If you don’t read any further than this first sentence, please read this:

DO YOUR RESEARCH FIRST!

Before taking on any online business venture, first consider what YOU expect to get out of it.

Below are several suggested questions to ask yourself prior to putting all your entrepreneurial dollars into any business basket. There is no right or wrong answer. And you may find you answer “Yes” to more than one question. And that’s okay. Just answer them.

What do you hope to accomplish by running your own business?

1. Do you want to earn additional income?
2. Do you want additional money to pay off bills?
3. Are you looking to supplement your retirement income?
4. Would you like to quit working that (yuk!) 9 to 5 J.O.B.?
5. Has your job been affected by this slowed economy?
6. Are you currently having to job hunt?
7. Would you like to be able to help put your children or grandchildren through college?
8. Do you have a home improvement project that you would like to do?
9. Would you just like to have a VERY comfortable life financially?
10. Do you want to have the life of your dreams?
11. Do you want to be your own boss?
12. Do you want to spend more time with your family?

This list is practically endless!

That list only brings up other questions:

1. Do you have what it takes to be your own boss?
2. Do you have the knowledge to operate a business?
3. Do you have the discipline to “work” your own business like a business?
4. Can you devote at least as much time to running this prospective business as if you had to actually commute to work?
5. Do you have the patience it will take to launch a business?
6. Do you have the stamina to make a business lucrative?
7. Can you work by yourself, independently?
8. Are you self-motivating? A self-starter?
9. Would your enjoy working in your PJs?
10. Would you like to commute, literally, from your bedroom to your living room/kitchen/home office?
11. Do you enjoy teaching others what you have learned?
12. Can you work from your house avoiding and ignoring all usually household distractions?
13. Would you enjoy working only the hours YOU alone determine?

(Another practically endless list!)

The online business (or just about any business) you are considering:

1. Is it something you are interested in?
2. Is it something you are passionate about?
3. Is it something you can do every day, day in and day out, spending initially sometimes more than just the average 8 hours a day, 40 hours a week?

Get your pen. Write down these questions above. Plan to spend at least one hour (an hour gives you time to think), maybe more, a day (or several days) in a place you designate as your “quiet place”. If you are there more than one hour, take a break every hour.

Use this time to write down whatever comes to mind. Skip the questions not relevant to you. None of your answers have to be in the order of the questions. Nor should they be. And, there is no “right” or “wrong” answers.

After you have written as much information as possible, review them. Think about your answers. Your life and the lives of those you love, depend on them.

It doesn’t matter how you answer these questions or even what the answers are. It doesn’t matter if you want to sell a product (or have never sold anything) or want to provide a service or both. It only matters to you that, whatever your answers are, they are the right ones for you.

You will have a clearer picture of you business when you have completed this exercise. You will see that having a business of your own can be fun, rewarding, and profitable.

Fun when you are doing something you WANT to do. When you are helping others by providing a valuable service or product, it can be a rewarding experience, not only for you, but for you customers/clients, as well. Not to forget the all important profitability!

But for your online (or offline) business to have any of these attributes, you must seriously do the research required. Sorry. I know this is the least pleasant part of starting a business. It is difficult. It is not fun by any means! And it brings in no income. But, just as “location, location, location” is what most people (your customers) are looking for when they are in the market for a house. the realtor (you) must determine what that “location” is.

In other words, you must ensure:

1. That there is a demand or interest for your type of business.
2. That, if there is a demand or interest, is that enough?
3. That, if there is a demand or interest, it is enough to sustain the new venture.
4. How much demand or interest is enough for you?
5. You can generate a profit from your new business. What is the amount of profit you can expect?
6. When can you expect to turn a profit?

These questions are just suggestions and are not all inclusive. There may be more that you can think of. Just write them down and answer them. Once you have thoroughly (to your satisfaction) answered them, look them over. Ponder them. This is the beginning of your BUSINESS PLAN.

By thoroughly investigating (or researching) your target market, you can do a healthy reality check. This is probably the most important thing you can do. This will either increase your enthusiasm for your chosen field or it may move you into another direction altogether. Which is not a bad thing.

Think of it as if you were taking your Business Plan to an individual whom you wish to invest money into your new business. It is sort of like an interview, only this time you not only have to sell yourself, you must also sell your idea. As you write, ask yourself this question (another question, I know): “Would I invest in my business?” Rewrite it until you can answer, truthfully, and with conviction, a resounding “YES!”

Just follow your gut. That little voice inside you will usually lead you toward the correct path or paths. And that will lead to your SUCCESS!

In subsequent chapters, we will look at some examples of answers to see how thay may apply to you.