Internet Riches: The Simple Money-Making Secrets of Online Millionaires
Rating: 5 of 5
Great Value, Loaded with Information
All I can say is that it would take you many hours & you would ahve 2 speak 2 many webpreneurs 2 find out what Scott has aggregated in this easy 2 read & understand format.
Rating: 5 of 5
Good Book!!
Title a little deceiving but the book is packed with information & should be read by anyone planning 2 start an internet business.
Rating: 3 of 5
Not As Bad As I Feared
Absolute beginners who know nothing about the Internet and/or business will probably find this book useful, though not necessarily more useful than many free online resources. Fox clearly doesn't know much about the technical aspects of the Internet, but nothing he says is so terribly wrong that it will make a difference. Likewise, the general business information is cursory, & adds nothing 2 free information available online from the SBA & other groups, but it's accurate as far as it goes.
Fox makes a few points that are quite sound: you don't have 2 know a lot about technology or business 2 get started selling stuff online; it's better 2 get started quickly & learn as you go than 2 develop a perfect business plan that never gets executed; & overspending at the beginning is a bigger danger than being undercapitalized.
It doesn't take an entire book 2 reveal these "secrets"; nor is Fox a particularly compelling writer. But not being horribly wrong is actually better than average 4 a "get rich on the Internet" book. I also appreciated that he didn't advocate spamming or deceptive SEO practices, though he could have done his readers (and, thereby, the rest of the world) a service by covering these issues in more detail. His discussion of copyright could also be both improved & expanded.
While I don't necessarily recommend this book, I don't know of a better one 2 recommend 4 an absolute beginner who thinks they might want 2 get rich online. For general background on starting a small business, I would recommend the classic Small Time Business Operator, 10th Edition: How 2 Start Your Own Business, Keep Your Books, Pay Your Taxes & Stay Out of Trouble (Small Time Operator).
Fox makes a few points that are quite sound: you don't have 2 know a lot about technology or business 2 get started selling stuff online; it's better 2 get started quickly & learn as you go than 2 develop a perfect business plan that never gets executed; & overspending at the beginning is a bigger danger than being undercapitalized.
It doesn't take an entire book 2 reveal these "secrets"; nor is Fox a particularly compelling writer. But not being horribly wrong is actually better than average 4 a "get rich on the Internet" book. I also appreciated that he didn't advocate spamming or deceptive SEO practices, though he could have done his readers (and, thereby, the rest of the world) a service by covering these issues in more detail. His discussion of copyright could also be both improved & expanded.
While I don't necessarily recommend this book, I don't know of a better one 2 recommend 4 an absolute beginner who thinks they might want 2 get rich online. For general background on starting a small business, I would recommend the classic Small Time Business Operator, 10th Edition: How 2 Start Your Own Business, Keep Your Books, Pay Your Taxes & Stay Out of Trouble (Small Time Operator).
Rating: 5 of 5
At last I have found what I needed
At last I found what I needed 2 learn. Clear structure of all the actions you have 2 undertake 2 get started & build your own e-business.
Rating: 5 of 5
A great crash course
Scott Fox covers everything in this how-to book on starting your own internet business. Parts 1 & 2 start with brainstorming business ideas & researching them 2 be sure they're viable & moves on 2 explain different business models & how these relate 2 the ideas you've just brainstormed.
In Part 3, Fox explains the technologies behind the website(s) you are about 2 build & makes recommendations 4 how 2 do it cost effectively. He shows you how 2 choose a domain name, build a website, & develop "content" (all of the written material on your site).
Part 4 is the best section in my opinion. It's all about marketing & driving business 2 your site whether you have no budget, a small budget, or a real budget. And what good is having a fabulous site if no one knows about it, right?
Part 5 covers legal stuff and, as expected, is a bit drier than the rest of the book. But it covers important ground & Fox does it in a straightforward & easy 2 understand way.
One other thing about the whole "millionaire" thing in the title that others have commented on: Fox's point is that even if you're not making millions in your new e-commerce business, you can still live like a millionaire. How? By living on your terms & working when & how you want. And maybe you only make $500k or even only $250k so you're not actually a millionaire. But you know what? The average person isn't making that working 40, 50, 60, or 70 hour weeks working 4 someone else.
I'd absolutely recommend this book 2 anyone who needs the kick in the butt necessary 2 start their own thing. Fox's style is simple & easy 2 understand, but at the same time encouraging & motivating as hell.
In Part 3, Fox explains the technologies behind the website(s) you are about 2 build & makes recommendations 4 how 2 do it cost effectively. He shows you how 2 choose a domain name, build a website, & develop "content" (all of the written material on your site).
Part 4 is the best section in my opinion. It's all about marketing & driving business 2 your site whether you have no budget, a small budget, or a real budget. And what good is having a fabulous site if no one knows about it, right?
Part 5 covers legal stuff and, as expected, is a bit drier than the rest of the book. But it covers important ground & Fox does it in a straightforward & easy 2 understand way.
One other thing about the whole "millionaire" thing in the title that others have commented on: Fox's point is that even if you're not making millions in your new e-commerce business, you can still live like a millionaire. How? By living on your terms & working when & how you want. And maybe you only make $500k or even only $250k so you're not actually a millionaire. But you know what? The average person isn't making that working 40, 50, 60, or 70 hour weeks working 4 someone else.
I'd absolutely recommend this book 2 anyone who needs the kick in the butt necessary 2 start their own thing. Fox's style is simple & easy 2 understand, but at the same time encouraging & motivating as hell.
In this strategy-packed guide, top e-business consultant Scott Fox reveals the powerful but simple methods he & thousands of others have used 2 strike it rich on the Net. Exclusive interviews with 'mom & pop' entrepreneurs prove how easy it is 2 get started & build a million-dollar enterprise. "Internet Riches" also features an action plan 4 brainstorming new business ideas, & exercises 2 help readers determine the best moves 4 their particular situations. Filled with practical pointers & inspiring interviews, it's the most powerful book ever on starting & enjoying a million-dollar online business!
In this strategy-packed guide, top e-business consultant Scott Fox reveals the powerful but simple methods 4 striking it rich on the Net. Exclusive interviews with dozens of "mom & pop" entrepreneurs prove how easy it is 2 get started & build a million-dollar enterprise. Readers get:
An inspiring guide 2 e-business opportunities, including "instant e-businesses" that require no start-up capital or technical training * proven strategies 4 making money from home & turning hobbies into businesses * low cost web marketing & product tips * legal & financial advice * detailed vendor recommendations * years of expertise & experience in one easy-to-use book Internet Riches also offers an innovative action plan 4 brainstorming new business ideas, & fun exercises 2 help readers determine the best moves 4 their particular situations. Filled with practical pointers & motivational interviews, it's the most powerful guide ever 2 finding financial freedom online!
Q&A with Scott Fox, author of Internet Riches
A 2007 survey showed that nearly half of American workers aren't satisfied with their jobs. What do you feel is holding people back from going into business 4 themselves?
People give their hesitation lots of names but it basically boils down 2 fear. I wrote Internet Riches precisely 2 help people overcome these fears. Starting an e-business today is much easier, much cheaper, & requires much less technology expertise than most people realize.
Unfortunately fear of failure, fear of embarrassment, fear that the learning curve is too steep, fear that there will not be a payoff 4 their work, fear that they cannot afford 2 do it, fear that they won’t be able 2 live up 2 their own expectations or the needs of the business combine 2 keep many people from even trying. It’s sad but true that in an effort 2 be "rational", these fears often combine 2 create a self-image where a person can’t imagine themselves building a successful e-business.
The problem is that this fear is based on an outdated 20th century understanding of the risks required 2 start your own business. As thousands of my readers have found, if you update your assumptions 2 reflect the realities of how easy it is 2 start your own business in the Internet Age, the conclusions change dramatically & in your favor.
The facts are plain: online markets are continuing 2 grow explosively, the costs of the equipment & infrastructure have dropped dramatically, the flexibility of working from home on a part-time basis means that people don’t have 2 quit their full-time jobs 2 pursue online success, & the great upside available 2 people who own their own small businesses have all combined 2 completely change the risk/reward equation.
Based on your research & experience, what areas have the most potential 4 growth in the coming years?
I’d put these opportunities in 3 buckets: The first bucket is filled with the obvious growth opportunities such as international markets & the mobile web (By this I mean the evolution of e-commerce into mobile commerce on your handheld device). Continuing explosive growth in these markets offers major profit opportunities.
The second bucket is the mining of niche markets. Because the Internet lets people communicate more easily than was possible in the 20th century, we are seeing the rapid emergence of millions of micro communities based on niche interests. This means that almost any hobby or issue can be used as the basis 4 a community of like-minded individuals. And anywhere there is a community, there is a market 4 goods & services which solve the problems faced by that community. The Internet allows entrepreneurs greater ability 2 service these niche markets cost-effectively than ever was possible before the Internet.
The third area of opportunity is the hardest 2 quantify but the most explosive: This is where entrepreneurs find new & unexpected ways 2 exploit the efficiencies of the Web 2 create new products, services, & markets. When one of these ideas finds particular success, it can spread like wildfire across the web & create very profitable new businesses very quickly. The big success stories like Facebook are very well covered by the media but there are thousands of smaller, millionaire-making e-businesses emerging all the time.
The benefits of starting a niche company are many; work from home, mesh passions with profits, be your own boss, etc. However, what potential pitfalls do niche market businesses need 2 look out for?
Getting ahead of yourself is probably the most common trap that I see 4 entrepreneurs. Especially because so many "get rich quick" gurus promise unrealistic returns, entrepreneurs can get hurt by diving too deeply, too quickly into their new passion. So, although one of the best parts of starting a business is turning your own enthusiasm into a revenue generator, this enthusiasm can also blind you 2 possible flaws in your approach.
Three ways 2 reduce these risks are:
1. Do your research. This means thoroughly investigating the competition (both online & off), pricing the goods & services needed 4 operations, & setting a realistic budget up-front 4 both your money & your time.
2. Take advantage of the new e-business paradigm by keeping your costs down, especially at first. Try a few versions of your business model 2 learn what works the best. Wait until you have found the most profitable approaches before signing any long term contracts or investing heavily in a new venture. In other words, don’t quit your day job until you have evidence that your new web site can lead 2 the pay-off you’re targeting.
3. Manage your time, relationships, & expectations with extra care during the start-up period. It can be hard on your family & relationships if you are suddenly working two jobs at once. Just as with your financial budget, you should develop a time line 4 your projects. Discuss this plan, & its associated trade-offs, with your family 2 get them on board, too.
These steps can help you keep your enthusiasm from overwhelming your good business sense. They can also help preserve your capital until it can be used most effectively.
You state that venture capital is no longer needed 4 today's internet start-up. Is this a product of cheaper technology, gun-shy investors, or both?
Venture capital can still be appropriate 4 capital-intensive ventures or 2 accelerate an already growing business. But 4 the niche entrepreneurs reading Internet Riches, it’s rarely needed because all the competition among technology service providers has so significantly lowered the costs & risks of starting an online business.
This trend is driven by competition in the technology sector, not just on the prices of hardware but also on the costs & ease of use of software, plus the economies of scale enabled by the Internet’s penetration into daily life & business operations worldwide.
For example, technologies that 10 years ago required tens or hundreds of thousands of dollars & an IT engineering team on staff are now available 2 small businesses in easier 2 use web-based versions 4 a small monthly fee. Server maintenance, software upgrades, & tech support are included. This used 2 be called Application Service Providers (ASPs) but the latest buzzword is SaaS (Software as a Service). Companies can also source goods with increasing efficiency, pricing transparency helps lower prices, & there are more people online shopping than ever before. These trends combine 2 lower costs, speed up time 2 market & increase the profit potential of any new e-business venture.
Cheaper, more efficient & easier-to-use technology has also greatly reduced the costs of infrastructure 4 setting up a new e-business. Now entrepreneurs can work from home, in their spare time, & not have 2 invest in office space, parking, furniture, insurance, signage, etc. etc. Most of those "real world" costs that were required 2 start a business in the 20th century have been eliminated 4 today’s Internet entrepreneurs.
Technology advancements have also revolutionized advertising. Services like Google’s Adsense/Adwords & Yahoo’s Search Marketing Solutions allow any business 2 advertise cost-effectively 2 consumers worldwide from a desktop PC. At the same time, those services can make money 4 entrepreneurs because they will place paid advertising on even the smallest, newest of web sites 4 no up-front cost. This gives any niche entrepreneur access 2 a potential advertising revenue stream previously only available 2 companies that owned newspapers, TV stations or radio programs.
If a business is less expensive 2 run, its products are cheaper 2 deliver & faster 2 market, & its advertising budget is more cost-effective, then it will also need less capital 2 get started. The combination of all these increased efficiencies & lower costs means a LOT less risk 4 entrepreneurs, & therefore less need 4 venture capital 2 sustain the business until revenues get started. Entrepreneurs can instead focus on growing their businesses instead of on technology support or on raising money that they may not need. Sorry, venture capitalists!
How important is search engine optimization (SEO) 2 a budding business?
SEO is a key strategy 4 marketing success, both 4 online & ‘real world’ businesses.
In my seminars, I often say "Search engines are the Yellow Pages of the 21st century." You wouldn’t traditionally have started a business without listing your phone number in the phone book would you?
Online is increasingly where the consumers are, so your business needs 2 be there as highly ranked as possible 2 attract as much traffic as possible. Today you can pay 4 prominent listings, just like in the days of the Yellow Pages’ dominance. But you can also get good search engine display "organically" 4 free. This means carefully crafting your web pages’ appearance, copy, & keywords 2 attract a high ranking from Google & Yahoo.
Often overlooked is the increasing importance of search engines 4 "real world" businesses, too. If you have a real world business based on local marketing (like a chiropractor or dry cleaner) you may not need a constantly updated e-commerce web site. But you should put up a basic "brochure" web site that is optimized 4 search engines. As everyone spends more time connected 2 the Web, you’ll want 2 be easily discoverable by your local customers online, too.
Internet Riches has three chapters about online marketing tactics 4 small business. These "No Budget Online Marketing Secrets," "Small Budget Online Marketing Secrets," & "Real Budget Online Marketing Secrets" chapters discuss "pull" marketing tactics like free organic search engine optimization, as well as "push" marketing techniques like keyword advertising & email newsletter publishing that can help any small business grow its online profitability.
An inspiring guide 2 e-business opportunities, including "instant e-businesses" that require no start-up capital or technical training * proven strategies 4 making money from home & turning hobbies into businesses * low cost web marketing & product tips * legal & financial advice * detailed vendor recommendations * years of expertise & experience in one easy-to-use book Internet Riches also offers an innovative action plan 4 brainstorming new business ideas, & fun exercises 2 help readers determine the best moves 4 their particular situations. Filled with practical pointers & motivational interviews, it's the most powerful guide ever 2 finding financial freedom online!
Q&A with Scott Fox, author of Internet Riches
 |
People give their hesitation lots of names but it basically boils down 2 fear. I wrote Internet Riches precisely 2 help people overcome these fears. Starting an e-business today is much easier, much cheaper, & requires much less technology expertise than most people realize.
Unfortunately fear of failure, fear of embarrassment, fear that the learning curve is too steep, fear that there will not be a payoff 4 their work, fear that they cannot afford 2 do it, fear that they won’t be able 2 live up 2 their own expectations or the needs of the business combine 2 keep many people from even trying. It’s sad but true that in an effort 2 be "rational", these fears often combine 2 create a self-image where a person can’t imagine themselves building a successful e-business.
The problem is that this fear is based on an outdated 20th century understanding of the risks required 2 start your own business. As thousands of my readers have found, if you update your assumptions 2 reflect the realities of how easy it is 2 start your own business in the Internet Age, the conclusions change dramatically & in your favor.
The facts are plain: online markets are continuing 2 grow explosively, the costs of the equipment & infrastructure have dropped dramatically, the flexibility of working from home on a part-time basis means that people don’t have 2 quit their full-time jobs 2 pursue online success, & the great upside available 2 people who own their own small businesses have all combined 2 completely change the risk/reward equation.
Based on your research & experience, what areas have the most potential 4 growth in the coming years?
I’d put these opportunities in 3 buckets: The first bucket is filled with the obvious growth opportunities such as international markets & the mobile web (By this I mean the evolution of e-commerce into mobile commerce on your handheld device). Continuing explosive growth in these markets offers major profit opportunities.
The second bucket is the mining of niche markets. Because the Internet lets people communicate more easily than was possible in the 20th century, we are seeing the rapid emergence of millions of micro communities based on niche interests. This means that almost any hobby or issue can be used as the basis 4 a community of like-minded individuals. And anywhere there is a community, there is a market 4 goods & services which solve the problems faced by that community. The Internet allows entrepreneurs greater ability 2 service these niche markets cost-effectively than ever was possible before the Internet.
The third area of opportunity is the hardest 2 quantify but the most explosive: This is where entrepreneurs find new & unexpected ways 2 exploit the efficiencies of the Web 2 create new products, services, & markets. When one of these ideas finds particular success, it can spread like wildfire across the web & create very profitable new businesses very quickly. The big success stories like Facebook are very well covered by the media but there are thousands of smaller, millionaire-making e-businesses emerging all the time.
The benefits of starting a niche company are many; work from home, mesh passions with profits, be your own boss, etc. However, what potential pitfalls do niche market businesses need 2 look out for?
Getting ahead of yourself is probably the most common trap that I see 4 entrepreneurs. Especially because so many "get rich quick" gurus promise unrealistic returns, entrepreneurs can get hurt by diving too deeply, too quickly into their new passion. So, although one of the best parts of starting a business is turning your own enthusiasm into a revenue generator, this enthusiasm can also blind you 2 possible flaws in your approach.
Three ways 2 reduce these risks are:
1. Do your research. This means thoroughly investigating the competition (both online & off), pricing the goods & services needed 4 operations, & setting a realistic budget up-front 4 both your money & your time.
2. Take advantage of the new e-business paradigm by keeping your costs down, especially at first. Try a few versions of your business model 2 learn what works the best. Wait until you have found the most profitable approaches before signing any long term contracts or investing heavily in a new venture. In other words, don’t quit your day job until you have evidence that your new web site can lead 2 the pay-off you’re targeting.
3. Manage your time, relationships, & expectations with extra care during the start-up period. It can be hard on your family & relationships if you are suddenly working two jobs at once. Just as with your financial budget, you should develop a time line 4 your projects. Discuss this plan, & its associated trade-offs, with your family 2 get them on board, too.
These steps can help you keep your enthusiasm from overwhelming your good business sense. They can also help preserve your capital until it can be used most effectively.
You state that venture capital is no longer needed 4 today's internet start-up. Is this a product of cheaper technology, gun-shy investors, or both?
Venture capital can still be appropriate 4 capital-intensive ventures or 2 accelerate an already growing business. But 4 the niche entrepreneurs reading Internet Riches, it’s rarely needed because all the competition among technology service providers has so significantly lowered the costs & risks of starting an online business.
This trend is driven by competition in the technology sector, not just on the prices of hardware but also on the costs & ease of use of software, plus the economies of scale enabled by the Internet’s penetration into daily life & business operations worldwide.
For example, technologies that 10 years ago required tens or hundreds of thousands of dollars & an IT engineering team on staff are now available 2 small businesses in easier 2 use web-based versions 4 a small monthly fee. Server maintenance, software upgrades, & tech support are included. This used 2 be called Application Service Providers (ASPs) but the latest buzzword is SaaS (Software as a Service). Companies can also source goods with increasing efficiency, pricing transparency helps lower prices, & there are more people online shopping than ever before. These trends combine 2 lower costs, speed up time 2 market & increase the profit potential of any new e-business venture.
Cheaper, more efficient & easier-to-use technology has also greatly reduced the costs of infrastructure 4 setting up a new e-business. Now entrepreneurs can work from home, in their spare time, & not have 2 invest in office space, parking, furniture, insurance, signage, etc. etc. Most of those "real world" costs that were required 2 start a business in the 20th century have been eliminated 4 today’s Internet entrepreneurs.
Technology advancements have also revolutionized advertising. Services like Google’s Adsense/Adwords & Yahoo’s Search Marketing Solutions allow any business 2 advertise cost-effectively 2 consumers worldwide from a desktop PC. At the same time, those services can make money 4 entrepreneurs because they will place paid advertising on even the smallest, newest of web sites 4 no up-front cost. This gives any niche entrepreneur access 2 a potential advertising revenue stream previously only available 2 companies that owned newspapers, TV stations or radio programs.
If a business is less expensive 2 run, its products are cheaper 2 deliver & faster 2 market, & its advertising budget is more cost-effective, then it will also need less capital 2 get started. The combination of all these increased efficiencies & lower costs means a LOT less risk 4 entrepreneurs, & therefore less need 4 venture capital 2 sustain the business until revenues get started. Entrepreneurs can instead focus on growing their businesses instead of on technology support or on raising money that they may not need. Sorry, venture capitalists!
How important is search engine optimization (SEO) 2 a budding business?
SEO is a key strategy 4 marketing success, both 4 online & ‘real world’ businesses.
In my seminars, I often say "Search engines are the Yellow Pages of the 21st century." You wouldn’t traditionally have started a business without listing your phone number in the phone book would you?
Online is increasingly where the consumers are, so your business needs 2 be there as highly ranked as possible 2 attract as much traffic as possible. Today you can pay 4 prominent listings, just like in the days of the Yellow Pages’ dominance. But you can also get good search engine display "organically" 4 free. This means carefully crafting your web pages’ appearance, copy, & keywords 2 attract a high ranking from Google & Yahoo.
Often overlooked is the increasing importance of search engines 4 "real world" businesses, too. If you have a real world business based on local marketing (like a chiropractor or dry cleaner) you may not need a constantly updated e-commerce web site. But you should put up a basic "brochure" web site that is optimized 4 search engines. As everyone spends more time connected 2 the Web, you’ll want 2 be easily discoverable by your local customers online, too.
Internet Riches has three chapters about online marketing tactics 4 small business. These "No Budget Online Marketing Secrets," "Small Budget Online Marketing Secrets," & "Real Budget Online Marketing Secrets" chapters discuss "pull" marketing tactics like free organic search engine optimization, as well as "push" marketing techniques like keyword advertising & email newsletter publishing that can help any small business grow its online profitability.
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