How to Make Money Online by Building a Business in a Virtual World

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How to Make Money Online by Building a Business in a Virtual World

The key to making money online is understanding the size of the marketplace and what it takes to compete in a virtual world. When you’re playing World of Warcraft or any of the other popular MMORPG games, there is no “last page“. You never come to the end or completely conquer the game because you’re playing in a “virtual” world – it goes on into infinity. The Internet marketplace is the same concept. If you want to make money online you need to do it by building a business that competes in this never-ending virtual world.

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In some ways, competing in the virtual world is very similar to competing in the brick-and-mortar world. In the brick-and-mortar world you need to have a storefront, you need something to sell and you need to make buyers aware of your existence. All you really need to do is get the word out locally and then provide a good service or product and take care of your customers so they keep coming back. Of course, when competing on the Internet, your website becomes your storefront.

If you’re smart, you’ve chosen a business and a business location with little local competition. Brick-and-mortar business owners understand that not everyone who walks by their store that day is going to come in and buy something. But they also know they can improve those odds if there is a need for their service or product and if there is little or no competition in the area.

The big difference between a brick-and-mortar store and a business in the virtual world is the size of the marketplace. You can clearly define your marketing area in the physical world. It may be your neighborhood, it might be your whole town, it might include visitors and tourists, but you know exactly where your customers are going to come from. You also know there’s a limit to how many people you can expect to physically walk through your door, no matter what you do to attract them, simply because of your physical location.

But it’s impossible to define the size of the Internet Marketplace. You have no physical limitations at all which means two things:

  1. Everyone in the entire world is a potential customer
  2. Every business in the entire world is a potential competitor

If you really stop to think about it, the Internet Marketing arena is frighteningly huge! Every single person on the planet is a potential customer because your storefront is right there on their computer or mobile device. Yet, they also have access to the storefronts of every other business on the planet. And how many of those other businesses are in direct competition with yours? The big question is –

How do you build a successful business in a marketplace as vast as the virtual world of the Internet?

Every successful business person, whether they work online or off, will tell you that the key to their success was diversity. In the online world, that means having multiple websites and income streams.

You know the old saying – Don’t put all of your eggs in one basket? Well, that’s especially true with Internet Marketing. This virtual marketplace changes so rapidly and you have no control over most of those changes. Just look at what happened during the Panda debacle.

But all kinds of changes affect the Internet marketplace – economic conditions, buying habits, seasons, new products, etc. just like the brick-and-mortar world. The difference is, in the virtual marketplace, people aren’t forced to buy from you just because you’re the only business in town. Now they can buy from anyone in the world.

You always have to keep in mind that no matter what product you’re promoting there are only a certain number of people who will ever be interested in buying it. And, on the Web, you have many more competitors, each looking for a piece of that pie. The pie appears to be larger because the world is your marketplace, but it still has a limited number of pieces.

That’s why successful Internet Marketers have more than one website. They have hundreds, or even thousands of niche sites scattered all over the spectrum. And they’re constantly setting up more. In most niches there’s so much competition and the marketplace is so huge that you’re only going to get a very small piece of that pie. So the answer is to make up for it with multiple storefronts or websites.

And that’s the big difference between brick-and-mortar stores and the Internet Marketplace. In the offline world the average person wouldn’t dream of building up a hundred different storefronts, each selling a different product or service. Who has that kind of money? Besides, if you do it right, you can be very successful with one or two stores.

But it costs next to nothing to set up a blog or a website. Think of your websites as virtual sales people. How many more sales would you make if you sent 100 sales people, each with his own product to sell, into that crowded mall, than if you went in by yourself and tried to sell all 100 products at the same time?

You’re always going to have competition. If you build the biggest, best website ever, someone will eventually come along and build something bigger and better and all of your eggs will be spoiled when that basket drops. The key to making money online is to build a diverse business that can compete across the entire virtual world.

When you're learning how to make money online by building a business in a virtual world, you need to understand that the very first step is to create a website. If you want to start your own blog, I have written a step-by-step guide that will show you how to start blogging for money for as little as $3.95 per month (this low price is guaranteed only through my link). You will also receive your own domain name for free ($15 value) by clicking on this link and purchasing at least 12 months of hosting with BlueHost. Keep in mind that if you're learning how to make money online by building a business in a virtual world, the first thing you need is your own self-hosted website. It will help you look more professional in front of your visitors, clients, companies, and everyone else.

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  1. Affmaster

    Very, very astute. I can’t stress enough how impressed I am with this article, this is knowledge that anyone and everyone who is trying to make money online should read. The unlimited capabilities of the world wide web are what make it both beautiful and scary or intimidating. Don’t be daunted, people. If you play your cards right, you can win in the end. You just have to be smart about it.

    1. Mitch

      It absolutely can be daunting and intimidating, but just like if you sit and think really hard about the size of the universe and how earth is only and speck and what does that make you, and you start feeling really insignificant, its the same thing here: Don’t think about it. Just keep doing what you’re doing, and if you stay informed and work hard, you can do anything. The endless possibilities should be exciting, not scary.

    2. Sarah

      I agree!! this article was a phenomenal read!

  2. Liz

    I’m gonna sound soooo stupid, but.. what’s the Panda debacle? For some reason all I think of when I hear that is an awful pun: PANDA-monium haha! Although with all this talk about how big and vast the internet is, I bet I could just look it up :p Great article!

    1. Anon

      You always have the most ridiculous puns. I am amused.

  3. John

    The online and brick-and-mortar business worlds are two completely different things, although if you know about one it can help with the other, as I know from. The basic principles are the same, as stated in the article BUT the key difference is that brick-and-mortar seems to be going out and online is in. Anyone can pay a small fee for a domain name and start a website. Anyone can get a PayPal or similar account. Anyone can start making money online. Whereas a brick-and-mortar takes a lot of money and planning at the onset. Competition online is far more competitive, and the market is unimaginably huge. It’s a whole new ballgame, and these are some great tips to follow for anyone who’s getting ready to dive in.

    1. Dana

      I used to be a small business owner, and I definitely agree with that statement, it helps so much in the online world.

  4. Mike

    The best part of this article is when it talks about diversifying your income, having multiple sites, multiple projects. This is true for EVERYONE. Especially online, but it’s not limited to that. Even if you work a 9-to-5 job, you should always that other income on the side, whether it’s investing, real estate, a side-business, an online business, anything. These are uncertain times, and you definitely want to have your fingers in every different pot. THAT is the key to success. Great post.

    1. Samie

      That’s very good advice, sir. It can be hard going to work every day, and then when you come home, or on the weekends, you just don’t feel like doing anything because you’re too exhausted. That’s exactly the time to start getting other things on the side going, and it really does pay off in the end.

    2. Chris

      This is exactly the kind of stuff they should be teaching in schools. Diversify income, don’t just be a corporate drone and live paycheck to paycheck, but be creative with your money, and get it to start making more money for you. And the world of online business is the best outlet to do that, if you know how. And I agree with AffMaster that everyone should read this article, it’s brilliant.

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