What should you do with your online business? Richard Grady

Hi Folks!

Why the change?

Before I do anything else, let me explain why this edition of 'The Online Trader' is web-based rather than in email form. For some months now, I have been aware of the growing restrictions of using email to deliver newsletters. Spam (junk mail etc) is increasing at an alarming rate and one of the ways that ISP's are trying to beat spam is by filtering emails that contain certain keywords. This means that, depending on your ISP's policies, emails that you want to read may be being deleted before you even see them.

The filtering policies are getting ridiculous and emails containing words such as 'free', 'click here' and 'money' are being deleted. Even using coloured lettering in an HTML email can cause it to be sent straight to the recycle bin! I was spending an hour writing the newsletter and half that time again trying to pick out the words that were going to cause it to be dumped before anyone read it!

Therefore, as from this week, instead of receiving the entire newsletter in email form, you will receive a much shorter email with a link to a web page where the newsletter will be posted.

This change means that I can, once again, write as I wish without fear of someone deleting my hard work before you have the chance to read it.

C'mon Rich, tell me what to do...

Ok, back to business :-)

I get hundreds of emails per week and as you might expect, many of the emails contain similar questions. There are probably ten questions that I get asked most. I will save nine of them for another time as I want to talk about just one of the top ten questions today.

The basic form of the question varies but essentially it is the same and here it is:

'I have read everything I can about marketing online.

I understand how to get traffic to my website.

I know how to make my website appealing to customers.

I know about generating income with 'backend' products.

I understand everything you have taught me over the past X years....

BUT WHAT DO I ACTUALLY DO?'

Yup, the question is simply 'What should my online business actually be - what should I offer - what do I do?'

Of course, this is the $64,000 question and there is no easy answer. If I could pluck guaranteed business ideas out of the air every time someone asked for one, I would be a rich man. Unfortunately, I can't and neither can anyone else. Even if someone did have a pool of surefire ideas, would they really be willing to share them with others for nothing?

However, I can try and help you come up with your own idea by making suggestions and eliminating some, almost certainly, bad ideas.

Firstly, do something that interests you and that you know about - if you are not interested in your product and don't have the first clue what you are talking about, I can guarantee that you will not be successful. For example, don't try and sell products about making money on the Internet if you yourself are not making money on the Internet.

Secondly, don't do something that is already being done by thousands of other people unless you can add a highly unique 'twist'. For example, you will never make any money setting up a general online auction site - there are already plenty of established sites with millions of registered members. Why would anyone want to use a brand new auction site with no members when they can sell on eBay?

Thirdly, (and I know I keep banging on about this but it is important), find a small market that is easy to target rather than a huge, general market. Small doesn't have to mean 'small' on the Internet. The money is in the niche markets - trust me.

I know how hard it is to come up with an original idea but it isn't impossible and plenty of people do it everyday. If you can't come up with something yourself, spend time surfing the Net and 'brainstorming' with others in forums such as my own (link in the column on the right) to get ideas.

Finally, I came across a great product last week that aims to stimulate the brain cells by proving that unusual, weird and just plain crazy business ideas can work!

Take a look at '227 Unusual Business Ideas' yourself by clicking on the link to the right.

Until next time....

Richard Grady