Five Initial Steps to Money Making Online

Making money online

Making money online

Money making online is rapidly becoming the most popular way of earning a living. Statistics show that a home business is that part of the American economy that is growing fastest, and since the U.S. tends to set global trends in business, it is natural to assume that this trend will be followed world-wide.

In fact, this is case now in the computer-literate world and it has been estimated that within the next decade up to three-quarters of the world’s working population will be working from home.

The major problem with any money making online home business, is where to start. Without the right advice over 95% of those who start will fail within a year. There are many reasons for this. The main causes are, a failure to focus, a lack of clear goals and falling into the trap of regarding a home business as a pastime rather than an occupation.

Here are five initial steps towards making money online that, if followed, should help you to avoid these pitfalls that hold up the progress of the vast majority:

1. Assess Your Own Abilities
The most successful online entrepreneurs not only do what they enjoy doing, but take advantage of their strengths while working on their weaknesses. Your first step, then, is to evaluate your skills and make a note of what YOU like doing. Are you a good writer, are you a good artist or graphic designer, or can you sell snow to Eskimos?

Everybody has at least one thing that they either enjoy doing or are good at. Whatever it is, it will sell online. Every product and every skill that is used offline is also being used by somebody online to make money. So:
- Write down a list of your skills, knowledge and what you like doing.
- Decide on a product or service.
- Make up your mind how to create your product, and whether you have the skills to do it yourself, or pay somebody to do it for you.
- Set goals – a date for the launch of your business and how much money you want to make.
- Focus on your goals and work as hard and long as is necessary to attain them.
- Regard your home business as an occupation and not a pastime.

2. Carry Out Market Research
You have to find out
a) if there is a market for what you have to offer, and b) who your customers and your competitors are. You must decide:
- What products or services will you be offering? – To whom will you be offering them?
- How are you going to offer them? What marketing methods will you use?
- What is the competition? Is there a market or is the competition too strong?
- What is your Unique Selling Proposal (USP)? What makes you stand out from your competition?

3. Who Are Your Competitors?
- Who is competing against you?
- What are their weaknesses, and how can you take advantage of them.
- What can you provide your customers that they cannot?

4. Website Design is Critical
Successful money making online invariably involves having a website. Sure, you can do it without one, but it is unlikely you will be successful. Website design is not difficult, and there is plenty help around. Free websites are available, but there are web hosts that can offer a full service with most of the business and design tools you need for under $25 monthly. Here are the major points to consider:
- Search engine optimization is important if you are to be listed online.
- Learn about SEO, and apply it effectively to your website design – or pay a specialist to do it for you.
- People use the internet to get information, so provide information on your niche. If you offer good, useful information, they will buy from you.
- Check out your competitors’ source code and look for weaknesses in their SEO coding that allow you to beat them in the listings.

5. Advertise
- Get free search engine listings with good SEO as described above.
- Build up large email lists by offering free gifts on your website in exchange for mailing addresses. That way, you can then keep in contact with your website visitors. Market research shows that it can take up to 7 or 8 views of your product before people make a purchase.
- Advertise offline as well as online. If your product is sports-related, put a poster up in your local sports club, health club or gym. Use local press and radio.

These are the basic five steps to making money online. It is easy to make some money, but it is not as easy to make a living. In order to make maximum use of these steps you must set yourself targets and goals and focus on them. That is the number one reason why most people fail in their initial attempts at money making online.

Janice Sharman enjoys helping people who want to work at home start and build their own home business. Subscribe to her newsletter to start receiving information on how you can start building your own profitable home business.

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