How long do you think it will require for me to generate income with my business? I need to have the ability to generate income in 6 months, can it be done? Year with my online store as if you did MAY I expect to make 100K in the first? Season should be enough runway right One? So here’s the reality.
Brand new entrepreneurs are terrible at predicting what lengths they can get using their businesses in the short term. In fact, yr they often grossly overestimate how much money they can make in their first. So anytime a reader or students asks me any of the above questions, I immediately begin to question their commitment and how serious they may be about starting a real business.
It’s since when someone asks me how much they can make in 6 months, it results in that they are only prepared to stick it out for 6 months to see if their business idea has a chance. This is not enough time! Starting a continuing business takes commitment. And I don’t mean a year or a couple of years. When I say commitment, I’m discussing giving it a chance for at least 3-5 years.
When my wife and I started our web store, we were in it for the long term. Although a goal is set by us to make 100K prior to the baby showed up, we were prepared to just work at it and keep the store afloat indefinitely until we got the method correct. If we didn’t have this mentality, we would have quit at 6 months because sales weren’t where they were wanted by us to be.
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We weren’t convinced that the store could ever make enough money to supplant my wife’s income. We didn’t believe that our market was large enough. We didn’t believe that we could split the first web page of search to get the necessary traffic. What’s funny is that people started our online store with this delusion of grandeur that our business would start making decent money within the first a few months.
After all, we had what we should thought was a fool evidence strategy. Our preliminary plan was to siphon away EBay customers by posting auctions online and steering them over to our online store through links in the public sale description. Then, we’d roam the marriage forums and guide customers over to our shop by causing recommendations to would-be brides.