hey this is stefan from
projectlifemastery.com and today i'm
gonna show you guys 15 things that
you'll need in order for you to build an
online business and the 15 things I'm
gonna share a few guys I believe are
essential I believe that there must have
I believe that I wouldn't have been able
to build my businesses in all these
different niches and different business
models without them because I also think
they're fairly universal that regardless
of what type of business that you want
to create whether it's selling physical
products whether it's publishing books
whether it's info products whether it's
affiliate marketing whether it's drop
shipping whatever it might be whatever
online business model you want to pursue
I believe that you're gonna require them
and there might be certain business
models that might require a few
different things but this list that I
have for you guys I feel is fairly
universal for anyone that's getting
started but also anyone that's already
in the game building their business and
they want to take it to a new level now
it's not that you can maybe find a way
to build your business without some of
the things that I mentioned because I'm
sure you could but in my opinion is this
gonna be a lot harder it's gonna be a
lot slower and you're not gonna be able
to make long-term lasting consistent
income which is really what I think
we're all after because if you're gonna
invest the time the money or whatever it
is into building something you don't
want it just to make money for the
moment in the short term you're building
that because it's gonna be able to
provide you long term income you know
that's why you have to put time and
energy and money up front because it's
gonna bring you that long-term return
that passive income that cash flow
whatever it is that's gonna provide the
freedom that you're all really after so
the 15 things I'm gonna share with you
guys I've got a list here and I'm also
gonna have a blog post that will go
along with this as well so that you guys
could follow along check out some of
these different things if you're not
gonna need them
maybe immediately you will eventually in
order for you to grow your business to a
new level and also mentioned to there's
actually a big difference in my opinion
between just making money and actually
building a business because anybody
could just make money online that's not
that hard there's many things that you
can do to do that but really the value
is like I said building something
long-term you know you could put up a
product on Amazon and sell it but that
doesn't really mean
you have a business because you don't
own that you don't own Amazon Amazon
this you know is their own company and
there is giving you the privilege of
listing something on their website but
that's not a business because that's all
based on Amazon you don't have control
over that Amazon can shut things down in
a moment
and then affect your entire income
stream and business so the goal is not
to build a one legged stool which is
something I learned from Jay Abraham a
one-legged stool is when they're so
dependent on one platform Amazon or
Facebook or Google or YouTube whatever
it might be and you all got to start
somewhere you know Amazon is a great
place to start but you want it to build
a business it has to be a lot more than
that actually has to have assets it has
to be able to run without you it has to
be able to provide income for you
regardless of changes that happens on
Amazon or these different platforms so
one thing that Jay Abraham always taught
me is to not build a one-legged stool
but to build a Parthenon a Parthenon has
multiple pillars that if you remove one
color you know remove Amazon you remove
Facebook the structure still remains
because it's steady its diversified it
has that foundation so that's what I'm
referring to you and I really talked
about an online business because yeah I
mean you can maybe make money online you
know without some of the things that I
mentioned but again is it gonna last is
it gonna be actually a business that can
continue to grow provide long term
income that's national asset that you're
building which is what I believe should
the ultimate goal so let's dive into the
list okay the first thing you're gonna
need and this is gonna sound so basic
but you'd be surprised I work for people
from all over the world different walks
of life thousands actually millions of
people now for my content in YouTube but
thousands of people that I can actually
have an interaction with the first thing
is having a computer okay which is I
know you guys are gonna probably laugh
at that but there's a lot of people out
there that don't have a computer a lot
of you that might be watching or listen
to this you don't have a computer just
have a phone you have an iPad I know my
girlfriend Tatiana when she first
started you know something on Amazon
what not she didn't have a computer she
just had an iPad and that could be
enough to start with
and it obviously is gonna need an
internet connection to that might be
enough to start with
but eventually you're gonna need a
computer because yours can be so limited
in what you can do there's only so much
you can do from your phone or from your
iPad so having a computer okay and not
just any computer I believe that this is
something that's really worth investing
in you know years ago I remember I just
had this cheap piece of crap computer
that would take forever to load
something it was always crashing there's
just so many problems with it I finally
decided and if I'm serious about
building a business I actually need to
invest in a quality computer so that I
can actually you know build my business
legitimately and today you know and even
you know years ago when I first learned
this I've always believed and just
having the best and the most fast
computer you can possibly have and not
just for a computer but the internet
speed too because efficiency matters
speed matters you know if you have to
wait forever for something to load
that's gonna limit your efficiency and
your ability to grow your business it's
just gonna take you so much longer and I
believe there's a compounding effect
that yeah it might take a few extra
seconds you know here and there to load
webpages or to download or upload things
or whatever it might be but when you add
all that up over several months or
several years you'd be amazed those all
those little seconds all those little
minutes count they make a difference so
invest in having a good computer you
know that I'll share a few guys some of
the things that I use as I go through
this list but I'm a Big Mac guy so I
have the MacBook Pro whenever I buy you
know the Mac I always buy the newest one
that comes out because again I want the
advantage I want the fastest most
efficient computer possible that I can
that I can have and at least that the
Mac Apple provides so usually when I buy
from Apple com I always customize it
because when I go to the website I can
custom order it and I can make all the
possible upgrades that I can and
obviously it becomes fairly expensive
like the computer that I have is the
best possible one that's on the market
today but it cost over five grand to be
able to do that and not to say that you
know you have to invest that much but
just be aware of that you know try to
you know if your computer sucks and it's
upgrade it okay get a new computer you
can sell it you can trade it in spend a
bit more money get something that can
allow you to grow your business a lot
faster and the same is said with the
internet speed man I travel around all
over the world I stay at different
Airbnb ease and one of my requirements
when I see in the air B&B is I actually
have my assistant that will actually
reach out to different Airbnb homes and
stuff in the area we always make them
run a speed test because I've had so
many horror stories where I end up in
this Airbnb in Australia or wherever I
might be and man the internet sucks and
whenever you ask them about it they're
like oh you know it's good enough and
whatever but I always get them to run a
speed test because I want to know the
download speed and the upload speed
because if I'm gonna travel all over the
place I don't want my work to be
affected by having slow internet so if
you are living in a certain location
right now try to get fiber-optic try to
get the fastest internet you can
possibly buy and afford I believe that
it's gonna make you more money long term
just you know the money that you might
have to spend to have faster internet
the speed in which you can get things
done you're gonna make that back just by
your productivity that you're gonna be
able to put into your business and be
able to grow it that much faster and
again if you're traveling - that's a
little tip that I have for you guys the
next thing that you're gonna need is an
email account okay and again we're
starting off basic we're gonna be a
little more advanced as we go you're
gonna need an email account okay and I
bring this up too because I'm actually
amazed how many people don't have email
or they don't really use it that often
or they don't really optimize it
anything that you're gonna want to sign
up for they're gonna be requirements for
your business is gonna require an email
address if you want to sell on Amazon
you've got to put in your email address
to sign up if you want to you know sign
up for Facebook or Instagram whatever it
requires an email address and an email
address is important and there's
obviously certain email platforms and
providers that are better than other I
prefer using Gmail obvious hotmail I've
used Yahoo you know I know a lot of
people use different things out there
but make sure whatever one that you're
using you have a good email address like
a like I said I think Gmail is great and
you're also familiar
with the platform because I use Gmail or
Google Mail for my business and there's
a lot of features that they provide that
can help me organize my inbox a lot
better that can make sure that I'm
efficient to make sure that can respond
promptly to things and I can filter
messages and whatnot and I'm amazed by
how many people have email but they
don't know how to use email you know
they're they're you know receiving
important emails and they're not
responding to them they're not getting
them on time whatever it might be and
email such an important thing you're
gonna need for your business to
communicate with people to sign up for
things to receive emails from different
providers or customer whatever it might
be that you have to make sure that you
optimize that that you learn more about
how to use email I check my email every
single day you know and you're gonna
have to get in the habit of that as well
you know if you want to have an online
business checking your email it doesn't
mean that you have to check it all
throughout the day I think being
efficient and maybe scheduling a certain
time throughout the day where you check
your email that's that's what's best
learning how to prioritize different
emails you get which ones are more
urgent you got to respond to but email
is just a big part of an online business
and a lot of people I think also the
younger generation now they're not using
email as much because they communicate
more maybe on Facebook Messenger or
direct messages on Instagram or there's
all these different channels now that
you can you can communicate but again
email is still the best email still a
requirement for your online business and
it's gonna be the most consistent most
reliable way of communication amongst
all these other channels so not
everyone's gonna check like I know for
myself I don't check my facebook
messages nearly as often as I do for my
email right or I'm not checking my
Instagram DMS like I have all these
different places that it's hard to keep
up with but email is that one that is
still the most consistent way that
you're gonna communicate with people
online with okay so email very very
important number three is a credit card
okay and again we're gonna get a little
more advanced here you are gonna need a
credit card to build an online business
it's just going to be a requirement in
order to sign up forward to pay for
certain things because any business is
going to have sort
expenses right I mean even if you want
to sell on Amazon you got to put in your
credit card in order to sign up for
Amazon seller central right if you want
to be able to get hosting for your
website or bio domain name or to you
know sign up for Aweber some of these
different tools and things that you will
need to build your all my business with
it's gonna require a credit card so make
sure you've got a credit card it can't
be one of those you know I know some
people they have like a debit credit
card but they're limited they can
actually purchase things online whatever
you got you have to be able to buy stuff
online with okay so make sure you got a
credit card one tip that I have is you
know once you oh this is kind of going a
little bit later on but if you actually
set up a company or there's certain
credit cards you can get where you can
get a lot of good points for so I would
collect air miles or cash back or
something like that and so that's a
benefit of having the credit card but
also having a credit card is something
you're gonna want regardless to use for
different purchases in your business
because it helps build up your a credit
rating right the longer that you've had
that card and the more frequently that
you pay it off and use it it builds up
your credit score and your credit score
it's gonna be very important if at
different stages in your life from your
business you need to be able to borrow
money they're gonna base that based on
your credit score so having a credit
card as soon as possible and using it
for your business very very important
definitely a must have now the next
thing is a bank account obviously you're
gonna need something in order for you to
receive the money that you're making
online in your business now this kind of
ties in with something else which is
whether you're going to have a personal
bank account or a company bank account
so this kind of ties in with one of the
other things that you'll need so most
people when they first start their
business I'd say about 90 to 95 percent
of people they start off their business
really just as a sole proprietor which
basically means they're just they set up
everything in their own personal name
they're receiving that money to them
personally to their personal bank
account they're using the personal
credit card everything is run and
operated in an old personal name so most
people that's how they start that's the
fastest that's the easiest most of
way when they receive that money they're
responsible for paying taxes on that
reporting that income at the end of the
year for you know for the you know the
money that they've generated to pay the
appropriate taxes on that but eventually
though you're gonna definitely want to
set up some sort of corporate structure
or entity that could be depending where
you live a corporation it could be an
LLC every different country has their
own corporate structures but you're
gonna need to set that up because once
your business grows and you start making
money and especially more significant
money like a six-figure income and you
have hundreds or thousands of customers
that you're dealing with you're a lot
more liable for things you're a lot more
risk because we're dealing with a lot of
people if you're a sole proprietor but
someone decides to sue you or come after
you for whatever reason whether it's a
customer whether it's a an employee or a
contractor or a company whatever it
might be then you're personally liable
for that versus if you actually build a
corporation or a corporate entity that's
a separate entity for yourself than
yourself that you own but if somebody
soon as you they can't come after you
they have to go after the corporate
entity okay so another layer of
protection but also it benefits you for
tax reasons as well usually so usually
corporations or these corporate
structures that get taxed about a lot
less which is very important as you
start making a lot more money as well so
you're gonna need a bank account but
like I said a lot of people might just
use their personal bank account or they
might use you know once they set up a
company they'll set up a bank account
for that and they'll also get a credit
card for that as well now I also bring
this up too because I also want to
mention that whatever bank account that
you have or that you use you're gonna
have to make sure that it's actually
compatible with different online
platforms that you're gonna be they're
gonna be sending you money so that you
can actually receive it so for example I
have a corporation in Panama I've got a
corporation in Singapore and I've also
got a corporation a few corporations in
Canada but it's important to know that
each corporation I get taxed differently
but also different ones the bank
accounts aren't necessarily can
Hannibal with everything so for example
my Panama bank account it's just a lot
harder to use PayPal or to receive ETS
and wire payments and and certain thing
this may be from clickbank or stripe or
Shopify or Amazon or these different
platforms and so that's why it's good to
know that that whatever banking kennel
that you set up wherever it might be in
the world make sure it's gonna be
compatible with the online business
model that you want to build it if you
want to sell on Amazon make sure that
you can receive that money to your bank
account now they're also our online bank
account so you can set up as well
an example of that would be world first
world first is pretty popular and excuse
me it's a online bank account that you
could set up from anywhere in the world
and you can receive money to that
account and then you can then transfer
that money from world first into your
bank account wherever you live so if you
always have limitations or issues with
that that's a possible solution for you
as well now the next thing I'm not sure
which one Roenick I cover the
corporation I think we're on number five
the next thing that I believe that
you'll need is education training this
is something that's always been a
constant while I've been building my
business you know different niches and
markets but also my personal life too I
believe that it's very important to
invest in yourself to actually learn
from others not trying to reinvent the
wheel not trying to you know Google
stuff and watching YouTube training
videos or whatever it might be but
actually investing in and purchasing
quality training programs that can guide
you step by step by step things that are
more premium things that aren't gonna
teach you that things you need to know
things that are going to provide the
best resources and techniques and
tactics and strategies so that you can
build your business successfully because
one of the problems that we have is
there's almost too much information out
there you don't have a shortage of
information in order to build a business
if you Google or YouTube there's so much
information out there the issue that a
lot of people have is the ability to
prioritize the right information at the
right time right now what you should be
doing to build your business and that's
really what you're getting when you
invest in trainings and courses is
they're getting much better quality
information but you're getting the right
information
need that's not gonna overwhelm you
that's not gonna get you confused and
trying all these different things and
failing and getting frustrated and
discouraged and wasting money and
wasting time that's not very efficient
and you can't afford to go through that
when they're trying to build your
business so for me anytime I want to
learn something I don't go to Google I
don't go to YouTube I don't go to you
know blogs or things like that I want to
know who's got the training who's got
the the best stuff out there that I can
learn from that I resonate with that I
can buy and pay for that so I can get
the right education to help me grow so
if I want to grow my Instagram I'm not
gonna type in Google how to grow my
Instagram and try to read a bunch of
articles I'd much rather buy a course
what's a good Instagram training course
that can find out there that someone's
selling that I know is gonna have
quality information that's gonna guide
me step by step it's gonna teach me
things I'm not gonna be able to find out
there online for free and it's gonna
really help me be able to grow my
Instagram same thing with Facebook same
thing with YouTube same thing with
whatever and it has to be something
constant it's not like you just learn
once and then now you're the master know
you always have to be learning you
always have to be investing in education
and training if you want to be on top
and if you want to keep being able to
adapt and grow your business so I'm a
big believer in investing in yourself
investing in your business but also like
I said yourself you know I remember Jim
Rohn once said that your income is in
direct proportion to your level of
personal development and so you know you
might be you know working away in your
job or trying to build your business but
your business is gonna be limited on the
growth it can have because it's largely
initially dependent on you that there's
a lot that you've got to invest in
yourself to make the necessary changes
because the more that you improve
yourself the more your business will
grow and what I'm talking about here is
improving your mindset improving your
habits improving your rituals improving
your confidence improving your
efficiency your time management by
improving yourself your beliefs
overcoming all the different challenges
you might be facing in your personal
life that's gonna directly relate
and translate to the success of your
business so don't just invest you know
in learning how to make money or
learning about you know business
marketing but also invest in yourself
your confidence your self-esteem and
your habits your rituals your time in
all that sort of stuff because that's
gonna definitely help you guys grow a
lot faster the other thing that you're
gonna need and I apologize guys I don't
usually as you guys probably know I
don't cut out my videos much I try to be
authentic with you guys and do
everything in one take and be as genuine
as possible so I've lost track but the
next one that I have for you guys is
making sure you have money very
important because you can maybe try to
get away with building your business
without money but eventually you will
yours gonna be to limit it's gonna be
way too hard to do it without money
you're gonna need some money just for
some basic expenses in order for you to
build your business and even if you know
you have an excess amount of time and
not much money it actually be more
efficient for you to actually use some
of that time to make more money in a job
so because that money is gonna help you
a lot more than just having too much
time on your hands so money is what can
really allow you to put fuel on the fire
you're gonna need it to sign up for
certain things you know if you want to
sell on Amazon for example and sell
physical products you're gonna need that
to set up your seller central account
you're gonna need to order an inventory
you might have to buy hire a designer to
design the packaging the logo for you if
you want to set up a website you might
have to hire and pay for different
things that can allow you to do that
paper you're hosting pay for your domain
name so money is something you're gonna
need if you don't have money find a way
to make money first before you really
want to start and grow your online
business like I said it might be you
have to get a job it might be you have
to work extra hours you might have to
work overtime you might have to get a
side job do some extra service I have to
sell some stuff that you don't need but
the money is gonna allow you to be able
to grow your business the right way and
be able to take it to the level you want
it be able to take it to now the next
one I have for you guys is time so again
this is another obvious one you are
gonna need time to build an online
business now the good thing is you don't
need to work full time that's the
misconception that a lot of people have
they think well you know I've already
got a job I don't have that
I'm online business well I didn't either
you know most people that are building
their business they're not working on it
full-time initially they're just working
in the evenings the weekends whatever
free time that they have to be able to
grow it and that's really all you need
initially you know that's really all you
need is just a few hours a week if you
can discipline yourself and say okay if
I work 9:00 to 5:00 maybe three days
under the week I'm gonna work from six
o'clock to ten o'clock and I'm gonna you
know put that time in to grow my
business to learn to go through
trainings to this take you know little
steps to make progress that's really the
main thing because really the first goal
that you should have is just making
enough so that you can quit your job
because once you are making enough in
your online business that you can then
quit your job
now you've freed up even more time but
also your business is now providing the
income for you not just to support
yourself but to be able to reinvest back
into the business and to be able to grow
it another important thing to is
understand that education and training
is the shortcut it's basically buying
you a shortened learning curve so if
you're already limited on time that's
even more important for you to find
courses and training some resources that
you can buy and invest in because that's
gonna save you a lot of time long term
if you only got a few hours a week
you've got to even be even more
efficient with what you're doing and
making sure you have the right guidance
that can guide you to getting to where
you want to go so make sure that you
have the time that you can invest again
whatever amount of time that you have
but I recommend trying to discipline
yourself to set a schedule even
sometimes to I like to you know if you
can spend a whole day maybe on a
Saturday or Sunday just dedicate the
whole day to working on your business
you'd be amazed how much you can get
done and how fast you can put progress
over a matter of a few months to get in
to where you want to go in your online
business okay the next thing that I've
got for you guys I think we're at number
nine now number nine is something to
handle the books the finances of the
business something that a lot of people
know nothing about when they first start
but it's very important you need to have
you got to make sure that you're
tracking the income and expenses the
bookkeeping you know for most people
when they're first starting off you can
use something like a Google
spreadsheet or an Excel document and
you're tracking your income and expenses
and it can be fairly simple just doing
it that way because when you're first
starting when you're first starting out
you probably don't have that many
sources of income or that many expenses
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