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"Make money online with very little effort!"
This is but one of the countless spam emails that I receive in my inbox
everyday. While I have not tested out their claims, it sure is hard not to
be enticed with such an easy formula for success.
(article continued below ...)
But is there really a magic formula that could give you loads of money
with minimal effort?
Here are some ways you can produce a steady income with very little
effort:
1. Find a
profitable business.
Sounds like a no-brainer, right? Yet, this is the hardest step to take.
Obviously, not everyone has found the right business that is profitable - or
else, all business owners would be millionaires by now. Even those spammers
who claim to earn thousands while doing nothing are not earning even a
fraction of what they say they did. After all, why would they bother to spam
if they do???
So how do you find a business that can give you big bucks with less
effort? Research, research and research. Ask around. Read books. Check out
if there are any market research tools available for your business. If you
are an eBay seller, for example, there's this neat tool called DeepAnalysis
that can tell you the most profitable item categories at Ebay; or check out
eBay Marketplace Research (a subscription based tool that can provide you
with data on eBay sales). With these
tools, you can have an idea with what would be the best possible kind of
product or business that you can also engage in.
2. Change your
goals.
Did you start your business to do what you love, even if there is no demand
for it? Well, profits and "what you love" do not always go well
together. You may huff and puff everyday doing what you love, only to find
that no amount of sleeplessness can bring in the millions that you long for.
If you want to earn more, find a business where ample demand exists for it.
If there is a healthy market for your product or service, you will make more
money for smaller amount of effort.
3. Operate the
business on a part-time basis.
If you want to take it slow, work on the business part time. Even if you
dedicate only a few days a week to your business, if you are engaged in a
high-profit business, then it could still net you big bucks.
However, by working part-time, you may not be maximizing the full
potential of your business. You may not have enough time to go out and find
your customers. Or you may lack the time and resources to improve your
product offering. But if by working a few days of the week on your business
fits your lifestyle, then be content with the extra income your part-time
business can pull in.
4. Focus on
your customers. Select the
customers that can provide you with a consistent stream of income and repeat
business. Customers, who have a constant need of your product or services,
can be your goldmine.
However, it is also important not to put all your eggs in one basket.
What if your sole customer backs out on you? You will then be left
empty-handed. Limit your customers, but be smart about it.
5. Minimize
investments in advertising and other promotions.
Marketing is a time-consuming and costly effort. It is a lot of work; in
fact many small business consultants recommend that you spend at least two
hours everyday marketing your business. You will also find that a
significant part of your expenses can come from advertising and other
promotions. If you want less work and fewer expenses, start your own
business without spending a dime in marketing. Adopt a passive attitude in
marketing and simply wait for customers to come.
Instead of exerting effort marketing your business, devote the little
amount of time you have to improve your product. Exceed the expectations of
your customers in every single transaction. Sooner or later, your satisfied
customers will act as your ambassador of goodwill. Word will start to spread
around about your business.
If you are on the Web, continue developing and improving your content.
The more content you have, the greater the chances for search engines to
index your pages in a variety of keywords, thus bringing you visitors. Even
with very little marketing investments, you can still achieve your traffic
targets, albeit a little slower.
What the spammers say is true: you can make money even with very little
effort. You just need to make every single effort a smart one.
April 22, 2003
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