The recession may be over – the worst of it anyway, and there are many businesses that haven’t suffered all that much. I’m speaking of internet businesses that my friends own. Internet businesses with a world wide market are pretty resilient, even when the entire world is going through economic difficulties.
There may be no more motivating a time to start a new business than during a recession because you have hope that you can avoid the situation the next time it comes around. You can get started with building the foundation your business will need to weather the next economic hard time.
Starting an online business is, in my opinion, the best way to go about it. Creating a new business can be done with little money and some hard work. If you’re passionate about your chosen area of focus then you’ll be motivated to go forward and make it work.
Some tips for starting your online business:
1. Brainstorm ideas to decide what to focus on. I always make a spreadsheet and list the positives and negatives for each idea, assigning a weight to each criteria. It helps to look at the options objectively. Above all the topic of your business should be something you’re passionate about and can motivate yourself to work long-hours at.
2. List all your assets. This will help you figure out what you have and what you need. List everything that you’d include as an asset – including your skills. List all your networking contacts, everything, include computers, printers, cell phones; skills like writing, editing, web design, organizing; expertise with software programs and computers; a list of your network of personal and industry contacts; and the amount of capital you could invest in your business and money you think you could find to help you fuel your new business.
3. List what you need. This will take some time and be an ongoing project, but it’s good to get a list together you can look at and check off as you finish items.
4. Research online extensively to look at how other business owners are going about starting their business online. The internet marketing puzzle is a difficult one to wrap one’s head around. Look for how others are going about a business similar to yours. Find someone who is willing to share the process with you – how they went about doing tasks that you don’t quite understand. Choose someone far from you geographically so they don’t see you as competition.
5. Get started on marketing plans for the short and long-term. Marketing is the ultimate game you need to master. Ace marketing and sales flow naturally. Put 80% or more effort into marketing your business, continually, to make it work!
6. Hire only people you’re very comfortable with. Small business staff have very close interactions – you’ll need someone you like not only for what they bring to the job. Don’t hire relatives unless you have worked with them before in some capacity and know their work habits intimately and they fully understand how important it is that your new business be a success. Outsource tasks you don’t have time for. You’re running the company, not creating logos.
7. Never stop learning. Know now that the internet business game is changing almost daily. There are internet marketing skills, online sales skills, online customer service skills that are changing often and that you’ll need to keep up with.