Table Of Contents:
How to Start an Internet Business
Creating A Sellable Product
The Importance of Overdelivering
Getting the Word Out
Building a Customer Base
Benefits of Joint Ventures
Preselling - The Art of Building Anticipation
The Importance of Selling
Outsourcing Your Business
How to Start an Internet Business without Capital
I often meet new Internet marketers on various forums and they aspire to earn the big bucks like some of the well-known personas out there, such as Yanik Silver and Bryan Kumar. However, most of these new marketers have only the slightest ideas on where to start, and a lot of them are not willing or able to invest a startup capital in their online business. However, it is almost impossible to start an Internet business without spending some money on basic infrastructure such as web hosting, domain names and so on. Hence, here is a rough guide on how to build an Internet business starting with $0.
The first and most important thing to do is to list out all your skills. What skills do you have? You may have picked up these skills through daily life (for example languages), through your job (hands-on knowledge on a specific niche) or from your hobbies (for example fishing). It is most vital to list down skills or knowledge that you have and might be in demand elsewhere. For example, you love fly-fishing and you do it every day after work. You may build your Internet business upon this: writing an instructional guide on fly-fishing, teaching people how to do it, etc. Best of all, you do not need to spend money to acquire this knowledge: you already have it.
So, the very first option, if you have no money to start off your online business, is to earn some capital using your already existing skills or knowledge. You can give tuition to students on your dominant subject in college, you can teach stuff about your hobby to people who are interested, you can write guides on knowledge or skills you picked up through experience and cannot be found in theoretical books.
Okay, let's say if you just can't think of any skills or knowledge that people might be interested in. Then, it's most important that you locate a workable business model and focus on that alone. You can obtain almost everything you need through bartering, web hosting, domain name or credit card processing, to name a few in exchange for your product (if you own one) or services like copywriting, ghostwriting and website designs. There is always some mundane job that people don't want to do, and you can do that for those people in exchange for things you need. You just need to ask for it!
Creating A Sellable Product
Many marketers have created or acquired products that they thought would sell well and, in their enthusiasm, set up everything from sales letters to websites to getting traffic. However, a lot of these marketers have forgotten the single most important factor that will affect their product sales – the "sellability" of the product.
When you begin creating products or buying rights to a certain product to sell, the most important factor you must take into account is the demand of the product. Do people want your product? It is simply stupid to waste a month's time preparing a product, setting up the website and required sales techniques only to find that people do not even flick an eyebrow at your product!
Your final goal is to deliver the product to your customer and collect his or her money. In order to do this, you must make sure your customer wants to buy your product in the first place. How do you find out if they want your product? Simple. Just ask! Ask in forums related to your niche. Hold a survey or public poll. The Internet is a flat playing field, and you have the power to reach just about anyone in the world who has an Internet connection.
Let's say you have this brilliant idea on creating a step-by-step instruction on how to cook Malaysian food. First, you must find out if anyone is interested (or even heard of) Malaysian food. To do this, go to a food-related forum and ask tactfully if anyone would be interested in learning Malaysian cuisine. Do not ask blatantly whether anyone would like to buy an ebook with instructions on how to cook Malaysian food, or you might be in danger of being accused of spamming.
On the other hand, you can give out a few samples of your Malaysian recipes to test the waters – see how the forum members react to them. If they show enthusiasm for learning more, then you definitely have a market in this. If they show no interest, then it is time to look for a new idea to market. You save time in the long run because you don't have to find out the low demand for your product the hard way.
If your idea is welcomed by the forum members you surveyed, you can go ahead and compile your extensive ebook on cooking Malaysian food because there is interest in the information you possess. Where there is interest, you can easily build up desire for your product, and with desire (plus good marketing), your purchases will arrive naturally!
The Importance of Overdelivering
As an online merchant, your customers cannot see your face. They cannot hear your voice when you are recommending your products, and they cannot see the emotions on your face when you are telling your customers what benefits they can derive out of your products.
The Internet is a level playing field for every Internet marketer and merchant out there. The sheer connectivity means that you can reach every individual in the world. You are not limited by geographic constraints and anyone can be your customer or client.
This is precisely why you should overdeliver. When every competitor of yours has access to everyone in the market, your only way of winning the battle is to overdeliver, again and again. When you overdeliver, you present yourself as a person with the customer’s interest at heart. You become a trusted friend and not a greed-driven marketer out looking for their money. Overdelivering is simply your only way to differentiate yourself from your competitors.
You can start overdelivering by providing superb support for your customers. How many times have you been turned away with rude answers when asking about a certain product you purchased? Compare that with the number of times you have been provided very good service, as if you're being helped by a personal friend. The ratio is just off balance, proving how scarce good customer support is. By providing excellent support to your customers and answering to their every needs patiently, you will gain customers that are fiercely loyal to you because they know you have their best interest at heart.
When you provide excellent customer support, you're already ahead of most of your competitors. Take it a step further and think: in what other ways can you over deliver to your customers?
One very good way is to give your customers a pleasant surprise when they make a purchase from you. For example, if a customer buys your cooking utensils, you might throw in a bonus recipe book for them. However, do not use the bonus as an incentive for the customer to buy your products. Your products must be good enough to make the customer buy it in the first place, and the bonus must serve as a surprise element; you must not announce it in the product catalogue.
The final way is to build a long-lasting relationship with your customers. If a customer buys regularly from you, you should send greeting cards during birthdays and on every holiday, be it Christmas, New Year, Easter, even Chinese New Year! Your customer will again remember you as a friend, not a business associate, and will favour you above other merchants because of the warm relationship.
So, remember to start overdelivering today!
Getting the Word Out
You have created your own product that has been proven to have great demand, you have a salesletter that has a sky-high conversion rate, but all that would be futile and you will earn nothing if you don't have a single soul passing by your website since you will have no one to sell to! You might be a total beginner and therefore do not have a massive mailing list to sell to, and your website is on the 103th page of search engine results pages. We can change all that with a few tried-and-tested traffic generation techniques.
First and foremost, let me make it clear to you that search engine optimization is not the only way to gain massive amounts of traffic! You see, search engine result pages are in a sense just web pages – similar to regular websites around the web. It is only so lucrative to have your website listed on the top of search engine results because many people use the search engine to search for information and arrive on the search engine results page. Hence, loads of people see your site's link and you attract loads of traffic.
The effect would have been exactly the same if your website is mentioned in a website with very high traffic. For example, imagine what would happen if your website was mentioned on the front page of Yahoo's website! Your website will receive so much visitors your bandwidth might go over the limit. So, the trick is to get other high-traffic websites in your niche to link to your website. To do this, you must give them very strong reasons to link to you – maybe it's this very thought-provoking article you've posted on your site, maybe it's the ingenious solution to this lifelong problem everyone has had for all their lives. In short, give people amazing reasons or value to earn a link from them.
Alternatively, you may link to a certain high-traffic website that's related to yours and ask for a link back. This technique is called reciprocal linking and is a very common technique for gaining links. However, before you even ask for the link, check your own website and ask yourself if you would be proud to recommend such a site to your readers, and whether it will provide useful information to your readers. In short, make sure your website has its own value and not just an empty shell devised to attract traffic!
Building a Customer Base
Let me ask you a question: do you think it is easier to sell your product or services to a complete stranger or to a person you have had contact before; whether it's an email conversation, forum participation or even an existing customer relationship (i.e. He has bought something from you). Without doubt, it would be harder to sell to a total stranger who does not know whether or not you are an honest seller, and whether or not they should trust your words and believe that your product or services will truly benefit them.
This is precisely why you should build up a customer base -- a group of people who trust you and will most likely buy a product that you offer to them. This will ensure that you have a recurring and consistent source of income. When you release a product or make an endorsement, you have a group of people always ready to hear what you have to say.
There are several sources that you can tap into to start building a customer base. For example, you can participate in an online discussion forum and give advice and help for free. It won't be long before people start to recognise your name and stop and listen everytime you have something to say. You will become a valuable friend and teacher, and gain the trust of these people. Would you buy something your close friend recommends?
Another way to build a customer base is to build a mailing list. There are a gazillion methods to collect subscribers, but when it's boiled down to the very essence, it's all about proving your value to the crowd and offering an incentive to make people become part of your mailing list. A typical example would be a website choke-full of freely available, helpful and quality articles on a certain subject plus a "special report" that can be downloaded for free provided you give your email address. The rich content provides value, and the "special report" is the extra incentive.
Yet another source for your customer base, which is often forgotten, is your existing customers. If you bought this product from this particular person and he answered patiently to your every question, would you buy from him again in the future? Definitely. When a customer has given you his money, that's not the end of the affair because by keeping in touch with him and developing a flourishing relationship with him, you will have a lifetime source of income.
Imagine if 100, 1000 or even 10000 customers are waiting to grab your newest products even before they are released! Hence, it's vital to build a customer base because it simply saves a lot of time and effort.