5 Criteria of a Profitable Home-Based Online Business
- Strong demand for the Product or Service
- Ideally No Inventory
- Low Startup and Running Costs
- Global Reach
- High Margin Profit
10 Steps to setup a successful Online Business
1. Identify your Passion & Expertise
2. Find a Hungry Niche Market
- Find a Niche Market related to your Passion & Expertise
- Ensure sufficient interest and demand
- Identify a problem to be solved
3. Size up Competition & Profit Potential
4. Find or Create Products and Income Streams
- Sell a Physical Product
- Sell A Digital Product
- Sell A Service
- Sell Other People’s Products (Affiliate Marketing)
- Create a Content Rich Site & Sell Advertising Space
- Sell Drop Ship Products
- Use Multiple Revenue Models
5. Design & Build Your Website
6. Write Powerful Sales Copy
- Sell Benefits and Not Features
- Use Power Adjectives & Specific Figures
- Speak in First Person
7. Setup an Order Payment System
- Variety in Payment Method
- Comprehensive Company Information & Support
- Post Certifications for the site
- Secured Payment
8. Draw Customer to Your Site
- Get Traffic from Search Engines
- Post Links on Related Websites
- Give Away Free Valuable Information
- Viral Marketing
- Advertising on Free Classified Ad Sites
9. Create an Opt-In List of Customers
10. Build a Relationship with Your Customers until they buy
Information are extracted from the book “Secrets of Self-Made Millionaires” by Adam Khoo
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