So we have discussed the basics of what Internet marketing is in our last blogpost but now I want to take the time to cover the “pros and cons” as it were, just to give you a complete image of what to expect if you accept the marketing challenge.
Internet marketing brings you many advantages of incurring minimal costs
in starting up your business including cheaper advertising options, a global marketplace, becoming your own boss, flexibility to work from anywhere, a healthy bank balance, promoting stuff that you are passionate about and profiting from these passions along the way. Sounds amazing doesn’t it? We’ll it is. And it’s actually possible. But it is not probable. In-fact statistics show most new business attempts will fail. Mine technically did initially. But because I was focused on the end goal I found a workaround and a way to comeback even stronger. So if this happens to you it’s not the end, think of it as a right of passage. A test to see if you can weather the business storm!
Though there are many benefits from internet marketing, it does come with its own share of risks and investments. You must understand that this process will not let you rake in a lot of cash quickly. Your time, diligence, persistence and passion for learning more are very important in your success in internet marketing. And in terms of investments, it’s best to set aside a decent amount so you don’t run out of cash before you can generate steady returns. All the while making sure you do your research. There are plenty of guru’s out there just waiting to destroy your credit score with bad advice. Always verify all the people you deal with.
Those who think that this is a get rich quick scheme are bound to be disappointed. Though many businesses have become extremely successful, you will find that those who have failed in this venture have simply wished to become overnight millionaires. The realities of a physical business are still applicable to your online store, including tax payments, customer services and even hiring employees. Remember only a percentage of your revenue is actual profit so do the numbers and know what you are getting yourself into.
It is important that you know that starting an online business is not free. There are costs that may be less than what will be used in building a physical business, but you will still have to shell out for web design, software, hosting, domains and advertising costs. Another reality of having an online business is site downtime. Yes, your site may go down due to technical difficulties or glitches, and this will probably bring a lot of frustration not just on your part but also on the customers’ end. I remember my first website crash was for my car accessories business and I had to find out from a client on Instagram that the site was down. Every single minute or second that your site is unavailable to visitors and potential customers, you will
be losing money. You need to be prepared for this.
Competition will always be around so if you do not keep yourself informed and you do not work hard, you will not stand out in the crowd. You have to make an impact! Work hard because if you do not, you can be sure that one of your competitors is out there doing so. Besides, if you want your business to be a long-term investment, your first profits should go back to your site’s services and advertising efforts. Maximize your profits and do not just cash out your first earnings. It will also be helpful to learn about taxation and other related laws that affect this industry. This way, you know what your tax and legal advantages are once you set up your business. This will also help in protecting your assets, thus, it should never be overlooked.
With all these realities in mind, you will need to be very determined to stand out in this industry. Internet marketing is not for the person who likes simple routines. You should be flexible in learning new strategies and trends in order to keep up with your competition. But if that sounds like you then welcome aboard the money train!
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