I recently documented some of the way i'm doing things now that i've got a few runs on the board and I thought others in the group would benefit from it.
Here is my summary of the fundamentals on How to Build a Profitable Web Business.
1. Find a Hot Passionate Niche Market
Must be Easily targeted group of people2. Find a Product or Service to sell to Niche Market
Must be passionate
Must have a Problem Statement associated with it
Must have money & be Motivated to Spend it
Low to Medium Supply - Can you compete and be profitable?
Can you sell to them more than once?
Must Solve their Problem3. Build a Website that Sells
Must be in demand
Something they 'Want' rather than necessarily 'Need'
Profitable Price Point
Create Massive Value
Or Create a Product?
Obvious what the site it about and who it's for4. Get Traffic (Prospects, Leads & Buyers)
Clear Primary Course of Action
Emotional Elements and Copy
Logical Sales Process
Pay Per Click (Google Adwords etc) is great to start with5. Monitor and Test / Tweak
They are already looking for you (or the problem you solve)
Compliment it later with Organic Search, WEB 2.0 etc.
6. Sell to them again - backend
What are our visitors doing when they get to our website?
What can we test changing to increase conversions?
Approach this in a systematic but simple way
7. Repeat the Cycle with new niche or sub-niche
More cost effective to market to our existing leads and customers
What other products and services do they want?
How can we provide more value?
How can we solve more problems?
The worst number in business is oneCheers, Greg
Multiple small incomes can add up to replace our 'day job' wage