Starting your online business is no different from any other — you have to make an investment.
The two main components are obviously time and money and I am adding a third. Continuing education.
Time-wise, you have to figure out how many hours you are going to spend on your online business daily. Yes, daily. Remember, you have decided to have a business, not pursue a hobby!
The myth of the four-hour-work-week, while you are building your biz, is just that. A myth. In order to succeed, you have to make the time commitment. There’s no way around it. Even if you outsource much of your work, you’re still calling the shots! It’s simply impossible to build a thriving business by doing nothing. Or very little. Period.
Don’t worry, once you have your business up and running and working for you, there will be plenty of time for your leisure activities. Take my word for it.
Same thing goes for your financial investment — you have to make one!
Even building an online business on a shoestring requires some capital. I am always surprised by people who think otherwise. The only thing I can attribute that to is that they are truly believing all the hype. Yes, a few “rags to riches” stories exist, but if you look closely, you will see that most had some sort of help in the beginning.
Think about this: Even a kid with a Kool-Aid stand has to have money to buy the Kool-Aid mix! (not to mention the cups, the pitcher to mix it in, and the stand itself!)
I’m not saying you have to have a huge bankroll of starting capital, but I am saying that to think you can build a prosperous online business without any money is foolhardy!
I also added continuing education to the mix. It requires both time and money. I added this ingredient because learning the ropes, keeping up with ever-changing technology, and new marketing techniques takes time. You also need to invest in books, online webinars (many are free), a good coaching program, and try to attend at least one offline event per year. The investment in yourself and your education should always be included when writing your overall business plan.
Now, I’m sure you’ve all heard the expression, “You shouldn’t expect something for nothing.” I’m just here to remind you — it’s TRUE!