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Old 6th August 2009, 10:36 AM   #4

Join Date: Oct 2008
Location: Orlando, FL
Posts: 46

Great advice. Another piece I would add is "Not having a business plan". Because it is so easy to start online and everything is virtual, many people often do not formulate a formal business plan and have no defined strategy as to how they plan to make money, how much sales they need to stay afloat, etc. You should approach an online business with as much scrutiny and analysis as you would any offline business. Don't let the low start-up cost fool you into not carefully planning everything.

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