In last month’s introduction, we explored the benefits of the Traffic Exchange for small business owners. Next, we’re going to look at the questions you need to consider when finding the right business approach for your needs, and the qualities you will need to make your business venture work.

No expedition is going to succeed unless you prepare well for it, learning about the terrain in advance before embarking on your journey. With this in mind, we’re going to cover some of the basics needed to optimize your path through the Lost World of the Traffic Exchange (TE).

Preparation is Everything

To accomplish a successful expedition to The Lost World, you need to prepare well. There’s no fun in setting out and then having to turn back halfway because you didn’t pack enough socks. Successful home business owners usually have a history of abandoning websites and starting again applying what they learned by their failings, or having a business that bears little resemblance to their original design. Prepare properly now, and you’ll reap the benefits for a long time to come. If nothing else, you’ll never have to worry about running out of underwear!

The Power of Backward Thinking
To get started, we’re going to take a look at where you want to end up, and then work backwards. The Lost World can bring you traffic and, with the right equipment and training, you can turn it into leads. But, what happens then? To get started, there are four questions to consider.

1) Which is the most important to you: Money or Time?

It’s important to realise that different aspirations require different levels of income, earned at different speeds. It’s only once you know what your objectives are, that you can begin to figure out what kind of income you need and at what rate. If you are driven by Money, then you’ll be looking to work hard to build businesses that can either be sold, or easily looked after by someone else while you start on the next project. If you selected Time, then your approach will be very different. You can focus on a low-maintenance business for which most of the administration can be outsourced.

2) If you sold your business for an 8-figure sum, would you retire or start another business?

How often do you read about people who sell their business for large sums of money, only to start something completely new within the next couple of years? Bill Gates, for example, has earned more money than he could possibly spend in a life-time; do you think it’s the need to earn more money that drives him?

If you said that you would eventually start another new business, then you’re not going to be satisfied with building one and running it for the next thirty years. In this case, begin with simple, low-development projects. Complete one before beginning the next, resisting the urge to turn an uncomplicated idea into something complex. If you would like to permanently retire, then your path is simple. Find a proven business model that you like and, once it’s working, either outsource or sell the business (preferably retaining a percentage of future profits).

3) Do You Believe in Financial Security?
Financial security is tough to achieve. Some people prefer to opt for a system of responsible saving and spending. Others prefer to view financial security as having the ability to always earn more if required to do so. If you tend to spend money as soon as you get it, then you’ll need a business that provides a predictable and frequent income.

A business that brings in money during peak seasons requires careful management and is better suited to the person who thrives on financial responsibility and never has a problem keeping their savings account topped up. Otherwise, look for a consistent business model.

4) If you were forced to do just one of the following aspects of online business for the rest of your life, which would you choose:

• Programming
• Web/Graphic Design
• Product Creation
• Marketing
• Networking
• Project Management

It makes sense to develop your business in a way that makes the best use of your natural abilities and interests. For example, it takes a particular kind of creativity to choose Programming or Design but, if your passion lies in these areas, then you may be better suited to working for other people on a freelance basis.

Product Creation involves tasks such as writing an eBook, recording video/audio, crafting software code, or designing and customising a website script. It also includes polishing the final product. If this suits you, then you probably also come into the ‘creative’ category and the above advice equally applies.

Marketing is something that most online business owners have an interest in, concerned as it is with making a pathway between product and profit. Copious amounts of patience, skill and attention to detail are needed to truly master a Pay-Per-Click campaign, optimise a website and write sales copy effectively. An Internet Marketer who excels in this area will usually prosper because, with skill, it’s possible to sell almost anything to anyone!

The idea of Networking makes many home business owners shudder but, if you’re a “people” person, then make the most of this quality. Joint ventures and business partnerships should be your focus.

Project Management requires strong organizational skills and the ability to motivate the most talented people. If your abilities make this role a natural fit, invest as much of your profits into outsourcing as you are able, and grow your business quickly.

Going Forward in The Lost World
These ideas present a simplification of business strategy but should allow you to start planning something that will succeed. If your goals are well-defined, then the next steps in creating a thriving business will be simple.

Our next article in the series will be looking at the Traffic Exchange and how it fits into your plans as an Internet Entrepeneur.

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