Is Starting an Online Home Based Business Suitable For You?

This is by far one of the most important questions ever asked by a newbie and it is also the question which is answered in the least definite way.

The reason why this question cannot be properly answered is the fact that starting an online business contains many variables which differ from person to person. Whereas one person might be internet savvy and committed to the cause, the other one might be totally new to the internet marketing and affiliate programs. So yes there is no one answer.

But to simplify the situation let me present you with some categories of people who WANT to start their own home business online. They are:

1. A student trying to earn some extra income which would help him or her to pay his living and study expenses.

2. A middle-aged person who is sick of commuting every day to his monotonous job where his pay is trivial.

3. A house-wife who is attending to her kids and wants to still be productive and earn some cash

4. An entrepreneur who has committed himself to working and earning online and has made it the SOLE source of his income.

If you have taken the time to read this article, I am sure you can categorize yourself in one of these 4 categories.

But to answer the initial question, you have to ask yourself if you have the passion and dedication to make money online. Every business opportunity needs a dedicated and committed worker to make it happen. I can GUARANTEE you that in online home based businesses you will NEVER find success overnight. I emphasize that because most people think of online business models as “get-rich-quick” schemes. With that thinking, they never are able to attend to the real aspects of the business and end up losing all their investment. Think of a home based business as a BUSINESS and not as your ticket to riches.

Secondly, you should understand that for the majority of people, starting an internet business presents a STEEP learning curve, which scares most people into quitting. The steep learning curve does not mean the business will never present you with a profit; it merely means that you need TIME to understand the underlying concepts. If you have the time and the capability, you will easily find success online.

Another point I want to raise here is that it takes some time (maybe from 2-3 years) for your online business system to develop to such an extent that you can generate money from it with little effort. A new entrepreneur should consciously work towards that goal. As soon as you hit that mark, the revenue starts pouring in WITHOUT much effort on your part. Most people quit in the early stages when they need LOTS of effort to generate LITTLE revenue. They do not give their online business system a chance to succeed because they put in a lot of effort in the beginning and quit before they can reap the benefits. Do not let this be you.

Lastly, most people are more inclined to work normal low-paid 9-5 jobs than starting their own business. The reason for this mentality among people is that they think that the normal job is “secure” and “guarantees” income. If you think about it, in this corporate world there is no secure job anymore and there really is no guarantee of income. You do not work effectively, they fire you. It is that simple. If you think that working a normal job is more beneficial, you probably will have a hard time starting an online business. If, on the contrary, you think that you are willing to take a risk and start your own business, you should know that the potential profits can be HUGE.

(C) 2008 Yasir Khan- All Rights Reserved

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Mistakes That Can Flat Line Your Small Business Sales

People are talking about a recession and that means fear is in the air. Well if you want your small or solo business or practice to flourish anyway, make sure you’re not making any of these common mistakes. Just correcting one of these can make a huge difference in the results you’re getting.

Mistake #1 Focusing on only one or two profit strategies

If you only have sales and profit coming into your business from one source-say advertising for example-you’re leaving thousands of dollars on the table.

Mistake #2- Not understanding how and why people buy

You’ve got to understand why someone would choose you over your competitors so you can get their repeat business. And you need to know how they buy and when they buy. This is about research. Once you know what they want or need you can give it to them, not the opposite.

Mistake #3- Not thinking outside the box

Do you want to be like everyone else or do you want to be extraordinary? If you do, you better show people how you’re unique and fresh. Otherwise you won’t stand out in the over crowded, too-much-information marketplace.

Mistake #4 – Not developing and using a proven system for your marketing

You can throw money and time away on “shot in the dark marketing”, where you just try this and try that with no idea if it will work, or you can implement a proven system that will work time after time and give you a return on investment for every marketing dollar you spend. You need to spend your marketing dollars narrowly focusing on reaching your target market in as many ways as possible, and you need to measure the results and regularly eliminate what doesn’t work.

Mistake #5 – Not following a long-term business building strategy

~ What do you want your business to look like 2 years from now? Go ahead and picture it.
~ How many paying clients would you like to have?
~ How many hours would you be working?
~ How much money would you like to be making?
~ How much help (outsourced or employees) would you have?
~ How much free time would you like to have?

Once you have this wonderful picture in your head, it’s time to build a strategy to get there as quickly as possible. Otherwise you’ll end up like many self employed people-pretty much in the same place 2 years from now that you are today-usually selling time for money with no passive income stream.

If you’re making any of these mistakes, don’t feel bad. There are many others in the same boat. But now you have the knowledge to avoid them in the future and really move your business in the right direction.