Are you wrestling with the type of business you will operate online? You may have your goals, even have a market in mind but confused about the online business model you can use to earn both short-term dollars as well grow future profits? It's true, you have the opportunity to: - Create Your Own Products
- License Products
- Market a service
- Earn commissions through affiliate marketing In fact, you could combine one or more of these to reach your goals. FIRST - GOALS BEYOND DOLLARS In my mind, you should set some goals in your life that go beyond just money - then figure out how much you would need to achieve to reach those goals. For instance, if you want to experience the freedom of giving up your current job - that's your goal, and to fulfill that goal, you may want to earn 80% of current income within X months. In my case, I wanted to replace a six-figure corporate income and did that a couple of years ago. If you have ever worked for a large company, you'll appreciate it when I say that I never wanted to be spending more time in meetings than producing results again. Having a reason, deep within you, gives earning your financial goals meaning resulting in an inexplicable, often magic ability to achieve the unimagineable. So, you have your purpose, now is it product, service or affiliate marketing that will get you there? THERE'S ONLY ONE RULE THAT COUNTS In my case, it was a mix of products, services and affiliate marketing, but... It all started with the product. I know many successful online business owners who use different combinations of products, services and affiliate marketing. Let's not pretend that there is any set formula for mixing each of these EXCEPT...leading with your own products is the single best way to ensure you get the highest return for the least effort in all 3 business models. Here's the important thing... 1. Having your own products will draw far more business options TO you instead of you having to chase service or affiliate business. 2. Having your own product increases your credibility and perceived value to your market (assuming your product is relevant and is good), which allows you to get more for your services and get better conversions on your affiliate marketing. 3. Creating or licensing a product gives you leveraged income. In other words, you create (or license) once and it generates passive revenue for you for months (even years) to come. My own income split started at approx 1/3 for each of product, service and affiliate marketing - now is much more like 65% product, 25% affiliate marketing and 10% services (I have purposefuly limited them) Think about it, you spend a few weeks developing your own information product, another week or two in your launch while you continue to build sales as long as you continue to expose it to your market. Even your marketing can be fully automated by building your own army of affiliates and joint venture partners. With a few months work launching and marketing your product, you can literally sit back and collect a check for years. With your own book, ebook, report, course, workshop, audio or video products out on the market, you're business will grow fast. Of course, you need to make sure your product tackles a real challenge in your market and presents you as the ultimate solution. If you get the feeling that your business is stuck in rush hour traffic, it's taking far too much time and effort to squeak out an inch of progress, then it's time to clear a certain path toward success by leading with your own product. |
