6 Work Habits of Successful Internet Entrepreneurs

It isn’t easy becoming an internet entrepreneur. Whether you’re building a storefront online or offering an internet related service, starting a business requires long hours and dedication. Examining other Internet entrepreneurs’ work habits can help you figure out how to combine your passion and your profession into a profitable internet venture.

1. Identify Niche Opportunities

When you start an online business, closely examine the current market. Scrutinize your competition’s websites and business models so you can figure out how to differentiate your business while challenging established vendors. Sift through social media buzz about your business sector.[1] For example, if you’re planning to open an online clothing shop, skim Twitter and Facebook for comments and tweets about the latest fashion trends. This will help ensure that you’ll capture internet shoppers’ attention with products that appeal to their interests.

The most successful websites stay in tune with contemporary cultural concerns.[2] Mint.com, for example, has flourished since the financial downturn. Website founder Aaron Patzer was frustrated by having to keep track of his own personal finances, so he created new technology designed to help users manage their money efficiently.[3] Figure out how you, as an entrepreneur, can help comfort cultural anxiety with a product or service.8

2. Make an Initial Investment

Internet entrepreneurs often have to make the initial investment in their business. Kevin Rose of Digg invested $6,000 (money that was intended for a housing deposit) in his original online business venture.[2] Beginning expenses are inevitable; expect to spend on hosting fees, supplies, and software before you start making a profit from your online business.

3. Work Long Hours

Many entrepreneurs work anywhere from 40 to 80 hours, 7 days a week.[4] Even on the weekends they need to check email, update social media, and process orders. Follow a work schedule that allows you to spend time with loved ones while staying connected to your business. Make time for family meals and special occasions.

Vacations may also be hard to come by, especially if you run your online business alone.[4] Give yourself free time every few months so your work doesn’t suffer.

4. Stay Connected

Many internet entrepreneurs spend up to four hours a day taking care of email communications.[4] Remember, email may be your clients’ and coworkers’ main communication channel, so dedicate a good chunk of time to correspondence every day.

Many online entrepreneurs engage in blogging to enhance their authority and amplify their online presence.[1] For instance, if you offer an online invoicing service, you can publish articles about online payments to showcase your expertise and make it easier for potential customers to find your website.

Get the word out about your blog by promoting it over social media. It’s a low-cost way to attract customers to your website. Maintain Twitter and Facebook accounts and update them frequently; use both accounts to engage current and potential customers.[1]

5. Take Great Care of Your Clients

Many consumers still don’t feel comfortable shopping online. Show customers they can trust your company by communicating clearly and offering excellent customer service.[1]

Since you may be competing with one or more similar businesses, your services need to equal or exceed those of your established competitors. You may need to guide certain customers through the buying process, but hand-holding shows your dedication to customer comfort.

6. Build your reserves

Even if your internet business picks up quickly, it may be a while before you make a profit. After you’ve become an established merchant or service provider, there’s still a strong possibility that you’ll face dry spells.[5] Create an emergency fund that will keep you afloat when times get hard.

Starting an online business can be exciting. It may cost less than opening a brick-and-mortar storefront, but it still requires initial investments and a great deal of research. Learning from the habits and techniques of thriving internet entrepreneurs can help you manage your business and your time. Their success stories are proof that with hard work, dedication, and creativity, your online business can succeed.

References

[1] Gamble, Donny. “Top 10 Most Important Things an Online Entrepreneur Needs to Know.” DonnyGamble.com. n.d. n. page. Web. 9 Apr. 2012. <http://www.donnygamble.com/top-10-online-entrepreneur/>.

[2] Krishnan, Vivek. “Top 10 Most Awesome Internet Entrepreneurs.” College Fallout.com. n.d. n. page. Web. 9 Apr. 2012. <http://www.collegefallout.com/top10-most-awesome-internet-entrepreneurs/>.

[3] “How Mint Started.” Mint.com. n.d. n. page. Web. 9 Apr. 2012. <https://www.mint.com/company/>.

[4] Scocco, Daniel. “Interview: 12 Top Online Entrepreneurs Share How Hard They Work.” Daily Blog Tips. n.d. n. page. Web. 9 Apr. 2012. <http://www.dailyblogtips.com/interview-12-top-online-entrepreneurs-share-how-hard-they-work/ >.

[5] Iris, Helaine. “5 Habits Of Successful Entrepreneurs.” Top Achievement. n.d. n. page. Web. 9 Apr. 2012. <http://www.topachievement.com/helaineiris.html>.

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