19 Dec Your Web Business – Fun or Profit?
By Paul Barrs.
There are a series of interesting questions that arise around how much time and effort you should put into the web side of your business.
Things like: ‘How much time should I invest?”, “How much do I need to understand?”, “When is enough money enough – will I ever start making money?”
To be able to answer these questions you need to first discover your exact reasons for having a website – in it’s simplest form – is your web business for fun or for profit?
Let me explain…
Each week I invest between 15 – 20 hours reading and researching what’s happening in the web business world. Here I make a difference between what other businesses have as a web presence and what they are actually doing Online. 80% of that time is pure research following up on what other web-marketers are doing, and the kind of results that they are achieving. For me that’s fun.
Why so much time? Because web business *is* my business (or at least part of it).
In the past I’ve run five different businesses, three of which were entirely online and generate no source of income other than that which is ordered, processed and transacted online (pure e-commerce). However, the other two offline businesses are also supported by websites and focus on teaching other business people how to market their products and services Online. Even more interesting is the fact that I only have one product – these five different businesses all sell the same product to different demographic marketplaces in slightly different formats. This is my profit.
Determining the Presence of Your Web Business Comes from Determining your Needs *as* a Business.
And so, this is the reason why I spend so much time in web business research and development. But what about you?
As an overall percentage of gross income, what portion is produced by your website (or to a greater extend, what are it’s possibilities)?
Look at the diversity in marketing strategies that are utilised offline: Paid advertising (yellow pages / trade mags / directories etc…); Flyers, brochures, mail outs; how about networking and partnership building.
Each of these produce results through phone calls and sales. It is exactly the same Online. Whether you are into this “Internet marketing” thing or not, you need to at least understand enough to be able to make it both fun and profitable.
In the Online world, you can also participate in paid advertising through paid search engine inclusion, directory placements, pay per click advertising, ezine advertising. You can also invest in mail outs through your own and other eNewsletters – and such relationships are built through partnerships and networking.
If your web business appears to be nothing more than a chore at the moment, invest the time to understand the correct online marketing principles that will produce results – then, you will begin to see the profit (where your website generates more income that it cost to set up and run).
When that happens you can then enjoy the profit – which makes the whole exercise “fun”.
That is after all, why you’re in business, right?
With understanding and knowledge comes power. This power is the power to take action based on informed decisions. Those actions are the catalyst towards momentum and increased cash flow. That cash flow is directly related to your lifestyle and retirement (unless of course you want to work 24/7 and die in your office.)
It is my understanding that no one man or woman ever lay on their deathbed and wished to have spent more time working to create greater wealth. Wouldn’t you agree?
The question is, what are you going to do about it? Your web business can return both fun and profit.