How would you set up an online business with $1000?

This is a question I get a lot. The dollar value might change, but in general, the amount is $1000. So let’s go with that figure. 

I’ve published a “Get Rich Timeline” on The Official Get Rich Guide To Information Marketing on the Internet  that shows you how to get an online business going in 12 weeks.

In terms of how I’d spend $1000, I’d buy a domain for $10 from GoDaddy, get hosting from any number of places for $10/month and plan on spending $980 on advertising and generating leads on Google.

Now, some modifications to the plan if you have limited capital:

1)      Use wordpress.com or blogger.com for your website

2)      Make sure to spend extra time on research

3)      Spend as little money as necessary in order so that you have more for advertising.

4)      Must look to leverage the leads you generate and get revenue coming in, so if you don’t have a product, sell someone else’s

As you develop your business idea and take steps toward it becoming a reality, you might have wondered why I would generate leads instead of creating a product. After all, that’s what people are going to buy, right?

True, but that’s exactly what you SHOULD NOT do. It’s a critical error that many beginners (and seasoned veterans) make far too often.

The fact of the matter is, before you even consider a product, you need to understand one important thing…

When you hear the stats about the number of businesses that fail within their first 3 years of existence, it’s not because the owners of these businesses were idiots. Far from it. Many smart people fail in business because they failed to understand IF people are available to buy, and WHAT people want buy. 

So to hedge your success in any business, don’t spend time now creating a product or developing a service. Instead, do this: figure out what people are looking for and exactly what they want. Don’t try to create a product, then stir up demand – you don’t have enough money to do that – you look for demand, create product based on what they want, then stir up orders for products they asked for. That’s good business, and what you will look to discover in the important Phase we call, “Research My Market”.

You should go to http://www.ResearchMyMarket.com to learn more about researching a market.

Bob