Chris Moreno on Building an Online Business Asset
Oct 12th, 2007 by Martin Lee
Chris Moreno is a regular guy who attends internet marketing seminars just like you and me. He has been self employed for 20 years and has launched, built and sold several businesses.
He believe self-employment is the key to happiness.
Based on his surveys, 90% of the people attending internet marketing seminars can hold an intelligent conversation about internet marketing. They know more than 99% of the people in the world.
10-20% own an asset they can sell for six figures and are earning a living from their internet business.
About 5% of the room are millionaires.
About 50% of the people do not have a website despite attending many seminars and spending a lot of money.
Why?
Chris believes it has all to do with some basic human behaviour.
In certain activities, you learn by being taught by an expert holding our hand and teaching us step by step rather than in a classroom. eg. building a house.
Also, when an expert is teaching, something that is obvious to him might be difficult to execute for a beginner. People remember things that are broken down to their core.
Chris then goes on to give an example of an online asset. His method is focused towards building an ecommerce selling physical products.
- Selling physical products
- Items are dropped shipped
- Everything is outsourced
- 9000 content pages
- 1000 product pages
- Deep linking articles
- Anyone could own this site
- Over $2 million in sales
- Decent margins; exploits long tail
- Many first (and first page) Google results
Setting Up Your Business
- Name your business. The name should imply size, significance. People can tell it’s an online company. You can have many websites in different niches but only one merchant account linked to that company, so the name should be generic.
- Choose a niche market.
- Consider the mind of the buyer. Where will he go to buy such a product?
- Keep it very simple!
- Purchase a domain name.
- Basic keyword research.
- Basic competitive analysis (Google results and marketleap).
- Understand risk versus reward.
- Apply to dropship wholesalers. (worldwidebrands.com, thomasnet.com)
- Price research and verification. (MAP, eBay)
- Affiliate links (commission junction, clickbank)
- Website design and license (ftp, hosting, shopping cart, logo)
- Pay per click campaign (google, yahoo and msn)
- Search engine optimization (title tags, H1)
It doesn’t have to be perfect before you launch it!
Chris Moreno also recommended two books.
The eMyth Revisited by Michael Gerber
- Start a business from day one as if you were going to sell it.
- Use the “Franchise Model”.
- Create systems that anyone can follow.
- Create an asset you can sell, not a job for you.
Rich Dad, Poor Dad by Robert Kiyosaki
- Rich people buy (and build) assets.
- Poor people buy liabilities.
Overall, Chris provided pretty decent content. The only problem was that being the first speaker to talk about internet marketing, many people in the audience would be unfamiliar with many of the terms that he mentioned. It would be better if there was another speaker to introduce basic internet marketing terminology to the general audience before him.
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