Quote: (12-13-2014 12:06 PM)TravellingSoldier Wrote:
And that's the reason most people won't be successful online, or not online for that matter. There's a lot of cheerleaders on the forum that say "go online and collect monthly cheques it's easy" but unless you create a SaaS website or create a large blog where you pay for content to be created, you're going to be invested into the business at least part time.
I've had the privilege to have lived with a couple entrepreneurs that were making 5 figures monthly, and it changed the way I see things. Again, maybe we have different dreams, but if you're an entrepreneur "not comfortable" is a mindset you need to shed. Elon Musk said that starting a company is like "Staring into the abyss and chewing glass." With that said, you can still start companies like me... bootstrap.
It's cheaper than ever to start a business, unless you're going into something like a product. As for finding your target market, just think to yourself "when have I wasted my time or been frustrated with inefficient business practices?" You don't have to reinvent the wheel, sometimes you can make a lot of money just by changing the tire.
Remember "It's not about who did it first it's about who did it right." Just take an idea, improve upon it and sell. Or combine two ideas like I did - an example is Keurig, or peanut butter and chocolate spread in one... lol there's lot's of examples but I'm drawing a blank. The good businesses can be the brick and mortar ones. If you were to start an online business as the sole distributor of wholesale X item in a niche space, you'd kill it if you cornered the market. My friend that's making 5 figures is in a very niche market, but there's still tons of potential.
The best businesses are the ones with recurring monthly income (in a niche service).. subscription. He has approx. 150 users that pay a monthly fee of 60 or 100 dollars, and this accounts for about 11-15k residual. Lots to think about. He runs a niche website builder if you're curious. He made one framework for professionals that need to have an online presence, has customized it for easy building, charges less than competitors for a superior product, outsources the website development and has 2 or 3 employees. He's on track to make 350k this year.
Sometimes you just have to think inside the box.
With all due respect. You sound smart and driven, but go make something happen first then lecture.
The failure rate for a SaaS or brick and mortar is very, very high. It's not a safer choice to go that route. You can be a millionaire from anything, depends on how you run it. Now that we're namedropping I also know affiliate marketer millionaires from running shitty Facebook ads to dating offers. Or guys who just make simple sites and rank them in Google. All depends on how good you are.
That being said, this is also where I see myself in 10 years, selling a SaaS or digital product.
Again, I think you severely underestimate what actually running a business is like.