The economy and job market is pretty bad. We’ve seen record stagnation and little movement in any positive direction. With that said, it’s not always the economy’s fault. Millions of people every year start online business and become web entrepreneurs because they think it’s easy. Well, it’s not and it’s not always the economy’s fault. Sometimes web entrepreneurs just make dumb rookie mistakes that end up sinking their efforts before they have a chance to work.
Having an idea is one thing, but when you start a business prematurely and without a good marketing plan, you’re going to fail every time. Simply being convinced that your product or service will carry you through is a horrible game that more often than not will end in failure.
You have to look at what other people in the industry have learned, both from success and mistakes, and apply them to your model. Not doing this is an act of hubris. That’s why it’s so important to have a good marketing strategy that is tailored to the area of the market you’re going for. Before you start up, you need to have a solid plan and set of goals that you need to be hitting. You still want to keep the ability to make changes to your business at a moment’s notice, but flexibility shouldn’t be your overall approach going into it.
You don’t want to start up and expect that the money’s going to simply start flowing in. Sometimes it can take years to build up a brand and get recognition. Most businesses aren’t successful and making money for years after they get going. Banking on the hope of success is a quick approach to filing for bankruptcy. With that said, if you wait years to start your business because you don’t have enough money, you’ll never get going.
You need to set a goal of how much it will take you to operate for six months to a year before you start seeing any substantial customer build-up. Otherwise, you’ll end up out of business within a month or two. We’ve all heard of those horror stories where millions in venture capital funds are thrown at an untested idea that ends up not flying. The huge losses that result are painful to behold.
You need to have a good plan and realistic expectations. Many businesses, online and offline, when starting up pour tons of money into the launch, usually spending much of their budget on a big fan fare. You want to be very conservative in the early days and cut costs where you can. Your presentation has to be good, not flashy. Doing more of the work yourself and hiring multi-talanted people is a good start. You should also cut other costs of doing business with cheaper internet plans and a Prepaid Cell Phone. You have to be more than just an “idea guy” if you’re looking to be successful in today’s fast-paced online business world.