LESSON #3: Is an online business right for me?

By | June 14, 2008

Unlike many of the internet marketing teachers, I’m not going to tell you that ANYONE can successfully run an online business.

The fact is that it takes hard work to build a business, and there are certain abilities that will greatly increase your chances of success.

Watch this video to see what I mean…

Main points:

  • The startup COST for an online business is a huge variable, ranging from zero to millions. The good news is that it can be very cheap: less than $100

  • The more TIME you can devote to it the better, but don’t let a lack of time stop you. If you can only devote a small amount of time at first, that’s OK.

  • Stop buying stuff! You don’t need it. (unless you really know what you’re doing)

  • Stay out of debt! It’s not necessary to use debt to start this kind of business.

  • You need to be willing to be a marketer. If you don’t have any marketing experience, then at least:

    a) you must be OK with marketing
    b) you’ll need to learn it along the way

  • Same thing for technical aptitude. You DON’T need to be a computer expert, but you must be comfortable with computers and willing to learn.

    Action steps:

    1) Right now, you simply need to commit to the following.

    a) I’m willing to be a marketer
    b) I like computers and the internet
    c) I’m willing and able to learn (and I know it will take work)

    Take some time and be honest with yourself (and don’t WORRY about WHAT you’ll need to learn. That’s what I’m here for, and I’ll guide you through the entire process.) If you are confident in those three things, then I’d say you meet the basic requirements for being able to start an online business, and you’re ready to move onto the next lesson, in which we’ll explore several different types of online businesses.

    As always, you are welcome to post your questions and comments below.

    Have a great day!

  • 675 thoughts on “LESSON #3: Is an online business right for me?

    1. Gloria

      I also googled “How to make money online” and was loaded down with all kinds of offers of various businesses and they all sounded great to me. I was just too naive to read between the lines and see all the scams there were. The company I was working for was sold and I was out of a job, and my 88 yr. old mother lives with me, so I needed an income. I’ve spent a lot of money on various scams and it’s a breath of fresh air to have someone like Eric to be on my side, or our side. I must admit I was very skeptical at first and I apologize for not having more faith, and beg your forgiveness. I thank God for people like you and will keep you and your family in my prayers. Thanks Eric!

      Reply
    2. Alan Rumbaoa

      Hi Eric,

      Thanks a lot for putting together such a great tutorial..I’ve been trying to build an online business few months ago and spent some dollars but I never get any result because I was bombarded with lots of information. Information overload is really one thing that holding my back to move on.But few days ago, I saw one of your products I gave it a try hoping it could help me..All I can say is Wow! Thank You buddy.. the steps by steps process really helps me accomplished something..Looking forward for more great info from you…thanks!

      Reply
    3. Pam

      The “No-Cost” Income Stream. Hey, it cost $47 bucks. Isn’t that kind of an oxymoron? I clicked on the thing expecting a few bits of free data I could copy & paste. – Some conceptual stuff or a few leads to free sites. But not a sales pitch! LOL!

      Reply
    4. Micah

      Hello Pam,

      We’ve been hearing very appreciative comments from people who purchased the No Cost Income System. The reason it is called that, is because it teaches HOW to get free traffic and valuable advertising at no cost.

      The course is filled with countless hours of video training, that took a ridiculous amount of hard work to put together. Surely, no one would deliberately cry foul at the title of an obvious product, hoping to reap the benefits of their hard work?

      If you are looking for free content though, you are welcome to continue watching the lessons at Eric’s Tips: http://www.ericstips.com/

      They have helped countless people go from beginners to successful online business owners.

      The lessons are presented in a sequence that starts at the very beginning, where the very first things you need to learn about online marketing are shown in the first few lessons!

      That said, Eric is a huge proponent of not buying stuff! He believes that you should only buy products that you know you can use right away for your business or in the near future.

      Tools will always be necessary, and inventive minds will continue to produce quality tools. However, some tools are just plain junk, because they are not quality. Also, if it’s a quality tool, but is only going to be sitting on your computer collecting virtual dust, then it is junk to you!

      Hope that makes sense!

      Reply
    5. Antonio Peixoto

      Hi Eric.
      First I want to thank you very much for your willing to teach everything you know, to everybody out there. I’m grateful for that. Secondly I praise the Lord for the opportunity He gave me to find your site on this big universe called internet, which ‘s been a great blessing for me .As for this lesson 3, all the topics are awesome, but the topic:Stop buying stuff,totally hit me . I realy needed to hear that. I confess now, that I’m addicted in buying product after product ,software after software without taking action to anyone of them.Once again ,BIG THANK YOU.May the good Lord bless you.

      Reply
    6. Donald Thomas

      Hi Eric, enjoyed the third video and am looking forward again to the rest of the lessons

      Reply
    7. Carolyn

      Eric,
      Finally after pulling my hair out for the past 8 months, I finally found a coach/guru/expert/sponsor who could explain all this marketing and tech stuff in a step by step fashion. I had joined 3 opportunities and dropped out of two. I’m a full-time caregiver for my parents and willing to put 20 or more hrs a week to get an online business going. I haven’t had a 9 to 5 job in over 16 yrs and no desire to return. Also, too old to compete with college grads. The sky is the limit with online marketing, just need an excellent Scandanavian coach to guide us along the way.

      Reply
    8. Eric Post author

      20 hours a week should be plenty, and it sounds like you have the determination to make it happen!

      Reply
    9. shady

      I’m willing to be a marketer and am study marketing in collage
      I like computers and the internet soooo
      I’m willing and able to learn (and I know it will take work)

      Reply
    10. Newb2brocks

      Hi Eric,

      I just want to drop this note to say how thankful I am to meet you on the internet. This is just the 3rd video in the series and already I got tons of value in it.

      Truly I can sense the honesty in your presentation. I am one of those the keep buying stuff from other marketer. And you are 110% right to say that we don’t have to spend thousands of dollars to be successful in this industry.

      Looking forward to your coming next video and before I off, yessss

      1) I’m willing to be a marketer

      2) I like computer and internet

      3) I’m willing and able to learn

      Newb2brocks
      Malaysia

      Reply
    11. Moses Olusegun Falola

      Hi Eric,

      Winner never quit and quitter never wins. Keep on trying and there is always light at the end of the tunner for whoever and endure to the end.

      Best regards,

      Aare MacFally

      Reply
    12. Harvene

      Please remember that no matter how fast programs say you can be earning money, if selling clickbank products there is a 60 day money-back guarantee offered before you get any money and then you need to have 5 checks from different sources (not counting paypal) and at least $100 in sales. (Click bank rules.)Amazon pays quicker but commissions are not as high. Sticking with the program is crucial. I have quit so many too early. Sticking with Eric as he information is very good!

      Reply
    13. Maria McLeod

      Hi Eric, I need some advice. I have fleece product website up for a year now and have had two sales. I have invested large sums of money to for news advertising. I have started blogging , checked out all the media, wrote copious note, tried out many suggestions only to be stumped and progress stopped. I need help.Do you have any suggestions. I do hope this gets to you.

      Reply
    14. Eric Post author

      Hi Maria, I would need to take a closer look at your website and know some more details. My coaching club would be an ideal place to answer these questions for you. You can get the first month for $17 here: http://www.ericstips.com/coaching We do 2 webinars a month in which we answer all your questions, and can review your website, etc. In the mean time I’d say don’t be spending any more money on advertising.

      Reply
    15. Ronald

      I am willing to at least give the marketing aspect a try if it can help me make money period. As long as I don’t have to cold call anybody or knock on peoples doors. I am going to do my due diligence to learn this. Thank you. If you can teach me to make $25.00 I will be grateful.

      Reply
    16. Serena

      I think I would like marketing more if I could get better at it. I would probably be best at email marketing because I like to write a talk a lot. Marketing however, is sales and I always need to remind myself it is all about good relationships to provide the best service or product for your customers. If I only concentrate on the sale I get nervous.

      Reply
    17. Anonymous

      I couldn’t watch the video because it doesn’t play
      on an iPhone, but I enjoyed reading Eric’s comments
      which are always accurate and helpful.

      Reply
    18. Emmanuel

      Hi,

      I Like your teachings.
      How about if I ask you to coach me personally, how much would that cost?

      Thanks.

      Reply
    19. Abdulla Afeef

      Thank you Mr. Eric.
      I have read the lesson 3 and I found that it may guide me to the right path on internet business.
      The answer to the contents are: (a) I feel it will be okay with marketing for me. (b) I like to do every thing it is valuable for me with the computer and internet. (c) I’m willing to be perfect with inter net business as am being able to use computers and the internet some little more.
      I hop that you will guide me until I become an expert of the internet business with your help. Insha Allah.
      Thanks and best regards.

      Reply
    20. Gigi

      Hi Eric,
      I’m a newbie and I found your lesson very clear and understandable. Thank you. I’m looking forward to get the future lessons.

      Reply
    21. Babylon66

      G’day Eric,
      I am a newbie to this IM business however I have tried and failed in the pass. I strongly believe that IM is the way to go. I have invested in your lessons and they’re great.

      I am unemployed at the moment and really want this to work for me. Do you think that I will be able to turn over around 3-5K over the next 6wks if I follow your lessons?

      I look forward to your reply if/when you have the time

      Reply
    22. Abhaskar

      Great Eric,

      What the things you are telling is just TRUE, its really help full tips to understand the internet marketing.

      I hope I can do something great with your TIPS,

      Reply
    23. Abhaskar

      Yes Eric,

      There is no business or earning opportunity without sale……..
      Your tips and suggestion are really appreciable

      Reply
    24. Md Shamim

      a) I’m willing to be a marketer
      b) I like computers and the internet
      c) I’m willing and able to learn (and I know it will take work)

      Reply
    25. Micah

      Hello Emmanuel,

      Unfortunately, Eric isn’t able to do one-on-one consulting/mentoring, as he is overwhelmed by the tasks that come with catering to over 74,000 people on one list alone. He is also a family man, and family has to come first. Paul and Jeff are also in similar situations.

      We recommend that you hang in there with Eric’s free video lessons at http://www.ericstips.com/. Eric’s lessons have helped many people to go from beginners, to successful online business owners!

      The lessons are presented in a sequence that starts at the very beginning, where the very first things you need to learn about online marketing are shown in the first few lessons!

      There are also still some spots available in the Real Guys Coaching Club, which can help you if you’re interested to go even more in-depth with marketing:
      http://www.realguysrealmoney.com

      While it is more group coaching than one-on-one, you are able to ask personal coaching questions, which are answered during the Coaching Call webinars.

      Here are some of the other features included for members:
      – 2 Live Coaching Webinars Per Month with Jeff Wellman, Paul Counts, and Eric Holmlund
      – Access to the Archive of All Coaching Calls
      – Monthly High Quality PLR Product (So you’d be getting at least 3 more products out of this)
      – Massive Video Training Library
      – Community Forum (JV’s, Support, and More)
      – Articles, Bonuses, and More

      Hope that helps! 🙂

      Reply
    26. Micah

      It’s possible, but not every idea is going to take off. Success is typically built over time, with a lot of sweat and tears!

      Reply
    27. Jeremy Ballance

      Hi Eric,
      I truly appreciate all that you so willingly share. I’ve been on and off again trying for the past couple of years and out of the hoard of online “gurus” all proclaiming to have it and want to share it…for a price, I can literally count those who are totally integrity based, who want to give and realize that relationship building is the foundation…you are at the top of my list. Thank you my friend..
      Blessings to you and your lovely family.

      Reply
    28. Yolanda (Violet)

      Hi Eric,

      Is it really possible to build a profitable online business with no start up costs? What do you do if you have little time and no money? I’m a mother of five children and I’m now disabled due to a stroke in 2011. Even though I process things a little slower now, I still believe I’m able to learn something new. Your tips are giving me hope that I can still find a way to help my family make ends meet if I can’t return to work.

      Thanks for being very straightforward and honest in your presentation.
      Many blessings to you and your family.

      Thanks again,

      Yolanda

      Reply
    29. Eric Post author

      Yes it is possible to build a business with no startup costs, such as the methods we teach in the No Cost Income Stream course: http://nocostincomestream.com
      However, it is highly recommended that you have some startup capital available. I explain in lesson #8, that you should have at least $200 to invest in starting your online business, so you can acquire a domain, web hosting, and list management/hosting platform.

      Those with some money to invest in the business, and time to work on building it, will generally have a higher chance of success.

      That does not mean you can’t succeed. Your determination, along with many other factors (such as the ability to think like a marketer), also play a big role in your chances of succeeding in your online business.

      Reply
    30. Lilian Visser

      Yip, you are right, it was a rude awakening that internet marketing is a lot of hard work !!!But, I think here are some of us that neede to hear that ! I am one of them, I bought product after product, and o my soul, None worked for me !! Too “easy” I guess! I think I will stick with Eric and see where the road leads! I am willing to do whatever it takes to be successful! And damn, I am an old woman! Thanks for your Time Eric, I appreciate it! Wish you could send 2 – 3 lessons a day ! But, no sweat, I will wait for the next lesson !

      Reply
    31. Jerome

      Like what I’m reading and learning in the proses here.Really cool,keep it up Eric!

      Reply
    32. dan

      I must say that there are a lot of thieves out there out on the internet preying on a lot of people.I must admit I was one of them.I am grateful to finally meet someone with integrity.

      Reply
    33. Ron

      GREAT STUFF,YOU NEED TO PUT OUT MORE LIKE THIS QUICKER,JUST SAYING

      Reply
    34. charlie belle

      Hi Eric,
      This is Charlie Belle again. Somehow I didnt get or misplaced lesson #2, could you please resend it to me. All points on lesson 3 are clearly understood and in agreement with. I have 2 websites . one is http://www.makeyourownwebsiteforfree.org and also #2 http://www.shoppingchristmas.org . Both of which I have had some success with. How ever I am trusting the Lord to give me “witty Invention” on how best to increase my traffic at a minimum cost and not loose any of those who comment on my blog. I really know zip about making, building and managing a list , using WordPress or other auto responders and monetizing my websites properly. I have gobs of clickbank affiliate links but havent sold much at all for commissions No list building prowess. I will anxiously be looking forward to help in these areas.
      To Him Be The Glory ! your brother in Christ,
      Charlie belle-Missionary to Israel.

      Reply
    35. Wade

      Eric,
      Anyone that has an Apple product isn’t going to be able to view your video because Mac’s and IPads can not view Flash video’s. I’d love to be able to watch your lesson but I’m not able to view it.

      Respectfully,

      Wade.

      Reply
    36. Kay

      Is it possible to move more quickly through these lessons?

      Reply
    37. Gary Jensen

      IS IT NECESSARY TO HAVE A WORKING PAYPAL ACCOUNT? I HAVE A PAYPAL ACCOUNT BUT IT HAS BEEN LIMITED, THAT IS TO SAY, I CAN’T SEND OR RECEIVE FUNDS. I sent in a ticket but haven’t received a reply.

      Reply
    38. Rodney

      Okay Eric, I’m ready. I got a new domain, I got hosting and bought IPE. I got time, energy, and passion. Teach me everything I need to know to get my business started.

      Reply
    39. Annette

      Eric…

      Wow! Thank you so much for these tutorial videos. I have been sucked in by those make money fast schemes in the past and I have to say that your videos are just a complete breath of fresh air. Its so good to know that there are actual honest people out there online that want to help others be successful and not want to dry them for every last penny they have. KUDOS to you!! What an absolutally amazing guy you are.

      The step by step instructions and the REAL DEAL information you are giving is not only brilliant but also completely eye opening and does not hold back. I’m only on video 3 so far and I cannot wait to get throught the other ones step by step with you right there helping out with detailed information and help along the way.

      A GREAT BIG HUGE THANK YOU!!!

      Can’t wait to work hard and learn as I go!!

      YOU ROCK!!!

      Reply
    40. Robert

      Thanks for the great videos Eric. They contain great tips and tricks and I find them very helpful in promoting my own business. You can look at my site here.http://ezbiz.pe/gift Please let me know what you think.

      Reply
    41. Robert

      oops mistake in url it I’ve corrected it belowThanks for the great videos Eric. They contain great tips and tricks and I find them very helpful in promoting my own business. You can look at my site here.http://ezbiz.pw/gift Please let me know what you think

      Reply
    42. Fredey

      I use GOM player from Greetech. It works very well. Consider the upsells or other free stuff. You may not need them. It could be that your videocard is not connected well or even broke.

      Reply
    43. ravindra

      Two very pertinent points made:
      1. The aptitude to learn and inclination to marketing.
      2.Don’t buy any stuff any more.

      Daily in my mailbox I receive tens of msgs.-all offering the easiest system ever to make 6/7 figures per year. Always made me wonder why in the world,instead of making that much money themselves,they are selling it?
      Good ,practical tips all.
      Regards.

      Reply

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