Starting an online business

The First thing to do in starting an online business is decide what you want to do. Simple enough.... Right!

No seriously what makes you happy? Do you want to be around people all day or not? Do you want to be able to work from home or have a brick n mortar storefront? Do you want to spend lots of time doing your business or do you want a business you can do 3 to 4 hours a day.

The world is your oyster and it is really up to you.

This Book helped me get started in deciding what I wanted to do. It was written by one of my partners and I think it’s a good read for anyone wanting to get ideas and what people want. Its Call the "Product in Demand" By Ryan Mcnabb. Check it out its a good tool to start with.

Also I recommend getting to know the Small Business Association. They have lots of articles and tips on how to start a business in your state.

How to start out

Home based business ownership is a dream come true for millions of entrepreneurs, and a nightmare for more than twice as many . Half of all businesses fail during the first year of operation, this is a daunting statistic for anyone contemplating trading in, the relative security of their job, for the joys of self employment.

There are no guarantees in life, and the only sure bet, is death, taxes and “Murphy's Law”. To succeed, entrepreneurs need an abundance of cash, prudent planning, well honed organizational skills, and a steady diet of self discipline.

First things first, prospective entrepreneurs need a feasibility study, that identifies the likely hood of their venture failing or succeeding. 

Venture feasibility begins with answering the following questions:

·Are there businesses like your prospective venture, that are successful?

·What are the differences between your prospective venture, and the venture you are comparing? 

·Are the location demographics similar?

·Are your prospective client demographics similar to the successful venture?

·Where will you find your clients?

·What kind of revenue is generated from the successful venture?


·Can you generate the same revenue and how?

·What are the operating expenses of the venture you are comparing?

·What are your projected operating expenses?

What happens if you have a unique service that cannot be compared to another succeeding venture? If you cannot identify a succeeding venture like your venture, you must be able to identify and target a market for your product or service.

Telemarketing is an acceptable method of helping prospective entrepreneurs target a market for their product or service. Before you quit your job, find out how many people are likely to do business with you.

If this is starting to sound like you need a business plan before you go into business, you do. Just as no building is constructed without extensive plans, in writing, no successful business can be established without a Business Plan.
Why is it better to start an online business First?
Click Here to read why you need to start a website first