Financial profitability must form part of the success equation of every here Internet home based business.
If this was not the case, you’d do what you do for charity or as a hobby.
Ultimately to make money your business has to trade successfully. If it makes none or not enough then it’s possible you’re open for business but not actually trading. In effect your operation is masquerading as a business.
Masquerading meaning to appear as one thing but be something else in reality, in much the same way as participants at a masquerade ball appear masked.
Does Your Internet Home Based
Business Look The Part But Not
Do What It Must, Make Money?
How do you Turn a Masquerading Business Into a Trading One?
The short and most obvious answer to this is, by ensuring that your Internet home based business does what is required to trade. This means your business has to exchange what you’re offering in return for legal tender.
Your business does not have to make squillions of dollars. In fact as long as you’re happy and enjoying what you’re doing, you make enough to cover your expenses, can live off your proceeds and you’re growing your profit margin, then that’s all that’s required to achieve a fundamental level of success.
An online business is no different to any other but often Internet marketers seem to lose sight of the fact that business principles relating to trading, apply to their business too. Trading is trading no matter where or how you’re doing it.
Perhaps this happens because an online business is more ‘abstract’ in nature than a brick and mortar one?
Let’s face it when you’ve had enough of an Internet home based business, you can turn off your computer and to all extents and purposes your business is out of sight and out of mind. Dangerous!
Sometimes it’s helpful to look at more concrete models to understand the similarities at hand.
From Zero to Trading – the Journey of a Shopkeeper Versus Your Online Business
Consider the steps to success for a shopkeeper versus your own business.
A shopkeeper decides to open a shop selling what they love for which there is a market. You decide to start an online business marketing what you love for which there is a demand.
They decide on a location to get the best exposure and traffic to their shop. You decide on a marketing platform and keyword/s that will bring traffic to your site.
They decide on a name and branding. You decide on a name and branding.
They fit the shop out and purchase operating equipment eg: a cash register. You design or get your site designed and buy tools eg: an auto responder
They have an opening party and hand out give always on the street. You have a launch, join social networks, make friends and give away valuable content
They advertise that they’re in business. You SEO your site, advertise and /or write content to market your business.
People start visiting their shop. They interact and find out their needs. You start to get traffic to your site. You interact and find out the needs of your leads.
They offer solutions where possible for which they get paid. People who they can’t help leave. You offer solutions where possible for which you get paid. People who you can’t help move on.
They repeat steps 6 – 8. Enough people visit and buy. They make enough money. You repeat steps 6 – 8. Enough people visit and buy. You make enough money.
They have a profitable business – Happy shopkeeper. 🙂 You have profitable a business – Happy online business owner. 🙂
Did you notice that there is far more that is similar in principle above than not? If your business is not making money, at which steps above do you need to focus?
Shopkeepers don’t continually go back to steps 1 through 4, they focus on trading and that happens principally in steps 7 to 9.
How successful would a shopkeeper be if they were to spend most of their time:
– at the local community college learning how to market a business,
– changing products and suppliers every second week,
– re-decorating their shop,
– stacking shelves,
– giving everything away for free,
– ignoring their customers,
– pitching their customers about products they didn’t require and
– not uncovering their customer’s needs so they could supply a solution?
You will agree, not very and yet this is exactly what many online businesses do instead of trading.
How successful would shopkeepers be if they focused on being upset about the people they couldn’t help? Do you buy something in every shop you go into?
As a priority shopkeepers focus on getting people into their shop, execute the trading process then rinse and repeat.
A successful Internet home based business should be no different. It must offer solutions to common problems, attract people with these problems, offer solutions in exchange for financial payment, then rinse and repeat.
- Are you more focused on preparing to trade or on actual trading?
- What do you think are the differences and/or similarities in skill-set required between a shopkeeper and you for interacting with possible ‘customers’ ?
- What if anything do you need to change in your business to become a more effective trader?
- A shopkeeper counts their takings at the end of the day to measure their trading success. How do you measure your daily trading success?
Have your say in the comments section and I’ll meet you there!