Eric’s Tips

LESSON #19: How to Choose a Niche (Part 1)

August 10, 2008 – 1:54 am

Back in lesson 7, we established that the type of online business model I’m going to be teaching is primarily an information publishing business.

In other words, you’re going to sell your own information product (also known as an infoproduct). But before we can create an infoproduct, we need to choose a topic for it.

(Watch this video…

NOTE: This niche selection process applies to virtually ANY type of online business– not just infoproducts!)

Main points:

A niche is essentially a specialized market containing a group of people who share a common interest or quality.

Reasons newbies get stuck at this point:

1) They think they’re going to be married to it (so they stress out and procrastinate making the choice)
2) They’re afraid it’s going to fail and not be profitable.

(both reasons are basically that they are afraid of choosing the wrong niche)

We can start with one of two possible branches:

1) Something you know
2) Something you don’t know

There are pros and cons to both of those sides, but I prefer starting with something you know and are passionate about because:

1) Your enthusiasm will help sell it
2) It will be a better product
3) You can relate to your market

Try not to fall in love with your product idea, as it could become a stumbling block if you’re attached to it.

Consider the possibility of developing several products in several niches over the long term (multiple streams of income add stability to your business), but start with ONE.

The key is research. (make sure it’s a good niche BEFORE you invest additional time and money into the business)

Some questions I answer through research:

- How big is the niche?
- How competitive is the niche?
- How profitable is the niche?

Is there potential for back end products? (If not, you may want to reconsider)

Trends and fads can be VERY profitable, but you should consider an evergreen topic if you want to build this particular business for the long term.

People are looking for information to ease their pain or fuel their pleasure. That’s the kind of information they’re willing to pay for.

Action step:

1) Brainstorm some topics that you would be interested in turning into a product. Write them down.

Don’t worry about details of the niche market for it yet…we’ll be doing the research in the next lesson.

If you don’t already have some ideas in mind, and don’t know how to start brainstorming, I’ve listed some websites you can use to help find ideas.

Special Offer:

Today I’m offering an ebook which explains how to have your own product online and making sales within 30 days.

If you’re interested in discovering all the details about the niche selection process, or in getting a jump start on the rest of the product creation process, this ebook is for you.

It is a brand new exclusive ebook created for Eric’s Tips.

“How to Have Your Own Information Product in 30 Days“.

Click here to get more details and download this ebook

(Resale Rights also available)

As always, you are welcome to post your questions and comments below. Feel free to let me know if you’ve got some topics in mind, or if you’ve already chosen a niche.

Have a great day!

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LESSON #18: Should I Quit My Day Job?

August 3, 2008 – 10:12 pm

Up until this point, I’ve been covering many of the fundamentals and principles of success that will help you create a solid foundation for your business.

In the next lesson, we’ll move out of this phase, and begin to put together the pieces of a new business, but first I need to answer an important question that many people have asked me…

(Watch this video…)

Main points:

Should you quit your day job? YES! But not yet. (*Based on two assumptions)

Conservative advice: Keep your job as long as possible. (90% of advice being given)

Liberal advice: Quit your job today.

I’m in the middle.

If your vision involves a life in which you’re no longer working at your present job, then at some point you will HAVE to quit your job in order for that vision to be fulfilled.

The only question now is “when?”

Questions to help you weigh the decision…

1) Is your job hurting you? (If yes, it may be time to quit)

2) Do you have a vision and a solid plan for your business? (If no, you’re not ready)

3) Do you already have a written goal for quitting your job? (Could be helpful)

4) Are you committed to the business? (Required)

5) What do you have to lose? (If you have little or nothing to lose, it’s a good time to quit)

6) How long will your savings last? (If you have enough money saved, it may be beneficial to risk some of your savings)

7) How much income is your business bringing in?

*Quit your job and go full time at the point where your business is bringing in the minimum that you need to make ends meet.

8] What are you willing to sacrifice?

9) Do you trust your gut? (And is it usually right?)

10) Will you dare to do what others only dream of?

Action steps:

1) Decide whether you should quit your job.

2) Decide what criteria you need to fulfill in order to quit your job, and then stick to it. (Don’t chicken out when the time comes)

It is very possible that your job is holding you back from building the kind of business you’re dreaming of, so the sooner you can quit your job, the better. Just be wise about it!

As always, you are welcome to post your questions and comments below. Feel free to let me know if you’ve made any decisions about quitting your job.

Have a great day!

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LESSON #17: Commitment (The Choice is Yours)

July 29, 2008 – 11:19 pm

In the previous lesson, we talked about motivation. More specifically, we talked about the need for long term, intrinsic motivation, and about how it should correlate with your overall vision.

I talked about how you need to be inspired and excited about your vision, and about how you can draw motivation from your vision.

But excitement alone is not enough to keep you going…

(Watch this video…)

Main points:

Motivation is tied to our emotions, and our emotions have peaks and valleys.

What will you do when the excitement is gone?

(About the “hype cycle”)

You need commitment, and commitment is a choice.

“A vision grows from your soul, fed by commitment and passion, and can be articulated with descriptions of how things will be when the vision is achieved. If you cannot describe life within the vision, it is only a dream of imagination; if you cannot find the passion and perseverance, perhaps all you have is a plan for a goal.” - Dion McInnis

Passion comes easy for most of us entrepreneurial types, but commitment isn’t always so easy.

(Example of commitment in marriage)

The biggest enemy of commitment is probably fear.

Tips to help you commit to your vision…

1) Feed your vision
2) Make it the right level of priority
3) Make sacrifices
4) Develop good habits
5) Be flexible
6) Keep moving forward, no matter what
7) Solidify your commitment in writing

(Example of Bill Bright’s contract with God)

Action steps:

1) Commit to your vision. Write it down, sign and date it.

2) List your priorities, in order of importance.

3) Write down some habits you would like to develop, choose one to start with, and do it!

As you commit to your vision, I believe you will be mentally prepared to begin the work of building your online business.

The foundational portion of this learning series is almost complete; there’s just one more important question I need to address in the next lesson before we start putting together the pieces of your business.

As always, you are welcome to post your questions and comments below. (Feel free to let me know if you’ve decided to commit to your vision)

Have a great day!

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LESSON #16: How to Stay Motivated

July 25, 2008 – 1:33 am

In the previous lessons, we’ve talked about getting a vision for your business, setting goals, and creating a business plan.

However, all the effort you’ve put into building the foundation of your business will be for nothing unless you follow through and take action.

So today we’re going to talk about staying motivated…

(Watch this video…)

Main points:

One of the most commonly asked questions… “How do I stay motivated and take action?”

What motivates you? And how do you get motivated?

We’re all motivated by different things.

Short term motivation vs. Long term motivation

Examples: Losing 5 pounds or getting a new car by a certain date = short term

Feeling good about yourself or living a certain lifestyle = long term

Goals = short term

Vision = long term

Your primary motivation should to be tied to your vision.

Your vision needs to inspire you for the long term.

This business requires self motivation.

External factors vs. Internal motivation

Externally influenced motivation is not a bad thing. It’s a natural part of life… But it’s not enough.

You need internal (intrinsic) motivation to keep you going when the going gets tough.

Some of my internal motivators include:

-My faith
-Family (external factor, but there is also internal side to it)
-A sense of fulfilling my purpose

Figure out what your internal motivators are, and then make sure that they are a part of your vision.

Tips and tricks are NOT the solution for why so many people are not motivated. However, they can be helpful for short term daily motivation. Here are a couple of lists for you to check out if you’re interested in those kind of tips…
http://www.lifehack.org/articles/productivity/thirteen-tricks-to-motivate-yourself.html
http://zenhabits.net/2007/02/top-20-motivation-hacks-overview/

Action steps:

1) Figure out what really motivates you internally

2) Make sure those things are a part of your vision

3) Think about whether your vision will motivate you for the long term, and if not, tweak your vision.

Even if you follow all of my advice from this lesson, there will still be times when you don’t feel motivated. There will be times when you don’t want to complete the steps. It involves a choice, and the choice is yours. I’ll be talking about it in the next lesson.

As always, you are welcome to post your questions and comments below. (Feel free to share something that motivates you)

Have a great day!

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LESSON #15: Creating a Business Plan

July 20, 2008 – 10:55 am

Two lessons ago we talked about the importance of having a vision, which is basically the big picture of where you want to go. And in the previous lesson we talked about goals, which are the specific milestones along the way toward your vision.

So today we’re going to talk about plans, because you need to have a plan of action to hit your goals…

(Watch this video…)

Main points:

“People don’t plan to fail; they fail to plan.”

Failure is not a bad thing, but you should try to succeed!

(Elements of a traditional business plan)

For examples of how to make a typical business plan, you can see:
- Small Business Association business plan info
- Traditional business plan sample

If you want to take a textbook approach to your business plan, that’s great. But since the business model I’m teaching is relatively simple, it’s possible to streamline it.

I’ve put together a 1-page outline template for you which asks for the following information:

- Name of business
- Vision for the business
- Who is the target market?
- What will we sell? (be specific)
- What makes us different from the competition?
- Marketing strategies
- Goals for building and growing the business
- Plan of action to achieve goals

I’ve provided a link to the template below, and you can download it for free.

Action steps:

1) Make a business plan.

If you wish to use my template, you may download it here for free:

Click here to download the PDF file (do a right-click “save target as” to download it to your computer)

So now that you’ve got a plan, you’ll need to commit to it, and figure out how to stay motivated. I’ll be talking about those things in the next lesson.

As always, you are welcome to post your questions and comments below.

Have a great day!

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