They’re three golden rules when you are starting your internet business. The first is: make sure you get your product built within three to six months. Your idea is going to go through so many different iterations and you’ve got to get it quickly out there in the hands of users so they can tell you how they want to use it and what features they don’t like. Secondly, plan to spend between ten to fifty thousand dollars. The reason why this is important is that’s probably enough to get the first version of your internet website and business up, but it’s also an amount that you can probably put on your own personal credit card, or between your friends and family, raise those funds such that you don’t actually have to find professional investors. And third is: when you get the product launched, make sure you can immediately start getting people paying for your product, or lots of users. So you either want to build a web product, that right away you can start charging for, so you can think how in three to six months after you launch that product you can make back your initial investment or you want to build a product that you can scale thousands or even millions of users within a short period of time. And if you can check off those three golden rules, you’re going to be much more likely to build a very successful internet business.
- Have a fully developed product in 3-6 months
- Anticipate expense costs of $10K-$50K
- Start attracting users & dollars
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