Monday, February 2, 2009

Do You Want to Start an Online Business?

By Lillian Latham

You have decided to start an online business because you need more money. Robert Kyosaki, author of the Rich Dad, Poor Dad series of books advises that a part time home business is always better than a part time job. Simply because with a part time job you will never ever increase the amount of money you make without working more hours, with a part time business, the sky is the limit. Getting started with an online business takes less money than any other business provided you are prepared to do most of the work yourself. Depending on how much disposal income you have at your command, you can outsource quite a lot of the work, but it does still take work.

Tony Robbins, the self help guru, places motivation as the main factor of success. In other words, it is not tools and procedures and knowledge that hold people back but lack of motivation. You need to ask yourself if you are sufficiently motivated, otherwise you are just wasting your time and money.

Why do you want to spend time doing this? Do you want to provide additional financial security for your family? Do you want to build a college fund for your children? Do you want to pay of credit cards? Do you want to create a passive income that builds while you work and sleep? Do you want to take the family to Maui?

How do you see your online business? Visualize what it is going to be like. See your satisfied customers happily sending you money in return for a needed product or service. Think about your bank account, see the money piling up and think about how you will spend it. Visualize the happiness of family, friends and charities as you make enough money to help those that need it.

Get a three by five index card and write out your personal goal. It can be the amount of money you need or a specific objective. For example, "take the family on vacation next year" or "have enough money in the bank to pay for a years college tuition". Then read this index card alound morning and evening - a technique recommended by Napoleon Hill of "Think and Grow Rich" fame.

Now you have to decide what kind of business you want to create. You can either sell your own product or service or you can sell a product for someone else and get a commission. For the newbie, probably the easiest method is to start as an affiliate marketer and sell someone elses product. To do that you will need your own domain name and web hosting service and I am going to assume that you will follow that route for the following reasons. Product creation is slow and time consuming whether the product is physical or electronic, like an ebook. To start you need a product and that means either affiliate marketing or a product for which you have bought the resell rights.

You need an action plan with specific actions to take and timelines attached to them. I find that setting my action plan on a daily 'to do' list works well. Starting out the first step would be to choose a product, then next step would be to do keyword research and choose a domain name, then register the domain name, then decide upon a web hosting company. Listing out the steps and attaching dates to them prevents you getting caught up in any one step and helps you to keep up the momentum you need starting out. - 15275

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