The prospect of building our very own Internet business is very exciting. When done correctly, it can be very rewarding. However, if done incorrectly, an Internet business can become a money pit. The purpose of this article is to provide you with three necessary rules to ensure you are on the right path.
Rule # 1 – DEVELOP A PLAN
You have found a reputable wholesaler and have a product that you feel comfortable with. There are endless possibilities that allow you to build a web site and beginning selling your products online. However, this is not the time to jump in the water. It is now time to develop a business and marketing strategy. You may ask yourself why you should do this when you can begin selling now. Let me give you an example.
John is the typical startup business owner with limited funds. He has $ 10,000.00 in the bank and has yet to establish a web site. John begins by establishing a merchant account and finding a hosting company that will do everything he believes necessary to get his business up and running. Before he knows it, John is spending over $ 100.00 a month in fees to begin his business. John is not worried because he KNOWS he is going to make money with his idea. Therefore, he continues on his path.
The next thing that John does is find someone to help him with his pay-per-click campaign. The contract company convinces John that he needs to spend $ 1.50 per click for a daily budget of $ 100.00. "You will make a ton of money!" States the campaign manager. John agreements and the plan is set into motion. Thirty days have gone by and John has spent $ 3000.00 on his pay-per-click campaign with zero sales. He also owes another $ 100.00.
What did John do wrong? He did not establish a plan.
There are plenty of resources available to help a small business owner. One reputable resource that I have personally used a number of times is the Small Business Administration. Another resource that I have found to be very useful for start up business owners are the dummies books. The name is quite deceiving. It could be said that you are a dummy if you dismiss the book as being beneath you.
Many of the sources above will tell you to develop a business strategy. They will also tell you to develop a marketing strategy. At the very least, you should sit down and develop a strategy that fits your goals and stick with it. A little effort up front will save a ton of money in the long run.
Rule # 2 – DO NOT BELIEVE THE HYPE
We have witnessed it hundreds of times before. The words are synonymous with success and riches.
- "You can be as successful as I am"
- "Get Rich Quick"
- "Work Part-Time"
Falling into the trap is easy. We believe the middleman has the golden key. We believe if he can do it, then we can too. After all, we are intelligent and focused. This is where the downfall begins. We begin to believe success online is easy. We invest our money into a third-rate middleman seeking to use our money to increase his fortune. When all is said and done, we have paid the middle man for his services and closed our business.
Finding a reputable wholesaler is very important. Therefore, it is necessary to take your time and find one that you can trust. One source that I have used to find reputable wholesalers in the past is World Wide Brands, but there are many ways to find a great wholesaler. Another very popular method is to call the manufacturer themselves. For example, if you want to sell baseball equipment, you may want to contact demarini.
If you want to sell Fish Finders [http://www.happyjaysgps.com], you may contact Lowrance.
Rule # 3 – LET THE PROFESSIONALS DO IT
In the example above, John was unable to make money with products that he knew to be of high quality. He believed that he had done everything right. After all, creating a web site should be easy. You just throw down a few html tags and you're on your way.
The problem with this theory is the quantity of web sites out there with the exact same product as John. In the early days, it was possible to piece together a web site. Those days are far behind us now. If you want your site to sell, you need to find someone with the capability to make it look professional. Otherwise, your site will never be able to compete with the big boys. There are plenty of contractors out there willing to offer their services. I have personally used Solid Cactus and have found success, but there are many others. Whatever you decide, make sure that you have done your research on the organization of choice. Remember, the site will be with you for a long time.