With such easy access to the internet, becoming an online entrepreneur has become fairly straightforward these days. However there are a few questions that should be asked before you jump into that first paid online job.
1) Is it a good opportunity for you?
Yes or no. You may be excited to become an online entrepreneur but may have doubts in regards to whether you can handle being in business for yourself. Being in business for yourself does mean that the income potential may be limited initially and that you will be responsible for everything. It also means that your success depends on your hard work and maybe a bit of luck. Also, your online business may not last a long period of time if you are not capable of recognizing opportunities and capitalizing on them.
Some online entrepreneurs prefer to be in business for themselves but in the long run felt that starting their own business was not the right move. In their minds there were things they could offer that were not found in other businesses. Others felt that starting a business could help them learn how to run a business while still receiving income. Still others felt starting a business was the best way to build wealth and avoid poverty.
2) Can you afford to lose the first month’s salary – what are you risking?
This is a big question. A lot of entrepreneurs get scared by the amount of money they must risk to get their business going. As a matter of fact, the greater the amount of money you risk the greater the chance of succeeding. If you do not have enough money to live on for the first month you have an excellent chance of succeeding. If you do have money or savings, there is a higher chance you will get your business up and running. However, you must take risks in order to learn how to manage your business and achieve success.
3) How do you know it is a good opportunity?
Here is where it gets tricky. Some individuals get very excited about becoming an online entrepreneur. They find themselves becoming more and more knowledgeable about internet marketing. They spend time learning new things every month. They sign up for new programs hoping to land that great online business opportunity. As a matter of fact, this phenomenon is so popular that there are even organizations dedicated to the pursuit of online business. However, it is important to consider if the online business you are pursuing is right for you. The key question to ask when considering an online business opportunity is: Do I want to be solely responsible for the success or failure of the business? If the business is purely financial, like 401k’s, Flex investment programs, or MLM, you may be better off to keep your money in a bank or investment fund. If the business is something closer to service, like tutoring, you might be better off starting your own personal training business. Ultimately, the decision is up to you. However, one key consideration is to understand your interests and wants before you invest.
4) How do I get started?
Once you have identified a right online business opportunity, the next step is to go after the details. How much money do I need, where do I get the money, how much do I need to start, how much do I live on? If you want to start part-time, it is important to know the start up costs of the business (including initial investment) before you sign up. If you want to start full-time, it is important to know your budget before you begin to spend time designing your website, creating your company logo, and hiring a business coach to help you set up your business.
5) How do I run my online business?
* The most important consideration about starting an online business is knowing how you want your business to be run. The wrong business can quickly morph into the wrong job or worse yet, into a horrendous full time job. Make sure you know what you want before the money is invested.
* If you are considering a home business, you can do it part-time and still pay your bills. Part-time can mean anywhere from 10-30 hours per week.
* If you want you can work full time or you can work part time.
* The fact is, one of these ways is not better than the other. It all depends on your lifestyle and your goals. You have to decide!
These five steps will help you decide how big you want your business to be. Once you have done this, then you can determine your budget, your competition, know your resources, plan your marketing and decide how much money you need to invest.
When you are thinking of starting an online business, take a few minutes to think through these five questions. I promise it will be the best money you ever spend.