Summary: Do you take your online business seriously, or are you setting yourself up for failure? Find out why you need to treat your online business as a real business venture and not a casual hobby (such as blogging for profit) if you want to reap the most rewards and keep it all legal.

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I know there are plenty of “serious” online ventures. At the same time I think there are infinitely more webpreneurs, webmasters, bloggers, etc. who are essentially running online businesses but not taking them seriously as such (and of course I’m only talking about the ones blatantly trying to make money here – a blogger on a personal journal-style blog doesn’t count). Why is this?

I think the biggest problem is that it’s extremely easy to set up an online business, and there’s little to no startup capital required for many of them. Therefore it really is possible for “anyone” to start an online business these days.

However, being easy doesn’t make it any less of a business, and there are a few benefits to taking your online business seriously from the start:

• Avoid legal and tax problems down the road
• The more serious to treat your project, the more likely you’ll stick with it in the long run (and more likely you’ll earn a significant income)
• Others can tell when you don’t take your work seriously, and it can hurt your credibility

Here are a few basic things you should consider doing to take your online business more seriously:

• Register it as a formal business if appropriate
• Keep thorough financial and administrative records
• Invest time and / or money into adequate marketing tactics
• Take the time to do market research on your audience and their behaviors before getting into your online business to begin with

What else do you think people can do to take their businesses more seriously, and what other benefits do you see in doing so?

Summary: As an entrepreneur, if someone approached you today and offered you full-time employment with their company with higher pay than you earn through your small business, would you close your business and take the job?

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I stumbled across a Wall Street Journal article today that I want to share with you: Owners Wouldn’t Quit for More Money

Ironically, I was just having a conversation with a friend about this very subject a few days back.

According to the article, 55% of surveyed entrepreneurs wouldn’t give up their business if they were offered full-time employment elsewhere paying more money. Only 30% said they definitely would quit their business for the stable and increased income.

What about you? How much would someone have to offer you for you to willingly close your small, online, or home-based business?

I personally can’t imagine anyone being able to offer me enough to give up the freedom. There just isn’t a price tag on this head. What about yours? Is it worth it to pursue your own business even if you’re offered more money elsewhere, or does it all come down to the bottom line?