How to set up a business online and exactly how to pay for it

One of the questions I get asked a lot (even by my brother) is:

It’s OK you saying how wonderful it is to have a location free lifestyle, but *exactly* how do we do it?

Fair enough, that sounds like a challenge! So ….

  1. Learn about the industry

The first thing is just to learn how to market online, what sort of business to open and all the technical stuff.

We don’t get taught about it in school, so you’ve just got to put in the hours to learn it like anything else.

Don’t have the time?  Skip TV/web for an hour a day.  Believe me, it’s worth it.

Where to find the info? Beware of those super courses with hefty price tags.  I’ve spent thousands of dollars on these things and to be honest whilst some of them are quite good-ish, most of them just re-hash stuff you can find for free.

So I’d recommend saving your cash and just investing your time instead.

And where to look?

Well there’s just one site I’d recommend.  It’s run by a part time minister called Darren who just gives really good stuff away for free.  (Partly because he actually makes his money doing other things rather than making his money telling other people how to make money online).  I actually bought a course through his affiliate link this year which would netted him $1000.   What did he do with it?  He gave it away to charity.

So the site you are looking for is: Problogger.net

Yes there is far too much on there.  And yes it will take you ages to read through it all.  But not more than a full season of your favourite TV show. Again, it’s worth it.  “Buy it, read it, do it” as we say. Except of course it’s free, you don’t need to buy it.

(If you also have access to a local library I’d also recommend reading through Think and Grow Rich &  Rich Dad, Poor Dad)

2. What about the start up capital?

Once you’ve learnt all the theory about starting an online business, it’s time to get started on actually making the business.

Again I often hear

But it takes lots of capital to start a business.  Where do I get the start up money?

Well, 20 years ago you would have been right.  If you wanted to start up a taxi firm or a printing company you needed capital and lots of it.

But one of the amazing thing about capitalism these days, whether you love it or hate it,  it’s that you need hardly any money to start a good business.

Shall I tell you how you can get all the money you’ll need to start up?

Drinks.

Yep, drinks.

For just one month give up your favourite tipple. Whether it’s coffee, pop/soda, or alcohol just switch to tap water for one month.  And I can guarantee that in that time you’ll have enough money to start up.  Because really you don’t need much money at all.  All you need is the passion and a website.  Plus the will power to spend the next 30 days learning about how to start a business.

That’s it.

Again it’s all about your world view and whether you really see yourself being location free whilst working online.

If it’s just a “that would be nice” thing, it will be like the Ferrari that you’d like but never get.  Which is fair enough.

Instead make it a definite plan. Make it a part of yourself.  Make your spare time into “learning and doing” time.

There’s every reason in the world you can do this.

It’s nothing hard, it’s just how the world works these days, and I’m surrounded by people doing this all the time.

If you want to be like in the videos on the site, or sunbathing in Japan as I was this afternoon, chuck the TV, check out the sites, down the drinks and get started!

Good luck.

P.S. And if you’re so pressed for time you never watch TV or browse the web, check out my latest video coming soon.

Post Author: Richard

3 thoughts on “How to set up a business online and exactly how to pay for it

    Emilie

    (November 29 - 5:22 am)

    Hi Richard,

    After reading your posts on how to set up a business and making money online, I’m interested in starting my own. I apologize for my ignorance but what exactly do you mean by online business? Do you mean a website or blog that sells product, such as your Genki English CD’s?

    Can pone make money by simply keeping a blog?

    I heard that Youtube pays people whose videos attract a high number of viewers and subscribers. I’m tempted to do this but I don’t know how kind of video to put up. I can’t think of anything I’m a master at so I’m hesitant about posting in Youtube.

    My other concern is, countless number of people have started blogs and uploading videos. Is the market already saturated? I’m so far behind, will anyone even notice my site if I am to start one?

    Could you please give some concrete examples on how to start an online business, what kind of business to start, and how much can a starter expect to earn?

    Sorry for all these ignorant question but I would really appreciate some advice from you! Thank you!

      Richard

      (November 30 - 1:07 am)

      Hi Emilie,

      After reading your posts on how to set up a business and making money online, I’m interested in starting my own. I apologize for my ignorance but what exactly do you mean by online business? Do you mean a website or blog that sells product, such as your Genki English CD’s?

      It’s just like any other business i.e. helping people solve a problem they have (be it needing to be clothed, fed or made happy etc.) and just doing it online instead of a traditional shop, office or store. Selling products or services is one way, but there are many others.

      Can one make money by simply keeping a blog?

      It’s a bit like saying “Can one make money simply by keeping a shop?” Yes, you can indeed. As long as it is something that people are looking for and wanting and that you have a really good product or service.

      I heard that Youtube pays people whose videos attract a high number of viewers and subscribers. I’m tempted to do this but I don’t know how kind of video to put up. I can’t think of anything I’m a master at so I’m hesitant about posting in Youtube.

      The trick with Youtube is that it is all new and success is mostly totally random at the moment. So put lots of videos up about different things and see which ones become popular. If these ones are also profitable then you have the beginnings of a business.

      What things to do videos on? Either two things: 1) How you solved problems that you have had in the past (maybe learning a skill, changing an ink jet cartridge, finding how to use something etc. etc.) or 2) Do it about the questions that people always ask you (do your friends ask how you got the flowers good in your garden, how you did your nails or where you got your clothes? What do they ask you about?)

      My other concern is, countless number of people have started blogs and uploading videos. Is the market already saturated? I’m so far behind, will anyone even notice my site if I am to start one?

      The famous mis-quote about patents is “Everything that can be invented has been invented.” This was said to be written over 100 years ago.

      There’s always something new to be done, or more importantly a new way of doing things. After all no one has yet seen what you can fully do yet.

      The trick though, as you say, is marketing – getting the word out there. So get to the library and get all the books you can on marketing especially every book written by Seth Godin

      Could you please give some concrete examples on how to start an online business, what kind of business to start, and how much can a starter expect to earn?

      Have a look here for some ideas:
      http://www.locationfreelifestyle.com/category/make-money-online/page/2

      Money wise, it all starts from that first $. Once you’ve made that you just keep doing and innovating!

      Sorry for all these ignorant question but I would really appreciate some advice from you! Thank you!

      No worries, it’s always good for me to hear what people are struggling with. It hopefully helps me write things that are more useful!

    Emilie

    (December 4 - 5:16 am)

    Thank you Richard, for taking the time to answer every one of my questions! I appreciate the effort you put into your blogs! Keep up with the great work!

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