Online Business Opportunity
If you are searching for ways to earn an income using the internet, you must have already come across many programs with unbelievable claims of overnight success.
After 5 years working online I realized a few things. Firstly it’s vitally important to understand that it is very easy to become overwhelmed with the amount of information being lorded online.
Secondly, if you allow yourself to be seduced by the to good to be true claims, then it will almost certainly end in tears.
Here are 7 points that I use to evaluate any opportunity that presents itself online that’s has either been recommended by email or through my own search.
* Is there a Product in Demand
If you are thinking about a business on the internet, look for a product that has a huge demand and can be sold on the internet.
Many fly by night programs focus on building a down line and recruiting other people without having a solid product behind it. There has to be a product that people can use.
If the company has a product that you cannot understand, then stay away from such a company. Even if you have a product in demand, it has to be sell able online.
For Example and this may sound ridiculous, but if you try to sell Pepsi or Coke on the internet no one will buy it online, as they would prefer to buy such products in the super market.
What type of products is sold only online? Domain registration, Website hosting, email marketing, educational resources etc – these are few examples of products that have a huge demand and that can be sold online.
* Is it a Stable Company
A stable company means that the company promoting the product has to be a debt free company in existence for a period of many years.
Avoid Here today gone tomorrow companies that try to sell the concept “get in at the top to make huge income”.
Look for companies that have been growing for a long time. Even better if you can find a stable company that has been selling its products for many years without the help of any affiliates, and has recently launched an affiliate marketing program.
To my mind that is a good opportunity.
* Can it produce a good income for me
How many sales will you need to make to produce a sizable income?
Is the effort that you put in to make a sale justified by the compensation that you receive? You should study the compensation plan of the company and determine if it is worth promoting their products.
* Is the product affordable
The end customer who purchases the product should find value for the price they are paying. It does not matter to the customer how many levels of up line are being paid commissions.
The business opportunity should come second to the product value. If the same product is available elsewhere for a greatly reduced price, then it would be difficult to sell due to high competition.
* Can the product produce repeat sales
A onetime sale will produce only a one time income. Products that keep producing repeated income are preferred to products that produce a onetime income.
For example, if you sell an eBook information product you will have a onetime profit from each client, where as if you were to sell monthly membership access to several eBooks’ that are updated every month, then you have an income that will continue every month as long as the member remains subscribed.
Products like domain registration, website hosting are excellent sticky products that will produce residual income because the value to the customer increases with time for the same cost.
For example, when a person has built their website they are more likely to renew rather than lose their work, similarly when a person has branded their domain name and given their email address to their friends and associates, they will want to pay the recurring fee to continue using their domain and email.
* Do they have a strong back end marketing system
The back end systems for the product you promote should be able to present the product to your client, automatically follow up on leads, provide live statistics so you can track your prospects and customers and generate your sales report any time you want.
The latest trend in email marketing allows you to enter the email address of your friends into the prospecting system and they automatically follow up with intelligently personalized emails sent from your email address so the replies can come to you.
Intelligently personalized means that in addition to including the names of the prospects in each email, they have a system to track if the email is opened, if a link is clicked etc and the next email uses this information to send a different message for each follow-up.
* Will you feel comfortable promoting this product
Given a product and a company that satisfies all the above criteria, this is the most important criteria that you should apply to determine if this company is right for you.
For instance, I would gladly promote a domain registration and hosting business as it ads to my reputation as a tech savvy online entrepreneur.
There are many simple, dependable ways to earn income, and one of the surest ways is through marketing your business on the internet. When you learn basic internet marketing techniques, you’ll wonder why it’s taken you so long to jump online.
You Get Out What You Put In!
When you think about it, the only things you’ll need to make money is a vision of what you want out of life and the wisdom and energy to put your ideas into motion.
Basic internet marketing techniques can teach us how to acquire wealth, and an important factor is to provide something your audience needs (or think they need) whether it is a product, a service, information or something else entirely – there are many choices.
Every online business has a goal of making money, and every business has something to sell. You will need knowledge and a product before you begin your internet marketing.
You may need at least a small amount of capital to start your business, although the outlay could be relatively small if you are selling information or services as opposed to a physical product.
You will need to develop a web site for advertising and educational intentions; if you have the ability to do it yourself, so much the better.
Like any other business, internet marketers must generate leads. Retail merchants who set up offices or shops are able to buy lists of potential customers, or they may ask their employees and acquaintances to provide them with lists of names to get their business started and begin making sales.
The world of internet marketing utilises marketing leads, which you can purchase from reputable companies. Internet marketing is a very competitive market, and a large portion of your time should be spent generating new marketing leads to drive your sales.
You can generate these through your own advertising or by growing and developing an opt-in e-mail list of potential prospects to which you can send your offers.
New services and products are introduced over the internet every day as fast as a speeding bullet.
Some of the reasons for these new developments can be attributed to market conditions, new technology, improved search engines, or totally new concepts or products.
There are services that will help you develop your internet marketing leads and attract new clients, but use them with caution and always make sure your leads are double opt-in to avoid any potential spam complaints.
One of the most common ways to attract new customers is to develop an email list. Although email marketing may not be as effective as it once was due to software that filters out “spam,” it does still work.
One of the best features of email advertising is that it is a free method of getting the word out that you’re in business. The response to emails is still good when it does reach the intended party.
Incentives such as giveaway reports, programs or products entice potential buyers to read the email.
An important part of email marketing is that it can be repeated again and again. You can start out with a small list of marketing and sales leads for your online business, and then build from a few email recipients until you have established a loyal clientele.
In addition to generating email marketing leads, you may want to consider a couple of other methods of “getting the word out.”
Another internet marketing technique involves utilizing pay-per-click (referred to as PPC) advertising, whereby participants bid on keywords and pay a varying sum of money every time someone clicks on you advert.
The two biggest PPC services are Google Ad words and Overture, but it’s definitely worth your while investigating smaller services as the competition is less and prices cheaper. A click is click, as long you hyper target your market it doesn’t matter where it comes from.
An excellent way to inform others about your business is to join one of the many forums related to marketing. You can post information, ask questions and receive answers from other internet marketers, it is also a good way to gain name recognition and credibility within you niche market, which in turn will gain you extra traffic to your website and should increase your sales.
When you begin your internet marketing endeavours, be sure to establish enough marketing leads to sustain your business and make it profitable, develop a good internet marketing strategy early on in your planning stages
The degree of business success will be directly related to the number of hours put into the planning. Somewhere along the way, many of us pick up the perceived connection between time and results.
Yes, it’s true that if you spend 10 hours a day practicing piano that you will likely be a better performer than if you spend 5 minutes a day.
And that same logic might apply to specific skills you use in your business.
If you spend 4 hours every day doing anything (creating graphic designs, writing press releases, writing sales letters), you will undoubtedly develop your skills.
But, in an endeavor like business, success is based on much more than the total amount of time you put in. It’s based on what you do during that time, what skills you have, what customers want, how you present yourself, what you charge and how you market your business.
And that’s just the beginning!
What I am saying with regards to running an online business is that you get out what you put in. And, it’s not always easy to figure out what the beast wants to eat – but that’s your job as a business owner.
If you spend countless hours networking at events that don’t yield results, you are adding time to your week. If you recreate the wheel every time you have to put a proposal together, you are taking up time that you could be spending on other marketing activities, taking a lunch break, spending the afternoon with your spouse and kids.
If you are starting numerous projects without bringing any of them to completion, you are wasting time spinning your wheels rather than profiting from one of those great ideas.
You see, it’s important that you know where your time is going, what results you are getting from how you spend it, and what price you are paying (both professionally and personally) for spending so much time in your business.
Please don’t take years to learn this one. It’s a truth. If you figure out what your monster wants to eat, and you feed it to him on a regular basis, he will give you the key to the kingdom!
Are you ready to find out what you’ve been feeding your monster (i.e. “what you’re putting into your business)?
Don’t hate me when I ask you to track your time. ‘How boring’ you might say. Don’t they understand that taking the time to track my time just takes more time (you can read that line again if you need to!)
Yes, it can be boring and it does take a little bit of time. However, if you invest tiny little bits of time throughout the day (adding up to only 10 minutes/day probably), you can discover the keys to propelling your business forward.
Start today by tracking how you spend your time (track every 15 minute segment) for the next 5-7 days. Include all the time you spend working, including evenings and weekends.
After the week is over, look back over the completed worksheets and tell me what you see. Look for things like:
- breakdown the number of hours you are spending on:
- providing your services
- office work (invoicing, paying bills)
- other functions
- add up the number of hours it takes you to do certain standard functions that are part of your business
- attending a meeting (driving to/from meeting)
- writing a proposal
- adding a new client to your practice
- doing your accounting work
During a recent coaching session, I was reminded of how it feels to give your all to your business and have it go bad.
“I just don’t get it! I’m putting all my time and energy into this business, and I’m still scraping by. I’m so tired of fighting to ‘just to make it’ but this is what I really want to do.”
Planning, organizing time and effort, beginning and finishing one project at a time. Prioritizing your skills and talents and outsourcing where you need assistance. These are just some of the vital keys to successful business.
So if you are in that same mindset that l was in when l first started then it’s very important to take a step back and reassess where you’re at. There are many resources that can help you through these difficult periods.
The significant thing to do is never give up. Then reach out to the experts who can help. One expert l found in my darkest hours was the owner of The Directory of Ezines, Charlie Page.
His common sense marketing approach got me back on my feet and put my head straight. So for any one starting out I highly recommend the DOE and Charlie Page.
He will definitely assist you through the maze that is online marketing and help you in building a solid online business.