That can make it very challenging for someone with little to no experience to know which business has a realistic chance of making money. Nonetheless, you can find one of the few good ones if you get educated on what to look for...and what to avoid. Pay close attention to the 3 mistakes outlined below...they will save you a lot of pain and frustration.
Here are the 3 biggest mistakes people make when starting an internet business:
1. They look for the business that makes the most money. Probably didn't see that one coming, huh? Making money is a good thing, and there is nothing wrong with adding multiple 0's to your paycheck. However, some people invest a lot of time, money and emotional energy before they realize a scary truth in business: you can make a ton of money and be MISERABLE. The point here is to begin with the end in mind. Take the time to investigate what really goes into the business you are looking to build and then seriously consider whether you can find satisfaction doing those activities.
2. They focus too much of their evaluation on the quality of the product. This seems like the logical thing to do. To someone with little business experience (or a lot of business experience with little success), its natural to assume that if the product is great, your job of selling it will be that much easier...or even better, find a product that sells itself! Unfortunately that's not how it works. There are scores of awesome products and services that go unsold because so few people have any clue how to market and promote them effectively. It may surprise you, but its not really that important how great the product is you intend to promote - look at McDonalds or pet rocks. That's why the people who succeed in starting an internet business focus the majority of their evaluation on the marketing system's effectiveness and ability to train someone with little experience. Trust me, this will be the biggest factor determining whether you succeed in starting an internet business (aside from your personal ambition).
3. They think that a ground floor opportunity is an automatic ticket to success. Our emotional side really wants this one to be true, and it seems to make sense at first. Quite often, people think of business start ups like an initial public offering (IPO) of a stock: they almost always go up (at least at first) and the only way normal people get a piece of the action is to know the right person. So when the opportunity comes along for an 'average Joe' to get in on one, it seems like a no-brainer. Unfortunately, the vast majority of businesses fail, and the percentage is usually worse for internet businesses. However, its important to understand what people are really looking for when they are attracted to startups...a company that is on the verge of explosive growth that they can get a piece of. It's not hard to tell if a company is seriously struggling or ready to explode if you know what to look for. This is part of what I cover in my complete home business success checklist (link below).
Starting an internet business can seem like a pretty daunting task, but there are great opportunities for people with little to no experience. However, keep these 3 pitfalls in mind because they are the most common mistakes I see smart people make over and over again.
People often ask me what else they need to know before they get started online. Since a lot of the concepts are counter intuitive to what you would think before studying this industry in depth, I put together a checklist of specific components you will want to make sure you have when starting an internet business. Feel free to check them out...ignore them at your own business peril. :-)
Michael_Ledeboer
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