5 Criteria of a Profitable Home-Based Online Business

  1. Strong demand for the Product or Service
  2. Ideally No Inventory
  3. Low Startup and Running Costs
  4. Global Reach
  5. 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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