Starting From Scratch

Starting From Scratch

What If You Were Starting Over From Scratch?

Are you really confused searching among all the options for starting a business online?
On today’s podcast, Lance answers a listener question:

If you were starting over from scratch today with only $2000.00, what kind of business would you focus on? How would you scale it and what is a realistic timeline to have this business up and running?


The good news: there is a tremendous difference between building an online business and a ‘traditional’ offline business. A budget of $2000.00 is really good and could get you started.

The realistic news: $2000.00 will not sustain this business. The key is to quickly build up cashflow to maintain your online business. At a future point in time, you will need to fulfill orders, get better servers, better graphics, more sophisticated interfacing with your customers, etc.

How can you quickly build up cashflow?

Every successful entrepreneur starts by providing a service using their skills
For example: Offer software services and installation, voice/audio production, freelancing. Two great sites to garner freelancing work of ALL varieties are:
www.odesk.com (Now called Upwork www.upwork.com)
www.fiverr.com

Then you need to choose a business model:
Choose 1 model to start with and then integrate elements/components of the remaining 2 models for a comprehensive online business system.

1. Provide a digital service (such as website building or graphic design). This is the easiest to get traction on/get going if you’re willing to do the legwork (i.e. seek out your clients)

2. Create digital information products (this is a skill you already have that you can teach/demonstrate to others)-this is Lance’s favorite model. In this model, you then formulate a webinar, PDF, etc that you sell for others to learn from.

3. Selling physical goods through Ebay and Amazon (this is where you buy products at a deep discount and then send to Amazon for sale to consumers. You profit from the difference of your purchase from the sales price on Ebay or Amazon). The benefit of this route is that you do not have to have any branding, host your own website or write sales copy.

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Episode Sponsored By:  Build Your Online Business in 3 Days

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