If you’re starting an internet business, what would your first step be?

Almost every single internet business course or ebook I have read says that the first step in starting an internet business is to choose a market.

I totally disagree.

Choosing a market is actually the first step in marketing your products. But it is NOT the first step in starting an internet business.

Let’s use the Olympics as an analogy. If you want to win an Olympic gold medal, what would be the very first step you’ll take?

Find the best coach? Eat the right food? Study your competition?

No. The very first step to winning a gold medal is to choose the right sport.

That’s right. You need to choose the sport where you have the best chance of winning the gold.

You don’t choose a sport just because it’s popular or lucrative. You choose it because you believe you can win it.

So when you choose a market as your first step in starting a business, you’re putting the cart before the horse.

That’s one of the reasons why so many people still struggle to build a profitable business after spending thousands of dollars on various internet business products.

They have completely missed a critical step.

So, before you even choose a market, you should first choose the internet business that’s perfect for you.

The Internet Business Opportunity Dilemma

And that brings us to another dilemma. Are you overwhelmed by the sheer number of internet business opportunities out there?

Adsense publishing, Adsense arbitrage, affiliate marketing, eBay, ebooks, membership sites, blogs, authority sites, community sites… and the list goes on.

And the problem is further compounded by contradicting advice given by various internet business experts.

One expert would say Adsense publishing is the perfect business because you don’t have to worry about conversion or customer support.

Another expert would swear by affiliate marketing as you can earn high commissions.

And yet another expert would declare membership sites as the perfect business since you can earn recurring income.

Are you confused yet?

Well, here’s the secret…

There is no such thing as a perfect business. However, there is a business that’s perfect for YOU.

Just like software is perfect for Bill Gates and retailing is perfect for Sam Walton, there is an internet business that’s just right for you.

And the right business will generate maximum profits for you while the wrong business will just frustrate the heck out of you.

So, let’s talk about the types of internet businesses that you can start.

Although there seems to be an infinite number of internet business opportunities, there are really only four internet businesses that are affordable and easy to start for most people:

1. Online publishing: You generate revenue from Adsense, banner ads, classified ads, affiliate programs and sponsorships.
2. Education/Information products: You sell ebooks, teleseminars, home study courses, newsletters and membership sites.
3. Online retailing or auction business: You sell hard goods from your own online store and/or at eBay.
4. Professional services: You provide consulting, writing, designing or administrative services to businesses.

So, how do you determine which is the right business for you?

A Simple Exercise To Help You Choose The Right Business

To choose the right business, you need to know what your strengths are because they are the key to building a successful business.

Each of the aforementioned internet businesses requires specialized skills and expertise. So, you have to select the business that plays to your strengths.

You shouldn’t choose a business just because it’s sexy and lucrative. You want to choose a business where you can be the best in the market.

Let’s go back to the Olympics analogy. Most people will agree that tennis is sexier and more lucrative than badminton.

However, if you’re an excellent badminton player and just a mediocre tennis player, it’s obvious that badminton is your best path to an Olympic gold.

So, choose an internet business based on your strengths.

Sadly, most people have difficulty in determining and communicating their strengths. I know this for a fact because I used to write resumes for job seekers. And most job seekers find it difficult to sell themselves in their resume or in job interviews.

So, here is a simple exercise to help you discover your strengths.

1. List all of your biggest achievements. It can be personal or professional.
2. List all of your skills. What can you do better than most people?
3. List all of your expertise or knowledge. What do you know about more than most people?
4. List every single person you know. E.g. family members, friends, colleagues and business associates. Your contacts are considered one of your strengths because you will need them for strategic partnerships and joint ventures. For instance, your contacts may be able to help you develop a superior product or gain access to a lucrative market. So, don’t underestimate your rolodex.

Once you have made a list of those items, discuss it with a friend who can be brutally honest with you.

Brainstorm together on the type of business where you can provide the highest amount of value. The more value you can provide, the more money you’ll make.

From there, you should be able to find the perfect business for yourself. And once you’ve found it, you’ve taken your first step in building a successful and profitable internet business.

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