Do you work a 9 to 5 job, but want to become an entrepreneur? Are you comfortable with taking calculated risks or do you prefer working in a reliable or stable environment? You have to embrace risk as an Online Business owner.
Many successful Home Business startup founders have a large amount of determination and ambition. Are you still uncertain if it is the right time for you to take the leap? Here are some questions you can ask yourself to get a better idea if you are ready to start an Internet Marketing Business:
Question #1: Do I have enough money saved up to cover my expenses?
Many new companies do NOT turn a profit the first year they are in business. Since it may take some time for your Internet Business to earn revenue, do you have enough money to cover your expenses for an extended period of time?
Many experts recommend that you have at least six months to a year of living expenses saved up before you start a Home Business if you will NOT be working a job while focusing on your business. If you have some money stashed away in your bank, you can focus on making your Internet Marketing company successful instead of stressing about how you are going to pay for basic living expenses.
Of course, these days one can start a Digital Marketing Home Business at a very LOW cost. There are many avenues available when going this route, and many options for providing serious value to your customers while maintaining a lucrative Online Business. When doing so, you still need to have funds available for ongoing operations and marketing costs.
Question #2: What is your ultimate Exit Strategy for your Online Business?
Although it may seem counter-intuitive, how do you want to EXIT the business? Do you want to build a Digital Marketing business that you can pass down to future generations in your family? Or, do you want to start a company and sell it to the highest bidder in a few years? Or maybe you want to Found a Corporation and take it public? Think about what your goal is before you start the online business since that will help you develop a strategy for getting what you want.
Once you have determined your exit goal for an undetermined future date, you would start with determining your exit method, do some cleanup before selling and choose your asking price. Once you have done those, you would need to decide how to sell your Internet Marketing business and create a communication plan. Also, don’t forget to keep tax considerations in mind. These are just some of the things you can do towards your overall Business Plan.
Question #3: How will your business create value?
Think about your target market. Will you provide products and services for consumers or businesses? How will your business create value in order to enrich the lives of people, or help a business to be successful? The more you spend time thinking about how your company can deliver value to future customers, the more you will increase your chances of creating a successful Home Business.
Creating a Value Proposition is significant in order to attract and keep a customer. In developing a successful customer base, KEY factors are Positioning and Differentiation. When you position yourself and your business in such a way as to be “value first”, it will be readily evident to your potential customers. If you differentiate yourself and your business, as discussed just below, you can get noticed in a crowd of other Internet Marketers, and remain “top of mind” as being different, and better.
Question #4: How will your business stand out from the competition in the marketplace?
People are bombarded with an unlimited amount of choices every day. How will your company stand out from the competition in a highly competitive, global market? Why should they choose your business over another? When you clearly understand your competitive advantage, you can develop a marketing strategy that communicates it to others.
One strategy for an online business, since your potential customers cannot visit a physical, “brick and mortar” store, is to find a unique way to become known for providing more value than your competitors. This, or other ways to differentiate yourself or your business, will set you apart and go far towards making you a successful Digital Marketer.
Question #5: Are you an expert, or very knowledgeable, in the Niche in which you want to start an Internet Marketing Business?
Many people decide to start a Home Business in an industry in which they have years of experience. Are you an expert in your field or do you have more learning to do? Sit down and do an honest assessment of your knowledge and skills. If you aren’t an expert yet and aren’t sure if you are ready to start an Online Business yet, you can still get more training until you are CONFIDENT in your abilities.
As a Home Business owner, you will have to perform a range of responsibilities, from Customer Service to Marketing. You can always outsource certain tasks that don’t come naturally to you, or tasks you feel are a waste of your precious time, but you should still always be very knowledgeable about your chosen Internet Marketing niche.
Ultimately, only you can decide if it is the right time for you to become a Digital Marketing Home Business entrepreneur. I hope these questions help you feel more confident about your decision. If you like, you can start putting your answers to these questions to good use today:
I personally have joined John Thornhill’s Partnership to Success Ambassador Program which is a wonderful Internet Marketing training and promotion vehicle, and it has helped me greatly. If you would like to check out the FREE webinar, which provides a LOT of truly valuable Digital Marketing and Entrepreneurial knowledge directly to YOU
This content was originally published here.