Business owners in the “real world” don’t start a business without doing their market research.
You wouldn’t buy a franchise, or open a store front without first doing a business plan, doing your market research, creating a SWOT analysis, understanding the costs, creating a five year plan, knowing exactly when the business will be in profit, etc.
So why the heck do people start online businesses on a whim?
Why do people just dump their hard earned money into a business based on one sales video, or the fact that they think the Guru marketing the business seems cool, etc.
Because most people don’t actually expect online businesses to do much of anything. They treat it as a hobby, as something that might, with a bit of luck, get them something someday.
They limit their investment so that it doesn’t feel risky (thus dropping their chances of success down to basically nil as their business is underfunded.)
They limit their time spent on it because they don’t want it to interfere with their “real life”, and they want to have wasted too much time on something that is probably going to fail.
They typically quit after about 30 days if they haven’t started to make money.
Is it just me, or is that completely CRAZY?
Could you imagine someone starting a brick and mortar business and expecting it to be in profit in 30 days?
There’s so many advantages to a home business, the entry costs are achievable, you don’t have to find a premises, you probably don’t need to go into debt to get it started, and the risk is minimal.
But if you start with the expectation of “dipping your toe in the water” you should know that it’s not going to work out for you.
To have a successful home business you need:
1. To fund it (figure out in advance what it will take to be successful, and plan to cut that money out from other areas of your budget).
2. To work it (plan on investing at least an hour or two a day…. if you want to be making big money fast you’ll need to spend more time)
The great thing about online businesses is that they work on momentum. Why can you sing the jingle to multiple ads on tv? How come you know the slogan of many popular brands? Because advertisers know that buyers make decisions based on exposure. The more times a day they show their ad, the more they expose you, the more likely that you will think of THEIR product when you need an insurer, or cereal, or whatever.
Online marketing works much the same. When someone sees your name and your picture everywhere, when they see that you are active and serious they are many more times likely to think of you when they decide to buy, and to trust what you have to say! This comes from time investment.
The result is the more time you put in the more exponential your success can be.
3. To Treat it Like a Business
Give it time, and don’t quit. You will need to find a way to become consistent in your work (to help with the momentum) and actually work the business as though this will be your only source of income.
Expect to spend at least 3 months getting your business really off the ground. If you aren’t willing to spend 3 months to change the rest of your life then I’d like you to go to the top of this screen and click that red close button…. because I can’t help you.
Treating this like a business means taking it seriously from the start. Create an “Evidence Report” for your prospective business before you join to understand if it’s actually a good opportunity or just hype. Here’s an example Evidence Report I did for the business I decided to join. You can borrow the format for your own Evidence Reports.
Stay strong, stay focused, and never give up the drive to change your life and follow your dreams. If you take the time to treat this like a business from the start, to look at EVIDENCE not hype you are far more likely to take a logical, methodical and consistent approach to your business. If you make decisions based only on emotion, you aren’t likely to ever treat the business seriously.
Go find out what it means to join a serious business and understand EXACTLY what you will need to do to succeed by checking out my example Evidence Report here.