They say that the only thing that's constant is change.
Previously there's flexi hours then telecommuting and now,
building a business from home. Thanks to the rapid advancement of
technology, it seems that the number of people jumping into the
soho bandwagon shows no signs of declining any time soon.

In its 2004 The Small Business Economy report by the Small
Business Administration, home-based businesses form the majority
of U.S businesses. A staggering 53% to be precise!

A considerable number of those who have started businesses from
home are the dot com entrepreneurs, otherwise known as internet
marketers/entrepreneurs. Low (or even zero) start-up costs, risks
and overheads are some of the reasons why this has become the
business model of choice for many.

Another strong pull factor is the ability to capitalize on both
the domestic and international markets. That's the beauty of the
internet for you.

But don't quit your day job yet. If you think that's all you need
to know to bring in the greens, you better think twice. There is
a high chance that your business will not reach its full
potential if you do not factor in the following components in
your business blueprint:

1) Education/Knowledge

Obtaining the right knowledge is a crucial first step that you
should take before you even attempt to start. You simply can't
bake a cake the first time without first finding out what
ingredients, steps and equipment that are required can you?

Educate yourself on the basics and essentials such as (but not
limited to) the general internet marketing environment,
legislation, web design, online scams and search engine
optimization strategies before you make that jump into
cyberspace.

You'll be asking a lot of questions but you need to ask the right
questions in order to get the right answers from the right
people.

Learning from the experts such as Holly Mann, Mike Filsaime, Mark
Joyner, Derek Gehl, Yanik Silver as well as other successful
internet entrepreneurs will equip you with the valuable knowledge
to form a strong foundation for your online business.

2) Right Attitude

Never ever believe for a moment that you'll get rich by doing
business online overnight. Never ever believe that running an
online business is going to be easy. Promise yourself that. Do
believe that with hard work, patience, determination and a
positive mindset (never ever underestimate the power the human
mind) you will achieve your goals.

Just because you don't see results mean that you're a failure and
therefore you quit. It just means that something is not right
somewhere. You don't just sit there in your car when it suddenly
stalls in the middle of the highway do you?

Of course not, you try to find out the problem, troubleshoot and
rectify it. If all else fails, you call the towing company and
a cab to resume your journey to your intended destination.
You do whatever it takes, tweaking and tuning but you don't
quit.

A wise man once said, "Winners don't quit, quitters don't win."

3) Time Management

Working on an internet business from home can be pretty
challenging. It can also be a double-edged sword. For sure you're
closer to your family and can spend more time with them but it
can also distract you from accomplishing critical tasks and goals
if you do not mange your time well. Set a daily schedule and
follow it. Stay organized and you'll stay in business.

However, If you find that you are hopeless in this area and
seriously need help to organize your life, www.effexis.com and
www.getharvest.com are a couple of resources that you should take
a look into.

4) Planning

You need to write out and execute a business plan. Note that I
set the word execute in bold. You can have the most elaborate
business plan but it still wouldn't do any good if you don't
carry it out. Just a simple one will do.

This serves as a roadmap or a compass if you will. Include your
short and long term goals in this plan. Many people have found
that by writing these down and constantly referring to it, they
have a sense of direction, stay more focused and driven to meet
their objectives.

5) Research

Trust me, you do not want to skip this no matter what. One of the
most common mistakes that internet marketers commit is in this
area. They put in the time and effort but yet they do not get
results. Why is that? This is because they did their research in
a reverse manner and that's wrong.

Instead of identifying a hungry market first and then feeding
them with a suitable product/service, they do the exact opposite.
Research your competition, what people are looking for and their
expectations before you come up with a product/service.

In general, the offline business world conducts feasibility
studies for market research purposes; internet businesses, among
other methods use the search engines to assess their competition
and use keyword research and suggestion tools such as Word
Tracker and the Google Adwords Keyword Suggestion Tool to
research and seek out potentially profitable markets.

This concludes part 1 of this article. Let's have a quick recap
of what we have covered so far. Thus far we've learned that
Education, the right Attitude, effective Time Management,
Planning and Research each have a critical role to play in
starting and sustaining an internet home business. The remaining
five important points which include topics such as acquiring the
Right Tools, Website Promotion and more will be covered in part
2.

Author: Fwahmi Avessel resides in Singapore and is currently
an independent researcher on Internet integrated marketing
communications,new media technology,innovation &
development.

Recommended resource: Think that you've got what it
takes to run an internet business but do not know where or how to
start? Inspirational mother turned successful internet
entrepreneur Holly Mann has helped many by sharing her strategies
and techniques. Read her story by visiting her home based business
website.