5 Questions You MUST Ask Yourself Or Risk Failure With Your Online Business
In the time it took you to read the title of this post, another home-based business began. That’s right. Every 11 seconds someone takes their destiny into their own hands and leaps into the entrepreneurial world. The reasons for this are many, from generating greater cash flow to having total control of day to day activities.
The home-based business Tim and I are most excited about is an online business as you can do all of your business activities from the comfort of your own home, current place of work or laptop anywhere in the world full-time or part-time.
You can see us in the photo ‘working’ from a beautiful beach in Cape Verde.
The most attractive aspects of online businesses include generally low entry costs (40% to 44% of all home-based businesses require less than $5,000 to start) and flexible hours.
And, don’t forget, the power of the Internet to supercharge a business’s potential. The world is your customer as opposed to just the people in your own backyard.
Starting an online business is easy. Sustaining that business and succeeding requires the perfect formula of systems and support.
That’s something we know a little bit about. You see, a few years ago, Tim and I were right where you are now, knowing we wanted something more than the drudgery and long hours, seeing the wonderful possibilities of a life filled with travel and leisure, but not knowing how to get there.
We were businesses owners of traditional bricks and mortar businesses for more than 20+ years. We found overheads were rising, profit margins were falling and we becoming more and more stressed.
In fact the stress forced us to sit up and take action when I became seriously ill. There’s nothing like a health scare to make you re-evaluate your life!
Luckily I recovered and our journey started with a simple Google search of online businesses that returned thousands upon thousands of results. Most of them looked like scams to us.
We’re born sceptics and, if you are like us, you probably think these “too good to be true” sites have to be just that. However, we knew the Internet was a vast marketplace.
Somewhere in those thousands of sites returned had to be one legitimate way to make money online while helping people at the same time.
Our journey took us down some interesting paths, many of which culminated in dead ends. But each and every endeavour undertaken showed us what would be critical characteristics of the right online business, as well as other things that we thought were important but really weren’t.
So, let’s get started with the first and most important question you must ask yourself if you are considering an online business.
1. Why do you want to start an online business?
An online business must represent something to you that you can’t get anywhere else. You might desire greater income potential, personal fulfillment or the freedom to do what you want, where you want.
Perhaps you are heading into retirement but you feel you have much more to contribute, but on your terms and your timetable? They say that one of the biggest fears the over 50’s hold is that their retirement pot will run out, so maybe you want a bigger nest egg?
Perhaps you are in mid-life and find yourself faced with being downsized or maybe you are still in the corporate world but looking for more.
Perhaps you have been self employed and are working harder and harder for smaller and smaller returns and realise that when you stop working the money stops coming in too.
Tim and I have seen those 9-to-5 days turn into 7-to-7 days and 5 day weeks turn into 7 day weeks, all the while our kids were get older and we saw them less and less.
Maybe you feel this way too and you’ve missed football games and piano recitals and sacrificed so much time with your family with nothing to show for it.
That’s the catch-22. You work harder and harder to give your family everything they want and need when what they really want is you. Time with you and experiences with you.
Nothing delivers that like a home-based business where you control your time investment but it’s important to crystallize your vision for what you want to have, do or become through the freedom provided by an online business.
Why not take a moment to write down five things you plan to achieve this way. (We’ve started a few of the sentences for you to get your creative juices flowing.)
I want to experience …. I want to purchase … I want to achieve …
Whatever your personal dreams, we encourage you to keep them in your mind. Not only will that keep you motivated to choose the right online business for yourself, but it will also provide the momentum you need to move toward your goals.
2. How much are you willing to invest in an online business?
Most people are willing to invest like a hobby, but want the financial return of a business. If you want the upside and income potential of a true and legitimate business, you will probably need to make an investment similar to that you would make with a real business.
Would you consider a McDonald’s franchise to be a real business? Do you imagine that the guy that runs the McDonald’s in your town does alright for himself? Do you think he contacted McDonald’s headquarters and said, “Hey, I’d like to own a McDonald’s. How about I give you $20 and we get started?”
Of course it didn’t happen that way.
In all actuality, that franchisee invested between $1 million and $2 million to start his entrepreneurial endeavour. Chances are he was happy to do it because he was buying into a proven system with lots of tools and support right at his fingertips.
In our opinion, any online business you examine must offer a balance between the initial investment and the earning potential you can earn right out of the gate.
3. Can you talk to someone who is working the business you are interested in and will give you the real details?
Tim and I are so grateful to everyone that talked to us and continue to talk to us at every stage of our evolving online journey. As coaches and mentors ourselves, we are happy to help and share advice with anyone that is serious about making money online.
Be wary of the hype, just find real people, like us, who have tested the opportunity you are interested in.
4. Does your chosen online business offer support and services?
The biggest thing we learned through this journey is that it’s difficult to run an online business when you have to wear all the hats.
It’s illogical to believe that someone can be good at sales, marketing, accounting, design, programming and all the other talents needed to start a business and jumpstart it to success quickly.
You don’t need to be an expert at everything if the business you’re in offers training programmes (for example in driving traffic), done-for-you emails (so you don’t have to study copywriting), quality high ticket products, sales funnels (so you don’t need to be techie), back end sales calls (by trained sales people), websites and all the infrastructure needed.
5. Are you truly ready to let us help you transform your life?
If you don’t want the headache of a traditional business and want to set up an online business that could truly transform your life, following a simple step-by-step, easy to follow formula:
- Without creating your own products
- Without any business or management experience
- Without capital or investors
- Without dealing with customers, returns or fulfilment
- Without building websites
- Without selling anything over the phone or in person
- Without any computer skills at all
- Without leaving the comfort of your own home
… you simply become a consultant of the worldwide organization Tim and I joined, that we are happy to put our name to and recommend whole-heartedly.
You bring the leads (and you will actually be shown exactly how to do even that aspect of the business!). The company does everything else. You don’t need to sell because they have some of the top salespeople in the world working for them.
And when those top salespeople get your leads on the phone and sell to them, YOU earn a commission. In fact, you earn the lion’s share of the commission because you brought the lead in (the commissions are generous and some of the best in the industry).
As your leads grow in their own success and buy more quality products, you continue to get paid. (That’s only fair, you brought them in!) As nice as it is to get recurring commissions on current leads, nothing beats getting continuing commissions from folks you brought in six, eight or 10 months ago!
What’s more is those commissions tend to be even bigger and better because satisfied customers buy higher ticket products!
What matters to Tim and I is that you feel comfortable with the business model, understand the awesome opportunity on offer, that you see that we are normal people, just like you, who care about your life goals and dreams.
If you are ready to take the first step and think this business is a good fit for you, click on the video above or banner below or contact us directly or book a free Skype consultation (we’re here to help).