Here’s how a traditional business is started:
1. Get a product or service (could be a car, a wristwatch a gas-station………anything)
2. Advertise your business and your product to find potential customers
3. Convert those potential customers into actual customers
This system has actually worked for many years in just about every industry. Business owners decided that they like a certain business service or product, so they went about making creating that service or product, advertised it…………and hoped that they could then get enough people interested and then convert them into buying customers.
While this was okay in its day, and still works in some third-world countries where there are only a few suppliers of certain products and services, and almost no competition, it isn’t possible to work like this any longer in the Western world, such as Europe, Australia and the U.S.A.
This is NOT the way to start your internet business (or any business for that matter!).
The only thing about the above ‘business formula’ that is correct is number three, converting potential customers. There is also something lacking in the formula. Know what it is?
Yep, researching your market.
Here’s THE winning business formula:
1. Research your market to see if there IS a market and how much competition you will have
2. Get visitors (traffic) to your website.
3. Convert those potential customers into actual customers
4. Get the product or service
What? Get the product LAST? Well, if you think about it, unless you know you have a market, and you know that you can get visitors to your website and you know how to convert them into customers, having a product is pretty much a waste of time.
You see, once you have traffic, you can ASK THEM what they would like, and you can then supply it to them. And they WILL tell you! Why wouldn’t they? If I asked you what you wanted now, and you thought that I could supply one or more of your needs or wants (wants mainly), they surely you would be more than happy to tell me, right?
So, remember this formula. Making money online can be FUN and EASY if you do it right.
YES, you have to work. Yes, it will take some time. But not anything like as long as a traditional business and if you’re working at something you really enjoy, it’ll hardly seem like work anyway.
Luke
