Want to Start an Internet Business? Seven Basic Things to Consider

Billions of dollars are spent on the internet every year and the number is rising. If you are in business and have not considered the internet, why are you not marketing your products or services to this biggest marketplace? If you have not got a business, starting an internet business should be a good business venture. What should you consider if you want to start an internet business? Here are seven basic things you should consider:

Firstly, do you have any technical knowledge about the internet? This is not the day to day surfing of the internet, emailing and posting on social media sites. This is about domain registration, hosting, DNS setup, website design, html, ftp etc. Luckily today, these information are readily available and the knowledge can be easily learned. You need to assess the level of your technical knowledge so that you can find out what areas you need to beef up. This is important so you can define your requirements and evaluate the right books to buy or even courses or training programs to take.

Starting an internet business, as you may have heard, will cost you close to nothing. This is not entirely true. If you were to start a business without the necessary tools and knowledge, how far would you think you will go? Some degree of investment will be needed to acquire the necessary knowledge and tools relating to internet business. Try and leverage on the knowledge and experience of those who have made it. There are plenty of courses, training programs and ebooks regarding internet business out in the market, but which one should you invest in? Putting some thought on the amount of investment will give you a clearer picture when evaluating the training materials you intend to acquire. If you look for it hard enough, you will find a package that suits your requirements and budget.

Training course or program is the third thing you must consider. There are plenty of courses or ebooks relating to internet marketing business out there. Choosing one that meets your requirements is important. Your evaluation of your technical knowledge will come in handy in selecting a course, training materials or ebooks you need for your internet business. Besides technical knowledge, you should assess how much you know about the various key areas of internet marketing eg. email marketing, link building, copywriting, PPC marketing, niche market research, social media marketing or even video marketing. If you are starting the business from scratch with minimal knowledge and not very technically savvy, you may want to choose an internet business step-by-step start up training package that have also incorporated website design and hosting. The course or ebooks you choose should enhance the knowledge of the areas you are least familiar with. There are plenty of options and the investment consideration you made earlier will help you determine the type of packages you can invest in. There are packages which involve one off payment. There are also subscription based training programs or packages which will not drain your cashflow upfront.

What product should you consider selling? Evaluating, choosing or developing the right niche product for your internet business is very important to the success of your internet business. There are affiliate programs you can choose and join to start your internet business relatively quickly. The best money making approach is, of course, developing your own product, but this will take time. Remember always that you are creating a product that your customers want, not a product you feel strongly about that you want to sell. You will need to do some market research to find the niche product you are able to develop that will sell like hot cakes. Most good internet marketing courses will include this area and teach you how to do market research.

Once you have got a product to sell, you’ll need to create a website to sell the product by having an online internet presence. What sort of website do you need? You can have a website to market a single product which most internet marketing gurus recommend or you can have a content type website to market a range of related products and at the same time monetize your website with Google ads. You can also have a website created only for the purpose of list building.

After deciding on the type of website you’ll create, you must consider and plan the suitable method to drive traffic to your website. Traffic generation is the most important aspect of an online business. There are plenty of traffic generation ways or tips you can search up online and there are even software that you can use to generate traffic. Traffic generation methods or techniques should be a core part of any internet business course you consider to purchase.

The last thing but the most important thing to consider is time. How much time can you spent on the internet business? A lot of people start up an online business as a part time venture. Even when you are running the business part time, consistent time commitment is key to its success. I’m sure you have heard that internet business allows you to make money while you sleep. Isn’t it great to be able to make money while you sleep? But, the reality is making money while you sleep will not happen without commitment of time and effort. You will not even make any money while you are awake if you don’t commit any time and effort on the business! For those successful internet business owners, a lot of effort and time would have been spent on the business before they could see money coming in while they sleep.

I have listed here the seven basic aspects you should consider when starting an internet business, but the most important thing to do is taking ACTION. If you don’t take any action, NOTHING is going to happen.

Wishing you every success with starting your internet business!

Business Credit – The Difference Between Success and Kissing Your Business Dreams Goodbye!

Business credit can provide you, the business owner, with the available funding to purchase a wide variety of supplies and services for your business. You can normally start out by setting up business accounts with the major suppliers of office supplies and use that credit business account to purchase small office supplies (pens, paper, envelopes, etc), as well as large ticket items such as office furniture (computers, chairs, etc) depending upon the depth of your credit account with that business.

Keep in mind that those ‘small’ purchases of standard office supplies can add up to more than you think, but more importantly, by purchasing them on a business credit account you are establishing and adding to the credit history of your business. You can see about setting up an account with more than just one business supply those particular items you need for your business.

For example if you can get a business credit account set up at Staples, See if you can get one set up with Office Depot as well! Other companies that have products or services you need for your business may be willing to set up a credit account for your business. This could include things like remodeling supplies, if you have a brick and mortar type business; things like paint, wallpaper, landscaping needs, etc. (Hey, a good first impression is important!)

With these important business accounts set up you can quickly begin to build a solid business credit history.

Now In Order To Do This Quickly And Properly Keep In Mind These Two Very Important Details Regarding Your Business Credit:

1. Pay On Time: Pay a little earlier if you can when you are making a payment on a business credit account. It is best to make it a habit to always pay a few days in advance if possible.

This will help you avoid simple mistakes like forgetting that a holiday is coming up that will delay processing of your payment or may delay delivery of your payment if you are sending a check by postal mail. Most companies have a period of a few ‘grace’ days before you are considered officially late and it goes on your business credit report, but don’t take the risk. Stay sharp and on top of your corporate credit, don’t get sloppy.

2. Speaking Of Your Business Credit Report: Make sure these companies that have extended your business payment history to you are reporting to the business reporting bureaus.

DO NOT hesitate to ask them!

Be very polite and tell them you are working on establishing credit for your business and want to make sure they are reporting to one or more of the major business bureaus. They will normally be glad to explain which ones they report to because you are now presenting yourself as someone who is serious about developing a very good business credit history which implies that you will be paying them on time and not become a problem for them.

You want to begin establishing credit for your business as soon as possible, even as soon as when you start your business.

In fact, building credit for your business should be an important part of your overall business plan.

If it’s not already in there, you need to add it in now!

Having available business credit can be the difference between being successful and profitable versus having to close up shop and kiss your business dream goodbye.

Tips on Buying an Existing Business

Buying an existing business may be the preferable alternative to starting a business from scratch. Taking all the elements into account, there are both notable pros and cons of buying an existing business.

Advantages

* Immediate Operation

Someone else has established the company – once you take over, all you need to do is maintain the status quo.

* Quick Cashflow

You can generate income from the day that you take over, thanks to existing inventory and receivables.

* Existing Customers

Customers and suppliers will already have been sourced, and what’s more good relationships will have been established with both.

* Easier Financing

It will be easier to obtain finance because the established business will already have a strong track record.

* Less Competition

It will certainly be easier to deal with the competition through an established business than a lesser known-one.

Disadvantages

* Cost

Sometimes, establishing a business off your own bat can be far cheaper to do than if you were to buy an existing one.

* Problems

There may be problems to deal with in the business, which may be why it’s on the market. You need to establish what these are at the outset, in order to make sure that you are not buying into a potential disaster.

* Personality Clashes

You may find that you come into conflict with existing managers and/or employees.

* Obsolete Goods

You may also find that both inventories and equipment may not exist any more.

* Uncollectable Receivables

Receivables listed on the balance sheet may prove to be uncollectible.

Getting Started

Much like making any major purchase, there are important steps to take when it comes to buying an existing business.

You need to do extensive research into the type of business you want, the ones available that are right for you. When you have made your final choices, extensively research the background of the business, look at its successes and problems, and then evaluate whether or not you want to proceed. It is worth erring on the side of caution, just in case you land on the wrong side of any unscrupulous vendors. Hire a lawyer and accountant who can guide you through the process while offering advice into the bargain.

There are many places to look for the businesses that you want. Trade publications are a good first port of call, depending on the industry that you want to work in. Also check out business magazines and newspapers. The internet will also have lots of advertisements and classifieds for businesses for sale. If you want to, you can also use a business broker, who can screen businesses for sale and assess if there are any pitfalls. Although, that said, the fees for this will only add to the end total.

And even if you like a business that isn’t classified as being on the market, it still wouldn’t hurt to contact the owner and make an offer. The worst that can happen is that the owner will say no.

What Happens Once You Have Found a Business

As mentioned, do extensive research on the business that you want, as well as the industry and the market in which it is in. Lawyers and accountants should be able to offer help and advice in this regard. By doing so, you will increase your chances of making the right decision instead of investing in a business that could go off the rails.

In most cases, the vendor won’t release any information until you have signed a letter of intent that makes a non-binding offer and also a confidentiality agreement.

It should be noted that the business is being sold for a reason. What you have to do is find out what that reason is. It may be past bad management. An out-of-date product. Or a bad local economy. What you have to do is assess how big these problems are when it comes to make your decision in buying the business.

You should investigate the following:

* Organizational Documents

These document the organisation of the business and include partnership agreements, articles of incorporation, and business certificates. These should be examined to determine how the business is structured and capitalised.

* Contracts and Leases

These include property and machinery leases, sales and purchase contracts. They should determine the exact obligations the business is subject to.

* Financial Statements

You should look at the financial statements for the past three years to assess the financial shape of the business.

* Tax Returns

Again, go through the tax returns for the past three years to assess the profitability of the business and to determine whether any tax liability is outstanding.