Monday, February 2, 2009

Do You Want to Start an Online Business?

By Lillian Latham

Robert Kyosaki, author of the Rich Dad, Poor Dad series of books recommends starting a home business rather than getting a part time job if you need more money. A home business has more chance of making the extra income you dream about and starting an online business takes less money than any other business. You have to be ready to do most of the work yourself unless you have enough extra income to outsource some of the necessary steps. However, you have to remember that starting an online business will always 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?

Visualize what it is going to be like to have a successful online business. Think about your customers who are happy to send you money because you are providing a much needed product or service. Think about the money growing in your bank account, and you able to provide for the needs of your family and have money over to give to friends in need and donate to charity.

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.

Now before you go any further I want you to make a plan, a commitment to yourself with deadlines for the next month. If you cannot think as far ahead as one month, then commit to a series of actions for the next week. For example: Day 1 " Choose a product Day 2 " Do keyword research and figure out a domain name Day 3 " Get a domain name. Day 4 " Choose a web hosting company etc

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