Internet Business Plan Soup is a hearty, no frills recipe designed to maximise you chances of succeeding online. If you are in the early stages of starting your own online business then you may be experiencing the internal ‘fear and doubt’ dialogue that can often take place in one’s mind. Internet Business Plan Soup will help ease some of the heartache – ensuring that you ‘keep the faith’ all the way to success. The key to this recipe is to revisit it often, making minor adjustments along the way – especially during those challenging Winter months.
Ingredients A good quantity of Passion
Two tablespoons of Niche
An ounce of Leverage
A pinch of Lateral Thinking
Two cups of Testing
A clove of Efficiency
2 bunches of Lag
300g of Timing
4 tins of Action
Serves: Internet Business Startups
Directions 1. Passion (a.k.a Do What You Love) The number one ingredient in Internet Business Plan Soup is Passion. You must ensure that you are working in a business that interests you. This doesn’t necessarily mean that you have to be in love with the product or service that you sell; however, you must enjoy aspects of the business otherwise you won’t be motivated to give it 100% of your focus. And it will need a lot of your focus and energy, especially in the early stages!
To help determine this point, you could ask yourself the following types of questions:
- What do you really like to do (in a business sense)?
- Are you an ideas or action type of person? Or a bit of both?
- In which 20% of your talents do 80% of your results come from?
- In other words, where do your key skills lie?
It really all boils down to one question though – what are you really passionate about?
2. Niche Another critical ingredient in Internet Business Plan Soup is the ‘spice’ Niche and it goes a long way to determining success. Without exception, the majority of successful online business owners I know can tell you in a couple of sentences exactly what it is they love to do and why it has made them wealthy.
Without a precise understanding of your Niche your chances for success are greatly diminished. After all, it’s very difficult to hit a target which doesn’t exist or to win a game when you don’t know what it (winning) is.
Ask yourself what you are trying to achieve in this online business venture:
- Do you want to make quick cash?
- Do you want to develop and grow a sustainable online business?
- Are you interested in high cash-flow or developing assets? Or both?
- Do you have BIG aspirations or are you just looking to develop a hobby for some part-time cash?
Keep in mind that your Niche can always be adapted down the track if your situation or the market changes.
3. Leverage You need to become a master of Leverage. It is one of the most powerful principles in online business. The majority of people who are successful in business and life use Leverage in a significant way.
To use the concept of Leverage you need to continually examine how you can access other people’s skill, resources and money more effectively. Furthermore, consider less obvious assets such as systems, marketing and time.
Leverage is about duplicating a high-value item or skill at a lower cost.
I will explore this topic in depth in future articles; however, at this point it is important to remember the following points:
- Focus on Money-Making activities
- Delegate to others as much as possible
By doing this you will see an immediate increase in your ability to work ‘on’ your online business, rather than getting stuck ‘in’ the day to day running of it.
Lateral Thinking shares an implicit relationship with Leverage…
4. Lateral Thinking This is the concept of looking at things from a different point of view. You can increase profits significantly by doing simple things to “Add Value” in ways that others are not.
In other words, continually look at you business and ask yourself questions such as: