Three Tips for Picking an Internet Business
Look around and each day you’ll see more and more people who are getting mesmerized by the potential of internet businesses and comfort of working from their homes.
Well, YOU may be one of them!
If you too want to run your own home-based internet business, I highly recommend you to do your due diligence and answer three specific questions – preferably in this order:
Is it a proven business model?
Among many internet business owners, one of the common mistakes is to try to make money using “the next big thing.”
Do NOT fall into this trap!
Example: At the time Facebook was founded, many college students all around the world were working on a similar “social platform” for their own university. However while we all know which one succeeded, no one remembers the other projects that failed.
At those years in which many people failed miserably by following the next big idea; hundreds and thousands of people made a good living by working at their homes and following a proven business model – as simple as writing small reports or shooting photos.
While it is intriguing to have a business that everyone is buzzing about, there are many more proven and time-tested business models that you can tap on.
How much money do you need to have upfront?
Regardless of how small or big it is, every business have some upfront costs. That is a clear fact, and the real questions to ask are:
What it takes for you to start?
What will be the return of your investment?
While some internet businesses need you to have deep pockets, some others only require a laptop, internet connection and YOU!
Example: “Blogging” is a great example of these low-cost and work-at-home internet business models. If you know what it takes to succeed at blogging; by only sparing the cost of a cup of drink (or two) at your favorite coffee shop, you’ll start publishing your own blog and making money from it.
Even opening a lemonade stand at the corner of the street may require you to have more resources; compared to an home-based internet business which leverages your own resources. At those cases – when the “business model” is right – all you need is a simple guidance on what to do next.
Are you interested in that business or topic?
Sooner or later your own likes and dislikes will come into question, and it is safer to answer this as early as possible:
While some business models may help you get out of bed with curiosity each and every single day, some others may not be motivating to you at all.
Example: Designing WordPress themes is both a trendy and proven model these days and the entry-costs are usually low. However, if you’re not skilled at graphic design and coding or not interested in such a business; it won’t make any sense to go with it.
However, I’m NOT forcing you to ask yourself a “Yes/No” question here.
Some internet businesses let you to choose your own topic of interest.
Example #1: If you’re selling other peoples’ products as an affiliate, you’re free to promote physical health products and pills if that is what you’re into or will instead prefer to sell information products about golf. While both businesses fall into the “affiliate marketing” model, you’re free to promote whatever you want and trust.
Example #2: If you’re good at taking photos, you’re free to shoot everyday objects at your home or beautiful scenes.
Tip: Of course, it helps to know what kinds of photos sell the best and custom-tailor your efforts on those best-performing topics and niches.
I’m not sure if you’ve started to realize the importance of these questions, but I will take an extra step and remind them to you:
- Is it a proven business model?
- How much money do you need to have upfront?
- Are you interested in that business or topic?
Whenever a new business idea comes into your attention, asking these three questions and being honest with your answers is more powerful than having a gold detector in your hands.