The best college degree for an online business?
It certainly isn’t an Exercise Physiology degree, I’ll tell you that much…although that’s what I have.
And it’s not a business degree either (after all, my mentor Michael Masterson never took a class in business).
Nope, the best college degree for an online business will surprise you.
That said, a college degree is not necessary for online success. I know several multi-millionaires who didn’t graduate or even attend college.
I’ll reveal the best degree below…but first:
Q: Craig, I’ve been studying and planning my online business for some time now, and I intended on starting an information-based business.
However, I had an opportunity arise to purchase an online physical product-based business that was irresistible, so I took it, and my wife and I are working towards the acquisition of a physical product-based business that has been around since 1997, and already has 10,000 customers.
Needless to say, I’m pretty excited.
My question is this: Can you guide me towards finding helpful information on addressing the differences between product-based business vs. an info based business? Most of the information I have purchased is geared towards the info-based businesses.
Keep up the good work at ETR. I have thoroughly enjoyed your insights since you took over the editor position. Thank you for quality content. – Kerry
Answer: Hi Kerry,
Thanks so much for the letter and kind words.
The great news is that the differences are few.
You still need a BIG idea that separates you from your competitors. You need sales copy that converts. You need a good upsell and cross-sell system in place to increase your
average transaction size. You need to consistently contact your customers with content – for relationship building – and to make new offers to increase long-term customer value.
And you need great customer service.
It’s all the same – info or hard copy.
Q: I’ve just subscribed to your Financial Independence Monthly newsletter today and am ensconced in the material. I’ve just finished the November 2011 issue and am about to start watching the 2nd and 3rd videos from the American Dream series.
As I understand it so far, your program helps me to take something that I am either very good at or passionate about and parlay it into a marketable product or service that I can
sell on the internet.
You took your passion and experience in the fitness industry and turned that into a business, which of course makes a lot of sense since there it is a relatively obvious and tangible enough service with a huge domestic and international market.
But I’m having a bit of trouble coming up with something that is as obvious or as tangible that I can turn into a business.
My background is in writing. I have an English degree from the University of Wisconsin, from which I have gained little more than monthly student loan payments, and although I do enjoy writing, particularly screenwriting, I’m not sure I’m passionate enough about any type of writing to parlay it into a business.
Even if I was, I really am not sure what kind of product or service I could provide with it that could realistically be parleyed into a profitable, marketable internet venture.
The things I am most passionate about are movies and high-end luxury performance cars, but even those I don’t have much first-hand experience in. But those are definitely the two things that have become stuck in my head as the things that I am excited enough about to see myself turning into a business.
That’s really about it, at least in terms of something that has potential as some kind of internet commodity. Which brings me back to the reason I’m writing to you guys today
– how do I pour the molten silver of what I’m most passionate about into the mold that you guys are providing with your program?
In other words, how do I take that “one thing” (to quote Jack Palance in ‘City Slickers’) and turn it into an internet business if it isn’t something as tangible and obvious as
something like fitness?
Again, this might be premature but I felt compelled to ask anyway. Plus it gives me an opportunity to introduce myself to you guys via email and hopefully get some semblance of a personal response in order to establish the foundation of our working relationship.
Thanks in advance for your help guys! I’m looking forward to hearing from you soon. – Aaron
Answer: Aaron, thanks for your feedback and I have great news for you.
There is an incredible amount of opportunity available online for writers, because most people struggle with writing.
The ultimate way to make money online as a writer is by becoming a copywriter. I highly recommend a simple book to get started (not a high priced copy course) called, “Architecture of Persuasion” by Michael Masterson.
Even if you don’t want to be a “copywriter”, you’ll still need to know this stuff for when you find something to sell.
Let’s start there…it will probably give you lots of ideas.
More good news…there is a lot of opportunity opening up on selling e-books through Amazon. Stay tuned for a special report on that soon in a future edition of FIM.
Bottom line: You are in a tremendous position to carve out a career – and a great paying one at that – with your skills.
Surprisingly, an English degree might be the BEST college degree for Internet Marketing.
Keep looking around online for ideas, get that book, practice your writing, learn more about sales copy, and you’ll soon be on your way.
You have a skill that most successful marketers struggle with – the ability to write. You’re going to be very happy with your choice of college degrees in the future, trust me.
Q: I have been a long time reader of yours, and have several subscriptions. I really appreciate your insight and tips about making money online and becoming successful on the internet.
I am sure the internet will provide many financial opportunities in the next ten years.
I’m new to the internet marketing process, and one thing I note is there are a lot of marketers hyping the latest, greatest thing to get rich overnight using their product or
service or secret. Mentoring/coaching programs are really being pushed today.
This brings me to my question for you. What possible return can I get for $10,000 paid to ‘coaching’ better than I can get for putting $10,000 into my online business?
I haven’t put much money into my online business yet in five months except for the basic things like hosting, domain name purchase, an autoresponder, and occasional purchases of a new program to use in marketing or a new biz op to join. I await your reply. – William
Answer: Hi William, great to hear from you, and thank you for your question.
Here’s the difference between investing the money into your business versus into coaching.
First, I would NOT recommend investing $10,000 into a website.
You want to BOOTSTRAP your online business, using simple, yet effective, low-cost web design, and you don’t want to buy any media unless you are tracking it – and even then you want to start small (i.e. $50 per day at most).
So there’s not really any $10,000 investments to make into the actual website business systems.
On the other hand, a $10,000 investment in coaching is something that I have PERSONALLY done while still following the website building “bootstrapping” guidelines above.
Up until 2007 I hadn’t spent more than $1500 on any web service or web design. But in March of 2007 I invested $13,500 in Yanik Silver’s Mastermind Coaching group. It was absolutely worth it, because Yanik was a Grade A coach.
It made a huge difference, PLUS it introduced me to many other ambitious, positive, keen business owners.
There was definitely a positive ROI from going with coaching.
It got me to my goals much faster than I could have on my own.
I hope that answers your question and I’m happy to answer any
follow up questions.
And finally, some feedback on our 1-Day ETR Implementation Day event held after Underground 8.
“Dearest Craig and ALL,
Do you have ANY idea how incredible you all are? I mean it.
I was introduced to Craig by Mary Ellen Tribby (a link). I bit–hook, line, and sinker, on Craig and his style of writing.
He was writing to me!
Well, in February, Craig wrote a (personal, of course–NOT) email to me saying something like I know something about you… and I know you like me–a lot. Dang! How did he know? And I want you to do this… which, of course, I did. I signed up for Underground 8 and for Craig’s bonus course.
I didn’t even flinch.
Probably had been reading his emails for a month, at most. I was happy. I trusted him as though I’d known him forever. (I am NOT usually THAT EASY)!
I came to Yanik’s course. Learned a lot…loved Brendon Burchard’s
talk, but then I’m one of his students.
Then I came to Early To Rise. And everything came together with such simplicity and ease. I left that one day with more clarity than I’d had before I arrived on the prior Wednesday, and I am so grateful that I stayed for the one event I really wanted: The ETR day.
Everyone was calm and relaxed and centered… and everyone got so much done.
I left with more SOLID, internal confidence and energy– everything came together.
Hope you all read/hear/feel something in my words. I am truly grateful to every one of you.
Much love & thanks,
Answer: Kim, Thank you, thank you, THANK YOU.
That means so much to me (and to Matt as well).
This literally is my life’s work, and it’s great to know that our audience appreciated it, and that great people like you are taking action and have that clarity they need to succeed and prosper.
Are we going to do another event like the ETR Implementation Bonus Day?
Well, not anytime soon.
Our next event is an advanced 2-day Mastermind Coaching session that will be held in Denver, Colorado, on March 30/31.
It’s only a few weeks away and there are only THREE spots left.
See you in Denver for another life-changing ETR day with me and Matt.