Earn Extra Income Online – Planning Your Business and Setting Your Goals

Many people today want to generate income online. If you are preparing to start a new internet business so that you can be paid to work at home, there are steps you should take to ensure that your business has a strong foundation.

If you do not make plans and set goals for your future, you have no idea where you will end up because you did not know where you were going in the first place. Many people just sit back and let life happen to them; they make no plans at all. You do not want that to happen to you and your new business. In order to accomplish what you want to do, earn extra income online, you must plan. Who, what, when, where, why and how. Those are the types of things you must consider in your planning.

Plans and goals for your own internet business are different from each other. Your plans for your online business income should include what you want to do, how you expect to do it, etc. Your goals are the numbers and dates you assign to the plans. Your plan might be to start a business to sell kites; your goal could be to open your kite business on July 1, 2010. If your plan is to sell kites, your goal could be to sell 100 kites the first month, and increase that number by 10% per month for the first year. Your plan might be to have this business be your single source of income within five years; your goal might be to be earning a profit of $50,000 by July 1, 2015. See, if you assign dates and numbers to your plans, then you have measurable goals. With measurable goals you can examine the results of your business and determine if you are reaching your goals.

What will be the source of your income?

First you must determine what your business will be. What will you do to earn the income you want from this business? Will you sell products or information or services?

Things to consider if you want to sell products include the following: You will have to 1) buy the products, or 2) make the products, or 3) sell on consignment, or 4) work with a company that will drop ship for you. Consider the advantages and disadvantages of each of these options. If you are buying products to sell, the products are immediately available, but this could require an initial outlay of cash. If you are making everything you sell, be sure to consider the time required for making your products so they are available for sale. If you are selling through a drop shipper, it is convenient that you do not have to buy products before you sell them, but keep in mind that you are giving up control of the availability of what you sell. It would be unfortunate if you were to sell something your drop shipper normally stocks to a customer only to find out that the drop shipper is out of the product you sold, and maybe does not even know when he will have more available. This is your business on the line. Your arrangements with all of the businesses you will be dealing with for products and supplies should all be made in advance so you know you can do exactly what you want to do.

Selling information can often require only a small investment. You could sell information 1) in the form of an e-Book or 2) digitally. Many people are looking to buy information on the internet. Information can be sold through a website or on auction sites such as eBay. eBay is a quick and easy way to get started with very little cash outlay.

Services you could sell could include typing services, filling out surveys, or transcription services. Other ways to sell your services include helping other people who also want to start a new business.

Put your plan and goals in writing.
Your new business will impact your life in many ways. You may have to work harder than you have ever worked before to get your business up and running. That is why it is important to put your plans in writing – so you are sure you have considered all aspects of the business and its impact on you, your life, even your family. You need to understand the amount of time you will be spending in your business and the expenses you will be facing for 1) getting the business started, and 2) maintaining the business.

You must plan where you will work. If you plan to work at home, you will probably need a quiet place away from other household activities.

You must plan for the hours you will work. If you are working at home, you can often work around such things as getting the kids ready for school or driving them to piano lessons. But you must be sure that you do have the time to properly take care of the business that you will be doing.

Another important consideration to include in your written plan is this: WHY? Why do you want to start this business? There are many, many reasons that people start businesses. You just need to understand why you want to start your business, and put it in writing.

Plan your marketing.

Marketing is involved no matter what you are selling. You must plan how the sales will be made, how many sales do you need to make per day, or week, or month to accomplish your goals. Without marketing, no one will know you are there. Your marketing might involve an ad on other websites, press releases on the internet and in your local newspaper, ads in appropriate magazines referring to your website, website placement on search engines so those looking for what you have to offer can find you easily, emails to specially targeted lists of possible buyers for what you are selling. If you are selling e-Books or digital information on auctions such as eBay, your auction ad is your advertising.

When you start any marketing plan, you must be able to measure the results. Some forms of marketing will be more effective than others. And certainly you will want to use those that are most effective. Locate software that will help you track your marketing efforts; some of these software products are free.

Once your plans and goals are in place to start an online business from home, you are ready to begin putting your business together. Best of luck!