Internet Business: 7 Important Things You Need to Know to Succeed Online
“If you want to be rich, think about saving as well as getting.”
-Benjamin Franklin
All the rich people who live and who ever lived had businesses. And for you to be rich, it is natural that you follow in his footsteps. Starting an online business is one of the easiest and least expensive methods to create your lifetime wealth. But you need facts to point you in the right direction. Here are eight essentials:
1. Until you make your first sale, you’re not in business. Stop spending money on things that don’t get you closer to making that important sale. Things like being a member of the Chamber of Commerce, Joining multiple online associations, and business cards. This should only come later when you are established. You need to focus on your website, product, and internet traffic.
2. The best way to start an Internet business is to offer a popular product at a reduced price. If you can figure out how to undersell the giants, you’re probably ready for internet gold. Apparently most people are unlikely to buy a brand new product of a brand new type, it’s just natural.
3. The best way to get rich is by positioning yourself. You see, price is relative. We pay for a product based purely on perception. So if you can position yourself and your products as more superior, you may be in a position to charge higher prices. And ultimately increase your margin and online fortune.
4. Have an exit plan. Before you invest, know exactly how much you’re willing to lose. If you’re trying a product, know exactly what results you want. Once you reach the threshold, keep going.
5. Focus, focus, focus. Nothing can bring you success like laser sharp focus. He decides on the business model, the marketing strategies, the products, the business plan and then works tirelessly without looking sideways.
6. No Internet business is exempt from the Pareto Principle. This principle is universal. And 80% of success will come from just 20% of the effort. If you can focus on the 20%, your income will skyrocket.
7. Separate the emotion from your business. If the business is a loss maker, then it doesn’t matter how many hours you spent building or what your parents will say when it closes. It is a fact of life that products will fail, never take it personally.