During this economic down turn many people are looking for various ways of making money, and due to the recession people now realise that job security is a thing of the past and can not be relied upon as in recent decades where an individual would stay with the same company for 10 to 20 years or more.
When one opportunity is gone there is always another waiting to be realised. There is now a growing trend towards internet businesses which can come in many business models. Generally it could be MLM or Net Work Marketing, Affiliate Marketing, Drop shipping, Brokerage, Advertising, Community and many more. There are countless opportunities springing up all the time, it is estimated that there are one and a half billion people using the internet globally and growing at an overall world wide rate of 23 .
With the recession in full flow and the banks reluctant to lend money with out security, it’s worth your time and effort to look at a internet business compared to a traditional bricks and mortar business before making any commitment.
Assessing a traditional business to begin with The first thing that is required to start a business is money or funding possibly business loan, loans in the current economic climate are almost non existent unless you are a using some form of security.
Let’s break it down, what type of business? This will involve acquiring a business premises of some description securing a lease agreement, Forming a new company, refurbishing cost’s new equipment, insurance, advertising, upfront fees for utilities, business cards etc, at a conservative estimate the cost for this small enterprise will be approximately to the tens of thousands, Then there is the hiring of staff to consider and many other hidden cost related to the specifics of a business
You will require running capital to manage the business on a weekly basis this is specific to the individual and the type of business.
People who start up a new business under estimate the true cost. That’s because they have no experience to fall back on, also there are all manner of other important points that need to be factored in before even starting. For example feasibility study, location, products, competition and the time scale it will take from acquiring your premises to your new business opening date this is a single most stressful period as there will no money coming in and plenty going out of your pocket
An estimated 90 of small businesses fail with in their first year.
To start an Internet business, looking at the start up cost. As mentioned previously The search for the right business model that an individual may wish to sign up to is an obstacle in it’s self as the vast array of online opportunities can have opposite effect and confuse the prospective entrepreneur there are many business models to go by but the cost in comparison is minimal to a regular business, a website hosting and domain will set you back to the hundreds add to this specific software which you may need to run your particular business can also be a couple of hundred. For few hundred pounds you are ready to go at a basic level. On the higher end of the scale a top tier programme can be in the thousand bracket, it’s all a matter of choice as to what you as an individual would like to pursue.
Once the initial set up in an internet business is complete the major cost in the running the business will be in promoting it. The various forms of advertising are wide ranging whether it is paid or free. Paid advertising can be quite costly although considered the most effective. But this is only to be attempted once the individual has a good grasp how pay per click works or you will lose money. There are other, free forms of advertising. Writing articles, participating in newsgroups, print advertising, and email marketing are other examples.
Statistics reveal that there is an astonishing 95 fail rate in starting out in online businesses.
• With the internet business you never have to stock anything
• No staff and staff salaries to worry about
• Be open for business 24/7 to a potentially global market
• No commuting involved therefore saving valuable time & money
• Potential to earn is enormous with a relatively small start up
• Risk is kept to a minimal
Right now there has never been a better time to start an internet business, the only obstacle is acquiring the right marketing skills.
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