This is the year that you plan to really succeed in your online business and make it a full time income. However, in order to build a successful online business, you need to first identify the primary business model you want to follow. There are millions out there, and you may already have one in mind or have one you have committed to. If not, or if you have decided you need to change your focus, here are some of the most popular online business models.
How to Pick Your Business Model
With so many internet business models to choose from, it’s a challenge to pick just one to start with. Try looking first at what appeals to you straight away. What stands out? Then think about whether you already have the skills or whether you will need to learn them. Is there anyone you can easily outsource to if you don’t have the skills yourself? How much will it cost to implement this business model? Do you have the funds? Once you’ve answered these questions, just pick a model and run with it.
1. AdSense Site
AdSense sites are very popular with people that want a business model that is relatively simple and easy to implement. These sites usually consist of a blog or other type of website with many pages of content that is added to consistently. In order to be successful with an AdSense site, it’s important to rank well in the search engines for many long-tail keywords and to drive a lot of traffic to the site. These sites were extremely popular in the early days of the internet. I believe this is the easy to setup but it requires as much work as any of the other models to attract traffic.
2. Affiliate Marketing
Affiliate marketers sell other people’s products and then take a commission on the sale. Business models for affiliate marketers might consist of an ecommerce site, mini-sites on a small niche, one-page sites for a specific product. You can even sell affiliate products on Facebook pages and by using YouTube to drive traffic to an affiliate offer. Most affiliate marketers also focus on building a list they can sell other products to over and over. Many people choose to do a combination of Adsense and Affiliate websites, these really only work if you are putting a lot of effort into attracting traffic.
Many internet marketers have made their fortunes creating and selling their own digital infoproducts. These might include writing ebooks and guides, creating software, designing graphics, shooting informational videos, delivering ecourses, or writing private label rights products to sell. Most infoproduct sellers expand their income by recruiting affiliates to help. I am a creator by nature, so I love spending time creating new products. Digital Products offer a “done once, benefit multiple times” , once you have spent the time to create your products you can sell them repeatedly through automated systems. You still have to spend time driving traffic to you site.
4. Ecommerce Sites
An ecommerce site is an online store where you sell either your own products, drop-ship products from other vendors, or sell products as an affiliate. They can be a little more difficult to rank in search engines due to the lack of consistent, fresh content. However, good keyword research, SEO, and an active blog can make up for that. I believe that combining a eCommerce with any of the other models gives you a better change of increasing your web traffic.
5. Provide Services
One of the quickest ways to make money online is to offer your services through freelance sites. You can write articles and ebooks, design graphics, sell your programming skills, or charge for virtual assistant services. If you have a great deal of experience in one area, you can also sell coaching services. I definitely believe that if you have the skill set to offer coaching/mentoring services, this is a great way to increase you income. But you need to watch that you are not creating a full time job for yourself.
6. Membership Sites
A membership site requires customers to sign up for a recurring payment in exchange for regularly provided content. Membership sites can be ongoing or a specified length of time. They might involve regular newsletters and even your own coaching services. It’s certainly attractive to know you’ll earn a regular income each month. This is my favorite type of site. The recurring income helps to stabilize income. You do still need to work on attracting traffic the same as all the other sites.
While you may need to do some more research to get a good grasp of the details and understand what’s involved in each model, you need to make a decision sooner rather than later. You’ll never make any money online if you don’t just dive in and get moving.
I recommend a combination of one or more, I believe that it is in your best interest to diversify your income streams. Start with one, work on it until you are making money and then expand into another area. Don’t forget to take your audience into consideration, what is the model that will suite your audience the best, what are they going to respond to? Now pick an online business model that appeals to you, put the blinders on and move ahead.