LESSON #3: Is an online business right for me?

Unlike many of the internet marketing teachers, I’m not going to tell you that ANYONE can successfully run an online business.

The fact is that it takes hard work to build a business, and there are certain abilities that will greatly increase your chances of success.

Watch this video to see what I mean…

Main points:

  • The startup COST for an online business is a huge variable, ranging from zero to millions. The good news is that it can be very cheap: less than $100

  • The more TIME you can devote to it the better, but don’t let a lack of time stop you. If you can only devote a small amount of time at first, that’s OK.

  • Stop buying stuff! You don’t need it. (unless you really know what you’re doing)

  • Stay out of debt! It’s not necessary to use debt to start this kind of business.

  • You need to be willing to be a marketer. If you don’t have any marketing experience, then at least:

    a) you must be OK with marketing
    b) you’ll need to learn it along the way

  • Same thing for technical aptitude. You DON’T need to be a computer expert, but you must be comfortable with computers and willing to learn.

    Action steps:

    1) Right now, you simply need to commit to the following.

    a) I’m willing to be a marketer
    b) I like computers and the internet
    c) I’m willing and able to learn (and I know it will take work)

    Take some time and be honest with yourself (and don’t WORRY about WHAT you’ll need to learn. That’s what I’m here for, and I’ll guide you through the entire process.) If you are confident in those three things, then I’d say you meet the basic requirements for being able to start an online business, and you’re ready to move onto the next lesson, in which we’ll explore several different types of online businesses.

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

    Have a great day!

  • 666 comments on “LESSON #3: Is an online business right for me?

    1. Sam

      Hi Eric

      I’m very new to internet marketing and business but very keen to take the plunge and learn as much as i can. I thank you for the great information you share and your time…

      Joining this company as given me encouragement that i can build a successful online business…

      Thank you very much…

      Sam.

      Reply
      1. Curtis Wilson

        Thanks Eric, I have been in sales and marketing and am ready to go

        Reply
    2. Darren

      I thought their was no hosting or domain or startup Cost ????? I have spent several hour because you Guys said their was no startup cost ???? and now I here more money really how is that for free

      Reply
      1. Micah

        Hello Darren,

        A realistic minimum investment for an online business would be about a couple hundred dollars, for web hosting, a domain name, an autoresponder service, and a product to start selling.

        However, there are many different ways to earn money online. Here is Eric’s lesson highlighting 18 different ways to earn online revenue:
        http://www.ericstips.com/tips/lesson4/

        There are also free methods for running your business as well.

        Have you checked out Eric’s recent product, the No Cost Income Stream?
        http://nocostincomestream.com/invitation/

        It sounds like it would be a good fit for what you are looking for.

        Reply
    3. James Valentine

      I love the ways that you do this Bussiness.I am aNewbie and need a lot of Help.I have lost a lot of money from buying Junk about I.M..But ,I want to learn this Bussiness.I want to be successful for my Family and be aserver for Others.

      Reply
    4. Vicki

      Sure wish I had heard this one year and tens of thousands in debt ago! Live and learn, right?

      Reply
    5. Suja Yussof

      Dear Eric. I have run a business before.You can guess by the name of my email address. Am now 53 years old going through the finalising stages of a divorse, have two children under my care. Am now starting a whole new life. The skills that you mention marketing and tech are lets say low at the moment. I will be streaching myself in many directions all at the same time. I am tenatious like a pit bull in my positive attitude,will do my best to learn all that is given. My main concern is that I rarely follow through to complete a goal.Just reached an insight and answered ny own question. If I did not complete someting I would still be in it.Do all things with enthusiasm.

      Reply
    6. Paul Scheidig

      I am a senior who needs additional income and an ex-corporate executive. I am very willing to work and learn this system of starting my online business, and your instructions so far are very down to earth and pragmatic, which is appreciated. I have some sales/marketing experience but wonder how different online maybe. Rejection or accepting rejection in the face-to-face sales world is a must. Does online marketing have a similar “rejection” component that one needs to learn how to handle? Look forward to your other lessons . Thanks, Paul

      Reply
      1. Micah

        Hello Paul,

        Rejection takes place every time someone leaves your page without purchasing. That is why tracking is so important, in helping you to become successful.

        Here is the link to Eric’s lesson called, Tracking Your Results:
        http://www.ericstips.com/tips/lesson71/

        Reply
    7. Jeff

      Hi Eric,
      Stop buying stuff! You don’t need it. (unless you really know what you’re doing)
      Ok.

      Then, why do you and Jeff and Paul send products to buy on an almost daily basis?
      Gets confusing and time consuming to check all of those out.
      Jeff

      Reply
      1. Micah

        Hello Jeff,

        Those are 3 different marketers, with quite a few different lists you might have ended up on. I personally get hundreds of mailings every day, but I have email rules set up, so I don’t have to read everything if it isn’t a good time for me.

        If you purchased a PLR product in the past, you might be getting offers for similar PLR materials. If you purchased a stock trading item, you might get offers for more stock related products.

        We recommend that you simply unsubscribe from any mailings that aren’t specific to the business you wish to build.

        Reply
        1. Norman

          More to the point, your #3 lesson says not to buy anything “stuff”, and your very next email says, Buy this and we will give you one more, free. How can we heed both emails?

          Reply
          1. Micah

            Hello Norman,

            You should never purchase anything if is just going to sit on your computer collecting virtual dust.
            However, at some point, you will need tools to help grow your business.
            We only recommend that you make purchases when you plan to actually use a tool for your business right away!

            Reply
    8. Donna

      Hello Eric;

      I stumbled over your site and am very happy that I did. I have wasted so much time and money on starting an online business and none have worked. I am very grateful that you actually go step-by-step. I am very anxious and for once feel at ease. I am looking forward to all of your lessons and actually trust you. This industry has a lot of scam artists and you are not one of them. Thank you so much for doing this.

      Donna

      Reply
    9. jean gignac

      HI! Eric

      I hope than your week-end was nice and all the family answer the same thing than you (lolll) I’m start the 3 lessons and before I read It I can tell you than when I was young my mother had business and I had 6 years old and I did work in a Bingo for my mother and she give me $2.50 per night and 2 night per week … So that was a long time ago than I knew than I did’nt worked for nobody … I was working cause I knew than that will be mine and my education was like that … At 11 years old she will buy a motorhome and we start a business to rent it for trip and my job was to go to the garage and help to make reparation and wash and drive to the customer and back in bus to home … Yes I was driving a motorhome at 11 years old …(lol)

      Same thing, I’ll try to tell you some part of my life … So you will know me more about …
      Sorry for the english again, and have a great day in this monday morning
      Jean with a lot of hopefully gutsz …

      N.B. If you have question, don’t be shy, that’s enough than I am …(lol)

      Reply
    10. PETER

      Thank you very much for your videos Eric,and your inspirations. I believe i have all it takes to earn a living online.
      Am eager to learn from you to actualize and fulfill my online dream of a business venture.

      Reply
    11. Lyudmila

      Hi, Eric,
      Many thanks for your 3-rd lesson!
      I’m willing to be a marketer,
      I like computers and the internet,
      I’m willing and able to learn and to WORK!!!
      And I like all of your advices, especially this one: stop buying stuff! Because I bouhgt a lot for the moment, but I didn’t get a cent yet…
      Good luck,
      Lyudmila

      Reply
    12. Trang

      Hi Eric,
      The lesson #3 is a remind. I’ve been online for months and spent all my time, days and nights, learning the stuffs that I bought. Yesterday, my mother told me that I would not have had any dime till she’s dead. This made me very sad. I know that she is worried about my health. I strongly believe that earning online is a real fact although it seems very new in my country. This is a good choice for an old lady like me who contributed all her health, skills and knowledge for the companies she worked for. Now, I’m at the age of retirement, 55 year old, single and my mother 88. I like computers, ipads, iphones, smart phones, have a passion with internet and of course, becoming a marketer.

      Have a great day.

      Trang Mai

      Reply
      1. Terry Carroll

        Hi Trang

        I hope you are not discouraged because of your age – you are a baby compared to me – I am semi-retired from my business and have no wish to fully retire. This is why I am here – if this works out as I suspect it will, I will be running my new venture or maybe ventures,for years!!
        Stick with it and please keep in touch

        Terry

        PS I am 14 years older than you, so happy to be your “big brother”

        Reply
    13. Simon W

      Eric: “if nothing is being sold, then no money is being made, and that is true of any business. Show mw a profitable business that you think isn’t selling anything, and I’ll show you that indeed they are selling something … I guarantee they are selling something…”

      Simon: Guarantee? Where is the selling in trading financial instruments such as stocks, forex, options, futures, crypto currencies, bonds etc. OK you might buy or sell the instrument for a profit (or loss!!). But you are NOT selling to a customer as such. Even if you take the person at the other end of the transaction as a customer: you are not dealing with them and while there is fulfillment: it is automatic and instantaneous usually through a traditional broker or online electronic trading platform. All these ARE or can be very big businesses, but no direct customer fulfillment or servicing.

      Reply
      1. Micah

        Hello Simon,

        Eric is well aware of those forms of income generation.

        He even has numerous products in those categories (See current items at the bottom):
        http://www.ericstips.com/products/

        Those platforms are selling a service. You pay them via micro-transactions, in many cases.

        Reply
      2. Terry Carroll

        Simon

        Surely if you are trading or spreadbetting then you can’t sell a share without someone buying it! Conversely you can’t buy a share without someone selling it.
        Spreadbetting, albeit gambling by definition, is still buying or selling a trade

        Regards

        Terry

        Reply
    14. Richard

      Thank you very much for this one Eric!
      I love computers, the Internet, and I am O.K. with marketing,
      yet with a hopefully different approach. I hope to use my
      own paradigm of being a marketer. Tahir Shah did a nice
      audio some years ago, entitled “Rude Marketers,
      Nice Customers”, along with “Our Hero
      Dinglebert”. Loved those, and I hope that
      this can still be a good fit for me.
      Much appreciation for all,
      Richard

      Reply
    15. Ameena Chin Aleong

      I am really enjoying these Internet business lessons. Mr. Eric, you are a good Internet TEACHER. i LOVE YOUR CLASSES because you explain the points in the lessons very throughly. I look forward to completing the 100th lesson and making money.
      Thank you.

      Reply
    16. Terry Carroll

      Hi Eric
      As usual Lesson #3 is full of common sense and anyone who thinks they can build an on-line business without the attributes described is in cloud cuckoo land.
      My previous business experience includes a lot of sales/marketing, a fair bit of techno and a continuous learning curve (48 years and counting!!)
      Looking forward to further insight and advice

      Kind regards

      Terry

      Reply
    17. juan

      I needs additonal income and i am willing to work wlth you and your system

      Reply
    18. Grenell Stocks

      Thank you so much for the training Eric
      I’ve been dabbling online for a couple of years now. I understand
      the learning curve involved in this business and I am committed to doing the work.

      Reply
    19. PJ Cusack

      Hi Eric,

      Sincere Thanks for sharing these tips. Yes! I do really want an internet business! I’ll share this at another time! Chat soon!!

      PJ

      Reply
    20. Irene Tamblyn

      Hi Eric.,
      Really feel ready to take another step closer to being a marketer.
      Thank you for all your valuable learning tips. 🙂

      Reply
    21. ella holland

      been on the internet for about 12mths. Have made about $20.00, not much!! But I have learnt heaps.
      Absolutely enjoying your honesty, why? did I not find the real guys sooner.

      Reply
    22. Wayne

      I’m very interesting to learn and find traffic sources that are very low cost for beginners and learn how to use them.
      It would be awesome to hear your recommendations in which low cost traffic sources to use.
      Another thing…..would you recommend as the term goes…”make money without a website “…..
      Thanks

      Reply
    23. Ala

      Few years ago i was stacked without a job and any income, studying every newspaper for job offers. Most suitable for me i found office manager offers etc, Next i figure out i need MS office, and by advice i found internet university online teaching free Microsoft office. Never felt more satisfied and happy passing tests on each lesson of the Microsoft Excel and Word. Since then i have this dream or desire, i have it nonstop in my head to create online business, I found a job where i become best on using MS, then i went back to my old job – casino manager, were i am best too with MS but no satisfaction any more. I studied alone with Series “for Dummies” MS access; then i went on studying VBA for access, and recently found Eric’s Tips – definitely for me!! Willing to follow you through and count on your help, Thanks for this lessons!!

      Reply
    24. Arlan

      Hey Eric,

      Great stuff here. thanks for sharing. I couldn’t agree more with everything you have shared so far. You do have more experience than I and that’s why I am here (to learn). I do buy but I figure its an investment in me to make me a better marketer. But yeah, there are a lot of offers that come across my desk but have to determine most of the time if its a need or a want and my needs do out weigh my wants since I began this endeavor a few years ago. But I need to stay focused also, so I am trying to keep the mailbox empty and phone turned off as I am learning a lot even in these first few lessons. Thanks!

      Reply
    25. Elsie

      Just wondering about the proviso “Stop buying stuff!” This is excellent advice for me, because I tend to buy everything that looks interesting! However, you offered the Internet Marketing Course with some great bonuses (as always) in one of your emails last week. It included at great bunch of videos that could be used as ‘sweeteners’ for my sales, later down the track. (I am committed to doing this course, step by step, so have not jumped into doing anything definite just yet). Will this be available to buy later on? Or should I ignore your advice and ‘Buy some more stuff!”

      Reply
      1. Micah

        Hello Elsie,

        You should never purchase anything if is just going to sit on your computer collecting virtual dust.
        However, at some point, you will need tools to help grow your business.
        We only recommend that you make purchases when you plan to actually use a tool for your business right away!

        Reply
    26. Chris Black

      Hi Eric

      I loved this lesson, especially your emphasis on starting a business without getting into debt!! We have exactly the same philosophy. My organization, DBSP, has been teaching people to start and run ‘brick & mortar’ businesses – as you call them – on as little startup capital as $50. In fact most of our students from very poor nations (We are in 17 nations) have started up businesses on $10 or less. We advocate starting businesses WITH WHAT YOU HAVE in your own pocket and/or circle of influence, rather than getting into debt.

      In addition I loved the fact that you are telling the truth in terms of a business. IT TAKES WORK to be successful. Recently I have been bombarded by tons of e-mails saying that all the work has been done for you in “our” internet marketing business. All you need to do is to tap into our “Secret software”, click one or two buttons and sit back and watch the money roll in. I tell my students “business = work” and that “Business is not for the faint-hearted”.

      I also loved your emphasis on selling and marketing, because this is where the rubber meets the road for all businesses.

      I am SOOOO looking forward to my next lessons from you.

      Chris

      Reply
    27. Leslie Denning

      Hi Eric. I freely admit that I’m addicted to automation software and information products. I have slowed down a WHOLE lot, and that is a good thing. I won’t purchase one more thing until I’ve gone through this course. 🙂

      All the best,
      Leslie

      Reply
    28. George Kerr

      You are straight up “proper”. Thanks a lot for your tips.

      Reply
    29. Paul Grodkowski

      Hi Eric !

      Thank you for the informative video.

      Have a look at my website if it may be profitable for you !

      Thank you,

      Paul Grodkowski

      Reply
    30. Trudy

      I’m a newbie !!!
      I am so wanting to learn! I have tried so many different things
      and honestly I just don’t get it….I am enjoying all the things I have learned
      from you already…Maybe now I can understand things better…
      Thank You so much for helping me and others.
      Trudy

      Reply
    31. HARRY KANOUFF SR.

      HI.ERIC I BOUGH SOME THINGS FROM YOU AND THE DAY AFTER THAT MY COMPUTER CRASHED AND I LOST EVERY THING. I WOULD LIKE TO KNOW HOW I CAN GET ALL THOSE EBOOKS AND MATERIAL BACK AND THANK U I ENJOY YOUR LESSONS THANKS

      Reply
      1. Eric Post author

        Please submit a ticket to the helpdesk at http://www.ericsupport.com and let us know what you purchased. We can look up your receipts using your name and email address as I’m assuming you lost those too. Then we’ll give you the download links. Thanks

        Reply
    32. Bishop Andy Lewter

      Hi Eric,

      I am a bishop in my denomination and am known as the “Geek Bishop”. I am an early adopter, who has a garage full of just about every computer that has ever come out, all the way back to the IBM 8088 (PC-XT). I currently have been marketing about five online courses on the udemy.com platform and have produced about 4 kindle books on Amazon.com. I have made minimal revenue from both endeavors, so I will readily admit that I do not know enough about marketing to have made any real revenue. I know this will take work and I am willing to learn in all three areas. I look forward to your teachings.

      Reply
    33. Pascal

      Hi Eric,
      I start with 2 handicap
      1- I am French and my English is so-so.

      2- Since recent weeks, I decided to stop buying French products to put me in English products.

      As against the force of learning and living my business is growing strong in me. I often use Google translation but I know it’s often more to give me courage, a real need. I was a French blog for a year now but I still have not managed to have a list (my list is currently 5 people from the new Canadian law.) I have invested since the beginning of an autoresponder (SG autoresponder), articles in DLP and some e-book all in French of course. I wrote the first book on Amazon but not yet reported to me as I was hoping. (I have not invested for the correction)

      Recently, I made the acquisition of articles and e-book in English that I want to bring to bring novelty Francophonie.

      The help I need most is to properly learn the basics of marketing to succeed.

      I wonder if the videos will still be available long time (I have to listen several times to understand all the pearls located inside)

      Thank’s !

      Pascal (Scapla Bradde) Friendly French

      Reply
      1. Micah

        Hello Pascal,

        These Eric’s Tips videos should be up for a very long time!

        Reply
    34. J D. Bailey

      Hi Eric: I have your real short cut platinum product.

      Super excited! With that in mind,can I brand an offer
      and launch it as a vendor on clickbank?

      Is there a report that list a step by step approach to make
      that happen? What should I be aware of in terms of the work
      load?

      Reply
      1. Micah

        Hello J.D.,

        Yes, you may sell via ClickBank.

        Please contact us at our helpdesk, and we’ll send you a special tutorial that will help you with each of the steps:
        http://www.ericsupport.com/

        Reply
    35. Sandra

      Ok, this lesson gives a relive. I can come up with the $$$ and I can commit to the 3 points mentioned at the end of the lesson.

      Reply
    36. Sarge

      Hi Eric,

      Great lessons! So few words teach us so much more than reams of papers and flurries of films by those so called “gurus”. If they had any sense they (the so called gurus) would apply to join The Real Coaching Club supplemented with ‘Eric’s Tips’. I have 97 more to go and enjoying them so much, I was about to wish there were 970 more instead; but then I quickly got to thinking: Of course Eric knows best … so to ‘eck with the rest — of them there gurus. :)!

      I trust you got my message the day after I joined you. In that case you’ll have guessed that I am still awaiting delivery of my Website.

      Very well too re: http://www.prayway.com/. I prefer hanging about in such places than at the ‘next guru dot com’, et al, places.

      Bye4Now

      Reply
    37. Gavino Berardesco

      Wow stop buying stuff. I finally got over this as I have bought a lot of stuff that just sits on my computer because I am technically challenged. I do have quite an arsenal of products and tools. Now all I need to do is learn how to put it all together.

      Reply
    38. Frankie

      You are a good man and it is very hard to find a good man nowadays. Thanks for the lesson and I have learn quite a few about whether to buy product or not, thank-you.

      Reply
    39. kevi

      Thank u so much….for your tutorial videos

      Reply
    40. Gertrude Onwukwe, Nigeria

      Hi Eric, thanks for your advice.I already have bought some which I don’t understand what to do with but I belief
      with your step by step training I might find use for them. For now, your advise is the best stop buying until there is need for it.
      Thank you.

      Reply
    41. Merle

      It is true when the student is ready then the teacher will appear. I am learning so much from your tips, it seems as if I was under a rock for years even though I have been searching so long but maybe the mind set was not there. So very grateful for you Eric.

      Be blessed

      Reply
    42. Timothy W. Bethune

      Thank you for your great advice. I am finding it to be of great value and am learning a lot.

      Reply
    43. Marc M. Demers

      Hi Eric,

      I have some knowledge on computer programming and I’m a sponge when it’s come to learn new stuff.

      My biggest challenge will be the marketing aspect of this business.

      I’m here to learn, so I’ll but all the effort needed to be a good marketer.

      Regards

      Marc M. Demers

      Reply
    44. Ralph Huntington

      a) I’m willing to be a marketer
      I’ve spent the past several years studying Internet marketing and
      I am determined to do it and to be good at it, very good at it.

      b) I like computers and the internet
      I’ve been in business involving computers and software since the 70s.
      I’ve written business software and been involved in several Internet startups..
      Yes, you could say I like computers and the Internet.

      c) I’m willing and able to learn (and I know it will take work)
      I am determined to be good at Internet marketing and to teach others how to do it too.

      Reply
    45. elzie

      a) I’m willing to be a marketer yes
      b) I like computers and the internet yes love it
      c) I’m willing and able to learn (and I know it will take work) yes

      Reply
    46. Brian Crain

      Awsum lesson again thank you for making the video and sharing it. I love to learn.

      Reply

    Leave a Reply

    Your email address will not be published. Required fields are marked *