- If you are considering starting a business with a friend or family member always do things by the book. Always make sure you have a partnership agreement in place which explains each persons duties, how much profit each partner will earn, who is responsible for what and how much of the company each person owns. You should consult an attorney who handles corporate law to make sure you have all your bases covered.
- Be patient and don't expect overnight success. It's been proven that fifty per cent of businesses fail within the first two years. This happens because most people aren't realistic about their goals and how long it actually takes to become successful.
- If you need capital to help your business get of the ground, shop around. Visit banks and talk to financial consultants to get a better understanding of how the process works. You can also contact your local Score.org or Small Business Administration office for more information.
- Get the right training. Don't just search online and pay for the first e-book that seems good enough. Go out, network and meet people or find some local seminars and workshops for entrepreneurs. They even offer courses at local community colleges which are targeted directly at people trying to start their own business.
- Beware of global issues for selling online. Selling products online opens up the opportunity to sell to other countries, but before you can sell to other countries, consider how you will get them there. How much will it cost? How long will it take? It makes sense to have agent or someone in that country to receive the package and ensure that it arrives safely.
- Try to keep your costs down. Work from home when its possible. Don't incur any extra expenses until you are able to see a steady income from your business.
- Do market research to make sure there is an real need for you product. Your business idea might have been easy to come up with and may seem like a great idea, but it doesn't mean there is a market for your product.
- Become web-savvy. First impressions are the same online as they are in person. You can really present yourself as being larger than life online, so make sure to always put your best foot forward. Don't underestimate the importance of having a nicely designed website. This can mean the difference between grabbing a potential customers attention and them leaving your website.
- Create a realistic business plan. A detailed business plan should include any internet marketing strategies you're considering implementing. You will need a firm understanding of who your customers are and how you will find them. Sample business plans can also be found at Small Business Administration office.
- Keep an eye on your finances. Many first time entrepreneurs think they need to spend money, but they need to first earn how to start an internet business with no money. Invest your money where it really matters and don't spend money on programs or opportunities that aren't worth it.
More than ever people are converting hobbies into earning an income online. But before you decide to become your own boss there are a few things you need to know before you learn how to start an internet business. Many of us dream of having a job that centers around our home and hobbies. It's very possible to turn your passion into a solid income online you just need the right steps to make it happen.
2011-08-24 6:59am PDT