I can’t count the number of times I get asked about how to get started building your online business with a shoestring budget.
For some, a limited budget means $1000, for others it is less than $100 – even if someone came to me and said they had $1M to invest in starting their online business, my answer would be exactly the same.
STOP! DON’T SPEND A DIME…NOT YET!
Would you run up to a cashier in a big department store and give her $1000 and say I want to buy a TV?Â
No, you first do your up-front research, find out what kind of technology you want to go with, what brand name you feel is the best value, what store is going to give you the best deal…correct?
The same thing goes for starting your own internet business…it just doesn’t make sense to throw up a website, creating shotgun content, pitching products…without doing the up-front work to know exactly what business you will be in.Â
Do not spend a DIME until you…
- Locate, choose and understand what market you will target
- Know what urgent problem or irrationally passionate desire you will satisfy for that market
- What you will offer in exchange for profit – in other words, how you will monetize your effort
It doesn’t matter what kind of business you are seeking to build or how much money you have to invest, the formula is the same…so when you have a shoestring budget to get things rolling, you act as if you have millions on the line and make sure you know your market and know your business.Â
THE GREAT NEWS IS…
Are you ready? 95% of your up-front work in this area can be done with n0 investment (as long as you have an internet connection)
You can locate hot markets online, tap into discussion forums, social networking threads, read comments against hot products that are already selling, converse with your marketplace, study what is already selling well…ALL for nothing but a few hours of your time!
Get over to InfoMarketer’sZone and work through the first 2-week set of video training to see exactly how you can do all of this very quickly
THEN, you can go about setting up a website presence (I highly recommend you start with a keyword rich domain name, a blog to generate traffic and understanding of how you will take your growing blog readership, converting them to paying customers for whatever it is you determine is in-demand – based on the up-front work you did above.
Having based your internet business on a very solid foundation, you can continue to build momentum, profits and re-invest in your business knowing that for every dollar you invest, you can reap at least 2-3 times the profit…and it all started on a shoestring.
