Digital Marketing Self-Assessment & Mindset

What's the best way to create a Digital Marketing Business in 2020 and make it last for the next decade? 

I'm taking about a business you really love that makes the kind of money you really want. Well, it involves planning, planning, and more planning. But, before jumping feet first into Internet Marketing you must first determine if you actually have what it takes to survive in the online world. 

The majority of people who desire to get involved in Internet marketing believe it will be the answer to their prayers. They have visions of being able to work from home in their pajamas, be their own boss, and make their own schedule. For many, the driving force to work from home stems from the desire to stay home with their children and keep them out of the daycare environment. 

Very few people have a grasp on the discipline that is required to run a successful business - particularly one that is home-based. They have no idea of how many hours they will need to work to get their business organized and productive. They hold on to the belief of "If I build it, they will come." Nothing could be further from the truth.

It takes a tremendous amount of effort, discipline and knowledge to create a home-based business that will generate the income of a "normal" 9 to 5 job. However, if you are willing to honestly evaluate yourself and your motives, and after doing so you still believe you have what it takes, the rewards can be enormous.

Self-Assessment & Mindset

Research has shown that many businesses collapse in their first year because of inadequate planning. In order to create a successful home-based business, you must first perform a thorough self-assessment. This might be the biggest challenge you face, as it is oftentimes difficult to objectively look at who you really are and what you're really made of.

Understanding your motivation helps you see past the romantic ideas of being self-employed. The questions below have no correct answer. They are different for everyone. Just answer them truthfully.

What's Your "WHY"?

  1. Do you want better work hours? If so, what hours do you want to work and why will those hours make your life better?
  2. Do you want to be your own boss? If so, why do you want to be your own boss? 
  3. Do you want to improve your financial condition? If so, why? How will improving your financial condition improve your life? How much income do you want every week, every month, every year?
  4. Does your current job leave you unfulfilled? Why? Will being self-employed fill this need? How and in what ways? 
  5. Do you have a business idea in mind? If so, why did you choose this business?

Are You Ready to Work from Home?

Next, you'll need to determine if you have what it takes to work from home. It's crucial for you to determine your strengths and weaknesses before you head out of the starting gate. Given the current Covid-19 pandemic you most likely have an idea by now (if you are working remotely) how you feel doing home office, what's the direct experience you've had? - if you have a family, how are they taking it if you do long hours in front of the computer?

You not only need to think about Digital Marketing itself, you also need to consider the many issues that an Internet marketer needs to overcome in order to be successful. 

Do You Have the Physical and Emotional Stamina?

A Digital Marketing Business can be very demanding. The competition is fierce and you need to stay on top of new technologies to help you become efficient and productive.

As a business owner, you will be required to wear many hats and switch those hats in the blink of an eye. This can be stressful to your physical and emotional health. The following questions will help you gauge your stamina. Again, there are no wrong answers. Just answer them honestly and use the information to determine if a home-based business is the best choice for you.

  1. Are you prepared to put in long hours to succeed? It's not uncommon for a business owner to work 12 or more hours a day, including weekends and holidays.
  2. Do you have the support of your family? Without the support of your loved ones you are far less likely to succeed. Are members of your household willing to take on additional responsibilities without complaining? Are they prepared to cut back on unnecessary expenses while you are in the start-up phase? If your family is against your decision, it won't be easy to get where you want to go. This doesn't mean it's impossible, just that it's more difficult. 
  3. Are you pursuing a business venture that fills you with joy and excitement? If you don't have a passion for the business you are pursuing, chances are you won't achieve the level of success you desire. A strong passion for your work can shield you against burn-out, physical illness, or emotional distress. 

Do You Have the Right Skills?

Every business requires the application of certain skills to be successful. Without these key skills you run the risk of failure. It's nearly impossible to possess every skill required to operate a successful business. 

The best solution is to hire outside contractors to do the jobs that you cannot perform. For instance, if you have no knowledge of accounting, you can hire someone to do the accounting work for you. However, you still need to possess a basic knowledge of accounting in order to understand the reports the accountant provides to you. 

The important thing is to recognize the areas of your business requiring additional support. These questions will help you identify the skills you possess and those you need to acquire.

  1. Do you have previous experience in a business similar to the one you're starting? If not, you should research your chosen industry. It's necessary to understand your market, your customers, and your competitors.
  2. Can you plan and organize? You need to be able to stay on top of things such as your schedule, marketing promotions, accounting and financial records, inventory, etc. 
  3. Can you make decisions? As a business owner, you will be responsible for every decision - from what paper clips to buy to where to advertise. You need to be able to make decisions quickly and have the guts to stand by every decision you make.
  4. Do you work well under pressure? Owning a business generally equates to an increased amount of stress. You need to be able to keep your focus and work through every issue that arises. 
  5. Can you complete projects? As a business owner, you are the one responsible for seeing things through to the end. If you can't finish what you started, you're headed for disaster. Not only that, you also need to be able to complete projects that you may not like; e.g.; accounting and paperwork. 

These are the essential skills that every business owner should possess. Follow through on your answers to all of the above questions. Take action to strengthen your weaknesses. If you've never worked in a supervisory position, enroll in a class to develop your skills. If you've never created a marketing brochure, take a course in marketing. If you don't have money to get started, save money first, etc. Do whatever is necessary to get things going for you.

Developing essential business skills prepares you to move forward in an organized fashion. If you take the time to analyze and prepare, you will increase the likelihood of turning a profit and surviving in the digital world of marketing.

And the one most important element, Never Give Up! 


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