Five Basic Rules for Startup Success

successAre you planning on starting an online business? I bet you want to be successful just like every other entrepreneur thinking about starting a business. Don’t worry it is not only you; no one starts a business to fail. However, many of them don’t do their homework before starting a business, hence majority of them end of failing after they burn through their initial capital. I bet you don’t want to be one of them.

The basic rules I’ve outlined below should guide you to become a successful entrepreneur.

Choose the right business

Just like any other businesses, you should ask yourself if you are getting into the right kind of online business. Is this what you want to do day in day out for the rest of your life? Or are you just starting something to make a few quick bucks?

You need to understand who you are and what you are capable of. Just like in real life don’t get into something you have no idea about. If you really want to, then do your research and convince yourself. Otherwise, you are just going to waste your money and time before realizing that you took the wrong route.

Know where you are headed – yes the route!

I bet you don’t like driving around without knowing where you are going. Well just like driving, you need to have a roadmap, a route, to be successful in any online venture. Having the passion and the energy is not enough to be successful. You need to eventually know your target market, your audience and finally how you will make money to sustain your business. Without having the answers to any of the above questions, you are bound to fail.

You need to know your overall budget allocation and you need to know how much you will spend on setting up the site, hosting, marketing, etc… Without a plan, you may end up spending all of your money on a Freelancer that will design your website. All of a sudden, you have a beautiful product (website) but no money to market it.

Know the basics of an online business

If you are not a tech savvy and you don’t know much about online business, you should at least try to answer the following questions.

– What is a web site? How is it put together? Who will put it together?

– What is hosting? Where is it located?

– How will you market your online business? What is social marketing?

– Do you have a domain name? where is it registered?

– Do I have time to maintain the site? Are you passionate about this business? Do you see yourself doing this for few years?

– Dow are you going to build an online network? Who is going to manage it?

– Who are your customers and how will you reach them?

– How much will you sell your product for or how will you make money?

Do you have answers to the above?

If not, you should not start an online business yet. You should either find a partner or you should do more homework before you proceed.

Don’t complicate your idea/concept

It is easy to complicate your idea and or wait for a revolutionary idea to launch your web business. Don’t do that. Just focus on a simple but exciting idea and execute it. Waiting is not going to make you rich; you need to execute a simple idea and try it out.

Don’t overlook your loved ones

Just like anything else, you will need to spend a lot of time with your new website business to be successful. A website business can suck all of your available time and this means your relationship can suffer. Don’t let this happen. Make sure you have the buy in from your family before you launch this. Get help from your family members if required to do the research and to help market in the early stage.

Once you follow the above rules, you should be in a position to understand your business better. You should then consult with other market leaders and share your ideas. This way you get to hear their criticism before you even launch the site. This way you can tweak it and or make it better before the launch.

Finally, just be yourself and focus on building a community around you. A community that will trust you and will stand by you when you need the help to grow. Now days with social networks, this is one of the most important tool required to be successful.

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{ 2 comments… read them below or add one }

Increase Website Traffic July 17, 2009 at 9:51 am

Interesting!

Doing business is not a rocket science, but maintaining business profitability is an important factor in any business. I will maintain my business profitability with online business and search engine optimization a supplement to it.

freelance management July 18, 2009 at 1:16 am

Great suggestions!!
Thanks for sharing.

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