Business insight from Russell Brunson

[intelliot]

Here's an interesting article about turning a hobby into a business, from the Salt lake Tribune. The person sharing in the article is Russell Bunson, an online marketer who founded DotComSecrets. He's a former wrestler and is now based in Boise, Idaho. He will be speaking at BYU (Brigham Young University) at 4 PM today. It's a free seminar about how your hobbies can be used to make money. If you happen to be in the area, it'll be staged in the Joseph F. Smith Building.

What types of hobbies can you turn into an online business?

I've seen people start successful businesses from what they already loved to do. I know a stay-at-home mom who is good with Photoshop. She turned that talent into a product that she sells online. There's also a dentist who makes a fortune selling his product online, teaching other dentists how to get more clients. But there are three questions you should ask yourself before marketing a new product:
* Are you passionate about your hobby?
* Are there other people in the world who are also excited?
* Is there a way you can turn your knowledge into a product that would solve a common need or want?

How does one get started?

After figuring out what your passion is and where and how people with similar interests spend their time, you need to create a product to help them enjoy that passion even more. For example, if you love golf, you can create an e-book on "How to Lower Your Golf Score in 30 Days." Also, today's consumer is all about convenience and quality. Offering high-quality, even personalized products online is ideal for today's busy society. No waiting in line at the store or fighting traffic. Your customers can shop from the convenience of their own home for your products.
Before the Internet, it was very difficult for niche companies to survive. What makes the Internet so powerful is that people from around the world can congregate in message boards and forums, based on their niche. What used to be only 10 people in your local area might end up being 35,000 around the world interested in your product or service. This makes it very easy to find your target market, and to get your advertising in front of them.

What's most important in terms of Internet savvy that a start-up business owner must know?

First, learn how to outsource to others projects at which you are not skilled. There is a lot that goes into a successful online business - and you can't be an expert at everything. It is important to learn to manage your time so that you are working on what actually makes you money. That's not building a Web site, answering customer-support questions or creating products. You can find people who already have these skills to do this work for you. As the owner, your time is better spent marketing, so you need to know how to market and sell an idea. I used to sign up for every direct-mail list I could just so I could get junk mail. I studied every offer and called a lot of the 1-800 numbers so I could learn what other businesses were doing to get people to buy.

Business Insight - Salt Lake Tribune