So, you want to start your own online business, but you are not sure what type of business should you start. Choosing the right online business is one of 8 steps to succeeding online in any business and is crucial to your success since you will be dedicating the rest of your working days up through retirement on it. Don’t rush to get into the next hot program, or the next free online business opportunity that offers you untold wealth without having to work, or talk to anyone or sell anything. Take this process seriously and take your time with it.
There are a few steps you need to take to determine the right online business that you can be passionate about, one that you will look forward to doing each and every day.
Choose Your Niche
The first thing you need to do is to choose a niche or field that you are passionate about. Niches can include, but are not limited to Health and Wellness, Travel, Making Money from Home, Self-help, sports, weightlifting, basketball skills, etc etc.
Once you have chosen a niche, you need to do market research on that niche to make sure it’s profitable. Doing Market research is quite easy. First you do a google search on your niche and see how many results show up. Then you check Amazon, Clickbank, or other affiliate sights to see if there are products or e-books related to your niche. You should also check to see if there are any Network Marketing businesses that are related to your niche. As of right now, there are network marketing business opportunities in Health and Wellness, Travel, Telecom and Technology, Legal Services, E-commerce, and so many more.
If you don’t see any products, e-books or business opportunities related to your niche, you may want to think about choosing another niche that you are passionate about and do market research on that until you find one that can be profitable.
Determine Your Business Model
You have some options when it comes to how you want to make money with your Niche. Let’s say you chose “travel” as your niche. You can start one of the following business models:
- Your own online business from scratch
- Affiliate Marketing
- Network Marketing Business
Your Own Online Business from scratch
This is the hardest way to start a business, especially if you don’t already have experience running your own business. With this model, you would go out and find suppliers that sell travel products and you would buy wholesale and sell retail on your own e-commerce website. You could also drop ship, which is where you buy the product after the customer buys it from you and you have the product shipped directly to your customer. You pay wholesale price, your customer pays retail price and you collect the difference. You can also create your own products to sell if you are creative and have lots of investment capital.
You could also get a license and become a Travel Agent, and help people get the best deal possible on vacation packages.
The problem with this business model, is that it is the riskiest model, it is the most expensive model to get up and running, and it takes up a lot of your time unless you hire employees, but who wants to do that? It is also not very profitable unless you can get your hands on high ticket items to sell. High ticket items are not available for all niches.
If you have ever heard of the concept of selling other people’s products and making a commission, that is known as affiliate marketing. There are several advantages to selling other people’s products versus creating your own products or writing your own books. Such advantages are:
- No inventory to maintain
- No expensive/time consuming product creation
- Low start-up costs
- short learning curve to success
- ability to earn up 75% commission
- unlimited income potential
If your niche is “travel”, there are several opportunities to sell products and travel hacking courses from sights such as clickbank.com. You could sell travel related products on Amazon such as suitcases, power outlet converters, inflatable airplane neck pillows, and the list goes on. Also all the airlines, and third party booking sights such as Expedia and Kayak have affiliate programs. We are using travel as an example of a niche, other niches have plenty of affiliate marketing opportunities tied to them too.
All you need to do is create a website, start a following, and when people begin to know you and trust you, they will want to buy from you. One of the best programs that can walk you through this process in easy to follow steps is Wealthy Affiliate. You can read my review here. It in itself is also an affiliate program.
Network Marketing Business
Network Marketing, also known as multi-level marketing or MLM for short is a business model that has been around a long time. The first MLM business started in the 1950s, it is still around today and it’s called Amway. Today there are hundreds of Network Marketing businesses across the world covering several niches. If there is a network marketing company that fits into your niche, you have another business model to choose from. Lucky you!
This business model has definitely had its ups and downs. Unfortunately several scams following an MLM model were started by some unscrupulous people, they offered no products or services, just the passing upward of money and soon people would be passing money up to you, but really all the money flowed to the top, such programs were labeled as Pyramid Schemes. Not surprisingly many assume that legit MLM businesses are pyramid schemes and they refuse to learn anything about them.
Network marketing basically works like this:
You sign up in the MLM business as an independent rep, you buy the products or services for yourself and market the same products to others. You earn a commission off your own purchases and off the purchases of others. You then sponsor other independent reps who join under you in your downline. In turn you earn commissions off their sales too. They go out and sponsor new reps, and you can often earn several levels down.
The big advantage with this business model is that you can make a substantial amount of money from the efforts of others in your organization.
When it comes to Network Marketing, there is a right away and a wrong way to do it in the 21st century. The best way to go out it is to do it the right way. Here are 8 Network Marketing Tips Your Sponsor won’t tell you.
Get to Work
Once you’ve chosen your business model, get to work. One of the habits you want to pick up immediately is consistency. One of the biggest reasons people fail to make money online is because they are not consistent. They are given a proven business model, the follow the steps for a few days and they give up at the first sign of challenge.
There are going to be challenges, there are going to be tests and trials. If you remain consistent and learn from your mistakes, you will be successful. It’s really that simple.
What are your thoughts? Do you agree? Do you disagree? Please comment below: