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If you want a profitable Internet business, you need to know these important keys to winning the game.
1- Don't start until you know it's going to make money
This is the most important key to being profitable. Not every business idea is going to pay off. So do your due diligence (research) to make sure that there's a market, that they want what you're selling, and that you can beat your competition.
2- Fold when you can't beat your competition
Take a look at your competition. Can you tell what they're doing well? Are you better, cheaper or different? Is there a niche that you can dominate?
If you can't beat your competition, then is the market big enough for both of you? Fold when you're clearly holding an inferior hand.
3- Fold as soon as you know you can't make a profit
Once you have your marketing in place it's key for you to evaluate how much you're going to spend on marketing versus how much money you'll make.
If the profit is under 30% - look for ways to reduce your marketing costs; do more research and look at key #2.
4- Hold until the risk is higher than the payoff
Every business opportunity has some associated risk. You can't avoid it. If you think you have a sure thing then your opponent is bluffing you.
The questions are:
- How much are you willing to risk?
- How big is the potential payoff?
When you've answered those, do what you're comfortable with.
5- Hold on to a good product that's making money
This one is obvious. If you're winning, keep raising your bets until you know that you've dominated your market. Don't stop short. Milk that hand for all it's worth.
Notice that neither holding or folding is right or wrong. You don't fail if you fold. The only way to win is to play the game. The game is to fold as soon as you know you can't win and hold on to a good opportunity for as long as you're winning.
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