The bottom line for every business is profits and even more importantly when times are tough it is good business practice with solid Business Resources  to stay on top of your business all the time.  Whether there is recession or not it is vital to keep a close eye on your business in order for it to survive, grow and make profits. Are you missing your targets month after month? 

 Is your small business flagging or prospering with the economic downturn?   Learn how to take advantage of the financial crisis to grow your business

Set goals you believe in and could measure –  break down your goal into bite size chunks that are manageable, keep monitoring and evaluating them on regular basis and make changes if need be.

• Do whatever works best for you – there are no hard and fast rules to doing business both on and off line and no one size fits all rules when business is concerned.  Include lots of measurable steps so you have lots of opportunities to re-evaluate
  
• Choose a fast growing niche like the SFI Marketing Group !  affiliate programmes – if you catch a wave you can use the power of the wave to propel your business, especially if you are one of the early ones to get in.
  
• Diversify – Do not put all you eggs in one basket because things go wrong, companies fold.  My suggestion is to diversify into a few growing affiliate niches like  NiceOffers.com  as well as multi products marketing companies’ affiliates.  In this way you are avoiding putting all your faith into one programme, one person, one network or one marketing method.
  
• Create resources that other sites voluntarily link into.  This has an enormous value for your business.  If you have good contents that help provide genuine solutions to peoples problems you are half way there.
  
• Team up with new skills, especially someone who has complementary skills and work on new projects together
  
• Concentrate on building long lasting revenue streams for example from top paying affiliate programmes that pay monthly commissions on membership sites and not just short term revenues.  A mixture of both strategies could make a huge difference to your bottom line - PROFITS for your business.
  
• Focus – Once you have learned how to do things that works for both you and your business spend most of your time improving in that.
  
• Make friend both online and off line – Friendships is invaluable to you and your business – they will give you their  honest opinions, give suggestions, support you when you feel down and spur you on when you need to be.
  
• And lastly don’t work so hard that you make yourself ill, or don’t have time to enjoy yourself with family and friends.
  
• Change Happens so Anticipate Change, Monitor Change, Adapt Quickly to Change, Move with the Change and Enjoy the Change
  

  Now on to the criteria for Niche market selection:

Absolute critical part of your success and should be given a lot of attention so you do not end up picking a loser

• Think of as many potential niche ideas as possible – what do you enjoy doing, what industries have you worked in, what are you interested in and know more about, what do you know more about than most people round the world, which experts do you have access to, what problems have you solved for people before, and what problems would you like to solve for people?
  
• Be constantly aware of people’s common questions and frustrations in conversations
  
•  You need to make sure that the niche you have chosen fits the business model you are going to follow.
  
• The niche you choose must meet some business criteria – it must have commercial interest so it must have people spending money within that niche and more importantly they must be spending more than £25 or more on average. and stick to subjects that have decent transactional value – quilt making might have a transactional value but the costs are too low and you would not make much money out of it.
  
• It should have a lot of available, evergreen content – you want to make sure that your chosen niche has lots you can write about and does not quickly go out of date – for example you do not want to create a website around something that rapidly changes
  
• It should not be risky – avoid creating websites that has any legal implication for you.  You ought to think carefully about covering a subject that could have serious negative effects on someone’s life, and if I were you I would avoid the health and financial niches.
  
• Choose a niche that has a learning curve – If the subject they are looking for has a learning curve people will be researching online and they will have problems you can help with and educate them on.
  
• Do a detailed analysis – What is the competition like?, What is the monetisation potential, and how difficult is it to get into this niche market?
  

 Wishing you Success

 A Boadu

Article Source: ArticlesBase.com - Free Top Tips You Need to Know When Trading Online