Any business in internet marketing carries the shadow of the dotcom bust.
And every business in internet marketing also carries the dreams of every single person you meet.
Truly, this is a dream business.
You are your own boss, setting your own goals.
You are on the cusp of the most earth shaking technology the common man has ever seen, rivaling only that of the printing press itself.
And everyone assumes you will be a millionaire within a year (except your banker).
KEY CONSIDERATION IN YOUR INTERNET BUSINESS PLAN
It is very possible to have a hugely successful internet business with one person. Or it is very possible to have a hugely successful internet business employing dozens of people. Or hundreds. Determining just what you want is the key to getting it.
STRONGEST ADVANTAGE
TO YOUR INTERNET BUSINESS PLAN
This is THE business of the future. The astounding growth in the internet places it in front of more people each and every day. For instance, as immense as eBay is, it has reached less than ten percent of its potential client base. The whole internet information services industry is still in its infancy. And you are here to take advantage of it.
And there are just so many ways to make money legitimately on the internet. There’s AdSense, ebooks, affiliate sales, membership sites, network marketing, infopreneurial income, counseling services, professional services – and it all reaches literally around the world. Amazingly, more and more approaches to making money on the internet are invented daily.
STRONGEST DISADVANTAGE TO YOUR INTERNET BUSINESS PLAN
Because this is such a new industry, convincing people that you know what you are doing is not always the easiest thing to accomplish. Convincing yourself that you know what you are doing can be equally difficult.
OVERCOMING THE DISADVANTAGES WITH YOUR INTERNET BUSINESS PLAN
Prove that you can be successful on the internet.
How would it feel to walk into a banker's office and announce, "My site is in the top one percent of all sites in the world"? It is actually more realistic than you think. You can do this. Honest.
Before looking for financing, take the website as far as you can yourself -- and that's pretty far.
- You can build a site yourself that generates traffic -- and money -- in your spare time.
- You can create highly optimized, targeted pages that rank well and pull visitors to your site.
- You can set up affiliate sales or MLM sites.
- You can sell ebooks via ClickBank and on your site.
- You can have AdSense ads on your site.
- You can tap into the dozens and dozens of monetization models available.
In short, you can get all of this done before you ever talk with a single person about lending you money, or investing in your website.
Then you can take your internet marketing business plan into your bank and very confidently announce, "My site is in the top one percent of all sites in the world. And I am ready to expand."
Take a look at these websites. All were created by individuals, not by corporations. All are in the top one percent in the world. And look at the range of products and services they represent. As of this writing, there is everything from setting up a cement contracting business to dreadlocks to forex trading to travel, and lots in between. The Business Plan Master site, where you purchased this book, is one of them.
Being In The "Expansion" Mode Is What Makes It Work
Start ups are hard to fund in any industry. An internet marketing business plan as a startup business is dead on arrival.
But an EXPANSION business. Now that's another keg of fish. This is a company that has proven success, and wants more success. That's something that lenders like.
So take your internet marketing business just as far as you can, then go for "EXPANSION FUNDING". You'll be nearly home before you know it.
DEFINING YOUR BUSINESS
Most brick and mortar companies can identify themselves as “retail” or “service” businesses, and everyone knows what is meant. Not so in the internet world. There are terms and strategies here that just aren’t seen anywhere else.
Be sure your lender/investor knows what general type of internet model you are following, such as
AFFILIATE SALES.
A website that sells product made by someone else.
MLM (NETWORK MARKETING).
A website based on a product niche that uses multiple streams of income to generate success.
HOME BASED BUSINESS. (or WAHM, Work at Home Moms)
Any type of business – infopreneurial, affiliate, MLM, etc. – that is to be operated by one or two people, usually out of their home.
E-COMMERCE.
A website geared to sell products online, sometimes made by the website owners, and sometimes made by other companies.
ISP (Internet Service Provider).
These are the “web hosting companies”.
LOCAL BUSINESS
Do you have an existing business? Whether you work from a brick and mortar business, or from home, you may be looking to extend your reach. Promoting via a website is, without question, one of the cheapest and one of the most effective means of promotion you will find.
The internet has revolutionized the way that most businesses conduct business. Look at the local surfboard shop. It now gets orders literally from around the world.
Some local businesses just want prospective clients to find them easier, like dentists and lawyers. Any retail business can put its goods online. If its goods are unique, there is likely to be a market online.
REAL ESTATE
MLS listings on the internet are legendary. The real estate industry was one of the first to really make use of this new technology.
But it is more than MLS listings. Any single realtor, no matter how small her office, can create an impressive online presence. It is the magic of the web.
SERVICE BUSINESS
It might be a bit tough for a dentist to work online. But that dentist can indeed promote unique dental products, and do so very effectively, in addition to building his business. It doesn’t hurt his professional credibility either.
A massage therapist can do the same.
A life coach or business coach also has tremendous potential to provide online services. With the advent of cheap telephone service and online meeting capability, any consulting/advisory business can jump over time zones.
TRAVEL BUSINESSES
Some states require special licensing for travel agents. Most don’t. But even for those that do require licensing, there is nothing at all to stop anyone from building a site on “My Vacation Place”, with advertising from all manner of business, and even travel provided by affiliates in the travel industry. It is absolutely a natural. This, in fact, is one of the fastest growing areas of internet business development.
MEMBERSHIP SITE
Got a hot topic? Lots of repeat business? Slews of information? And can you create a community of like minded folk? Well, charge them $X per month to belong to that community. It is one of the most overlooked internet models.
RETIREMENT BUSINESS
Social Security just doesn’t cut it any more, if indeed it ever did. With so many people finding their savings diminished, it is time for internet businesses. This is perfect for retirees. They can work in their own time, whenever they choose. They have a lifetime of knowledge to draw upon. And it’s a great way to meet people and form online communities. All this, while making some nice money. Sweet.
HARD GOODS
It matters not whether the “hard goods” consist of hand made jewelry or argyle socks from Scotland or medical diagnostic equipment. If it can be shipped, it should be online. The online world simply opens up so many doors that were never there before.
INFOPRENEUR
When all that anyone has is information, it is still a pretty good business for the internet. E-books abound on every topic under the sun. Video programs, CDs, teleconferencing – all are perfect outlets for the information specialist.
And there are lots more options and hybrid sites. Truly, this is the wild and wooly web time, the time for innovation and surprise, for invention and paving new ground.
This is very important right up front because it defines what your business is going to do. It is also important because your banker won’t understand most of these terms. It is up to you – and you alone – to clearly define what your website will accomplish.
Be sure to include examples of other sites that conduct the same style of business that you are proposing. You don’t need to show competing companies, just companies that are in the same general category. This demonstrates that your style of running the business has a successful track record.
HOW MUCH FUNDING WILL YOUR INTERNET BUSINESS PLAN NEED?
Look back up at the top of the page. What kind of business do you really want? A one person business? A hundred person business? The hundred person business won't necessarily make you richer than the one person business. It is all a matter of choice.
Then, as with any business, sit down and run the numbers.
As a single person business, you probably need to shift from being a part time webmaster to being full time, with all the costs associated with that. A better computer? A DSL line? A web designer to revamp or redesign your site? Specialized software for a membership site? Whatever it is, detail it so that lenders can really understand how their money will be put to good use.
As a multi-person business, look to all the ways you can cut costs. For instance, can some employees work from home? Can you contract out some of the work? Can you lease some of the equipment? Here is where you demonstrate your real managerial ability.
YOUR LIKELY LENDER/INVESTOR
The SBA is your best bet for smaller businesses, but may not be your best buddy for the internet world. Wherever possible, look to private funding, such as with angel investors. Private investors have a better grasp on technology issues.
If yours is an established business looking to expand substantially, a venture capital firm may be your best choice. Be sure to check out the newest development in venture capital: venture lending.
YOUR INTERNET BUSINESS PLAN
This is simply an amazing field to be in. I have not regretted for one minute my decision to build an internet business. I wish you all the success that I have enjoyed.
