Saturday, April 23, 2011

Don't Dream of the Future - Make It

"There is only one way to make a great deal of money, and that is in a business of your own."

Biding your time until your "dream" job falls in your lap is a recipe for disappointment.
But you do have the power to make your own dream job and secure your financial future at the same time.

How do you decide what kind of business to start? You should base your new venture on something you're passionate about or have deep knowledge of.
Let's say you've kept aquariums all your life. In that case, you're an expert. And people will pay for your advice. You could create and sell e-books and other information products, start e-mail newsletters, create instructional videos, etc. Information can be sold in almost any form imaginable. You might even have an idea for a device to make cleaning fish tanks easier

Granted, not every passion can be turned into a saleable idea. You have to test the waters before you get too far.
Here are some ways to see if your business idea has legs:
  1. Check to see if you have any competitors. Do Google searches. Check Amazon and eBay. If nobody else is selling in your intended market, that's not a good thing. It probably means there are no customers.
  2. Identify ways to test your basic selling idea. This could mean setting up a table at flea markets and talking directly to prospective customers. Online, you could try a Google AdWords campaign to see if people show an interest in what you're selling by clicking on your ads.
  3. Don't put in a lot of time or money on your product. If it's a physical product, stock only enough to test. No more. If you get a lot orders, rushing to fulfill them is a good problem to have. With digital information products, you don't even have to create a product before you start to sell it.
If your tests go well, that tells you that your idea has a good chance of working with a broader audience. So gradually scale up your marketing efforts. And give yourself a big pat on the back. You're on your way to becoming a successful entrepreneur!

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