Don’t be terrified by the following statistics: 1. 95% of network marketers never make it past the 1st year. 2. 3 out of 4 distributors quit within their first 90 days. This high percentage of failure applies to every aspect of human life – no more than 5% of human beings could achieve real success. The majority of the online business owners fail because they ignore or forget to lay a solid foundation. A house build on sand can never stand long.
It is true that online business offers many advantages. There is no inventory expense, no worry about management and employee relationship, no hassle with payroll, refunds or product returns and no headache over 9 to 5 routine and work burnout. You are your own boss and you work at your favorite pace in the comfort of your own home. You can make a fortune over a shorter period of time once you are in the right track.
However, as long as it’s defined as business, home based online marketing business can not go far beyond the basic requirements for a business. There is no shortcut in building up any business. How many beginners, blinded by the “get-rich-fast” schemes, were misled by the little work and 5 or 6 digit income promise that floods the internet business world? Just look at the fast-changing internet marketing business world, what are left behind are those products or services that sustains the basic demands of the market while the crazy money making Hypes vanish soon like bubbles. The following are 5 essential components to lay solid foundation and achieve success in your home business.
1. Do Your Homework.
Before you plunge into any online business, do research on the programs and products available on the internet markets. Choose your niche market and product. Exam your attitude, availability and capability. Find something that you are really interested in, which will inspire you later when you feel discouraged. This mind-set period is extremely important, which is the first cornerstone to build your mansion of business. Your ability is what you are capable of doing, your motivation determines what you do and your attitude or your mind-set determines how well you do it.
2. Create Your Business Plan
It would be much easier for any business to be on the right track with the guideline or roadmap of a business plan. Your business plan defines your target audience, your budget and advertising, the ways to reach your prospects and build up your opt-in lists and strategies to turn your prospects into customers. It guides you to attain your short and long term goals. Give yourself at least 3 to 6 months to learn the basics of your business.
3. Select Carefully Your Sponsor and Program
Like any business, online marketing business has its unique marketing tools and strategies. As a beginner, you must learn how to use these tools and where to find the marketing strategies. Finding the sponsor/program that can teach you these secrets makes the difference between success and failure. Choose the business model with proven records of success and the one who can provide you with detailed and systematical training after you sign up. “Opportunity dances with those already on the dance floor.” The value of a right program and guiding sponsor is priceless, which means half success of your future business.
4. Duplicate What You Have Learned
Once you find the sponsor/program that works for you, follow orders and repeat what your sponsor has done to make his/her business successful. Apply the principles and rules you are taught. Nothing but action brings your business to a new stage. After you have commended these strategies and mastered the secret weapons, you can start your own program or other programs by duplicating what you have learned during this apprenticeship. You business grow s in the process of your learning and taking actions.
5. Be Persistent
No one can run before learning to walk. The above four essentials are the basic steps to build up your business. As far as your final success is concerned, perseverance counts. Always remember: “Genius is 1 percent inspiration, 99 percent perspiration.” – Thomas Edison. Focus and patience help you win the race.