a compass if you will. Include your short and long term goals in this plan. Many people have found that by writing these down and constantly referring to it, they have a sense of direction, stay more focused and driven to meet their objectives.

5) Research

Trust me, you do not want to skip this no matter what. One of the most common mistakes that internet marketers commit is in this area. They put in the time and effort but yet they do not get results. Why is that? This is because they did their research in a reverse manner and that’s wrong.

Instead of identifying a hungry market first and then feeding them with a suitable product/service, they do the exact opposite. Research your competition, what people are looking for and their expectations before you come up with a product/service.

In general, the offline business world conducts feasibility studies for market research purposes; internet businesses, among other methods use the search engines to assess their competition and use keyword research and suggestion tools such as Word Tracker and the Google Adwords Keyword Suggestion Tool to research and seek out potentially profitable markets.

This concludes part 1 of this article. Let’s have a quick recap of what we have covered so far. Thus far we’ve learned that Education, the right Attitude, effective Time Management, Planning and Research each have a critical role to play in starting and sustaining an internet home business. The remaining five important points which include topics such as acquiring the Right Tools, Website Promotion and more will be covered in the next instalment.