June 8, 2009
Great Online business ideas are all very well, but you won’t make money online using them if you don’t know how to. To make money you have to formulate a business plan, and for that you must set targets, and targets need a goal. Without a goal to strive towards you will not succeed, so it is important that in addition to the idea, you also know how to use it.
It has often been said that a failure to plan is a plan to failure, and nothing could be truer. A simple goal to set, though perhaps not easy to achieve, is to decide how much money you want earn this year. Don’t be unrealistic and decide on a million dollars in the first 6 monhts, but be realistic: say $75,000 in your first year.
You can then break that down into monthly amounts, starting small and increasing each month, which will give you the basis of your targets. You should then plan how to meet these monthly targets. That is a good sound basis of a strong business.
However, you now have the problem of how you are going to make that money online from your great online business ideas. There is a large number of ways in which you can make money online, some of the most popular being|:
1. Creating your own product or service.
Maybe you know about something or can do something that others will pay for. You might be a children’s entertainer or a hypnotherapist. Perhaps you can write en eBook about breeding dogs, or make a video series on maintaining your own car.
I know of one person that made a fortune by making series of short videos of how to carry out simple household maintenance tasks, such as changing an electrical plug, changing a tap or faucet washer, and even putting in a new sink and laying a carpet.
A simple idea, yet it is one that has a massive customer base. Just think about all these guys that don’t know one end of a screwdriver from another, or all those women that live alone and need some help. That’s one of the best online business ideas I have come across, and he makes a fortune from it.
Think of what you are good at, or what you have knowledge of, and work out a way of packaging that knowledge or these skills in a way that would sell. I am a professional article ghostwriter, and make money online by writing articles for others to use to promote their products and their websites.
2. Sell somebody else’s product
If you are unable to produce a product of your own, then make money online by selling somebody else’s product. Everybody involved in internet marketing is familiar with the term ‘affiliate marketring’ even if they haven’t been involved in it. Affiliate marketing is selling a product for somebody else in return for a commission.
If that product is able to be delivered online or by email – by email or downloaded – then that commission could be 50% or higher, since there is no replacement cost. Unlike a tub of vitamins, an eBook or software application doesn’t have to be produced again once it has been sold, so the vast majority of the selling price is profit. You can therefore be paid more for selling it. 50% is about minimum for such items, and some go as high as 75% or even 80%.
Among other ways of making money online are multi-level marketing (MLM), where you recruit others to sell products for you, you receiving a commission on their sales, buying on eBay, and selling the same items for more than you paid for them, buying items in bulk when they are in high supply, and selling at a high price when they are scarce (e.g. certain toys at Christmas time), and many others.
Each of these money-making techniques has one thing in common: you must learn how to achieve your goals and how to market what you are doing online. Even your eBay business has to be promoted by means of your ‘product description’. If you have any great online business ideas that you believe could make you money, it is important that you learn how to use internet marketing properly, and how to take advantage of all the tools that there are out there to help you to succeed.
Most businesses need a web presence, either as a traditional website or some other presence on the web such as a Squidoo lens or participation in social networking. They will also likely require software, and have to learn how to use it, and also learn how to drive traffic to their wesbite and what to do with it once it gets there – potential customers. Your business cannot succeed without customers.
This is where most people begin to fail. In fact 99 people out of every 100 that try to earn a living online fail. They fail for one of 4 reasons:
1. Lack of Planning
They did not have a clear objective in mind and did not plan properly. The started their business on shaky ground and looked on it as a hobby. They fell into one of the main traps of working at home: worked part-time, and took time off whenever they felt like it rather than set out the daily tasks needed to meet their targets and work until they were completed.
2. Lack of focus: Information Overload
They did not focus, and jumped from one program to another. They had too much information, and were unable to give any one method of making money online the time to work for them. They tried too much at one time and so failed in everything.
3. Lack of Perseverance
They gave up to soon. It takes time to build up a successful online business. Unless you are extremely lucky, there is no such thing as ‘get rich quick’. It is not easy work, making money online, but the succesful are those that persevere during and after failure. Most don’t!
4. Lack of Knowledge
This is the least reason for failure. In this internet age nobody need fail through a lack of knowledge – everything you need to know is out there, yet many people try to do it themselves without getting the information they need. Learn from the work of others: do not reinvent the wheel. It may be trite, but it is certainly true.
Use whatever training courses are available out there. I know that it could cost a lot of money, but it is possible to learn everything you have to know without spending any more than twenty or so dollars each month.
You mjust not fail for any of these avoidable reasons. It is a shame that so many dreams are shattered for a lack of planning, focus, commitment and perseverance, and a lack of knowledge. All are avoidable. Put your unique online business ideas into practice by finding out how to do it the most effective way, and learning how to use the tools that are available to you.
You can get all the knowledge you need to start making money online through Peter’s membership site. Check it out here: Online Business Ideas – Don’t fail through a lack of knowledge or of the tools to succeed.