In the first article in our Choosing an Internet Business series, we summarized some of the issues involved in choosing the right kind of Internet business. Now let's get into the practical details.
First off though, I want to emphasize again, that this series of articles is about YOU.
Not about you giving in to peer pressure and joining an Internet business because everyone else is, or because you're desperate for money, or because you dream of owning a yacht, a private jet and 3 mansions in the near future. It's about you making an objective, even calculated decision that Internet marketing is the right business direction for you to take. The statistics show that 90-95% of people who enter the internet marketing arena fail to reach their goals and leave within 5 years. One of the reasons for this is that many of those people should never have made the choice in the first place, for a variety of reasons.
So before even discussing different types of business opportunities, or how to start your online business, there are several topics that need to be covered first.
1. What are your needs and goals?
2. Can an internet marketing business help you achieve these?
3. What are your skills and interests?
Today, we'll cover only the first topic.
What are your needs and goals?
Sorry, but I can't really help you in this. There's really no way out either. You're simply going to have to sit down and make some notes. No point is just thinking about it, actually go and get out a piece of paper and a pen (or open a text file) and make a list. here are some examples of questions you need to answer.
Where would you like to be in 5, 10 or even 20 years time, with regards to your financial situation, family situation, dependence on your current source of income, dependence on your current work situation and workload? Yes, it's OK to look that far ahead. By defining your time line, you can plan how to get there.
Are you looking to generate a significant cash inflow over the short term, say to purchase a home? Or are you looking to build a stable and growing income long term so you can retire early and comfortably?
Are you looking to leave your job or business and work full time in your new venture? Or are you looking just to supplement your current income? This is important. There's so much hype these days about "firing your boss" and "do you hate your job?", people who actually like their work feel guilty! But even if you love your job, you may need to boost your bank balance. So if you only plan to work part-time on your new business, then jot that down because it will influence your decisions later on.
Are you going into this venture alone or do you have partners? This may well influence your learning curve and business growth rate and we'll talk about another time.
Do you have a pet passion, skill or business goal that is pushing you into this venture? Or are you simply interested in making more money? (It's OK to say yes to this question!).
You may have other questions that will help define your needs and goals. But please, don't include questions about skills or aptitude - they're not relevant just yet.
Don't underestimate the importance of this stage in your business planning process. Internet marketing can be a negative (and costly?) experience if you don't think about it carefully.
Before leaving this section, here are two useful tips. First, there are no right or wrong answers to these questions. This is going to be your business. It will take time and some investment, so you have to feel comfortable with the decision. Second, there's no need to go searching for specialized business planning software at this point. All you really need is a pen, a piece of paper and an open mind.
OK. So the first Action Topic of the series is for you to make a Needs and Goals list!
Catch up with you soon.
To your success.
Mike Firer
NimdX Admin
