Yes, even online ones. So many Netrepreneurs somehow think that the Internet suspends fundamental laws of the business world. While building a business online does involve less risk (you don’t have to mortgage your house!), it still takes real “sweat equity” to build a business that generates long-term, evergrowing profits.
Elad Shippony, a successful SBIer, says it so well in this 1-minute video.
Even seasoned business people succumb to “the lure of the speed of the Web”…
I had an interesting conversation with a friend, a successful Montreal real estate developer, the other day. She wanted to start a site that would make her company the “Montreal real estate development” epicenter, connecting international investors with local developers.
Great idea. Tight niche. Winnable. High Return On Investment monetization models.
“So Ken, how long would it take?”
“About 3 months to start seeing some traffic, 6 months to be growing solidly, and you’d be well known in a year. In 18 months, you would absolutely own that space. You would be the “go-to” person for Montreal developers to sell their projects internationally, and vice-versa you would also be the entry door for international investors looking for strong opportunities in Montreal.”
Her reply? “That long???”
“Well, maybe faster if you put 20 hours per week into it, but let me ask you something. Consider the last real estate development you did…”
“How much money did you make while looking for a property, finding it, optioning it, clearing all the legals, and then closing on it?”
She answered… “Nothing, of course.”
“It cost you time and money, right? And how much did you make when you broke ground and dug the hole?”
“Uh, it actually cost us quite a bit.”
“And did you make a lot while pouring cement and building the structure?”
Silence.
“And how much money did you make while doing all the finishing work?”
Chuckles.
“How about while advertising and promoting, yet all you could collect was deposits?”
She answered, laughing… “OK, OK, OK… I get it. Actually, we’re 3 years in and we’re finally at break-even, Ken. And when we sell the final units, we make our money.”
“Yes, and then you have to start all over, with no more money to be made from that development. Your Web site, however, will keep on earning and growing and earning some more. It’s a brilliant concept, but the basic laws of business still apply to the Internet, albeit with far less financial risk. You have to invest to build the foundation for future rewards.”
Bottom line?
Owning and building a business, whether it’s online or offline, takes work, especially in the first few months. Develop what I call “The Winning Solopreneur Mindset”…
Realize that you invest time (at less than minimum wage) and energy upfront now to build what will be a thriving business that yields long-term, evergrowing dividends later. You are not a 9 to 5 employee, sitting in your safe little cubicle, earning your safe little paycheck (although you can keep that job while building your online business).
You will make as much money as you deserve, through the sum of all your good decisions and hard work. The harder and better you work, the sooner will your Web business yield profits. Long-term profits that grow steadily and that ultimately enable you to quit that day-job and earn you more “per hour” than you could have dreamed.
Latest posts by Ken Evoy (CEO, SiteSell) (see all)
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