Wednesday, May 27, 2009

Picking up right Path

Q. How do I pick the right path for me? Being an online business owners sounds like the best one?

Yeah being an online business owner with hundreds of sites under your belt is the quickest way to making a 7 figure income. But notice I specifically marked that one as 'Level 4'.

If you're just getting started online, it usually doesn't make sense to get started at level 4 from day one. While you might succeed, you can increase your chances by starting from the basics.

I didn't say you have to spend years working through each level. You can open an eBay business, learn the ins and outs of making money and sell your eBay business a few months later as you move on to the next level.

Probably the best way to pick the right path for you, is to mimic what you are currently doing in the "physical world". If you are an employee of a big company, start by converting yourself to an online employee so that you can work from home. If you have a small business in the "physical world", start by converting your small business to an online one so that you can attract a much wider audience.

Take it step by step, be prepared to fail and most importantly - keep your day job until your total 3-month online earnings equal 150% of what your old job used to pay.
Q. I used to do Real Estate and can relate to buying-selling businesses. How do I get more guidance?
Once you pick the right path for you, your next question is probably going to be - "Ok great, now what do I do first thing tomorrow morning?"

Thankfully, the Internet has many forums and a handful of blogs, matching each path of online money making. Make sure you pick the right forums (I linked to many of the good ones above) and don't get too carried away spending all your time reading and no time producing.

Be very focused on meeting your predefined goals before you jump on the forums.

For example, if you pick the path of being an Online Investor, buying and selling websites, you'll have to start at SitePoint Forums - read everything under the marketplace sub-forum and try to identify how the successful users act. Feel free to ask questions, introduce yourself and be very honest about where you are in the process. You'll be surprised but many people would love to help.

Similar to a Real Estate fixer-upper, in the online world, you'll have to learn how to first evaluate website traffic (population), earning's potential (look at comps), search engine placement (neighborhood) and then understand where to get cheap developers (workers) and project managers (builders) to manage it all.

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