How to build a successful business in Second Life

Advertise Advertise Advertise ... that's how. The most successful businesses in Second Life, just as in Real Life, are the ones everyone knows, the names that are on the tips of everyone's tongues.

To build success, what you want is for your business to be the first one on people's minds and the only one they think of when it comes time to shop.

Visit http://www.my-slads.com/ to check out all the advertising options available to you.

Advertising is a powerful tool, but not as you put it, 'How to build a successful business in Second Life'.
I read this thread as I thought it was going to informative and evoke a useful reference thread for those starting a business, but felt left wanting. Website affilate click throughs are but a small portion to the full story and potentially, given the nature of SL, almost a third party approach to any solution.

Building any business should start with a business plan, coupled with a cashflow forecaster, especially if you need investors. Your business plan should always indicate your market, skills and or product, along with why you are going to succeed where others have either failed or yet to break into the market you intend.
Saying 'well I will do it better' is insufficent.

Detailing customer support, location, product exposure, who are your potential clients (age range, gender etc) and how you are going to reach them, helps you assess investment over time to reach those goals (benchmarks), aligned with the cashflow forecaster to show expenditures against potential income and profits, will allow you to assess your validity of the Business plan in stages. Creating transaction reports that tally with your cashflow.

This is only a starting point and by no means the only task before you start selling. Perhaps people will develope this thread to its full potential over time.

I have my own self sustaining sim...dont do alot of advertising..and make good money doing it...seems word of mouth has worked great for Vampyr Haven

bravo mars. its taken me and my partner six months to put together a comprehensive business plan for SL( we should be funded in the next sixty days). More times than not people enjoy the thoughts of becoming wealthy in SL, however they never want to know or take the proper steps that are necessary to do so. You are very right, there needs to be a forum dedicated to business and business solutions in Sl. That would be a step in the right direction. As for egypt, WOM is a powerful tool, i'm glad it worked for you. It is what drives other social sites (facebook, myspace). Because of the sucess of these sites marketing and p.r companies have realized the power of WOM.

Also, don`t be fooled- Just because a name seems to be more "known" than others does not indicate that business is successful....Atleast not to the extent as the supposed "lesser-known" business very well may be.