Online Business Update (OBU) 1

I have to admit, this isn’t the easiest.

I also have to admit, that I am getting a little discouraged.

When you decide that you are going to start an online business, you need to decide exactly how you are going to make the big bucks. A few options to getting yourself up and running are:

  1. Create a product – basically invent something new
  2. Become an expert- doing this opens up being able to create your own product (ie. ebook, cds, audios, etc)
  3. Sell a product that’s already made- buying wholesale and reselling at retail

All 3 of these ways also have one key determining factor and that is: finding the niche market to sell in.

This my friends, is where I am struggling the most. You need to be able to find the market you want to sell in, before you can even begin to think about what the actual product / service will be.

The most common advice out there to begin brainstorming is: “what are your hobbies and interests?” This questions is important to some degree because you want to believe in your product and what you are selling. So, starting with things you are already interested in, is a great start, but then how do you whittle it down to a niche?

Here are my hobbies and interests:

  • Meditation / Spirituality  / Enlightenment
  • Exercise / Fitness
  • Traveling / Nature / Outdoors
  • Pandas / Animals
  • STS9 (the best band to ever hit my ears)
  • Love and Relationships
  • Making money and living the life I desire

Now, researching your potential niche gets wayyyy deeper than this post will.

But so far, I’ve searched numerous keyword phrases, industry competition, and google page rankings- all which have told me that my hobbies and interests have way to much competition out there.

I’ve been reading the book 4 hour work week: Escape 9-5, Live Anywhere, and Join the New Rich by Tim Ferris (http://amzn.to/KW5hhc). Tim explains that you need to find a product that can create an automated cash flow. His book is definitely a guide to having the life you want, however, I’ve stopped reading (I’m in the middle of it now) because it gets to a point that if you want to continue reading, you NEED to know what you plan on doing to make money.

Regardless of what is happening, I never plan on giving up my desire to have the life of my dreams and to be able to live life without the limitations of a demanding physically-need-to-be-there job. Even if it takes me forever, I plan on never stopping till I find my life’s passion.

 

*Update*

I originally wrote this sometime last week, but I do have things to update on my progress.

First off, I still have not found my passion, but I did however create an agenda for myself for day-to-day activities.

Here it is:

Blogging

Every week:   Post every Thursday

Write 2 posts / generate new ideas-content

Maintain SoMe networks- FB, Twitter, Tumblr

 

Korean: 2 hrs / day for 1-3 weeks

1 week: 2 hrs of Korean films / dramas

After 3 days+: 10-20 pages of Korean dialogue for 30 min

Weeks 2-3:  30-60 vocab flashcards

Continue: reading phrasebooks for active recall of common phrases for 45 min alternated with 15 min of rest

Continue: with dialogue books and grammar reference checks

 

Travel Agent – I didn’t mention that I am an independent travel agent, however, though this is a legit way to make good money, I have basically only signed up at this point and haven’t really put a lot of effort forth into making this be a career, which is why I am putting this on my list, because it is something I would love to do.

  • Choose specialized area of travel
    • Determine – target audience / vacations to sell
    • Choose which preferred suppliers
      • Globus – vacay pkgs
      • Luxevo – learn about what they do
      • Work towards getting more marketing out there

Even though none of them are niche ideas or anything that I can really automate (at least not until an idea develops from one of them), I feel that this is really helping me take steps towards figuring out my passion.
 
It is tough not knowing where to begin or things to do to at least get closer to knowing, but I do feel that creating day-to-day activities of things you do enjoying helps. It’s a continuous reminder of the things that interest you and I feel that as long as you continue doing things you love already, whether you can make it a career or not, is better than nothing, plus it just makes you happy.
 
Just like this Panda.
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