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. Marilyn

      Hi Eric
      I really like your tips, they are so down to earth and practical. Everybody else seems just out for the money. I really have
      information overload and I still dont know what I am doing. I am really desparate to start an internet business as soon as possible but I dont know what I should do. Everthing I have bought is either too simlistic and junk, and doesnt really give you the meat, or it is so technical you need a PhD in prgramming to understand it! You seem very honest and ethical and I think I can trust your judgement – do you have a course, or know of one that can REALLY get me started?
      Thanks
      Marilyn

      Reply
    2. Bryan Hee

      Great advise ! Don’t buy anything from the internet! “Information Overload” is the dilemma for most of the newbies.

      To your success
      Bryan Hee

      Reply
    3. trine

      eric great tofind you and the tellit how it is approach,good on you………
      i see your list pros offer is closed,any way of taking that up? be good to?
      what do you suggest/

      Reply
    4. Anna

      I’m strongly agreed with your that we need to equid ourself with basic internet marketing skills and computer savvy. We need to have continuous learning and learn new skills from time to time.

      Reply
    5. Katarina

      It looks to me that if person knows how to generate leads and convert them into buyers,can really sell anything online.That skill is 90% of everything.That is something that you can’t find free or cheap to buy unlike product or design or anything else. Targeted traffic,conversion and marketing skills

      Reply
    6. Pedro Piedade

      HI! I think You’re doing a great job. There are lots of people suffering from information overload (Myself included). I hope YOu see this post I’m a bit behinde schedule! I actually LOVE my job (I´m an artist) but would like to stop doing certain things related to my job that take time and don’t bring me enough money (like teaching). So is it possible to do Internet Marketing part time and still have some profit (my short term goal is $500- $800 a month and my long term goal is $2000 – $5000 a month)? Is it realistic to expect to outsource most of the work so I can keep working on my art? In terms of hours what’s the minimum You think is required in order to achieve the types of goals I mentioned? I hope You can answear those questions and keep up the excelent work…

      Reply
    7. Antonios

      Lesson # 3: Stop buying stuff…

      That subject caught my eye.

      I don’t know Eric. I don’t know what lessons 1 and 2 were about, but I surely do need to stop buying downloadable stuff (or can we say: junk!)?

      I guess that having a PayPal account is a financial dangerous feature for a newbie or unsuccessful online marketer to have.

      One keeps buying all that junk that is offered online just because you can have it in a minute “even if it is 3:00 am in the morning”.

      And that wonderful offer where all is done for you: no work, no recruiting, no selling, no inventory, no html know how. You receive your own website, all setup and running. You pay and sitback and your PayPal will be flooded with 1000’s of $10 orders.

      Almost three years in this online marketing thing and not making a cent. Have I missed something?

      But I have joined almost all those affiliate programs, all those free offers, many paying offers, some mlms, subscription based, one time offers.

      What happened?

      My hard disc is filled with all those 100 Gbs bonuses, how can I fail?

      Took a long time, money, desperation, frustration, misery, bankruptcy to learn that an online business is the same principle as an offline biz.

      I don’t care how much money you are making online, I want me to make money online.

      Can that be true?

      I will be “working” on it now!

      And, all those FFA, safelist, 1mmm (yes 3 m’s) lists, free ads, paid ads, ppc, TE’s, etc., etc.

      Änd all those adversities: computer crashes, internet server crashes, website down, hosting server down, lost 2 years of work in a buckle of water (pent drive in kids hands), lost backup, etc. etc,

      Is there life after all this?

      Can Eric be our salvador?

      I hope so……

      Reply
    8. Allen Cook

      Dude, you rock! I’m currently putting some products together built around my music passions. And I’m glad to say I’ve been keeping my wallet closed until the time is right. And I’m with Andrea above: I want all your lessons now! if patience is a virtue, then it’s being tested big time! This is great stuff! Thanks a million, or two, or three, or four…etc.

      Reply
    9. Jamie

      Eric,

      Thanks for educating us on the realities of Internet Marketing and not like the 98.5% of fluff that is out there.

      Love that Poppin’ Bass in your opening and closing music!

      Jamie

      Reply
    10. Fernando Montalban

      I’m glad I didn’t deleted your message, thanks for your honesty and willingness to share your knowledge, keep up the good work Eric.
      Thanks a lot,
      Muchas Gracias!
      Fernando

      Reply
    11. George

      Hello Eric,I am really happy about what you are doing.I have always listened and watch your videos and I am 100% with you.The last video #3 audio is not clear it has a echoing sound that distorts the sound,that I could not able to here please check it out for me.Thank you

      Reply
    12. oluwafemi

      I am enjoying the lesson and I know with this,I will be a better marketer even though I know little about internet marketing. Thanks Eric.
      Expecting lesson 4.

      Reply
    13. Cyberforce

      patience is the major element to read your training lessons, how long you expect to finish all the lessons ? I am now truly understand that a successful online business not only be setup by time, money and great effort, but also required patience to wait for the rewarding result to come…! If possible, please do speed up your pace to deliver the lessons in the shortest time of period.

      Eric, you’d already done a very nice job, do a little bit faster would be marvellous and more better well done.

      Cheers to all for the great success !

      Reply
    14. Bryon

      Greetings from a fellow Coloradoan. I grew up in Fort Collins, and graduated from Poudre.

      I am new to IM, about six months of info overload.

      Your newsletter has a great start to it. I like the way you present your ideas.

      I am willing to work at this, and able to learn quickly.

      Thanks for your time
      Bryon

      Reply
    15. Jeromy

      Yet another great post!
      Glad I found you Eric,

      I have a couple few hundred dollars worth of stuff sitting on my HD that I have done very little with. Sure many of them are probably great guides and I almost always find better deals than the mainstream promo, but it can be almost addictive to buy another and another.

      I have begun to apply a method for keeping myself in check and I suggest anyone in the Internet Business field take note:

      When you stumble onto a product sales page and decide you are interested in the product…..Stop! Close the web page (note any special offer that comes up) and walk away from the computer. No really, step back, take a walk, breath, and process.

      What are you working on now online?
      Will this product compliment your current endevure?
      Will it add a new project to work on instead or as well as?
      Do you have time to implement what ever the product is supposed to deliver?
      Do you know the product creator? If not Research heavily before buying. Warrior Forum and Digital Point are good places to start.
      Can you get a better deal somewhere? Is anyone offering a extra bonus for using their link? Can you amass 3 or 4 others interested in the product to do a link exchange so that you each get a commission back (lowering you end of day cost)?

      And the Biggest Question to always ask…Do you really need “This” product? Will this type of thing be available again (or has it been already)? And if so, do you need it Now, or can it wait for a better time in your business endevures? One of the biggest causes for failure for newbies is getting bogged down by info overload.

      Cheers!

      Jeromy

      Reply
    16. Tomas Ortiz

      Hello Eric,
      Thanks for all those helpful tips on “How to” and it is possible to start an online business. With your guidance with these videos, and of course hard work I believe, No I know I can get started.
      So here’s to a long & promising relationship.
      Thanks Eric you’re giving back and helping others. It’s nice to know people like you still exist….
      Thanks Again

      Reply
    17. shrinivas

      I would like to thank you firstly. I am living in India. Is it nessary to have a ceredit card for on line bussiness. As I am not having credit card with me.

      Thanks
      Shrinivas

      Reply
    18. RonB

      Learning is the hardest thing that anyone can do in this business. And learning not to buy stupid things is just a way too cool lesson. I am sure that there are too many of us who have over spent to try and find the right place for us.

      Reply
    19. Deb

      Eric,
      I look forward to all of your lessons. I have spent so much money on way too many programs and membership sites, and have become overwhelmed, scattered and unfocused online. I suppose it’s my own fault for being so unfocused (something to work on). All these programs sound so good, and make you feel like you’re going to miss out on the next best opportunity. I have always appreciated your honesty and trust your advise. Looking forward to more lessons!

      Reply
    20. Joanne

      Eric,
      I was listening to Lesson 3 & it stopped at 2.42 minutes where you are talking about not having to invest a lot of money. I get the message of the Lesson from your outline, but would like to hear all of the audio. Was that
      all of it?
      Thanks, Joanne

      Reply
    21. Mireille Messier

      Hi Eric,

      I really appreciate very much your lessons. I’m French and although I find them easy to understand and very practical. HOpe I’ll be smart enough to continue with them. Million thanks to you.

      Reply
    22. rodney offray

      hi eric i have a website that wasnt getting any action so bought a landing pg to get traffic which is supposed to be optimized so what else should i do to get traffic

      Reply
    23. Wayne

      Hi Eric:

      I received a “tip” from another guy named Eric on a day when I was being bombarded by emails from every list I was on to “BUY NOW” … “MUST HAVE” … “WON’T LAST” … etc., etc. ad nauseum.

      Anyway, this other Eric also said “STOP”. Do you need this today? Can you put it to use immediately? If not, PASS ON IT because another, probably better version will be along next week or next month. Also, have you put to use the last product that you bought or is it collecting digital dust on your hard drive?

      I took his advise and passed on the offer and I have no regrets and a few more dollars (actually many more) in my pocket.

      Keep up the great work here.

      Wayne

      Reply
    24. Adesegun Akitoye

      Great Example! You can achieve whatever you lay your hand upon or dreamt about with determination and focus, no matter your age. Ashley is a good example to emulate.

      Reply
    25. Eric Post author

      This is the course, and its free 🙂 When its done I might package all the lessons into one collection on DVD’s or something, but for now you can get all the lessons for free here on my site as they are released.

      Reply
    26. Antonios

      I received your Stop buying stuff lesson this morning.

      I have spent a few hours analyzing my “bought stuff” which included subscriptions to a few programs, and have been cancelling some of them.

      I didn’t clearly realized that I had subscribed to five webhosting providers.

      How can I transfer all those domains to one webhost without losing the content of them?

      I am planning to keep GDI only.

      Any suggestions?

      Thank you.

      Reply
    27. Eric Post author

      I don’t think they are selling List Pro’s any more. I will be teaching how to build a list, but if you’re looking to buy something because want a jump start on how to build a list, you could join Tellman’s Listbuilding Club

      Reply
    28. Eric Post author

      Pedro- Yes it’s possible. That’s not an income claim or a promise, but your goals sound very reasonable. I can’t say how much time it will take you, because it all depends on what kind of business you build. I think you need to have at least a couple hours a day to devote to your business. The more time the better, and the better your time management skills the more you’ll get done. You might be interested in this article I did awhile ago:

      Inspiring Story of an Artist Who Found Her Place On the Internet

      Reply
    29. Eric Post author

      Hehe, thanks about the bass 😉 I made it in Garage Band on my iMac (I still do all my business on my PC, but use my mac for Video/art stuff)

      Reply
    30. Eric Post author

      Hmmm… I am thinking it may be your connection or something in between us 🙁

      Reply
    31. Eric Post author

      Welcome Bryon! Thanks, and the west side of FC is the best, that’s where I live 😉

      Reply
    32. Eric Post author

      The whole thing is there… Perhaps your computer memory was used up. I suggest closing ALL programs on your computer, clear your internet history, then come back to my site and try again.

      Reply
    33. Eric Post author

      I recommend Hostgator, they offer to transfer everything for free including the domain, files, databases, and any scripts. My coupon code is ERICSTIPS.COM to get a discount

      Reply
    34. Jan

      100 lessons of this? No kidding. Who’s got the patience? Cut the cheese and Let’s move it to the point! Make it 5 lessons not 100 “lessons” of blah,blah,blah…no time for that. Keep it short and simple. Thanx.

      Reply
    35. Eric Post author

      I know what you’re saying but there’s a lot of newbies who need this stuff. It’s about building the right foundation to give the best chance of success. I’ve spent 9 years to get to where I am… they could do that, or follow the lessons 😉

      Reply
    36. Matt

      Very good point Eric. I have been online now for 6 years and things are just coming together. I wish there would have been someone like you when I began to walk me through the tough times.

      It is a good idea to learn from other peoples experience than to learn everything from you own mistakes. It helps make the learning curve a little less steep.

      Patience is a virtue 🙂

      Reply
    37. Pete Moring

      I think you’re doing JUST the right thing here.
      There are hundreds of thousands of enthusiastic internet users out here who will absolutely lOVE the way you’re presenting things.

      Everyone has to start somewhere, and there’s nothing worse than people speaking ‘above’ your head. (Like most mentors do).

      Probably the most ‘valuable truth’ here, is the fact that we can ALL keep out of debt. There is just TOO MUCH ‘free’ advice out here to be ‘buying’ it in.

      Once we start ‘earning’ we can THEN re-invest in ourselves and our bisiness’.
      Thankyou,

      Pete.

      Reply
    38. kunle okeyode

      Thanks for saying the real thing because many online teachers will only canvass people so as to have enough students for traffic-building sake. Thanks again for this lesson

      Reply
    39. Bonnie

      Hello Eric,

      I’m enjoying your lessons and want to thank you for offering them. I appreciate your honesty and frank comments. I, too, have purchased several products from so-called gurus only to become confused. So, I’m looking forward to your remaining lessons to hopefully clear the mist a bit.

      Once again, thank you.
      Bonnie

      Reply
    40. Jimmy K

      Thanks Eric for your honesty. You r indeed a rare find in this wacky world of Internet Marketing. I will definitely recommend you to any one who wants to know anything on IM.

      Reply
    41. Jeromy

      Shrinivas,

      You don’t NEED a credit card. You can do quite a lot of financial dealings online with a free Pay Pal account. Your Pay Pal account can then be linked to your bank account. Don’t worry, Pay Pal is very secure and safe. It will take a few days to verify your bank account. What Pay Pal does is makes a couple of small deposits into your account. When you see those deposits in your bank account, you go back to Pay Pal and enter them. This verifies your Pay Pal account. You can add money to/from your Pay Pal account and Bank account.

      I like to use Pay Pal for most of my dealings for two reasons;
      1. I minimize the number of sites my credit card gets entered on (higher security),
      2. I can generate monthly reports from Pay Pal that identify much of my business incoming/outgoing finances, making it easier to track.

      Another option you may consider (if available there) is a paid credit card. Here in NA, through some of the major credit card companies, one can get a credit card that they have to “load” first. So say you want to purchase something for $100. You would first need to put money onto the credit card, before you could complete the transaction. I understand this is a good way to build credit.

      Reply
    42. Jeromy

      I agree too Eric,

      A good flag to know if someone is trying to take you for a ride, is when they say something like “A monkey could do it! Sit back and watch the money come in, its so easy”.
      It is rather difficult to find a marketer that will be honest and say, “this does take work” and really identify the steps to really get there. I have been blowing along at break neck speed for a year. I have made some money, but not a lot. What I have done though is LEARN and what I have confirmed is there is NO simple 5 steps to building an online business.
      You are now only the second person online to tell me to stop buying stuff! Jeremy Palmer was the first.
      Your a good man Eric, Thank you.

      Reply
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