Here are the 7 questions you need to ask when starting your online empire:
1. Are you self motivated and capable of working without someone telling you what to do? The advantage of “being your own boss” can also be its downfall. To succeed in your online business, you need to be able to focus on your work and set objectives for yourself, without needing to be told what to do by someone else.
2. Do you have the time to dedicate to your business? Starting a business, even an “online” one, will take some time off your schedule. The exact amount varies depending on your skills, objectives, and the type of projects you want to set up.
3. Are you fine with having an unpredictable income? Unlike a job which pays a fixed salary, there is no way to predict how much, or how little you will make online.
4. Are you willing to invest some money in your business? While it is true that you can start an online business with a lot less money than a “traditional” one, you will still need to pay expenses such as web hosting, domain names and advertising.
5. Have you made a business plan? When starting any type of business, you need to plan out exactly how you are going to make money, how you will cover expenses, and most importantly, what measures are in place should something not work out as planned.
6. Do you know how to start a “company”? While receiving checks under your personal name is fine if you are new to the game or just plan to make a few extra bucks, registering a company with the relevant authorities and opening a business bank account do have some advantages if you plan to run a “serious” business.
7. Have you done your research? Before you begin, read all you can about affiliate marketing to gain the knowledge required. Rushing into a business because of a flashy website ad that you saw is a recipe for disaster.