Which One Is Right For You?
Choosing your business model can be a daunting task. You want to be sure that you choose the one that will be best for you in the long-term. If you have been following the series of articles, you have probably figured out that each of the business models we have discussed can be set up with minimal cash investment. So, consider all the facets of each model and select the one that has the greatest appeal. Then, custom fit it to your personality, family situation, lifestyle, and long-term goals.
You may want to try several of them (one, but not more than two, at a time) for a several months (possibly a year), tracking your results, the demand on your time and resources, and finally factoring in your personal enjoyment level.
You may find that writing and self-publishing is what you love, but affiliate marketing has the potential to make more money in the long-run. This is actually a good combination because if you do it right, you can incorporate some of your affiliate marketing into your writing – especially if you include a blog in the mix.
As a writer, blogging can be great fun, but very demanding. If you cannot find a way to monetize your blog, you may burnout and give up after a while.
The key is to pay attention. What topics are hot and attract readers and subscribers? When you find those hot topics, either change your focus, or create new blogs to support them. Word of warning: In order to run more than two blogs at a time, you will probably need help – a virtual assistant or a ghostwriter. Don’t overwhelm yourself and lose it all.
Another good combination is affiliate marketing and a virtual assistant (VA) or copywriting business. You could keep your VA or copywriting business going by outsourcing most of the work and concentrate on affiliate marketing with the goal of becoming a super-affiliate (which, BTW, takes time and a lot of effort.)
The choice is yours – that is the exciting part. However, when you are making your choice(s), there are some basics to keep in mind that will contribute to long-term growth and success.
- ALWAYS have more than one income stream. The old adage, “Don’t put all your eggs in one basket” is absolutely appropriate in this instance.
- Be sure to include sources that will provide recurring income. Passive income is the best and helps support you as you develop new business.
- Seriously consider business models that can create large returns for limited effort.
- Don’t rush into any one thing before you have explored multiple options and are ready to commit for an extended period of time. Hopping from one thing to another is not a good idea. It is confusing and expensive. The one business model that would be a wise early choice is to become an affiliate to promote products that you have tested and/or truly believe will be helpful to others. Remember, everything you do (including recommendations) can be a positive or negative factor in the reputation you will be building Online. As vast as the internet is, in some ways the Internet Marketing Community is smaller than you may think.
Some of the other models we discussed – membership sites, forums and paid newsletters require a solid reputation and established authority to be successful. Because of that, they are models that you can implement later as your status grows. A good indicator that you are ready to set up a membership site is when your following (subscribers and fans) ask for one.
There is one exception to that rule. If you are an expert in a field that is continuously problematic for a large number of people – a common problem for which many people are seeking help – hot new technology or equipment that you have mastered, but others continue to struggle with – you could build a course-based membership site to share your expertise. The demand would be so great that the members would come; and as long as you provide quality information and training, they will stay (established reputation, or not).
You could offer the course in multiple formats – PDFs, audio and video. You could offer one format, or all three. Each person has his/her own learning style and a choice of formats makes it possible to help more people
You should also consider the type of information or training you are providing. Videos are particularly popular for teaching “how-to” physical tasks that are more difficult to explain in words such how to train animals especially if it is aimed at specific problems like how to make your horse drop his head naturally if he has a chronic problem with head-tossing and being stiff-necked, or specialized plein-air painting techniques. Take a very close look at your talents and specialized training. There may be expertise you could offer that you have never considered.
Want all of the information? Begin at the beginning: Building an Online Business.
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