What are you interested in? 

What are you passionate about? 

Your network is your net worth!

Get involved with something you love to do.

Become Great at one thing then Branch Out

You have decided your going to start this project and congratulations. Here is a little bit of advice before we start.

So many people I coached in the early days picked money making ventures and have been reasonably successful but they are not really that interested in the topic they selected. So what have they done. Created themselves a JOB.

When you do something you love, it is amazing how success follows.

People are drawn to others who are doing things they love doing. More importantly if it takes some time to succeed you are willing to wait because you love it.

To avoid information overload

There are many things that will catch my eye, but there are only a few that catch my heart.
It is those I consider to pursue.” QB

Basically you are looking for a niche which you can dominate.

What is a niche?

A niche market is a focused target-able portion (subset) of a market.

Example: You own a fashion shop so concentrate on one style like maternity ware etc. As you get this running well expand either with a new website or add to your current one. Find complementary products. Maybe branch out to baby ware.  If you are just starting out pick something you are passionate about.

A niche market may be thought of as a narrowly defined group of potential customers. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers.

A distinct niche market usually evolves when a potential demand for a product or service is not met by any supply, or when a new demand arises due to changes in society, technology, or the general environment.

Niche market ventures may become profitable even though they are by nature small in comparison to the mainstream marketplace, due to the benefits of specialization and focus on small identifiable market segments; even without the benefit of economy of scale.

Niche markets may be ignored or discounted by large businesses due to what they consider to be small potential; this in turn is part of the process that makes the niche market available to smaller businesses.

The key to capitalizing on a niche market is to find or develop a market niche that has customers who are accessible, that is growing fast enough, and that is not owned by one established vendor already.

Example: Health is not a niche!

Niche markets are usually defined by a phrase not a word.

So a niche market of health might be “How to deal with Diabetes for school aged children”.

Mobile Phones is not a niche however ringtones and wallpaper may be.

Remember that if your products take off you will have to service this business. Make sure you do not trade a job for a job.

The key to any successful project is to develop a skill base to leverage off……

There are three types of people who are doing this course.

1. The person who wants to set up their own online business
2. The already established business or organization who wants to go online or manage it.
3. The Not For Profit organization that wants an online presence

No matter which category you fall into the basic principles will apply. We are going to attack it mainly from a business perspective and you can then apply the principles to your particular situation.

We offer three Main Services.

1. This coaching and product creation training program

2. A complete consulting and development service if you want us to do all the work for you. (Mainly for Established businesses)

3. Our Mentoring program which combines the first two and we also back it up with ongoing support.

Contact us if you need any help.

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Lets get started with what You Will Need!

The very first thing you need is a plan!  He who fails to Plan; Plans to fail

95% of people who start businesses online fail for one main reason. Because they are not investing much, except their time, they do not do their due diligence.

Secondly they try to do too much rather than specializing on one thing.

Its by doing small things consistently that produce the best results

Get a good plan and you will already be ahead of the pack.

I met the guys who set up YouTube when they were moving from the garage to their first office.

When you build a web business you should initially go to the whiteboard or a pad and ask some questions. Most people want to reach everyone, sell everything and be all things to all people.

That’s a bad plan and never works.

Think about your target audience. 

So for this course I was looking for people with some spare time who want to leverage their time to generate additional income from home.

While this is our target audience we still get professionals, school children, business owners and those outside our demographic but we write to target audience.

Think about your own experiences.

You go to your favorite search engine and type in your search term, and if your like me, you appreciate the sites that provide you with the information you are looking for. There are also a lot of junk sites. I want to help you build one of those good ones.

So here are some questions to answer:

• Who is your target market?

• What is their age group?

• Why are they coming to your site?

• Where are they coming from?

• What is your call to action?

Once you have answered these in a reasonable amount of detail you are ready to start. While you may target a white middle aged married man with 3 children working in a job it does not mean that other people will not buy your products or visit your site.

What it does mean is that your copy, graphics etc are all targeted and that your site is focused.

What Skills do you need to develop?

• How to register a domain name and get some Hosting.
• How to build a website – Static and Blogging
• Some basic graphic skills
• How to research
• How to set up ways to collect money
• Manage customers and support
• Social Media

Once you have all the skills and mastered how to use them you can sell pretty well anything from affiliate products to Cars on the Internet. In this course we will go through it all step by step for you.

8 Steps to Creating a Simple Business Plan

Your business plan is like a road map to long-term success. Have you ever been in a situation where you didn’t have a map to find your destination and got lost wasting precious time and money? Well, the same can happen to your business if you don’t plan out your business strategies.

Why you need a business plan.

It gives you a clear direction where your business is heading. Many business owners just jump into creating a business without researching and making a concrete plan. Inevitably, they soon find that they are out of money and have no time or clear strategies how to market their business.

(this is by no means a comprehensive plan but a primer to get you started better to have a good one page business plan than none.):

1. Name of your business

Create a name or re-evaluate the name of your business.

Does it integrate well with what you are selling?

Is it easy to spell and remember?

Is it a name that can be well branded over time?

Unless you have a lot of money try and make your name relevant to your product. You will get a lot more interest and not have to spend a fortune trying to brand yourself. Leave that for the big corporate companies.

So you will never be able to compete with another web designer so maybe target a speciality like website for dentists or business websites or use your location so Sydney websites etc

We do a lot more on this in registering your domain name.

2. Vision

What will your business look like 5 years from now?

Think of how you may want to expand it to include other branches or extra employees.

Here is mine:

The vision of Web Marketing For Profit is to provide a training program that can be used by orphans, young people, individuals plus organizations to help them develop online and offline skills. As they develop these skills WMFP can then expand into new areas using feedback and joint venturing with these groups to expand into new niches and markets.

3. Mission statement

This defines what your business really does, what activities it performs and what is unique about it that stands out from your competitors.

Here is mine:

Web Marketing For Profit is focused on helping people discover how to develop an online presence either for business or non profit areas by using all the different facets of the Internet and media to present a step by step training course.

4. Goals and objectives

Clearly define what you want to achieve with your business. Make sure they are quantifiable and set to specific time lines. Set specific goals for each of your products or services.

Here is mine:

Our goal is to sell 200 coaching programs a year and develop 5 new Joint ventures. To achieve I want to sell 5 memberships a week.

5. Strengths, weaknesses, opportunities, threats (SWOT)

By analyzing these characteristics in your business, you will get a clearer idea of what it will take for you to prosper not only to survive.

This could include such factors as: 

– your companies own changing industry

– the marketplace which may change due to social and economic conditions.

– competition which may create new threats and/or opportunities.

– new technologies which may cause you to change products or the process

in how you do things.

Evaluating your SWOT will help you to: 

– build on your strengths

– resolve your weaknesses

– exploit opportunities

– avoid threats

Doing this analysis will help you create a more realistic strategic action plan.

6. Strategic action plan

This is the most critical step of your business plan, because without it, your business will not get off the ground. This should include your sales and marketing strategies

 

7. Financial plan

A business can operate without budgets, but it is clearly good business practice to include it. With budgets, you will be more likely to achieve your business objectives, you will make more-reasoned decisions and you will have better control of your cash flow.

For any period, a cash flow statement would include: 

– The cash and credit sales (or accounts receivable) expected to be received during the period.

– The anticipated cash payments (for example, expenses for purchases, salaries, utility charges, taxes, office expenses etc.)

– A description of other incoming and outgoing cash, with a calculation of the overall cash balance.

This will assess how much money is on hand to meet your financial obligations – what cash has been received and what has been paid out. Knowledge of this cash flow cycle will help you predict when you will receive funds and when you will be required to make a payment.

8. Measuring and evaluation

You wrote your business plan and set the goals with the intent of achieving them. So now break them down into measurable pieces and monitor the results regularly. A plan that cannot be measured is almost always destined for failure. Celebrate your wins and recharge yourself to accomplish your next goal.

Decide beforehand what constitutes a real serious loss and what loss will be acceptable.

If you find your goals are unrealistic and unattainable, adjust them, but realize that it takes hard work to achieve them, so don’t give up easily.

Conclusion:

Now that you have a business plan, make it a part of you by knowing and understanding it clearly. Build upon it continuously and refer to it often, so you remain on track and focused on building a profitable business.

One of the keys to building a great Internet business is your attitude.

 

Guaranteed Success Thinking
by Jim Edwards

Download MP3 – 4.8 MB