Secrets to Successin Second Life

A few tips on how to enter the competitive market of Second Life business

Gwyneth Llewelyn

gwyneth.llewelyn@gwynethllewelyn.net

1. Be the first to have a brand new idea.

Don’t copy or reinvent the wheel — innovate!

Study the market first! Are you really the first one with that idea?

Fill niches — don’t compete with the “big” guys

2. Get lots of spare time.

Nobody cares if you were the “first” with a cool idea — you need to be the first having developed it!

Like any other business, this means dedication — hours and hours of work per week, not minutes

Remember: there will always be a young college student without nothing to do competing with you

3. Know your market.Theory matters — study before you invest

Ask the crucial questions first, and answer them on your own:

How to advertise and where?

Where do I get some market statistics?

Who is already doing a certain business?

What does sell, and what does not?

Observe people in-world: where do they hang out, what do they buy, how much are they willing to spend, how are shops laid out?

4. Build your in-world presence.

Investment starts with your “shop” or “office”

Don’t rely upon your building skills if you’re not an architect — get experts to do it for you!

If you’re serious about your business, you’re also have to show that you’re serious.

Don’t overdo your spending, though — there are running costs, and you want ROI

5. Advertise.

Forget about people coming to you “just by luck”. SL is too big for that.

“Search > Places” is a good way to start; and, obviously, do events!

There is also advertising on 3rd party sites

Give freebies away, invest in your viral marketing strategy

6. Have a business plan and an exit strategy.

If you’re serious about it, treat SL as just another type of web business: it requires a business plan

Make a clear and honest estimate of what your goals are. If you don’t reach them, leave the business (you can still enjoy SL!!)

Don’t throw money at “good” ideas and expect them to work. Sustainable ideas are harder to find!

There is no such thing as a free lunch — neither in real life, nor in Second Life!