The staggering reality is that 95% of people who start a business will fail within the first 5 years of doing so. If you want to avoid joining this group, you need to commit for the long haul and give yourself the opportunity to succeed.
Here are a few more key things to consider when choosing the right business venture for you:
What do you like to do? There’s no sense in wasting your time and effort on something you won’t enjoy. Life’s too short!
Make a list of all your interests, hobbies and causes you are passionate about. Then consider the different ways these could be turned into a moneymaking enterprise.
Skills & Abilities
What are you good at doing? If you’re great with people, you may want to consider a business in which you interact directly with your clientele. If you have a specific skill (e.g. portrait painter) that sets you apart from the masses, pursue all options for building a business around this individual skill set.
It is imperative to create a comprehensive business plan. While I won’t go into all the specifics here, your plan should include financial, legal, operations, marketing and personnel areas.
The more detailed your plan, the more clarity it will provide in aligning with, and achieving, the goals and vision for your company.
Enthusiasm and Action…
Here at Yaghi Labs we’re passionate about helping people build successful online businesses. We help you understand why treating your new venture like a “real business” is the first step in achieving your goals. There are no short cuts just because we utilize the Internet, and not a brick and mortar store, as our platform. The same principles apply to both.
Listen to our Internet Business Academy introduction here and we’ll reveal even more great information to help YOU build a profitable and long-term business online.