Recently a friend asked me for some advice about building an online business. Essentially, he has invested some time building contacts in a particular field and has developed some unique content. He is looking to find a way to build a business based on what he currently has. There is already one website out there that is similar to what he is thinking of building although he would not be using the same business model. One thing he wanted to know was how much it might cost to build something similar.
To give him a ballpark figure is not hard. But at this point I think it’s the wrong question to ask.
He is struggling to identify how he will make money. He has a family and little free time. He wants to make sure he is investing in something that has a good chance of making money.
Reading books on business doesn’t make me any more of a businessman than reading books on surgery would make me a surgeon. Still, I have a little experience when it comes to online business so I felt comfortable sharing my thoughts. We had a few discussions and then I wrote him this email: Continue Reading…