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  • Necesity Was The Mother Of This Online Business

    You have to know what need you are filling. Find out what your market is about, what they need. Understand why you want to get involved in it and how you are different from the rest.

    Sometimes an online business is born out of necessity. Michael MacDonald of Wholesale Gold Group was a very successful precious metals salesperson with Lear Capital when he and his wife decided to start a family. This decision turned out to be more momentous than they thought. They wanted to raise their child closer to family members and that necessitated a move to Northern California.  However, Northern California did not have any precious metals brokerage firms, so Michael decided start his own business, selling precious metals online.

    Expense Control is Critical for Small Businesses

    Keeping an eye on expenses is critical for a small business. Michael outsources much of his work to keep expenses down. However, outsourcing is not without its challenges, as Michael explains “You’ve got to manage the jobs you’re outsourcing. There are many good talkers out there and I’ve been suckered a few times, just letting them do their thing, only to find out that the work is not professional. So now I stay on top of things, at least until I trust them, and then I give them more room to operate”

    There Is A Lot of Responsibility

    The move from employee to business owner is not always an easy transition. For Michael the surprise was how much responsibility was involved in running his own business. “When you’re working for someone else you can just show up at 8 a.m. and put your hat on. You do your job and you do it well. You are paid and you pay your taxes. In a sense, being an employee is much easier. When you own your own online business you’ve got to keep track of everything from customers and vendors to search engine marketing and keeping your website updated…it’s endless”  

    Creating Awareness

    Precious metals is a niche market.  Even though Michael passionately believes that everyone should own gold or silver coins as a hedge against the long term decline in the value of the dollar,  it’s not something most people think about much. “Only a small percentage of the population ever thinks about investing in gold and silver coins minted before 1933. You’re actually opening the door to something new, that most people don’t know that they need or want. Starting out online selling precious metals has been a real learning game.”

    Filling Your Target Market’s Need

    Before launching a small business, you need to identify your target market and their needs. Determining how your company will fill that need, in a way that distinguishes you from your competition, is critical for a successful online business. Michael’s advice is “First of all do you research and educate yourself. You have to know what need you are filling. Find out what your market is about, what they need. Understand why you want to get involved in it and how you are different from the rest. ”

    “Expect that you’re going to work much harder in the first three years of this venture than when you were an employee of XYZ Corporation. It’s a big commitment and responsibility. You also have to be realistic in your expectations and know that there is going to be a financial investment involved. ”

    “It’s fun owning your own online business. It’s a creative outlet and you are the artist with the paintbrush. If you like to create, then this is a good place to be.”

    To learn more about Michael MacDonald and Wholesale Gold Group go to http://www.wholesalegoldgroup.com.

    Upstart: Business and Management for 29-40 Year Old Professionals

    Filed Under: Tech/E-Commerce

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    About the Author: Marty Diamond is a conversion optimization specialist. She shows small businesses how to get more leads and sales from their website’s existing traffic. Find out more about Marty at DiamondWebsiteConversion.com . You can also connect with her on Google Plus at +martydiamond.

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