The recent economic downturn has changed the way we have traditionally looked at our incomes. Till the economy was doing well, we’d think that our jobs were secure for life, and when we’d retire we’d have a big fat retirement fund that we could spend our retired lives comfortably with. And then the recession happened and changed everything. People got laid off of their many years of employment and the retirement funds took a nosedive, eroding in value. The dreams crashed. But the gloomy job market and insecurity of the future brought along a silver lining—the entrepreneurial streak in people. Suddenly, more and more people started looking at alternatives to make money, and the internet become one such resource for a stable income, limited only by people’s imagination and the amount of work they put in.
Adam Ginsberg, the pioneering internet entrepreneur and eBay top seller is now a coach and mentor to thousands of people who have turned to the internet to earn a comfortable living for themselves. Here are three top tips from Adam for all those who are considering the internet to either set up a new venture or to supplement their existing income with some extra cash on the web.
The internet, as resourceful as it is, is also high on competition, and you’d often see hundreds of websites offering similar products or services. Therefore, the first thing for you to do is to choose your niche before you jump in. Even if your idea has competition on the web, you could still be creative and add your individuality to it, thus making it unique.
Once you’ve had an idea and you decide to sell it on the web, don’t jump in without knowing what your competition’s doing. Adam Ginsberg cannot stress enough on the importance of research when starting a new venture. It’s always good to understand what your prospective customers are buying and what are they’re looking for before you start selling to them. Understanding customer needs will save you a lot of effort in promoting your goods on the internet.
Once you’ve decided to start anew internet venture, invest some time and money in getting at least some basic education on how the internet works, how to set up your online store, about e-commerce, payment platforms, etc. There is so much that goes into setting up an internet venture, and without education, you’d feel like a babe in the woods.