How can you be sure a particular online business is a worthwhile investment?
- It’s not about the overall appearance of the Website/Internet Business.
- It’s not about what the seller initially tells you.
- It’s not even always about the level of traffic…
According to industry statistics, over 90% of the people who begin the search to buy a business NEVER do! The only way that you’ll avoid being a 90 percenter is by acquiring the right knowledge. Likewise, the only way to ensure that you will be successful in any online business is to be absolutely certain that you buy the right one.
Don’t be alarmed, most people have no clue what Internet business is right for them. The amount of websites for sale can be daunting; the choice is enormous.
There are many proven steps that can help you determine what is the right online business for you.
Develop YOUR Golden Rules.
Put together your list of five golden rules of what any business you buy MUST have in place. Think about this and be specific. Don’t say: “I have to enjoy what I do”…sure that’s important, very important in fact. However, if you’re in a business that you initially think you’re going to love, but you find yourself losing money, I can assure you that you’ll learn to hate everyday very quickly!
As an example, here are my five golden rules for any Internet business I consider buying:
- It must be a sales and marketing driven business – that’s what I do best. I avoid ones where I have to always have leading-edge technology because I’m not an expert at that aspect.
- It must have some element of exclusivity either in the product or service or within a territory. If not, I have no point of difference to offer prospective customers and maintaining current customers will always be a risk.
- The product or service must be a high margin item – this way, it’s simply a matter of time, persistence, and sales and marketing savvy (my strengths) for me to build the business. Plus, the margins will allow me to try new, creative ways of building the business.
- There must be a built in demand for the product service. I’ve learned the hard way that trying to create demand is far too expensive.
- I do not want to sell anything that competes solely on price. There’s no long-term viability in that business model.
These are my rules. Unbreakable. Non-negotiable – no matter what! Guess what? They are bulletproof. When I find a website business with these in place, and there are plenty, I am always going to be successful. You can certainly follow mine, but I will also show you how to modify them to find the Internet business that makes perfect sense for you.
Helpful hint: you probably won’t come up with five today. Your list may even change a bit during your search.