Good point, Phil. I wrote an article back in December (2002) that seems suiting here:
The end of 2002 marks six full years in business for me, but the past 12 months have been the most exciting yet. Each year has been different, presenting its own set of challenges and rewards - from the very first year when I struggled to make the transition from employee to business owner, to this past year when I turned to the internet as my main source for marketing Web Service Network.
I have been involved with e-commerce and internet business for several years… but had always operated from a commercial building and catered to the middle Tennessee area, developing websites for local business owners and offering consultation & training for home business start-ups. While I still take local clients by referral, 2002 is my first full year with absolutely no local marketing efforts… and 100% of my energy put into creating a full-time income from the internet alone.
A few things I have learned…
- There is such a thing as “get rich quick”
There is not such a thing as “get rich without working”
- If you plan to “get rich quick”, it is necessary to define “rich” and “quick”
- Every profitable business requires an investment
- The only real limitation on your success is YOU!
Yes, I do believe a person can “get rich quick” using honest means. I have seen it happen over and over again in the last ten years, and I’ve known several people to tap into niche markets to supply a short-term need and reap huge profits for doing so. Remember Y2K? Does the name Gary North ring a bell?? Survival gear was one such niche market at that particular time that lined many pockets… was it a scam? No. Those that bought such products were going to buy them anywhere they could get them – it was simply a “supply and demand” market. Bob Leduc wrote a great article on “Hot Markets”, which you can find at SOHO.org:
http://www.soho.org/Start_Up_Articles/Hot_Market.htm
In order to be successful in business, I believe you have to change and grow with your targeted market. Know what they want, know what they need… and be prepared to supply just that. There are some successful people that own a new business every year… or even more than one in any given year. They tap into specific short-term markets and ride them out until the profit dies. A close friend of mine has been very successful at this for a number of years, sometimes making $20,000+ in pure profit every month for six months straight…
Whether or not you tap into a “Hot Market”, consider how you can use this information to benefit your current business – or your business idea. Who is your targeted market and what are their needs… what will their needs be in six months… in five years? Consider the baby boomers: a 76 million+ market that created a demand for diapers, cars, jobs, homes… and that are now entering the retirement phase. All markets are not as easy to follow and calculate for in advance as the Baby Boomers, but there is much to be learned from that model.
In short, find your niche – figure out how you can be unique, and design your business plan around that idea. Whether you have been in business for years, or are starting your first business now, you must reach your target market with your products or services –or- you must create a product or service for a specific market. Find a need, and supply the solution. That’s business.
Your first step in defining your business goals is to determine what you want your end result to be. Do you want to start your own business, earn a specific dollar amount, or achieve a specific goal such as finishing a book you are writing? Figure out exactly where you want to be one year from today, five years from today, even ten years down the road.
Next, break down the steps it will take to achieve that goal, and list them in order of priority. Assign tasks to accomplish each step and create a tentative schedule for your calendar year. Be realistic with your expectations of time and money, and be prepared to evaluate your plan on a monthly or quarterly basis. Anticipate change as you follow the market trends and update your plans accordingly.
In order to own a profitable business, you must be willing to make a substantial investment. This investment is going to come in one of two forms (if not both): Time or Money. If you are not able to invest large sums of money, you can still start and run a successful business by investing your time and energy. Either way, include consideration of this investment in your overall plan – at what point will income become profit, or at what point will your investment of time turn into dollars in your pocket?
The internet provides a unique opportunity for people of all types to become successful business owners. After this past year, I have learned that anyone that focuses their time and energy on their goals has a great chance at success. 2002 was a phenomenal year for Web Service Network, and you can find the tips and resources that I found particularly helpful in achieving my own online business goals in the archived issues of Self-Starters Weekly Tips:
http://www.selfstartersweeklytips.com .
As we enter into 2003 this week, take some time to reflect on your accomplishments for the past year and your goals for the year ahead. This is the perfect time to rewrite your business plan or write your first business plan, and set the goals that will bring you the end result that you desire!
Wishing you a Happy & Profitable Year!
Cate[/list]
