6 Must Knows to Building a Successful Online Business

Every day, hopeful men and women join the ranks of those who want to build a successful business on the Internet or by using the Internet. What begins out as “stars in their eyes” may soon turn to tears in their eyes.

The sad truth is, most will fail. It’s not for lack of desire but rather that they miss one of the most important aspects of running a business – using the Internet. They fail to understand the absolute importance of running their business like a business. It’s as simple as that.

Having owned and operated my business for 16 years, I have witnessed far too many people miss incredible opportunity because they buy into hype, rather than laying a foundation for success.

The fact is you have to work at building your business. AND… you MUST treat it like a business.

For me, the transition from brick and mortar to online was not too much of a stretch on the business side. I already had a very substantial foundation, including a DBA (doing business as), business license, and we incorporated very early on.

In addition, I did all of the following. These are the same recommendations I make to virtually anyone who wants to build a viable business.

1. Keep accurate financial books. Set up your systems so you are paying your taxes throughout the year rather than getting stuck with a huge tax bill at the end of the year. I speak for U.S. business owners, as I do not know the tax laws in other countries.

A skilled bookkeeper or accountant is a must.

2. Be willing to invest in your education. However, as you learn new information, apply it. It never ceases to amaze me how many people will either not invest anything in their knowledge base or buy so much, without applying anything.

Education application is a discipline.

3. Secure the services of a top-notch mentor. Mentors who have “been there, done that” can cut years off your learning curve.

4. Develop a solid marketing plan. Marketing plans are not stagnant. Developing your plan is a fluid process.

5. Commit to the long term. Far too many people give up way too soon because they are not making thousands a day within a month of starting a business.

6. Enjoy the process. There will be times you wonder, “what the heck was I thinking?” Yet, one day, you begin to see progress and you say, “aahhh, yes, this is what I was thinking.”

By following these simple steps you are way ahead of most. The fact is the business-mortality rate online far exceeds what we have traditionally heard about brick-and-mortar businesses.

On the flip side, when you build your business and treat it like a business, the potential for a highly successful business with an incredibly high-profit margin is yours to enjoy.

Best Home Business Opportunity – How Do You Know That?

This article talks about the elements that you should look for in the best home business opportunity. You can run many businesses from home and primarily you would choose something that uses your current skills or is within your realm of imagination. I urge you to wait and think of why are you starting business in the first place? What are your long term goals? Considering you are starting a business, do you want to keep it small or is it your wish that it earns you in millions?

Let’s look at the elements that make any business idea the best home business.

Easy to Setup: Any business that you are starting from home cannot be complicated. If it is too complicated then it is going to disrupt your home environment. It should need a small setup, which is simple to install and simple to manage. In the initial days where you need to focus on generating the business and income you cannot be hassled about managing the setup.

Small Start-up Cost: It should need a small investment. If you had big investment, you would probably start a bigger business out of an office. It is fair in assuming that since you are starting out and starting out from home, it would be easier if the start-up cost is between $500 – $1000.

Pays Well: While the start-up cost may be low, it should have an income potential that should be high. As high as you want it to be. It should not restrict your income because your start-up cost is low. I am sure you would agree with me on this one:)

Less Staff: Similar to the point I make about a simple setup, it should need zero staff except yourself and if you need some work done, you could probably outsource it. Give it to someone who can do it for you. Some one from another country perhaps as the outsourcing charges would be further reduced.

Time Freedom: It should allow you to work when you feel like working and not as per some fixed timing. If you have to work at a particular time every day for a particular number of hours every day, it is equivalent to a JOB. The idea of home business is that you do it on your terms at times when you are your best.

Recession Proof: This one goes for any business opportunity and not only for business from home. If you are starting a business then it has to be recession proof. That means it should have enough demand so as to sustain income even if the recession is high.

Now imagine a business which has all these elements, wouldn’t that qualify to be the best home business opportunity? Now add to this ease of learning the ropes. The best training from the industry toppers and a product that sells like hot cakes? Doesn’t that sound like a great idea?

Investing For the Long Term Versus Day Trading Penny Stocks – Which Method is Right For You?

The stock market is all about making money. There are tons of ways to do it, from short sells to call options. Many of these ways can seem a bit on the advanced side, and are really only viable plays because of the interest and trading volume on many stocks.

Penny stocks are a bit different. You might say they’re “old school”. With lower trading volumes the main way you make money is by buying low and selling high. Even so, there are still two different strategies you can use: Long term investing, and day trading penny stock.

Depending on your particular level of expertise, risk tolerance and amount of time you are willing to spend researching stocks, one may be more appealing to you than the other. Both are viable ways to make money.

Long term investing is fairly straightforward. Basically you want to find a company that you think is going to increase in value over the long term and buy shares (which represent part ownership) in that company. You will have to do some research up front to do this right (or have paid someone else to do this research for you) but what you are looking for is a company that is probably very young and has a solid business plan and a good management team.

You want to see positive cash flow into the company and for what history there is the company’s profits should be growing year to year, not shrinking or holding steady. When I say do this research yourself or pay someone to do it for you, I really mean that. Free stock tips, especially on penny stocks, are almost always a scamster trying to drive the price of his worthless stock up so he can dump it and leave his marks holding the bag.

Day Trading penny stock is a bit different than long term investing. First off, it requires far more research and secondly it is much less of an exact science. You can look at a company’s financials and other factors over five years and if what you see looks good you can be fairly confident the stock will go up in value, although you may not know when or how much.

Day trading is much more hit-and-miss, and involves following short term trends in stock price. Done well though, day trading can build a small investment into small fortune and a small fortune into a big one five times faster or more than standard value investments. When I say “or more” I really mean “a lot more” but I also want to counsel caution because day trading is a riskier business and can lose money quickly as well.

The idea in day trading is to figure out how short term news will affect stock prices in the short term. Deals with other companies, layoffs, all sorts of things can have sharp affects on stock prices in very short time frames and day traders seek to capitalize on those short term changes.

If a company isn’t really that financially solid and their stock currently goes for $0.88 and you had a time machine and could see next year their stock was worth $0.89 you would still have to buy so much stock just to overcome the stock trading commissions the company would absolutely not be a worthwhile investment.

But if there was some brief excitement because the company got a contract with Apple and Apple’s very trendy right now, that might have popped the stock price up to $0.96 in the span of a few days, before the stock slowly dropped down to $0.89 again. Buying right before those two days hit is a day trader’s ultimate goal, and it can be done. Just not easily, or all the time.