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This sounds like a simple question to ask yourself before venturing into any type of business endeavour and online business is no different.
It is true that online businesses are less risky as they don’t require a lot of capital to get started, but you still need to see which ones are viable and a good fit for your personal circumstances and likes.
So, before you leap into a new business venture, you want to make sure that this will be sustainable for you in the beginning and for the long run. You don’t want to get started with something, only to discover there is a missing piece of the puzzle that will prevent you from achieving success with your efforts.
Analyze
You first need to analyze each business model to see if it’s viable in several different ways. The first thing most internet marketers will want to know is whether or not a particular business model will be lucrative for them.
If it’s not a profitable venture, then you’ll want to focus your efforts elsewhere. For many, it’s not just about the amount of money that they can make, but also the speed in which they can make it.
If you’re only making a few pennies every month, that won’t be enough to sustain your efforts. You have to think in terms of exchanging your time for money. Take a look at what other marketers are earning with that business model.
If you’re adding this branch to another business, then you don’t want to take away your time and effort on a very lucrative business model only to funnel it into one that won’t earn you as much money.
This may or may not be important to you. If you’re adding a second business model on specifically for personal satisfaction reasons, then the financial slant of it may not be as important to you.
But this is rarely the case, because people like to see a return on their efforts. Don’t forget, when you’re determining the profitability of a business model, you’re not just looking at what comes into your bank account.
Upfront Cost
You’re also looking at the expenses you were required to pay ahead of time to get that business model off the ground and operating functionally.
Also, make sure you take a look at any alternate approaches to implementing this particular business model.
For example, let’s say you decided to go into affiliate marketing. If you promoted information products that either had recurring income or a higher ticket cost, you would earn more than someone who was simply recommending books on Amazon, where you would only earn a few cents for every sale.
Implementation
The next thing you want to do when determining whether or not a business model is viable for you at this time is to think about how easy it will be for you to implement. No one wants to engage in a frustrating activity, but if something is difficult, it can severely impact the amount of time, money, and effort that you have to put forth in making it work.
When you first start thinking about adding a second business model, make a list of all of the skills it requires to implement this particular plan. You might find that you have a number of the skills readily available to you.
However, you may also discover that you are incapable of handling one or more of the tasks. If this happens, you will need to look at one of two options.
Your first is to simply delegate the task to someone who does have the knowledge and skill to handle it. This will undoubtedly add to the financial burden that will be required to get this business off the ground.
Another way you can approach it is to simply adopt the realization that you will need to learn the skill in order to implement the business plan.
Some skills are easy to learn and cost-effective for your budget. Others take more time and discipline to understand, and may come at a high cost due to the learning process. Think about all of the tools that you will need in order to pursue a specific business plan.
Sometimes, marketers will teach a method and say no special tools are required. But without them, it makes the process much harder to achieve. You’ll have to decide whether or not you’re capable of handling it without special tools to help you along.
Enjoyment
The final way you want to analyze this business model to see if it’s viable for you is to think about how much you will enjoy working in this business branch over time. There are many people who start out pursuing a particular business branch simply because it looks profitable and easy.
Then they get started with it and discover that it doesn’t bring them a great deal of personal satisfaction. They begin to dread having to work on this business branch, and then it withers and dies.
One of the biggest perks in working for yourself online and at home is that you get to choose what you work on. Instead of being forced to handle projects that bring you grief, you’re able to selectively decide which projects, niches, and path you want to take in your business.
The last thing you want to do is abandon that freedom of choice only to suffer because you added a business branch you thought you would enjoy, but don’t. Before you commit to this particular new business branch, think about what it would be like to engage in this topic or concept every single day.
In fact, you might give yourself a test to do something in the niche for an hour or two each day for a few weeks. This trial run will enable you to gather enough information to see if this is a business branch that will keep you enthusiastic over time, or cause you to quickly avoid and abandon it and waste all of the time, effort, and money that you have put into it.
So, there you have it. A quick insight into how you can pick the best online business model(s) to suit you.
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