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Web News & Tips - Issue #276

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Starting An Online Business: Things to Learn and Remember

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Starting An Online Business: Things to Learn and Remember

By Karl Augustine

Since 96% of all online businesses fail, you should be careful, driven, smart, and adventurous when starting an online business. 

Obviously when starting an online business, avoiding mistakes is key to your success because online mistakes cost serious money and waste lots of valuable time. Unfortunately you don't have a time machine to use to go back and "undo" the mistakes that you might make. 

In the online world, mistakes are simply "business killers" and sadly, most people who start an online business never recover from those mistakes.

Here's some facts that may factor into your decision if you're thinking of starting an online business:

* When starting an online business the average newbie loses between $1,500.00 to $2,500.00 in the first year of their online business on useless products and programs.

* The Department of Labor and Statistics says that 75,000 new people subscribe to the Internet every day, 100,000 new web sites are built daily, and 125,000 people start a home-based business every week.

* 33% of all new millionaires achieve it through a home-based business.

With those types of statistics, its easy to see why starting an online business can have such a grand allure and be daunting all at the same time. In fact, starting an online business can be one of the easiest things to actually do and can easily become a part-time profitable business if you do it right. 

So what do you have to remember or learn when starting an online business? Here's a partial list of 8 items:

Starting an online business item 1: Remember that you need to plan well, have a distinct plan for what you want to do and how you are going
to get there. If you don't have detail of of the "how's" regarding starting your online business, you will most likely waste more money than you can afford to and burn up more time than you should. Define a clear path from "idea to sale" right from the start and realize that your flexibility in that path will be key to your success.

Starting an online business item 2: Remember that there are lots of 'get rich quick' type schemes available that contribute to the overall Internet business hype. If you buy into any of this when starting an online business, you'll actually digress rather than progress because you'll be distracted and you will not be able to maximize your time.

Starting an online business item 3: Remember that there are certain similarities to offline and online success, but there is a distinct difference between online marketing and offline marketing. When starting an online business, make sure that you take what you know as an offline marketer and utilize what works in your online business and discard what doesn't.

Starting an online business item 4: Remember that you will need to be highly critical of information and will need to crave information and knowledge when starting an online business. You will be bombarded with lots of information, schemes, products, resources, and tactics for success when starting an online business, its only natural. Remember to be logical and critical of such information and crave the knowledge needed to decide whether or not the information is fitting for how you think, is useful to you in your online business, and has value to you regarding your long term plan.

Starting an online business item 5: You have to learn patience when starting an online business. Because you most likely won't have the knowledge or resources to make lots of money instantly, and your network of 'partners' won't be built, having patience and understanding that this business takes some time just might save from the times when you feel like throwing in the towel.

Starting an online business item 6: When starting an online business, you have to be ready to learn the art of copy writing unless you have a large budget. Copy writing is one of the top skills needed to succeed in an online business and the endeavor to learn copy writing should be taken very seriously. There is a process that goes along with solid copy writing and it ties into your product, target market, and your overall plan. Make sure you learn how to write good copy or at least plan fiscally to get the job done right.

Starting an online business item 7: When starting an online business, learning how to develop a product that people will pay for, that is in an unsaturated market, and that is built around your passion, can be one of the most important exercises you can undertake. There's been lots of money lost because this idea wasn't thoroughly researched before the netrepreneur started his or her online business. Don't make the same mistake when starting yours.

Starting an online business item 8: In order to be successful when starting an online business, you need to learn how to use the phone! Email is great but the phone is better, always. If you aren't comfortable picking up the phone and talking to other business owners, practice it. Remember, your online business is like any other business, offline or online. It is about solving people's problems by delivering a solid product through channels that often-times demand having a relationship with other people. Voice to voice communication is the next best thing to meeting in person. Use the phone!

When starting an online business, remember that you will have to sift through a lot of information and be diligent in order to turn a profit. It takes work. Starting an online business is easy, making your online business a profitable one will take effort, determination, relationships, talent, and persistence.

Be humble, work hard, work smart. 

Author's URL:
Author of "A Practical Guide To Deciding Whether Or Not To Get A Divorce", a resource recommended by counselors and coaches to their clients. Proven "Action Items" to help you decide!

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Web News

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Separate research studies revealed some interesting data about online music habits: collections average only a certain number of songs, yet more are swapping. The findings from a Jupiter Research indicate that those high-capacity MP3 players may be overkill many music aficionados max out at about 1,000 songs. 

According to the report, 90 percent of consumers who maintain a music collection on their PC have a maximum of 1,000 songs in their collection. Furthermore, 77 percent of consumers interested in purchasing a portable media player would want a portable music player with a capacity of 1,000 songs. 

It was rumored after the Orkut social network service was shut down a few days following its launch that Google was working to upgrade features to prevent the site's data from being mined.

Certainly at least one company got a good chunk of data, as shown by the Orkut Personal Network Geomapper. It lets you look up anyone in the Orkut database at the time the information was mined, then see their connections.

Currently 18.5 million strong, the ranks of teenagers are expected to swell to 22 million in 2008. Twelve to 17 year-olds represented 11 percent of the overall online population in 2003, but will drop to 10 percent in 2008, the report said. 

Already identified as music influencers and the primary decision-makers for consumer electronics, the research firm further acknowledged that teens also exert heavy influence on household purchasing making them a highly attractive target audience to marketers. 

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