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Over 90% of new Internet Marketing businesses fail - so what can you do to be part of the successful 10%? 1) Set realistic expectations. When we experience disillusionment it's driven by our initial expectations. Unfortunately many people venturing into Internet Marketing for the first time are given completely un-realistic expectations. I certainly was. When I first went online to look for business opportunities, messages like '...Make a 6-figure income while you sleep, play golf or go on vacation...' were hitting me every day. But I bought into all that hype and set myself completely unrealistic expectations. For many people, starting an Internet Marketing business is their first exposure to both the Internet (as a medium for doing business) and Marketing - it was for me. Even people who have previously done one or the other struggle at first, because you need to understand both. If you had spent your life working on a farm and then decided one day to go into Bond Trading, how quickly would you expect to be making a 6-figure income..? Exactly! Recognise that success in Internet Marketing requires knowledge of both the Internet and Marketing. Assess how much you really know about each and what you need to learn to get up to speed. Once you know that set realistic expectations. 2) Understand your 'Why' Why do you want to start an Internet Marketing business? Do you have a long term vision for what you want out of life and is running your own Internet Marketing business part of that vision? Or a way to help you achieve your vision? Or does it just seem like a fun way to make some extra money each month? See the difference? Really think about what part an Internet Marketing business will play in helping you to achieve your long term goals and firmly fix that in your mind. And then find a way of reminding yourself of it every day. You will come up against road blocks as you build your IM business. There will be times when you feel like quitting. But if your reason for starting your business is because it's a fundamental part of your long term goals, and you clearly understand that, then quitting (and, therefore, failing) is no longer an option. And, eventually, you will succeed. 3) With your expectations and 'why' firmly established, set realistic short term goals. Nothing succeeds like success. When you see progress in a project you're motivated to do more. So set yourself short term (daily, weekly or monthly) goals. Establish how much you know now about the Internet and Marketing and set yourself some goals for improving your knowledge and strength in each. Learn a new skill, develop a weakness, and increase your knowledge. Your knowledge and skills are what will empower you to succeed, so build them up. Set goals for things you have total control over. Setting goals for how much money you're going to make is not a good goal at this stage because you don't have full control over achieving it. Be sure you have full control over the goals you set and set challenging, but achievable ones. Like learn how to build a website, learn how to use CSS, learn how to write killer headlines. These are fundamental parts of the business, and learning the business well is what will bring you success in Internet Marketing. 4) Measure your progress. Nothing gives me greater satisfaction than being able to cross an item off my 'To do' list. So I measure my progress against my short term goals every time I set them. Sometimes it's very short term, like put up a new page on this site this weekend, or write a new article this morning. Sometimes it's longer term. But I always measure my progress against my goals If you achieved all your goals congratulations - now set yourself more challenging ones for the next month, or week, or day. If you didn't achieve them figure out why. Don't be hard on yourself. Work out objectively why you didn't achieve them and what you need to do differently to achieve them next time. 5) Always remember this is a business. It will require work, patience and perseverance. It will also require investment (of both time and money) and that will require a plan. Make sure your plan is properly funded, because the pressures you'll experience if you run out of money and can't put food on the table while you're growing your business will cripple your thinking. You'll feel like a startled rabbit. And when that happens you won't be making smart decisions.
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Martin Malden writes a blog covering tips, techniques and resources for small- or home-business owners. For more information check out his blog here: www.wealthydragon.com/blog/
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