Is “Making Money Online” a Business?
This is a question we get asked many many times. The way that we answer this is that YES absolutely “making money online” is a business and the reason so many people fail is that they don’t treat it as a business.
Our tips for business success
Only you can determine how fast you build your business. We understand you most likely have a busy life already and that carving out time to focus on your business may prove challenging.
Many of the top income earners in internet marketing reminisce about their late nights, early mornings and stolen minutes throughout the day as they learned how to market and built their business. Our encouragement to you is this: make your business a priority today, and you will reap the rewards of that choice in the future.
Just remember the two things you give up in the beginning is time and money – but remember these are the two things you get back ten-fold when your business succeeds!
Planning what you do and when you do it is also imperative and having a habit of using and reviewing a “to do list” will stand you in very good stead. After all, those who fail to plan, plan to fail. We encourage you to plan to WIN!
Getting Set Up
Set up a specified area to work where it’s quiet and free from distractions.
Set up a high-speed internet connection (if possible). Speed = efficiency
Set up a dedicated phone line that only you answer (if possible) with a professional voicemail message.
Put your schedule in writing and create a daily/weekly schedule for yourself. This will actually give you more freedom and increase your productivity.
When you’re working on your business don’t allow distractions to creep in and be sure to schedule recreational time with your friends and your family. Your brain needs the downtime! Without a schedule entrepreneurs can easily spend 8 hours completing a task that should have only taken 2 hours.
Sticking to your schedule will increase your productivity and increase the amount of free time you have to enjoy life! Let your family know not to distract you when you’re “in the office” working.
Remember, this is your business. If you treat it like a business, you’ll get paid like a business. If you treat it like a hobby, you’ll pay for it like a hobby.
What Business Structure Should I Have?
The next question we get asked is “what business structure should I have?” and that’s probably because our background is as accountants and management consultants. Now of course it is important to consider your business structure but “thinking about it” should not deter you from getting started.
We get asked whether it is better to be a “a self employed person, a partnership, a limited company, an offshore company etc etc …”
Now, the first thing to say is that there is no one solution that fits all because everyone is different, their personal tax position is unknown and in different countries there are of course different rules and regulations.
We’ve hooked up with our own accountants here in the UK to give you some valuable advise on your set up – they’re really proactive and understand about internet businesses. You can get their newsletter and loads of infomation here for free.