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. Ardell

      Hi Eric
      Thanks for the tips on not buying everything comes along. Also I’d like to ask is there in books out there to help on marketing that I could get from the library or some other source? I have CD from video professor that goes over the Internet, I use the internet but could brush up to make me more comfortable on it. If you have in other references to this let me know. Thanks for the help.

      Reply
    2. Alex

      Eric,

      Have you had any first had experience with MLM’s? I myself have had two failed Network Marketing Businesses in the past, but with each failure I have learned what made them failures.

      After your recommendation of Cashflow Quadrant, I went on to all 4 of Robert T. Kiyosaki books. In each book there’s always recommendations of network marketing as a stream of income. Do you disagree with this?

      I do value your opinion, because I feel you would be honest.

      Recently I signed up with GDI, have you heard of them? If so, what are your thoughts? If you haven’t I’m going to include my link to them. You may remove the link without any hard feelings.

      Alex
      http://www.HowToBecomeFinanciallyFree.com/

      Reply
    3. Eric Post author

      I’ve joined a couple online MLM’s in the past, but I never did much with them.

      I know for a fact that MLM and network marketing can be a feasible way to make a lot of money, but my opinion is that most people would be better off building a business that they truly own and are passionate about. If I’m going to be investing myself into building a business, I would rather it be truly mine, rather than my upline’s.

      While I’ve seen some MLM millionaires, I’ve seen far more people who have wasted time, money, and been burned various ways from MLM’s.

      Reply
    4. Emmanuel

      Eric,I am getting step by step Internet Business Knowledge from you.This is great!
      Keep up the good work!

      I look forward ton Lesson#4
      Thanks,
      Emmanuel

      Reply
    5. Adeluv

      i will be very happy if this online business really work cos am ready to learn and pay special attention.

      Reply
    6. Lenny

      Hi eric, I just watched lesson #3 video and i wanna say thanks for the insight . Looking forward to learning all i can to succeed in this business. Thanks for being there.

      Reply
    7. RUDOLF HENRIQUEZ

      THANKS ERIC, LESSON #3 JUST GAVE THE HOPE AND WILLINGNESS TO GO ON! CAN WE GO FASTER?
      REGARDS,
      RUDOLF

      Reply
    8. Nancy

      Alex, I just thought I would write – as so much of what you said is exactly how I feel. I was laid off on January 27th from an Admin Assistant position with a good company, where I was totally unhappy. It is the best thing that happened to me. I haven’t spent thousands, but certainly a couple hundred on programs to learn this stuff (if I could afford it I would have spent thousands, I’m just too broke!) I too have gotten some good ones and they were a good investment so I can learn. But I too haven’t been able to figure out exactly which direction to take. I have had a couple of plans, but then had them not work out for me. I too stay up late-yes, who needs sleep – ditto!-and I LOVE this internet stuff. Yes, it is so great to see my family and have my day times back.
      I have a group that has tools to help set up your web site and has free advertising -so that is helping.
      It is kind of funny, because I loved it when Eric said -Stop buying stuff! because that is exactly what I have been trying to do -and having a very hard time of it. But the funny thing was that the last thing I bought was HIS video program and then I bought the extras that went with it!! I really love his straight talking lessons so maybe I can stop with his stuff and take time to use the other stuff I have bought.
      Well, nice talking to you – you said so many things that were exactly how it is for me and how I am feeling.
      They keep telling me if we just keep at it then we’ll succeed.
      Personally – I AM DETERMINED! This is IT for me!
      Thanks and God Bless you,
      Nancy N.

      Reply
    9. Abd Hamid

      Hi! Eric

      Hamid here. I am Malaysian. I fall inlove with internet marketing then when I was in New York in 1997 until the end 2002. Funny… until then I never make money from Search Engines. However I made some thousands by doing advertisement my online business in newspaper only for Malaysian customer. Its quite ok. But for how long should I pay for the advertisement? What I wish and hope now is I want my website in a front page of google. And of course it is all about the ‘keyword’. By following your video course I hope I will learn many things about search engine and put my site at the front page of google search. I am sure I have to follow a valuable lesson from a guru so that I will be ready doing internet marketing globally. I appreciate if you could comment my blog that I prepared for my first internet business globally. Sorry for my pure English here.

      Hamid
      Kuala Lumpur
      Malaysia.

      Reply
    10. Anna

      Wow, I’m on the right track so far. I’m not sure where I signed up for your e-mail list but I am getting good advice so far with your video series. Thank you for making this available to everyone!

      God Bless.

      Anna

      Reply
    11. Scott

      Eric,
      First of all let me say thank you for building a site without all the hipe!!! I hate all the fluff and hipe that are in all the ebooks that I read. I want a step by step guide/video that shows me exactly what to do or not to do and I think that I have found that here on ericstips.com!!! One thing that I wish you had (and maybe you do) is a page with all the video links on it. I’ve been going thru all the archives to find the videos and its just a pain to do (but worth it). Other than that … great site !!!

      Reply
    12. pushpa

      Hi Eric,
      I would like to express my heartfelt thanks for very good and detailed information,
      Regards

      Reply
    13. KC

      Hi Eric,

      This is the first time I ever seen before that you offer a step-by-step training without charging single dime … Not like others marketeer at the beginning they already requested people to pay before having making any single cents. I’m the NEWBIE and finnaly I found you last two days ago and I will follow you until I make a money online then I GUARANTEE will reward you. Hope you will share more with us more especially those like “ME” and we will remember you forever ever when we are succeed.

      Thanks in advanced for your info.

      Talk to you soon.
      KC

      Reply
    14. robert

      hi eric, i’m pretty confused now. i bought simpleoligy. however, i want to be able to sell other companies and collect commission . to start anyway. help. thanks

      Reply
    15. Eric Post author

      Simpleology is a great tool to improve your efficiency and boost all areas of your life, and that’s a good backbone for building your business. It sounds like you’re looking to get into affiliate marketing. A good course to give you an overview of affiliate marketing with pay-per-click as a primary traffic source is Google Cash

      Reply
    16. Elenor

      Excellent info, really helps in putting things in perspective, great layout in what we need to know before getting too involved in something that might not be what we really wanted

      Reply
    17. Barb

      Eric have you ever heard of affiliates den? Is it crap or for real?

      Reply
    18. Greg

      Eric,
      Thanks for the good info. I look forward to each Lesson and am eager to learn and master this opportunity. I am still unclear as to the objective of this, but think I will soon know.

      Reply
    19. Eric Post author

      I am not familiar with it. It looks like they host your sites, and I generally am not a fan of those all-in-one packages.

      Reply
    20. Phyllis Carro

      Hi Eric: You three courses have been really great, however I have some problems and maybe you can help me, I have gone into the sites that you have suggested (i.e., stumbleupon.com) but can’t seem to get any further than the sign in page. What am I suppose to do in there? Selling is one thing that I have done alot of and computers I go into programs that I’m shown how to work otherwise I’m computer stupid. I am 73 and still learning.

      Reply
    21. Phyllis Carro

      Have been trying for years, i’m only 73 and still trying so far eric is the best thing that’s happen to me.

      Reply
    22. Eric Post author

      for now don’t worry about those sites. just take it one lesson at a time, and i will be covering traffic generation techniques in detail later on.

      Reply
    23. virgil tibbs

      Eric i,m going on vacation thurday i will be back 4-28-09 i will miss some class.

      Reply
    24. Patty

      Hi Eric,
      I really don`t have my own website. I have an IPC site and a home cash course, but none of my own. By that I mean, none that I have set up on my own. I`m kind of afraid of doing that part. I`m on the computer all the time so I do know more then I think I know. (I hope) My son knows more then I do, he used to teach me but I don`t need his help much anymore. Then again he says that I work so hard at these business for nothing. I hate to say it but he`s right!!
      I am flat broke!!! So I am really hoping I will succede with you holding my hand and hopefully showing me step by step how to do this the RIGHT way!! Thanks for giving me some hope Eric!! Patty

      Reply
    25. SallyG

      Hey Eric It has just occured to me that some of these posts are from last year, you are very diligent with your follow up of our posts to you. I am enjoying the process very much and am very thankful to find someone who takes the time to help me piece this new way of business (for me) all together. I own a supermarket and work 7 days a week and am making time to do this course as I feel even if I decide by the end of it I no longer want to change to an online business I will still have very valid tools I can use in my online life. You are a special gift to the world. Thank You. SallyG

      Reply
    26. Ka-Ron

      Hi Eric, As of last week, I have decided to stop buying products. It has really been out of control. I am enjoying the lessons thus far and yet have some ways to catch up. I am taking the time to be diligent and follow your instructions. I think this is going to really me in my business and others also. Many thanks!!!

      Reply
    27. JoAnn

      Hi Eric,
      I just read the story about Ashley Quall and sent it to the new owners of Harbor Times, a coffee shop pub, I owned and sold last fall. Thanks for the link.
      After lesson #3 I realized I have been marketing myself in nearly every business I’ve owned; whether selling food as a restauranteur, selling accounting services, or writing articles and ebooks that hopefully will sell. Thanks for the clarity.

      Reply
    28. Tim

      Hi Eric,
      Also just joined Mackenzie Lee’s Home Cash Course. As a Newbie missed the up-selling catch. No mention of Domain name (Bluewire obligatory), hosting,and now Traffic Machines. Still going to be about $150. Do you think I can get free traffic from anywhere, and do you think the website will accept same? bearing in mind your advice is to stop spending. I am determined to learn the business, and will persevere.

      Tim

      Reply
    29. Eric Post author

      Yes there are ways of getting free traffic, which I will be covering later on in these lessons. Whether it will be effective for the particular program you are using, I do not know. The focus of these lessons is to teach you how to build your own information product business, rather than relying on a cash course or any such system.

      Reply
    30. Tom

      I joined Jigsaw and it can be free if you trade in contacts.

      Reply
    31. Rick Ng

      Great lesson! Very frank, give us the correct mindset towards online business. I like your approach, Eric.

      Reply
    32. Eric Post author

      I have not tried it, but it is owned by Gary, who is a long-time subscriber and good member of this blog. So I’m sure he could help you out with it 🙂

      Reply
    33. Walter Morales

      Hi Eric:I am just starting my on line business
      with INSTANT PROFIT PACKAGE and have listen your Lesson 3. stop buying stuff, which I found very interesting and usefull. Thank you very much and congratulations for your dedication to teach neophyts like me in this new venture. I am just received today a phone call from a guy who said he is a sub-contractor from IPP and ask me if I am interested to have a coach for 12 months to set up my business and have my goal profits for an amount between $1000/30,000 dollars depending how much profit I would like to have. Of course I don’t have that kind of money but my question is: Is this a real offer? Is IPP aware of this offers? People should invest this kind of money to set up a profitable business through the Internet?
      Thank you for your reply

      Reply
    34. Eric Post author

      I am not familiar with IPP. However, the offer for the coaching is probably legit but not necessarily a good deal. There are 3rd party coaching providers who will call all the customers for online vendors, and try to sell them into high ticket coaching programs like the one they pitched to you. The vendor (IPP in this case) gets paid per lead, or per sale.

      Reply
    35. james

      the video was great very helpful,but i have a question my website is dead in the water without taffic and i am short on cash how do i get traffic without spending $100

      Reply
    36. Eric Post author

      I’ll be covering free traffic methods later on in the lessons.

      Reply
    37. Ranjan

      Hi Eric,
      I am new to this business.If you want to be an affiliate marketer Should you have a web page for each product,a domain name and hosting or is there another way it should be done.
      If you need a website for each product,a domain and hosting gets expensive.Your advise and help.

      Reply
    38. Eric Post author

      It really just depends on your strategy, but generally speaking – no you don’t need a domain for each product you are promoting. For example, I have promoted over 100 products right here on my Eric’s Tips site.

      In general, you should have a domain for each “niche”.

      In lesson #24 I talk about how to get hosting for unlimited domains.

      Reply
    39. alexica73

      Hi Eric,
      Great lesson. I’m just wonder if is’nt better to give some examples of stuff that people are interested to buy for there business, hoping that the business and selling will rich the sky and in the finish this people are dissapointed. Just my tought…
      Thanks.

      Reply
    40. Louise Cox

      Just finished Lesson #3:

      Action Steps:
      1) While I am not a great fan of door-to-door selling, cold selling, or retail (brick-and-mortar) sales, I get an absolute thrill whenever someone buys one of my collectible and decor items! I love being able to get people things they really want and need whether the need is functional or aesthetic. Now that I have had some success on eBay, I love Internet Sales and look forward to the day I have to hire employees to keep up.
      2) I love my computers! My husband complains I spend more time online than with him. He may be right: eBay, Bonanzle (7 booths) and school. I keep hearing that blogs and chatting can help build business, but I do not care for idle chit-chat, although I tend to say a lot whenever I get onto such a site.
      3) I am definitely willing and able to learn. At almost 60, I am going working toward my B.S. in Interior Design. Learning helps us to keep growing. When we stop growing, we die. I am looking forward to Lessons 4-100 to know exactly what to do for my business.

      I made a realization tonight. Online businesses require WORK, but the work can be sort of a trade-off. If you join a marketing site that is fully loaded, you have to spend your time marketing. If you use an established site such as eBay, you have to WORK to enter ads showing what you are selling.

      Reply
    41. Dan

      I’ve got a great deal going with a co. and I need to drive traffic there asap. Lets get to it I’m ready.

      Reply
    42. Louise Cox

      I hear you loud and clear. I have tons of product with many online stores, but I am clueless how to get visitors there to see the items. eBay get traffic but not at the rate I want.

      Reply
    43. Elliott

      I have been watching the videos and really like them and what you are doing. Thank you. My questions is this – Is Instant Paysites a good place to start or should? Are there other turnkey online businesses that are this inexpensive? Thank you and God Bless you and yours

      Reply
    44. Eric Post author

      The best place to start is to keep watching these lessons and follow each step 😉

      Reply
    45. Martha Jo

      I SO wish I had found your site before I spent more money than I needed to! I know I can say yes to points 2(sort of) and 3, definitely, but it’s hard to market when you don’t have anything to market (yet). I’m working on it, though. I like the way you’re taking things step-by-step, without all the hype.

      Reply

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    The maximum upload file size: 50 MB. You can upload: image, audio, video. Links to YouTube, Facebook, Twitter and other services inserted in the comment text will be automatically embedded. Drop file here