If you’re thinking about starting an Internet marketing career by creating a home based business online you have many things to consider before settling on a final choice. When just starting out or if you’re looking for another income stream to add to your online money making arsenal here are the 5 criteria I use to base my final selection on:
1. First of all my bottom line, or my profit margin, is the all encompassing factor which usually makes or breaks most of my new start-up plans. Some home business opportunities usually provide lower margins for making a profit while others give you a chance to pocket more revenue with less effort. The business plans which offer lower reward usually require maximum effort which of course takes more time and distracts you from your other Internet money making ventures.
Smaller margin enterprises for the most part require more effort, more resources and longer hours which means a lower hourly wage for the amount of work involved. So, simply put, if the opportunity I’m considering takes too much effort for the potential return involved it will not pass my litmus test and won’t be added to my income streams.
2. Can I put this venture on auto pilot? This means am I able to set up the business as outlined, and for the most part, forget it. The opportunity should be as close to hands free operation as possible which of course frees up time which you can devote to other areas of your operation such as marketing and generating income from your other sources.
3. The next question I ask myself before making a decision is: “Can I build on this opportunity and make the income potential grow?” It’s all well and good to create a steady source of reliable income from your home business but if you want to make the big bucks online your opportunity must provide you with the chance to add to it so you can expand your enterprise and explode your income to life changing amounts. This is called scalability and is an important factor in my decision making process.
4. You should also consider whether or not this is a fairly new business venture or has it been online in one form or another for a long time. The answer to this question will determine how much competition you will have with your new opportunity and if the market or your niche is already saturated with these types of endeavors. Of course if you see a need then you can proceed by adding it to your business strategy; however if the market seems to be flooded with these enterprises you should move on to your next consideration.
5. Finally, do you know anything about this new opportunity or is it a subject you have a passion for and in which you have a great deal of interest? It has been my experience that any venture you undertake becomes more successful and is much more enjoyable if you are happy with what you’re doing. Looking forward to another day at your laptop and always thinking about new and innovative ways you can increase your income always helps make your business more successful in a shorter period of time then if it’s a subject you have very little interest in or you’re just involved in to make money.
It may be difficult to find a home business opportunity online which satisfies all of these criteria, but when you do you will be virtually assured of long term success on the web.