How Much Time And Money Do You Need To Create A Successful Online Business
People often ask me how much time and money they would need to spend, in order to create a successful online business. The answer to that question is not so simple, and will depend on many factors.
Let’s start with the time issue.
The 2 main factors involved with the time issue, are your wallet and your background knowledge. If you have virtually no knowledge about, or experience with computers, the internet, building websites and using technological tools, you will need loads of time to master the necessary skills, which you’ll need to create your business and do the marketing.
Any person with average intelligence can learn these skills. It just takes time and effort.
How much time exactly this will take, depends on how fast you learn and how many hours you can devote to the learning process.
Let’s say you can spend only 8 to 10 hours a week, but you learn relatively fast. In that case, you should count at least 4 to 6 months (or more), before you will start making any money on a regular basis.
However, a lot will also depend on your budget. You see, when it comes to learning how to make money online, the best thing you can do is to join a community or organisation which specializes in training and coaching people in online marketing.
These organisations are usually not helping you out for free, and the more you’re willing and able to pay, the more professional and personalized your coaching will be, which will usually result in much faster and better results.
Any professional online business makes use of technological tools, and good tools cost money. Furthermore, there is the matter of marketing budget and outsourcing.
Anyone will understand that the more money you can spend on outsourcing and marketing, the faster you will get results. But marketing and outsourcing don’t need to be very expensive on the internet. A few hundred dollars a month can bring you quite far, if you use it wisely!
How much money it takes to build a successful online business will depend on your answer to the following questions.
How fast do you want results? If you already have a decent income, but are looking to expand it and replace your current job somewhere in the future, I’d say that you’ll probably be spending anywhere between $500 and $5000 per year, depending on your patience to start seeing results.
If you have very strong patience and you don’t mind working a few years before seeing any decent income, you can almost do it for free!
How much do you want to be earning? If you have limited desires and just want a few grand per month (let’s say $3000), this will off course depend on your background knowledge and the time limit you give yourself. As a general rule, I would say that any regular monthly income you want to achieve within a 12 month period, needs to be invested twice (or more) within that same period, if you start with limited background knowledge and intend to do most of the work yourself, and if you have no more than 20 to 25 hours a week available.
This is not a statistic fact, however. It’s more like a guideline.
Some people will do better, but most people will need that, or more, to achieve any given monthly income within a 12 month period.
The more time you give yourself to reach your goals, the more this amount will decrease off course!