So, you have decided to take the leap but now have no clue what to do before starting your online marketing business.
In today’s world, we are seeing more and more families have one person earning income through online marketing. Whether that is through network marketing or affiliate marketing, the trend is definitely growing in this direction.
There’s a massive amount of commitment required, to be successful in this industry. This is okay, because as the old saying goes, “anything worth doing is worth doing right.”
In fact, there are a number of key steps that you need to take BEFORE you’ve even started the business of your dreams that you’ll absolutely want to pay close attention to moving forward.
Identify the “Why” of It All
First thing’s first: Before you do anything else, you need to determine why you feel so compelled to start this particular business at this particular time.
Is it because someone told you it was extremely easy to generate thousands of dollars a month with minimal effort? If so, take a step back and know this. That is not true… AT FIRST. Yes, down the road this is possible, I have several clients doing just that. However, to start they worked hard, and it did take full-time effort for some of them. But if it’s because this will allow you to genuinely do something you love, and something that you think will make an impact on the lives of a lot of people, then, by all means, push ahead.
DON’T Quit Your Day Job
Building a successful business is not something that happens overnight. This often takes years of planning and hard work, not to mention many mistakes along the way.
All of this is to say that if your ability to quit your day job and focus on your new business full time depends on an instant success… don’t quit your day job just yet.
DON’T Neglect Your Family
Yes, starting a business is something that requires a huge amount of your time. Yes, you need to devote every ounce of space in your brain and every free moment to this goal. But do not, under any circumstances, let that come at the expense of your loved ones and those around you.
You’re going to need quite a bit of support to get your new business up and running. If you neglect your family now, you’re not going to have that support later.
Go All In On The Entrepreneur’s Bet
As you start your business and begin to see momentum you will often have to rely on “The Entrepreneur’s Bet.” Essentially this means you are betting on yourself. On your skills, your contacts, your ability to learn, grow, and adapt, and your resilience. It will take all of this to be successful in the long-term.
You also need to acknowledge that, once again, your business is very unlikely to be successful enough right away to have this bet pay off in the short term. A lot of new online marketing businesses are operating at a loss at first and that’s okay. But this is yet another step that confirms the path you’re on is actually viable and it’s one that you absolutely do not want to skip.
The Myth of the “One Size Fits All” Approach
At this point, it’s also important to acknowledge that there really is no one “right way” to start an online marketing business. The choices you have to make will be influenced by a wide range of different factors, many of which are unique to your company, your time available and even the vision that you’re starting with.
Case in point: You need to review all local, state and federal regulations pertaining to what you’re trying to accomplish. Different places have different laws, and ignorance is not an excuse for breaking them. You may need to register with your state, even if you are operating under your own name. You may have a sales tax requirement if you carry any sort of inventory.
If you don’t know, ask! Not finding out the answer can be a very costly mistake down the road.
Choosing the Right Business Entity
This is another important step you don’t want to skip because it dictates things like taxes, paperwork, liability and other legal elements of your business.
One of the most common types of business entities is the limited liability structure, or LLC. This is because it provides you with the level of flexibility you need right now, coupled with the protection you’ll need from a personal liability standpoint. If you are serious about your business being successful, this is one thing I recommend everyone to start with. The cost to file it with your Secretary of State is minimal and it shows the intent of profit which can be key down the road.
But that isn’t a guarantee that this is right for you long-term. In the short-term, it will be just fine for nine out of ten people. Other structures like sole proprietorships, partnerships, S corporations and C corporations all have their fair share of advantages and disadvantages. You need to pick the right one today or you’ll open yourself up to a world of problems tomorrow.
Finding the Help You Need (and You WILL Need It)
Finally, as your journey toward true entrepreneurship is about to begin in earnest, you need to understand two of the core pillars of successful business ownership:
1. You do not know everything, even if you think you do. And that is okay.
2. You cannot do it all alone, even if you think you can. And that is okay.
The difference between failed and successful business owners often comes down to the acknowledgment of these two points.
Rather than do a poor job at a business task for which you don’t have the skills, don’t be afraid to hire someone who does have those skills. Rather than guess at answers to questions, find the right advisors and mentors to guide you. Reach out and find the people who are willing to assist you and don’t be afraid to share your vision with them.
You WILL need help and there are people who are absolutely willing to stand by your side. You just have to want to look for them.
In the End
It’s fair to say that starting a new online marketing business is harder than you probably thought it was going to be, especially when you consider the sheer amount of time you’ll need to devote to the steps outlined above. But provided that you have a realistic vision and a passion that cannot be extinguished, success is no longer a question of “if” but “when.”
The stakes are high and the risk is higher, but the rewards are even greater if you persevere. Never let anyone tell you otherwise.
You can now be confident that you know what to do before starting an online marketing business.
If you are looking for additional support, you can join this Facebook group dedicated specifically to your industry.