| Are you ready for the recession? Here's how you | | | | 6. What are the costs? |
| can turn it into an opportunity to survive and | | | | Premises, raw materials, suppliers, marketing, |
| thrive: set up your own online business and create | | | | delivery, license costs, staff costs, lawyers and |
| an extra stream of income. | | | | accountants, day-to-day operational expenses. |
| Starting a new online business does not mean | | | | 7. How much money can you make? |
| that you have to give up your current job. You | | | | How much can you sell it for? How many can you |
| can set it up doing extra work in your evenings | | | | sell in a week/month/year? What sales channels |
| and weekends and keep your income from your | | | | will you use? How will you promote it? |
| current job while the income from your new | | | | 8. Do you have sufficient funds? |
| business grows. | | | | What are the start-up costs? What are your |
| So what do you need to do to maximise the | | | | marketing and promotion costs? How long before |
| chances of success of your new business? | | | | you can break even? Where is the funding going |
| Find something that you're either good at or | | | | to come from? |
| passionate about. Then you need to research and | | | | It doesn't matter what type of business you're |
| plan properly. | | | | thinking of, going through that checklist is a good |
| Here are 8 questions - answer them in full for | | | | way to make sure you've got most things |
| your situation and you'll have the basis of a sound | | | | covered. |
| plan for your business: | | | | Use the answers to those questions to create |
| 1. What are your skills? | | | | your business plan. |
| Can you teach? Can you write? Can you sell? Are | | | | And here's some good news: if you start an online |
| you technically proficient? | | | | business many of the items above won't apply. |
| 2. What do people want to buy? In a recession. | | | | With an online, affiliate marketing business, for |
| Luxuries and frivolous things are not going to be | | | | example, your start up costs would be negligible, |
| at the top of people's shopping lists if they are | | | | your delivery and logistics costs zero, you would |
| struggling with the effects of recession. | | | | have no need for special equipment or premises |
| Necessities are. | | | | and no need for separate outside suppliers. |
| 3. Is there a market? | | | | But you still need to develop a plan! |
| Is there a demand for it? How much would | | | | It's important to remember that, whether your |
| people be prepared to pay for it? What will affect | | | | business is online or off-line, it's still a business. |
| demand for it (e.g. weather, strikes, competition) | | | | Don't be taken in by all the promises of easy |
| and how? How much competition is there? How | | | | money online. It simply isn't the case - if it was |
| much is your competition charging? | | | | everyone would be doing it! |
| 4. What will the process be? | | | | But, as long as you treat it like a real business, |
| How are you going to make it? How are you | | | | you can make a lot of money online. |
| going to market and sell it? How are you going to | | | | There are lots of resources available to help you |
| deliver it? How are you going to get people to | | | | with developing and promoting your online |
| pay you for it? | | | | business - just make sure you pick top quality |
| 5. What are the dependencies? | | | | ones. |
| What type of premises do you need? Do you | | | | And beware (and avoid) the snake oil salesmen: |
| need outside suppliers - if so for which parts? Do | | | | those who promise huge monthly incomes for |
| you need licences - if so what licences? Do you | | | | doing just a few hours work a month. |
| need special equipment? Do you need staff? | | | | |