This is a guest post by Peep Laja, CEO of Traindom.
What is it that you wish someone had told you years ago? When you were starting your company, your blog, or merely thinking about creating something awesome?
The following is my list â€“ maybe it will save you some blunders. Of course, some things you just have to go through on your own and learn from your mistakes, but hereâ€™s my list in case it helps.
1. Have Your Business Model in Place
Do not begin doing business with just an idea and a website. Before you storm ahead into a new project, think through your business model.
For example, my first web project was Catpert. Cat related information was searched for a lot online, and it seemed to me then that if I made a website about cats, I would be successful. What I did not think of was that there was already a lot of information about cats on the internet and even many high quality websites about cats. For the site to generate me passive income from advertisements, I needed to be much more dedicated to it than I ever intended to be.
Before starting a new project ask yourself:
- What kind of problem, that is not already solved, will it solve?
- Where does the businessâ€™s money come from?
- How long does it take before I can start cashing in?
If your business model is that your website will be very popular and everybody will want to buy advertisements there, think again. This will not happen. If your business model is advertisement, then you donâ€™t have one. You will have to have mega huge numbers of visitors to start earning anything significant from advertisement. This will take a lot of time and resources.