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Top 5 Internet Business Myths Debunked!

Many people have false expectations when they jump on the bandwagon to start their internet home business. When they are not able to attain those results, they throw in the towel, which is the main reason why 95% of internet home business owners never make it big. How can you improve the odds of your home business success? These debunked internet myths will help you set your feet on the right track:

Myth 1: Internet Business Is A Get Rich Quick Scheme

This is the undisputed no.1 myth associated with internet business. With the plethora of online advertisements promising fast bucks like “Earn $10K within your first month” and “Make $1K a day”, it is no wonder why internet home business has earned such reputation. Now, would you expect anyone to advertise in this manner: “This is a rough business, you have little chance to make it, but buy my product anyway for $47.00 even though the odds are against you?”

While it is not impossible to achieve phenomenal success in internet business, those who make it big in a short duration are an exception to the norm. They have all paid the price investing in time, experience, building customers’ trust and contacts, and who would have known the all the hard work and toil they have put in? Success looks glamorous, but they come with a price tag.

Myth 2: Internet Business Is Easier Than Offline Business

In any business, you cannot run away from the aspects of setting up the business and marketing it. Internet home business is just a different way of doing things. Whereas in traditional offline business, you need to rent a space for your business and market it using pamphlets and media(television, radio, etc), in online business, you need a domain and hosting plan and market your business using online social media.In short, with internet home business, you harness technology to do the hard work for you.

Please bear in mind that internet business is not a 9-5 job. In 9-5 job, some people can get away without doing anything (and they still earn their salary!). However, in internet home business, you reap what you sow. When you sow seeds of diligence and perseverance, success will come knocking. If you have always yearn to be your own boss and earning your potential while being there for your family, look no further than internet home business!

Myth 3: Starting An Internet Business Is Easy-Peasy

It is indeed easy to start an internet business, but to run a profitable business, one that pays off the bills, there is more than meets the eye. The greatest challenge would be to find the right information and to act on it. Many have been overwhelmed by the sheer information found online until they do not know where and how to start.

There are countless ways to make money online, but how do you know which ones will work for you? Who should you turn to for help when you find yourself running in circles? If there is one piece of advice I can offer, it is this: Develop a passion for learning, and you will never cease to grow. Learn from those who have attained internet business success, those who have been there, and done that. Learn from their experiences. After all, you don’t have all the time in the world to make the same mistakes.

Myth 4: I Don’t Have To Spend Any Money To Start My Internet Business

Please bear in mind that internet home business is a business, not a job. You are not guaranteed income at the end of the month. However, if you are willing to work like a horse for an employer, why not slog it off for your own business? After all, a business is an investment which will pay off handsomely–if you manage it well.

Any business requires start up costs, and the great thing about Internet home business is that the start-up costs are very minimal as compared to a brick and mortar store. No wonder wealth guru Robert Kiyosaki highly recommends network marketing home business as the best way for an individual to become a successful home business owner.

Myth 5: I Can Quit My Job And Live Happily Ever After

Unless you have savings to sustain you for the next one year or so, don’t fire your boss just yet. As with anything else in life, your business needs time to grow. Too many people quit their internet home business in the initial stages because they either run out of money or energy or both.

Minimize your risk by working on your internet business part-time while maintaining a full-time job. You will be spared the headache of having to pay your bills on time especially in the initial months of starting your business. However, if you don’t have an income and this is “do or die” thing, don’t give up! When you have your back hard pressed against the wall, your determination (and desperation) can be your greatest asset. This has been the reality of many success stories.

Simply by realizing that it takes time and effort to create a profitable internet home business and taking the time to research your options, you will be improving your odds for success in internet home business. Success in any areas of life takes time and effort, and working from home is no different. So before you take your leap, make sure that you are ready to invest time and energy into your new business. Develop a passion for learning, and you will never cease to grow!

Six Reasons Why Business Plans Are Important in Real Estate Investing

6 Reasons Why Business Plans Are Important in Real Estate Investing

Let’s repeat some well-known business facts: a) 98% of all businesses in the USA are small businesses. b) 98% of all businesses fail in the first year, c) 100% of all failed businesses have well-understood reasons why they failed. With these three facts, we should be able to craft a business that has a more than average chance of success.

Why businesses fail.

All failed businesses share the same characteristic: they fail for one or more of the following reasons:

1) Undercapitalized. They don’t have the financial strength to survive the startup period.

2) Weak Management. The current owner/manager simply doesn’t have the skills to make the business flourish.

3) Wrong product. You can’t sell what the public doesn’t want to buy.

4) Wrong market. What you have may be attractive but the local market can’t afford to buy it.

5) No ‘exit’ strategy. With no thought of the future, the business will founder.

6) No “vision” as to what the business intends to accomplish.

Notice that nowhere once did I say the words “Real Estate”, even though that is the emphasis of this article. A “Real Estate” investment business is just the same as any other business, and can fail for all the same reasons that other businesses fail. The main difference is that when you invest in Real Estate, you tend to risk larger amounts of capital. Also, the Real Estate market contains many factors that you can never control, unlike most ‘normal’ businesses.

What’s the answer?

The most important answer is: a well-crafted business plan. Developing a meaningful business plan is more than just sitting down and describing your product in glowing marketing terms. The act of creating a business plan forces you to think about the various aspects of the business. It also places you in the position of your customer, your banker, your lawyer, your assistants, and yourself as owner/operator.

A well-thought through business plan becomes the roadmap to your business success. It lays out what you plan to accomplish, when you plan to accomplish, what resources you will need to achieve your goal, and a timetable of when you will achieve that goal.

Before you rush over to the computer and begin to hammer out a business plan, you need to do some heavy duty and serious research. Visit your Library and check out some books on preparing a business plan. See what the elements make up a business plan. Then after you’ve digested the information, speak to your Banker. Ask what they want to see in the way of a business plan that will help them fund your new business.

You might want to invest in a copy of a “Business Plan Development” software program that will guide your efforts in creating that plan. Let’s examine these six points.

1. Undercapitalized. As a minimum, you should plan on being able to sustain the business for 12 months, and be able to cover all expenses for that time. You’ll need either up-front capital, or a guaranteed line of credit that you can draw upon during that first 12 month period. Your business plan needs to spell out all of the expenses you’ll incur during that first 12 month initial start-up period. Don’t forget advertizing, property acquisition, living expenses, property maintenance and repairs, property holding costs (if you finance your investment purchase, you have monthly mortgage expenses, utilities, gardening and upkeep, etc. while you fish for tenants).

2. Weak Management. If you’ve never managed a business, you’re in for a rude awakening. Typically, the owner of the business is his/her own worst enemy – you’ll find yourself talking to yourself in the mirror:?Why are you wasting time (shaving/putting on makeup/etc) when you should be out “doing business”?? How do I get clients? How do I get renters? How do I find investors? A strong business plan will help you identify these ‘time traps’, and hopefully, guide you away from them.

3. Wrong Product. Are you trying to flip properties in a falling market? Do you find that you can’t rent a property so that it has a chance of getting a positive cash flow? Are there any takers out there? A well-thought through business plan will minimize the chances of that happening.

4. Wrong Market. An extension of #3 above. After fixing that old place up, you find that it’s now too costly for any one in that area to buy. Your business plan may have been able to flag that one before you started.

5. No Exit Strategy. If you don’t have a roadmap of where you’re going, then you’ll never get to where you want to be. Of course, if you didn’t sit down and decide where you wanted to be in the first place, you’ll surly succeed in getting there! A well-developed business plan will help you lay out Who, What, When, Where, and Why, in addition to How.

6. No “Vision”. A business plan not only establishes your goals, but it does one thing more: remove the ‘emotion’ from the decision. Getting emotionally involved is not the same as being enthusiastic about what you’re doing. If your vision is to have a string of positive cash-flowing properties that are easily rented, easy to maintain, and low overhead, then your business plan should prevent you from “Gold-Plating” those properties so that you never achieve that goal.


Never underestimate the power of a good business plan. Before you rush off to execute that plan, make sure that you have given it a critical look. Have your Banker, your Lawyer, your Spouse, your Accountant, your Broker critique it for you.

Business Training For Better Business Management

Online businesses are coming up and there are many companies who are launching many new online business strategies that are meant for helping those with home based businesses. These companies have set very transparent policies. They offer small business coaching for those who would like to achieve success in life and live their dreams. Although a relatively new concept, companies have started business management coaching so that those engaged in business benefit from it. A large number of companies have gained a lot from these various business training sessions and internet business coaching and recent surveys reveal that these business coaching services greatly influence the business positively.

Both mentoring and facilitating help not only large companies but also are excellent for small companies and medium sized companies to take their company into the next level of success. There are many non-profit organizations along with government agencies that have largely benefited to a great extent from this cost-effective but impressive strategy. The network-based businesses that are gaining prominence today depend largely on online business coaching services and small business mentoring to make their business a successful venture.

Services can be for an individual, small businesses, organizations and corporations. All they ask from you is your zeal to be successful and they will give you the magic formula of success! The companies work out detailed intensive plans to help you in your business and stay by your side as a mentor. The companies have extensive marketing plans and strategies combined with business experience and innovating cutting edge products that will help you succeed in your venture.

They promise to provide you with efficient leadership designed effectively to help your business grow with maximum effects. Moreover, there are many companies that arrange for extensive training programs like leadership development, online marketing courses, spectacular motivational and training programs that will guide you and equip you in every possible sector needed.

Once you register with a company, most of them will provide you with a personal mentor providing all the tools necessary to actually run the business from the comfort of your own home- this is more or less like an experienced owner handed over to the member to make the most of it, with access to all the important information regarding their on-line business.

The various small business coaching by these companies are very motivational as they help you realize your dreams and provide you guidance on how you can be successful in your business. To work with any such company is like having a personal trainer always by your side giving you valuable tips on how to do it. The company’s facilitating can help the entrepreneurs a lot. All the coaching services offered by these companies truly makes a difference in the business strategy. They will walk you through the A-Z of business and even help you launch your business successfully. This is much more than what a business school can offer.