I would like to ask you a question.
Are you seriously considering investing in an Online Internet Marketing Business that you can do in your spare time working from home, to earn additional income for your retirement?
(Regardless of whether you are still working in your day job or already retired. It applies equally to both. In fact the sooner you get started the better. Don’t wait until you are about to retire. You can start in your spare time, or by re-prioritising your time NOW)
If you answered Yes, then your goal is probably not just to earn additional income – it’s to have freedom in your life.
If you are seeking freedom – then it’s not just about financial freedom, it’s also the freedom to work the hours you want to work, when you want, from wherever you choose to work – To be your own boss.
We sometimes forget that Time is the one resource you can’t buy more of (at the time of writing anyway-in the future-who knows?).
If you are fortunate enough to meet your financial objectives with your Internet Marketing Business, you will be able to make your choices:
- Location will not an issue – you can choose where you will spend your time. You can run your online business from anywhere in the world with in internet connection.
- But the hours you work will be totally yours to decide. That is important to remember as you travel on your journey, and when that time finally comes for you make that decision, my guess is you will make the right decision for yourself and your family.
Doesn’t that sound good?
There are 3 types of online Internet Marketing Businesses
- Create and sell your own products,
- The Affiliate model and
- The Licensing model.
In this article I will explain the advantages and disadvantages of creating and selling your own information product when you first start.
In my next article, I will compare the pro’s and con’s of the affiliate model and License model.
1. Create and Sell Your Own Products
Unless you have chosen a very specific niche and have a high level of expertise and experience in that niche, if you want to get your new business up and running profitably quickly, creating your own information product will almost certainly not be the way to go initially.
Information products include any virtual products i.e. software that you would usually deliver by download or access to a private membership website – as opposed to a physical product that you would keep in stock and dispatch to your customer by mail or courier.
Virtual products would range from eBooks for $5 to 50, software programs, videos and membership sites where the customer normally pays a monthly membership fee for access to the content of your membership website.
A comprehensive high-quality or highly specialist/unique software course could sell for anything from $19.95 to thousands of dollars.
Because virtual products have no physical materials and no delivery costs, they can be very profitable. Your customer is paying for your expertise, uniqueness and time to produce the content, not the cost of production. If potential customers believe your price is too high for what you are delivering to them, they simply won’t buy it.
The main benefits of this model are:
- If your product is popular, high quality and has limited competition, the profits can be very high and the business is easily able to be scaled up if demand is unexpectedly high because it is a virtual product. Ie Unlimited copies can be produced at no cost.
- Price is value based not cost based (as I explained earlier).
- The product content can be created in multiple forms for added products I.e. a video course could also easily be converted to podcasts for people who prefer to listen, and even to a book, which has high value to grow your credibility.
- Also, if you personally possess the knowledge and skills you put into the course, production can easily be outsourced to specialists, so it can be relatively easy to produce.
On the downside:
The costs of producing and promoting the product initially can be very high.
Another reason why this model is probably not appropriate in the start-up phase is that customers will only pay high prices for products created by people they know and trust, or who have a reputation in their niche. So unless you already have an established brand, it probably won’t work very well.
The other important point to remember is that a successful product launch is almost always supported by other “perceived experts” in the same niche who have big email lists that they can offer your product to. So unless they are certain your product will offer value to their list they simply won’t promote it, You can see their point and it makes good business sense. When in doubt-just opt out.
Of course if you are able to find someone in your niche with a brand, a reputation and a big list that is willing to offer it to their subscribers, or even become co-author with you, that would be a smart strategy.
But your product will need to be exceptional for that to happen, unless you are able to build your relationship with the potential partner and are prepared to give them a chunk of the profits (as they say, half of something is better than 100% of nothing), and association with that expert could have exceptional value for your personal reputation and profile.
Starting your new online business with just your own product has many difficulties and probably won’t work for most people.
But at some stage having your own product(s) will be beneficial for your future growth.
You will need to do your research to get a complete understanding of your main options and the benefits and downsides of each before deciding to invest in a specific program.
This will be relatively easy for you to research on your search engine using interests such as affiliate marketing, licensing model & franchise vs affiliate licensing model (Last option gave me best results but try all and save best links for more in depth research).
P.S. BEWARE OF SCAMS or Misleading promises. There are many, so called “Business Opportunities” out there that will make false claims (eg. “no experience required”, “no computer skills needed”, “anyone can do this”).
If an opportunity you find says anything like any of those examples,they are probably lying.