Early Retirement Internet Business

Investing In Your Early Retirement Internet Business

My Definition Of A “21st Early Retirement Internet Business”

An Internet business which you started before (sometimes well before) you reach the need or desire to retire and the business generates income which increases your wealth while keeping you active and challenged in the things you enjoy.

Investing In Your Online Business

Contrary to what you have read or heard you can't start an online without investing in the business. Also contrary to what you may have heard it doesn't have to be big bucks up front. But let's put this into perspective.

Let's say you planned to open a store at the local mall selling cell phones. Before you open the doors you would have to pay the rent plus security, buy inventory, hire and pay help, and on and on and on. You open your doors and you find out a competitor came out with a new hot phone and people (traffic) is 60% of what you planned for. You just spent thousands of dollars and your business is struggling right out of the gate.

Now let's compare starting the same business on the internet. No rent or security payments (you are operating out of your home), no inventory to buy (the manufacturer or distributor ships direct, no help to pay because all of the labor intensive work (and employee headaches are handled by the shipper) and finally in our example, when the technology changes you start marketing the latest technology. Your business changed as quickly as the technology and your online business stays competitive.

Which business model would you choose? Now to be fair there are certainly costs associated with implementation of an online business but because there is a fallacy that "the internet and especially the information online is free" most people are reluctant or downright resistant to paying for information or marketing online. The biggest difference is that the costs in the online model are shifted toward online marketing and selling. You don't even need a web site if your internet business model is "affiliate marketing". I'll talk more about that in future articles.

Business Structure & Good Business Practices

Business structure and good business practices are paramount to any business (online or brick and mortar) if you want to have a successful business. Unfortunately again because of the wrong headed perceptions of the internet many people do not invest in incorporating, building a professional web site, installing online processes and procedures, and planning for excellent customer service. The biggest misconception about the internet is that "there aren't real people behind the screen name and if we stay behind our screen name we don't have to deal with them". Especially if they need customer service or want to contact us for any reason. Huge mistake!

The key is to invest in the right resources when your business needs them. Don't always try to get them free because it is the internet and your mindset is that it should be free. One of the things I've learned is "Don't worry about paying for it" if it is going to:

• Protect your business and your family.
• Give you knowledge quickly so you can make your business grow.
• Allow you to quickly obtain additional resources to grow your business quickly and efficiently.

The flip side is “Not to spend money on resources before you need them”. Some don't are as follows:

• Don't buy canned web sites before you know what your business is going to be.
• Don't spend money on programming courses.
• Don't sign up or buy products or services unless you know how it is going to help your business grow.
• Don't buy products or services until you research the product first. After you get the product information, shop around on the internet.

Don't read into the product or service something that isn't there.

Example: When they say "It's easy" that doesn't mean its turnkey. Also what's easy for the presenter may be Greek to you and it could cost you a lot of time and money to use, if you can use it at all.

The second piece of your online business strategy must be to develop your personal skills. Personal Development is a must when running your own business.