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

By | June 14, 2008
675 Comments

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!

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

    1. John Bandy

      Hi Eric,
      I wish I had seen this video when I first got started about six months ago. I have wasted so much money trying to find the quick solution. Thanks for a great report and I look forward to the next one.
      John

      Reply ↓
    2. zane

      HEY Eric You could also package all these coments into a book. They gave me the giggles I had to stop reading them, But on a serious note we can learn a lot, from all soughts of peoples and there coment are great. lets have some motion in the ocean, I really like the idea of becoming a successful Marketer, putting in the hardyards to succeed.

      Reply ↓
    4. Darla

      Hi Eric,
      Just watched lesson #3 and I gotta say…I already do some on-line sales with the company I work for and when I started I had no clue what so ever what I was doing,in fact most of the time it’s still “trial by fire”.
      So I’m pretty excited with the lessons I’m watching as they are making me a “stronger” marketer both at work and when I start my own business!
      That being said, I have facebook and myspace and when I am ready with my website is it ok to add the link to my website on my profile pages?
      Thanks again,
      Darla

      Reply ↓
    5. Eric Post author

      yes it’s definitely good to add a link to your site from your social media profiles. Facebook actually has a spot for it. Myspace can be a bit sketchy if they think you’re using your profile for commercial purposes, but one link should be fine. It’s mainly the spammers and scammers that they don’t like.

      Reply ↓
    6. Dot

      Eric,
      You are a wonder, where did you come from? I have just seen your Lesson #3. I have had a website with lots of products for 2 years made a small amt of money and have spent lots of money trying to promote traffic promises on top of promises that would have traffic driven to my site. Must be scammers that have promised over 150,000 visitors for lots of money shows no orders. Promises, promises.

      Reply ↓
    7. Sydney

      Hi Eric!

      After four years on my current project, The Gaffer Wealth System, I’m about one month away from the real launch – or as real as I can make it – with 23 spun articles and 24 videos that will spread throughout a fair portion of the Internet for the next several months. The speaking part of my new venture begins with a Homecoming talk at one of the Canadian universities late in September. (I now live in a remote part of sunny Panama, three days of travel away!)

      But I want to say the information you provide in this video is excellent. I spent at least the first year of the four stunned like a rabbit in a car’s headlights. I needed to learn everything (except my topic). I knew nothing about building websites (it is much easier now), and of marketing on the Internet, zero.

      And there was just so very much tempting information out there. I didn’t know which way to turn and soon I was totally overwhelmed. I went through at least $20,000 buying this and that, trying to learn this new craft but getting more confused all the time.

      Then I sat down and made a list of what I needed to do to meet my objectives. At that point I decided to deal with everything according to priority and leave the rest alone until I needed to learn it.

      It was the best decision I made – except for getting off almost all the lists I was on that resulted in about six hours a day just looking at marketing stuff.

      I knew what I needed to do next and focused almost exclusively on that until it was done. And I started to make progress.

      I still cannot do everything but, even with very little money I have started to build a team. I have a great programmer in Australia who looks after all the things I had not yet learned to do and could not spend more time learning.

      I would say that 90% of the money I spent on courses, ebooks and ‘help’ was wasted. Now I have the attitude that I know almost as much as I need to know and I will hire freelance specialists who already know their stuff for anything else.

      Life, especially at 75, is too short. I could spend years more just learning (by which time the ‘Net would have changed anyhow!). But this is a business, not a hobby and until you actually start selling you *have* no business.

      I’m still learning, of course, now about Web 2.0 and will add that to my marketing arsenal when I know what I’m doing. Until then, I’m flat out 7 days a week preparing for significant publicity – as quickly as possible but one UNconfused step after another.

      Great lesson Eric and so right on!

      Reply ↓
    8. Claudia

      Hi Eric, I have about 28 years of experience working at different job in Infofrmation Technology so I am very comfortable with computers, but I have no formal training in marketing. I am anxious to learn marketing and I think an online business is perfect for me.

      Reply ↓
    9. Claudia

      I have spent a lot of money because I didn’t know if I needed to OR not…Thanks for telling me to STOP!

      Reply ↓
    10. Ed

      The first 3 lessons have been great. I almost wish I had seen these sooner. I am trying to get started with an affiliate web site and I have been following all the what to do video’s but I am still unsure if it is going to work. I have had to expend a lot of cash that was not mentioned when I signed up and I am afraid that I will not break even before my next bill comes in if I decide to move forward with this. When you are first starting out how long does it normally take before you see any results?

      Thanks for the lessons I look forward to rest of them they have been very educational.

      Reply ↓
    11. Dwayne

      I’m OK with the idea of marketing, I love the computer & the internet, and I’m HUNGRY to LEARN.
      I feel the time & work spent will pay off. Thanks for all your work sharing what you’ve learned with us.

      Reply ↓
    12. Ng

      Yeah,I wish to stay out of debt free,if possible as much as I could .That why I keep searching tips /guidance on how to start online business.

      Because of that, I am willing to learn to archieve it. Appreciate Eric will guide me along the way.

      2ndly,is ok for me to use computer and internet . But still need to work on the time management which i still lacking of.

      Would like to seek your advice, is start a bsn,is it need to registered it to the Co. registar or treat those income as individual income. Appreciate your guidance as I have no experiences on this. Thanks Eric .

      thanks again for your advice to ask me to stop buying things which may not need it currently.

      Reply ↓
    14. mondo

      hi eric,ya know this is what i fancy and tis what i ve been looking for,so ya know long gone are the days of fly by nite sales man im very much intrested to learn more internet marketing technics and its a heck to get me out of my computer.thats what i wanna feed on for th rest of my life, building my internet business.thanxs

      Reply ↓
    15. arlan

      Hi Eric,

      When I heard you from the first two lessons I immediately decided to spam most all of the mails coming from different Gurus, but the problem is I really don’t know which is which. On the other hand I also want to buy more stuff, good that you said in lesson #3, “stop buying staff” Could you give me some advice concerning my blog, what are the things to promote and what not to promote because it is a scam or no credibility. your answer will highly be kept highly confidential.

      Sincerely yours,
      Arlan
      http://expresslinkexpert.blogspot.com/
      http://link-expert.blogspot.com/

      Reply ↓
    17. Eric Post author

      In lesson #5 I talk about how to avoid scams, and in lesson #11 I talk about who you should listen to. You can apply those lessons to making decisions about what to promote. So I’ve got you covered 😉

      Reply ↓
    21. chinonso

      Hi Eric,i’m so happy to find someone who is willing to put the “newbies” through internet marketing.I must say i really enjoyed the lessons so far and will be looking forward for further lessons.Thanks……..

      Reply ↓
    22. norazmi

      Hi again, Thanks, very convincing indeed so far. Its a yes for the 3 requirement to commit.

      Reply ↓
    23. Casey Peacock

      That’s cool about what you say about learning. I’m constantly learning more and more. And I also keep buying more and more too. But now I tend to only buy software tools that I think will help me in my business. I’ve got so much info now that I don’t need to buy those products … although I bought your Push Button Marketer Macro upgrade version that included a ton of pretty cool stuff including info products! I found out about you after purchasing Mass Article Control and am on their email list… which is great!

      This is cool Eric!

      -Casey Peacock

      Reply ↓
    25. Mukesh

      Hi Eric,
      I would like to thank you for this wonderful stuff that you have provided especially for the people like me. Honestly speaking, I have been searching for such type of a marketing guide for several period of time which is really serving its purpose rather than simply showing the testimonials of others success. This seems to be the best which I have seen so ever. Thank you very much.

      Best Regards
      Mukesh

      Reply ↓
    26. Mike Olson

      Hi Eric,

      Thanks for the great informational videos. I just finished #3, so I am at the beginning stages.

      My goal is to replace my current missions income so that I don’t have to draw from our donations any longer for support & travel. Those funds will then be channeled to our national pastor training & church planting ministry in the Philippines. (See http://www.gpmteam.org & link to http://www.villagelight.org).

      I think I have found an international niche market. In researching it on eBay, I have discovered two sources and one is a powerseller.

      Outside of eBay, there are ten or so different websites. Upon researching them by the physical address provided in “Contact Us”, each one points back to the same address. None of them go to an eBay store.

      What more should I do in my research to determine if this is a good market?

      By His Grace,
      Mike

      Reply ↓
    27. Butch Hannan

      Hi Eric,
      Thank you for lesson 3. You have basically confirmed that I will master internet marketing. Although I am not a computer whizkid. I can help myself. What I love about marketing is that you can measure yourself.
      Regards Butch

      Reply ↓
    28. Eric Post author

      Thanks Mike, that’s a great goal. I talk about niche selection in lessons #19 and 20.

      One way to tell if a market is profitable is if you can determine that marketers are consistently SPENDING money on advertising it (via PPC and other means).

      Reply ↓
    29. Cielito

      Thanks Eric! You said that;
      “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”

      I think there is no problem with b) & c). For a), This is my problem! I think, I have to face this challenge! Anyway, I have c)!

      Thanks again!

      Reply ↓
    30. Marilyn

      Great message stop buying stuff. I’ve made the commitment to learn and give it my best.

      Thanks Eric!

      Reply ↓
    33. Freddy Gazan

      What I’m most interested in are your formula
      to use on “thinkorswim”. How to obtain these
      information rightaway ?
      Thanks,
      Freddy Gazan sr.

      Reply ↓
    35. mary

      Daniel, your letter says it all. I spend a lot of time on the internet and I agree Information overload is the biggest problem! However, I am going to persevere. Research is hard work but there is money to be made – lots of it! How did you finally manage to get started and what did you focus on? Like you, I realise I don’t have to know everything. I just have to focus on one particular thing.

      Thanks for helping me to become aware of this.

      Found your message helpful and encouraging.

      Nice to talk with you.

      Kind regards.

      Reply ↓
    36. Roy

      hi Eric, can use computer, don,t type very well at all. i am willing to b a marketer online but dont think i would b a good car salesman or personal salesman at all. what do u think?

      Reply ↓
    37. Eric Post author

      I think it’s up to you. More than being willing, you also have to really WANT to build a successful online business, and then you will have to commit to it. If you can do that, then you can do it.

      And if you’re not keen on selling, then you will most likely have to outsource certain tasks (which is actually a good thing).

      Reply ↓
    38. K.Ganesan

      Dear Friend,
      Really interesting.After I am studying lessons if needs I will put questions.

      Reply ↓
    39. alan

      Hi Eric great content,and it’s free thanks.Q is there anyway to get more than a lesson a day,Even if it’s only the introduction ones (or am I being greedy) Regards Alan

      Reply ↓
    40. Jack Vorster

      Hi Eric, I’m extremely grateful for that 48 Hour Plan, especially the articles info. I submitted my first article within a day of getting your plan. Being raw at this internet game I have been finding it difficult to optimize my site, until you came along. Once I’m on my feet I will definitely support you.
      Many thanks
      Jack

      Reply ↓
    42. sukumaran

      Hai guru of online marketing Ericks iam exicted to see your video step by step to success iam very new in internet marketing but this is the business for me iam going to follow every step you teach my honest guru thank you very much

      Reply ↓
    43. sukumaran

      hai Eric i attended the Global Internet Seminar in Kuala Lumpur there were seven spekers conducting the programme for three days and of the day all the speakers sold thousands 0f ringgit products and packcage promising immidiate cash flow after use what you think about it is it true please explain

      Reply ↓
    44. Eric Post author

      If they are promising immediate cash flow, I would be very skeptical. I have not seen such a program that lives up to such a promise.

      Reply ↓
    45. S.Bulifa

      Hi Eric
      i have not receive any more video the last one i got is #3 hop to see the rest?
      thanks
      S.Bulifa

      Reply ↓
    46. Maruf

      Hi Eric
      I am starting to love online business but i need your suggestion. Because i am not sure in our country (Bangladesh) online business will be applicable or not.Here, only few people use computer,availability of electricity is not good,Traffic jam( which prevent logistic support of goods)& and many other political & source of fund problem.I am waiting for your response.

      Reply ↓
    47. Kathy

      I agree, Eric. As a famous person (not sure which) once said, “sure you can be an overnight success–if you work your tail off a few years to get there!” lol
      My rule of thumb is if they promise you can make money immediately–watch out! They’re out to get your money and you’ll get nothing.

      Reply ↓
    48. Eric Post author

      The great things about the Internet is that you can sell to people all over the world… no matter where you live.

      Reply ↓
    50. Maria

      @Kathy..I have to agree with you 100% I am just getting started and I see pages and ads that have scam written all over it.
      @Maruf great point and Eric gave us a great response..

      Ok off to see lesson #3

      Reply ↓

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