Some people believe that all business is cutthroat. People also believe that all online businesses are scams. What people don’t seem to realize is that online business is much the same as brick-and-mortar business. While there are work environments that have those kinds of atmospheres, it doesn’t have to be that way.
When you set up your online business, you are going to have to comply with your local business laws just like any other business would have to do. There may be licensing requirements, zoning laws, and other considerations. You may want to join the Chamber of Commerce where you live or any other business-related organization that can benefit your reputation.
You’ll also have to set up a structure for yourself. It’s very tempting to stay at home and work in your pajamas all day, because you can with an online business. And some people do, very successfully. They advertise that they can work in their pajamas, recruiting other business people on the idea that there is a lot of freedom in online marketing. However, for most people, having regular hours, a dedicated space, and wearing regular business clothes works best in terms of mindset.
Keep records of your online business deductions. When you make purchases for your business, keep a record, because you’ll need receipts in case of auditing later down the line. Consider getting several bank accounts. When MOBE founder Matt Lloyd started making money online, the banks were so impressed with the amount of money he was earning that they froze his bank account. It was a rude awakening, but at least he proved you can do it!
Make sure you work in a business that you love. In MOBE, there is plenty of freedom and room for Joint Ventures, partnerships, co-ops, and other forms of collaboration. There is plenty of time on luxury yachts, in high-level classes, and masterminds. The stimulation is never ending, and so are the potential profits.
Write down business goals. This will give you a clear list of what you hope to accomplish and a record of how you’re doing in your online business. Some people write their business goals in terms of a “Perfect Day.” How would you like your day to go? Would you like to live on the beach, or in the mountains? Who would you like to spend your day with, and what would you like to do? What gives your life meaning? Write this down and keep the paper posted in a place where you’ll see it every day.
Keep track of your advertising budget and sales. Figure out how much each customer costs to acquire, and how much the customer will tend to spend over the course of a lifetime. These and other figures are vital for you to grasp and use to steer your business. Your coach will help you with these figures and how to use them.
Schedule some regular time off for fun and for your favorite charity.To do really well in your online business, strive for a balance between making money, vacationing, giving to the community, and taking care of personal needs.
An online business is supposed to provide freedom, so make sure you schedule your time to reflect that.
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