Many individuals hit by the economic downturn are considering starting their own business from home. The first step for starting an internet business should be a thorough soul-searching and investigation into the risks and rewards associated with entrepreneurship. Nearly every community offers marketing training courses at local colleges, as well as marketing symposiums and workshops, and media buying seminars. Of course, there is really no substitute for being hip with today’s news, no matter what industry you’re in. You can also look for ebook downloads, internet design tutorials and read AFP business articles to prepare yourself for the big leap from corporate worker to entrepreneur.

There are many different types of internet business ventures to consider. Some people prefer to go with what they know. Brent Bouchez, David Page and Nancy McNally all worked for top-tier ad agencies before forming their own marketing company targeting consumers 50 and older. Michelle DeAngelis worked at Bank of America for 15 years before branching off to do her own private consulting. By contrast, some internet business entrepreneurs decided to forego their past identities and follow a particular pursuit or passion. Ali Galgano transitioned from a corporate recruiter at Goldman Sachs to a seller of unique costume jewelry. Kelly Elvin went from being a corporate lawyer to a dog trainer. What matters most is that your home based business is something about which you are knowledgeable and passionate.

Working with an internet business from home can be a huge culture shock for some entrepreneurs. First of all, there are no more perks — paid days off, vacations, automatic raises, corporate credit cards, 401ks, employee luncheons, cushy offices or company cars. Secondly, it can be downright lonely at times if you go from being the head gossiper at the office water cooler to the sole proprietor of a home business. Thirdly, you will need to harness all the self-motivation you can. It’s much more difficult to get your work done when you can sack out on the couch for a few hours at will or turn on the TV. Lastly, you have to deal with all the accountability. If your marketing campaigns prove to be flops, you have no one to blame but yourself, which can be a tough pill to swallow.

There are many reasons why an internet business may appeal to you. Most entrepreneurs say they were motivated by a strong desire to build wealth. A significant portion of IT and business owners said they liked the idea of being part of a start-up, had a life-long dream of running a business, felt their idea was good enough to capitalize on and generally disliked working for others. If these sound like some of the reasons you’ve been debating about, then you may want to give it a go. Unlike retail or restaurant chain businesses, you don’t necessarily need a lot of cash to get started online, although you do need good money management skills.

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