“Write what you know about” is the advice usually given to budding authors. That same principle should be applied as you select a niche for yourself as an entrepreneur. Choose a subject, a product, a service, an area which appeals to you or which you know well. Better still, choose something that really interests you. That would be the best of both worlds. Your greatest interest could become your money-making enterprise…but there must be a market for that expertise or there is no point in creating a business around it.
Similarly when you are considering your online business model you need to think about the sort of work that you enjoy doing, the style of working that best suits your skills, your temperament and your available time for this venture.
Think of this as a career change, which it is, and ask yourself the same sort of questions as you would ask if you were making any career change.
What are your personal strengths?
What do you love to do?
What do you have a passion for?
What do you do really well?
What are you experienced at?
How do you like to work?
Where do you do your best work?
Are you detail-focused?
Are you creative?
What kind of work makes you excited e.g. creative, detailed, numbers, words?
Commit your ideas to paper as a starting point for your business planning.
Lifestyle is what you are striving for
In designing your ideal money-making venture you must take into account your preferred lifestyle. Of course it’s important that you develop the right venture, one that makes money and offers you a real challenge without taking over your life.
The venture must be a part of your overall lifestyle. It’s not a separate activity but a part of the whole. Decide on your criteria for your ideal lifestyle first, then plan the business around that.
What style of online business would suit you?
You will be aware of many styles of online business, but I’ll outline a few just to give you an idea of the range available. All of these are hugely popular and proven models for a successful business.
But remember there is no such thing as a “get rich quick” business. All genuine businesses involve work, dedication and some investment of money and time.
All involve a level of commitment that you have to be prepared to give, especially in the early stage, to create something worthwhile.
But if you are seeking a new challenge and have the desire to create a new source of income, one of these models may be just what you are looking for.
Selling on Amazon or Ebay
Amazon and eBay are internet based businesses enabling anyone to buy or sell goods or services online.
The statistics about Amazon and eBay are extraordinary in terms of how much money is spent, how many people use it, and how many run their business through it. Amazon had close to 136 billion US dollars in 2016 net sales, while eBay’s annual net revenue was $8.99 billion US dollars.
The products you can market on Amazon and eBay are almost limitless, and you can start with a relatively small investment.
Ebooks stands for electronic books. They are in many ways the same as any traditional book except they are sold over the internet and you, the creator, do not have any stock to make or store. The customer can print their copy or read it on Kindle or screen. You are the author, publisher and marketer although you may have had a lot of assistance along the way.
The secret of course is to find a popular topic, write a great book and market it very well. The topic does not have to have a huge following, so long as there are enough people who really want the information you have to share and consider that information will help them solve some problem that they have.
Don’t like writing? You can easily find someone to write the ebook for you if you want to follow this business model but are not keen to write the book yourself. There are several websites that exist for the sole purpose of connecting people who need a task done with people who are looking for that sort of contract work.
A membership site is one where people subscribe. They take out a membership on, say, a monthly basis and for their fee they receive information related to their hobby or interest. This is often in the form of e-classes, where every week you send out the latest lesson and your ‘students’ dive into their treasure trove of goodies.
There are millions of people around the world with an interest in a specific topics. The list is endless – collecting things, buying shares, vintage cars, cameras, opera, millinery, stamps, dog breeding, staying fit, diet, good health, religion, raising kids, making toys, travel, etc.
Are you an expert in a particular field or activity? You can market your expertise to this worldwide audience. Your potential members are online and your information and their internet connection are only a click apart.
Like ebooks and membership sites, a successful blog has to have an audience of people who really care about the content. It involves creating content fairly regularly, whether it be completely your own content or a curation of content from other blogs and online sources. If you love writing, blogging may be something you enjoy doing, but make sure you can make some money from it if that is your goal. It is possible to make serious money from a blog but that requires a skill I’ve mentioned a few times already – great online marketing skills. People make money from blogs in several ways, mainly through selling their own products, other people’s products or being paid by another business to place a banner advertisement on the blog site.
Selling someone else’s product
You do not need to create your own products. You can organize to be an affiliate for another company, marketing and promoting their products as if they were your own. A major advantage of being an affiliate for a successful product, with a defined proven niche and the main marketing already prepared for you, is that you can virtually start the business with little experience, so long as you are prepared for the challenge of a fast learning curve. Many very successful entrepreneurs earn large sums of money as affiliates for many products.
If you have a particular interest in some topic, you could blog about that area of interest and refer people with a similar interest to web sites that sell products related to the activity. You would have signed up to become an affiliate for that site and earn commission from any sales that occur as a result of your marketing.
The world of internet business opportunities is limited only by your imagination and enthusiasm.
The simplest example of affiliate marketing that you are probably already familiar with is Amazon. When you see Amazon products for sale on another website that is affiliate marketing in action. If you purchase from that website the owner of the website will be paid a percentage of the sale price by Amazon.
Affiliate relationships can also be developed as you get to know other people involved in the same sort of work. Let’s say you have a web site promoting an e-book about growing vegetables. Another web site on a related topic – saving water for your garden – could become an affiliate of yours by placing a link on their web site pointing their visitors to your site.
Affiliate marketing of the right product is an exceptionally strong business model, but it must be one that makes your time and marketing efforts worthwhile through the commissions that they pay, and for me it needs to be a company and product that I am proud to be associated with.
Bringing it all together: Education, Skill Development and High Commissions
I guess it is obvious that I’ve fallen on my face a few times as I tried to master online business. I confess I failed more than I succeeded for some years, and this caused me to feel great frustration and to lose a lot of confidence in my abilities. But I remained determined to find a way to create a business that would enable us to have the lifestyle we wanted once we had both stopped work in our traditional careers.
It is these three concepts that lead me to the recommendation I am going to share as an option for you to consider. To avoid the many mistakes I’ve made, mistakes that have cost me dearly in terms of time, money and success, I suggest you have a look at the Ultimate Retirement Breakthrough.
If I had been exposed to a comprehensive developmental program like this when I first started in business I would have saved so much time, so much money and so much frustration.
This program has literally changed the whole way I now think about my business activities, our future financial security and our future lifestyle. It has reignited my passion for my business and impacted on my mindset, marketing and money in a way that I never expected. I hope you will consider if it could help you in the same way.