INTERNET BUSINESSES | BEWARE THE BUYER

The 80/20 Rule is alive and well in Internet business that you may chose to join. In fact, the Rule is probably more like 90/10. Only 10 percent of those who register with an business at any given stage will be active a year hence. The reasons are not too hard to find and some main ones are provided below. These are not necessarily mutually exclusive or comprehensive. They are based on the observation and personal experience of the author. In addition the author provides you with a list of the questions or statements that you MUST answer before you commit to an Internet business. It is a big undertaking even though the investment may not appear large. Like any new business it should not be entered into lightly. Problem Areas These are some of the main areas which are the roots of the problems. Undoubtedly there are others. 1. INCOMPATIBILITY between you and the business. Consider the nature of the work, the commitment, the product, the other associates 2. YOUR FINANCES. Inadequate startup funds; inadequate cash flow, unexpected expenses 3. FALSE ADVERTISING BY COMPANY . Exaggerated claims of financial rewards; Failure to provide full picture of benefits and expenses. 4. YOUR KNOWLEDGE, SKILLS AND EMOTIONS. Over-optimism, gullibility, ignorance, immaturity, inexperience, bad decision-making ability, inappropriate or lack of knowledge and skills. 5. INADEQUATE RESEARCH by you of the company, its claims, its critiques, other member reps 6. NO NEEDS ASSESSMENT. i.e. no game plan. You have given little thought to the kind of business you want to work in. Your sole objective is to "make a lot of money", not, will I be successful and will you enjoy the work. People seeking a business have to proceed in a methodical and systematic manner, unemotionally and rationally. They need to set out their requirements; a shopping list of what they want, what they need, and an indepth look at what the business under scrutiny have to offer. You require two Excel spreadsheets or Word table, 1. In the first spreadsheet you should consolidate your fields (items0 on the vertical plain. Horizontally you should write your answers; 2. In the second spreadsheet, you would have the same vertical fields . On the horizontal you would have all the companies you are considering. In each block you could use truncated text and a numeric score on a 1-10 scale where "1" is poor or inadequate and "10" is excellent" Give yourself lots of spreadsheet room as this should be a long document if you plan on doing things right.