6 Figure Business
Introduction
Figure Business . It is the dream of many people to setup and run a successful online business and live the Internet
lifestyle. But most people that start online businesses fail. They do not use the right approach to
setting up their online business and making it a success.
To create a successful online business you have to know what works and what doesn’t. It is much
tougher to start and maintain a successful online business than most people think. This guide will
explain the right approach to use to maximize your chances of success.
We have worked hard to provide you with everything that you need to know about starting an online
business and making it a success. You will find it an easy and engaging read and we encourage you to
read it from start to finish and then start to implement the tips and advice you find here.
You will learn what successful online business owners do to ensure their success. Avoid the mistakes
that the majority of new online business owners make by following the methods outlined in this
guide.
Why should you start an online business as opposed to a conventional brick and mortar business?
There are a few good reasons for doing this:
- It costs a lot less to start an online business
- You do not need to hire any staff
- You do not need an office or other commercial premises
- You can start an online business today
- You just need a computer or mobile device and a connection to the Internet
- Work from anywhere
- Set your own hours
- People are used to making purchases online these days
- You do not need any technical skills
- You can outsource different tasks to freelancers
6 Figure Business
If you wanted to open a shop in a mall then you would need a lot of money to do this. You have to
provide stock for your shop and pay commercial rent. Someone has to take care of the shop and if this
is not going to be you then you will have to hire people.
You will also need to advertise your shop. If you are in a busy mall then you will get some potential
customers walk in out of curiosity. But to do really well you need to do a lot of marketing to get people
to your shop.
Of course you will need to advertise your online business as well and we will cover this in a later
section in this guide. But it is easier to market an online business than it is a brick and mortar business
and your reach is much larger. You can literally sell your products and services to the world with an
online business
Work your Online Business Part Time
6 Figure Business
You can start your online business from home. There are many owners of 6 figure online businesses
that work from home. They do not need an office and they are able to work the hours that they
choose.
If you have a job that pays the bills at the moment then we recommend that you keep this and
develop your online business in your spare time. This can be tough if you have a family but talk to
them and explain that things will be better in the near future. You need your family onboard with
what you are doing.
It is not easy working a full time job and then switching on your computer to start working on your
online business. You need a great deal of commitment and motivation to do this and in a later section
we will discuss setting goals for your online business and ways that you can drive yourself to take
action.
Unfortunately, a lot of people that start online businesses fail. There are no published statistics on the
reasons for this but one of the main ones is very likely to be that they did not take their online
business seriously.
Because there is a low barrier to entry from a financial point of view, many people will give up if they
do not get the results that they are looking for. They put in the time and effort initially to get
everything set up, and then lose interest quickly after that. We do not want this to happen to you.
There are no Push Button Miracles
6 Figure Business
There is a great deal of hype around making money online and running an online business. New
products launch all of the time claiming that they will show you how to make a fortune overnight with
a few clicks of your mouse. —>> Business E-Books
This is totally untrue. It takes time and effort to create a 6 figure online business. Some of these
products rely on loopholes that are eventually closed which means that your income will cease. You
want to build a sustainable online business.
Don’t be fooled by the hype. You cannot generate buyer traffic to your offers in less than a minute.
This is ridiculous. There is no software out there that is going to magically turn your computer as an
ATM. It is amazing that these product vendors get away with these wild claims.
A few years ago there were a number of scams on the Internet where people lost a lot of money and
received nothing, or next to nothing in return. Over the years these have disappeared but you can
never be too careful. If you are thinking of buying a product or service to help you with your online
business then check it out thoroughly first.
Get started with a Domain Name and Hosting
6 Figure Business
If you are serious about your online business (which you need to be) then you need your own domain
name. There are free services out there that you can use to create a website such as Blogger.com,
WordPress.com and Weebly.com or Resale E Book. Unless you are really strapped for cash we advise you not to use
these services.
The reason for this is that people are a lot more Internet savvy than they used to be. They know that
Blogger is a free website service and if you launch your business on a free platform like this then you
are just going to look cheap. Buy Business E-Books
6 Figure Business
You have to sell things to create a 6 figure online business. Trying to sell products and services from a
free website is not going to work well. It is very important that you invest in a domain name and some
web hosting.
You can get a .com domain name from Namecheap.com for less than $10 a year. There are many web
hosting companies out there and you need a web host to make your website live on the Internet.
You can get web hosting starting from $5 a month. It is important that the webhost you choose offers
you a number of different features that we will explain in the section about setting up your website.
For now we just want you to accept that having your own domain name is the best way to go. If you
were setting up a conventional business it would cost you thousands. For an online business you can
start with a $10 a year domain name and $5 – $15 a month web hosting. Make the right impression
from the start.
In the next chapter we will discuss the different online business models that you can choose from…
Dropshipping
The difference between dropshipping and a conventional ecommerce store is that you do not need to
acquire any stock with dropshipping. There are dropshipping websites that will provide the product
range and take care of the delivery to the customer as well.
Sounds perfect right? Well it can be good but you need to check the commission levels first. Most
dropshipping websites are not too generous with their commissions so you will need to shift a high
level of stock to make good income. Dropshipping onlineshop
Dropservicing
This is a relatively new term in online business but the concept has been around for a long time. You
can make a great deal of money from this if you do it right. The old term for this was “service
arbitrage”.
The concept of dropservicing is that you find the customers and charge them a high price for a service
that they need and then you get a freelancer with the skills to provide the service at a lower cost.
Let’s look at logo design for example. If a business went to a fancy agency to have a logo design it
would probably cost hundreds of dollars. You can sell them a logo design service for $200 and then get
someone on Fiverr.com to design the logo for your customer for around $20.
If everything goes well (which it should) then you make $180 on the deal. The good thing is that the
customer pays you upfront for the service and then you pay the freelancer. SO your only cost is to find
the customers and take care of them.
You can use PPC ads or social media ads to find customers. With such a good markup you can afford to
spend money on advertising. The customer is yours so you can promote more services to them and
make even more money.
To be successful at dropservicing you must choose the right services to promote and find reliable
freelancers that will do a great job for your customers. Here are some ideas for services you can
promote:
- Design services – logos, website headers etc
- Writing services – SEO optimized posts and articles
- Copywriting services – sales pages, sales video scripts, email sequences etc
- Web development
- Search Engine Optimization (SEO)
- Programming
- App development
Freelance Services
Do you have a skill that is in demand? Are you a good content writer or copywriter? Are you an SEO
expert that can rank websites and videos on YouTube? Do you have programming skills that are in
demand?
There are lots of people providing freelance services to customers and creating 6 figure online
businesses out of this. If you do not have any specific skills then you can either develop these or just
go for dropservicing.
You can use a number of different techniques to market your services. There are freelancer websites
such as Upwork.com and Freelancer.com where you can set up a profile and bid for jobs or projects
that they have in their system.
There are also gig based sites such as Fiverr.com and PeoplePerHour.com where you can post gigs
related to your skills and then customers can purchase them. Some freelancers make thousands a
month from Fiverr
Amazon FBA
You can use the power of Amazon to sell physical products. They have an FBA (fulfilled by Amazon)
service where you can list products on their sites and they will fulfill the customer orders and deal
with any customer service issues. You will have to pay a fee per product sold to do this but this model
does have the potential to make you a lot of money.
Amazon receives a huge amount of traffic every month. If you can provide a product or products that
people want then you can be very successful with the FBA model. It is down to you to source the
products and deliver them to Amazon warehouses for shipping to customers.
A lot of people involved in FBA turn to China for low priced products that they can sell at a higher
price in the United States, the United Kingdom, Western Europe, Australia and New Zealand and so
on
Amazon FBA
The Amazon FBA model does require you to make an investment in product acquisition. Unlike other
online business models you will need to spend a few thousand on products before you can start to see
a return. But if your products are popular on Amazon they will sell fast and it will not be long before
you start to see a return on your investment.
There are a number of pitfalls with Amazon FBA. If you don’t know what you are doing then you can
lose a lot of money. Amazon has a lot of rules and regulations that you have to comply with for
example. But if you get it right you can easily create a 6 figure online business. Fulfillment by Amazon
Self Publishing
Are you a good writer? Do you have the next best selling fiction book whirring around in your head?
Or maybe you are good at writing nonfiction books about business, personal development and other
niches?
These days you can write a book and publish it yourself on Amazon Kindle and a lot of other self
publishing websites. You do not need the websites to approve your book other than check that it does
not violate their terms and conditions (they will have a list of book subjects that you cannot publish
for example).
Once you have your book on Amazon Kindle or wherever it is all about marketing. You need to get as
many people to check out your book as you can. If you get self publishing right then you can make 6
figures a year online and more.
This has been a long chapter and we make no apology for this. We have covered the main online
business models here and you need to decide which of these is right for you. The easiest one to get
started with is probably affiliate marketing.
In the next chapter we will talk about getting your 6 figure online business setup…
No matter which of the online business models you choose to go for we would always recommend
that you setup your own website. This is all about credibility. Even if you are using the Amazon FBA
model it is still a good idea to have a website. People expect all businesses to have a website these
days
Domain Name
You need a good domain name for your 6 figure online business. The best domain name extension to
use is .com but many names have gone for this extension. A good alternative is a .net r a .org and
there are lots of other extensions available today such as .co, .club, .news, .review and so on.
If you are going to market in a specific country then choose a domain extension for that country. In the
United Kingdom you can go for a .co.uk and even a .uk and in Australia there is .com.au etc
For marketing your business worldwide you are better off with a .com, .net or a .org. These are
generally accepted to be global domains. If you want to rank your web pages in search engines such as
Google then these extensions are much better than those with a longer name like .review for
example.
You can either go for a name that makes sense or a branding name. If you are going to open an
ecommerce store then you could choose something like clothesforall.com which tells the visitor what
to expect. Some ecommerce stores use branded domain names which don’t make any sense.
For example asos.com is a well known online clothing store. But if you didn’t know that then their
domain name would not make sense to you. There is nothing wrong with going for a branding domain
but you will need to work hard with your marketing to get the right amount of brand recognition.
Domain Place
A .com domain name will cost you less than $10 a year from Namecheap.com. Namecheap are a
domain registrar which means they are authorized to sell domain names. There are many others such
as GoDaddy.com. All of these registrars have a feature where you can search to see if your chosen
domain name is available.
We recommend that you steer clear of domain names with hyphens in them. Clothes-for-all.com is
nowhere near as good as clothesforall.com. Also you shouldn’t go for .info domains. These are
cheaper to register but unfortunately they have a cheap feel about them. You only need to pay for
your domain name once a year so make it a good one.
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