Starting An Internet Based Business? Seven Essential Tips To Set You On The Road To Success!

It may seem a daunting prospect to the uninitiated - running a new venture when you

have little or no experience of starting an internet based business.

The idea is immensely appealing; imagine working from home, at hours to suit you, with no clocking in card, or boss breathing down your neck? Sound tempting?

Starting a new business can be very lucrative - Virgin, Apple and even Ford Motor Company all started out as home-run business ventures. But why do so many businesses fail, even with the advantages of the modern age of the internet and all it has to offer? Mostly because they fail to follow these must-know criteria when starting an internet based business.

1. DISCIPLINE

So many people are sidetracked by the alternative lures of the internet; you can avoid this pitfall by setting aside time and space to dedicate yourself to your business. Delete that social networking account, block your favourite chat rooms and leave those emails until later - they won't make you rich! Concentrate on your new business and before you know it, you will reap the rewards that keep you glued to your computer for the right reasons!

2. BUSINESS PLAN

Starting your own internet business may seem like an easy ride to riches but in reality, like in any kind of business, forward planning is the key to longevity. Preparation and research are absolutely vital. Know where you're starting from, where you're going, and where you want your journey to take you. Without direction you will never find your ultimate destination!

3. TARGET MARKET

Know your target market well; find a niche, and fill it. Again research is key here. Is the market flooded with similar businesses to yours? Can you find a new angle, or a unique way of doing things? If not, think again. The time spent on research at this stage will reap rewards in the long term. Don't find or create a product and then look for a market, this is possibly one of the biggest mistakes for internet beginners. But instead go for the proven formula, find a market first with cash rich and hungry buyers and find a product to put in front of them!

4. COMPETITION

This is a recurrent theme - research. Know your enemy! The internet is awash with competition. Research your competitors; what do they do well and not so well? Learn from their mistakes. Some internet businesses allow customers to leave feedback on their sites. Learn what they do that brings them sales. And how can you improve on what they offer? A better price may not necessarily be possible, but can you offer an 'extra' that the others can't? Learn all you can about how to make your business better than all the others!

5. CHERISH YOUR CUSTOMER

This is vital in any line of business, but when you're starting an internet based business, you will have to be the best. Competition is only a click away. Look after your customer; offer straightforward easy payment transactions, respond quickly to their emails and be interested and accessible after a sale - the returning customer is the most lucrative of all. But most importantly, build relationships. A customer who thinks of you as a 'friend' will be much happier parting with their hard-earned cash!

6. FINANCE

Many people are so keen to start an internet based business they don't have a business plan, let alone any thought as how to finance it! Don't get stopped in your tracks before you've even started! Okay, many internet businesses can be started with a minimum of capital and run very cheaply - but what happens if you suddenly need cash to keep the momentum going? It's not wasted time to arrange to have reserve funds available - just in case!

Lastly and probably most importantly...

7. BE PATIENT!

Many people think that starting an internet business will bring instant riches, and quickly lose heart when this is not the case. Follow these tips, be persistent and determined and you're halfway there. If you put in the time and the effort, starting your internet based business could be the start of a whole new life. The life you truly deserve!

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by: Simon Charles

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