Business Models and Systems – Section III
[typography font=”Myriad Pro” size=”20″ size_format=”px” color=”#961212″]Ensure Consistent Growth and Income[/typography]
Well, we made it through the first two sections and are ready to move onto the third – Business Models and Systems that Ensure Consistent Growth and Income. These systems are effective because they create the commodity that self-sustaining, long-term successful businesses cannot be without . . . loyal, repeat customers and clients.
It is common knowledge in the business world that a customer who buys from you once is very likely to buy from you again (if you do things right J) – so we are going to cover how to do things right.
BTW – I hope you have been doing the assignments as we go along. The development process will be much more effective if you are working on them.
We will also be looking at the most desirable of all income streams – recurring income – money that comes in automatically every month (or week – or day).
Some well-known models that are ideally suited for creating recurring income are:
- Membership sites
- How-to courses
- Webinar series
- Training programs
- Private forums
- Coaching programs
- Paid newsletter subscriptions
And . . . finally, we will look at a model that all online entrepreneurs should know about – affiliate marketing.
We will cover all of these and more in this section so that you can determine the ones that have the greatest appeal to you and fit best with your ideal business model – and then you will add them to your business plan
You never know, you may even find a model that will replace your original idea.
The Basics of Passive Income
In Section Two we discussed the necessity of adding passive income to your online business. Unlike some necessary steps in business, this one is very easy to do.
Of course, I am sure you realize that “passive” income is never entirely passive. The more thoroughly and carefully you research passive streams of income that interest you, the better your results will be.
Let’s start with one of my favorite proven ways to get passive income flowing into your coffers…
Affiliate Marketing
Affiliate marketing can work in two directions:
- Become an affiliate for others – promoting their products and/services and earn a commission.
- Create your own affiliate program – enlisting others to spread the word about your products or services for which you pay them a commission.
The second choice is by far the best choice – unless you decide to become a professional affiliate as your main business.
The concept is quite simple. When someone signs up to become an affiliate of your company, they agree to spread the word about your site and are assigned their own unique affiliate link. When someone buys your product/service through their recommendation (using their link), you pay the affiliate a commission.
Sound interesting and promising? I hope so because in the next posting we will begin to explore how to build your own affiliate program. See you soon. . .
Before you go . . . be sure to visit my page: [typography font=”Myriad Pro” size=”16″ size_format=”px” color=”#b8122e”]Resources for Building an Online Business. [/typography]
Want all of the information? Begin at the beginning: Building an Online Business.
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