3 Important Questions to Ask Before Starting a Niche Business

Here are three questions to ponder when starting an internet niche business.

1. What business do I went to venture into?

  • That is a very important question for any entrepreneur. What type of business would I like to start. Do I want to sell a product online or do I want to provide a service. I recently talked to my sister who was asking me about a particular person (guru) on TV that promised his prospects a website, hosting, a promise to make money, and it will be given to them free. Now any person that is looking to start a business online may be thinking WOW! this is my lucky day. Hold on sparky not so fast.
  • I am not saying this was not legitimate but there was more to it than what she heard on TV. Yes the internet marketer is successful and yes you may make money following his plan, however it is not “ALL” free. You will not get rich for free. It takes work, motivation, time, money, and commitment.
  • You really need to consider what type of business you want to be in by researching your business ideas, knowing your interests, and evaluating your strengths and weaknesses. This all will help you in your decision making process. It’s not as hard as it sounds.

2. The second question you need to ask yourself is do I have the time to commit to starting a niche business?

  • This is a very important question that needs an honest answer and you are the only one that can answer it. If you currently are working 60 hours a week, have family commitments, are involved in numerous activities that take up your time, then maybe this is not the time for you to start a business. Then again maybe it is and you need to start an internet business so you can reduce your hours you work. Any business startup is going to require a lot of your time. You hear the ads online stating you only need to work 2 hours a day on this website and sit back and watch the money. That is not exactly true. Some people online do have automated systems however to get to that point they had to commit “A LOT” of time to get their businesses where they want them to be. So if you do not have the time to commit then step back and wait until you do.

3. Do I have the money to start a internet business?

  • Yes, I am sorry to say it will cost you some money to start a niche business and make it successful. Contrary to popular belief or what others have told you it will cost MONEY. Depending on the business you would like to start will depend on the funds that will be needed. Do you have the disposable funds to start a business? Are you willing to lose money? Do you have available avenues to acquire the funds needed to start a business? Are you able to pay your existing bills and maintain your level of life style while investing money into your business? You definitely have to look at all aspects to determine if you have the money to start a business.

These are all legitimate questions that you must answer first before venturing into business. These questions are also answered in your Business Plan which every successful business should have. A business plan is a “blueprint” of your business. Can you do it? Absolutely! With the right tools, information, motivation, and commitment you can start an internet niche business.

 

 

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