So you want to make money online and you want to do
it quickly. After all, there's nothing better than rolling out of bed when you
want and firing up the ol' computer to see how much money you made
overnight.
Whooaaa.... not so fast...
Before you can get to the part where you actually
make money, you need to decide exactly what to sell.
That's right, in order to make money online you'll need to sell something,
usually a product or service.
Today I'd like to help you decide what that
something should be. After all, there are lots of choices. Unfortunately many of
them lead to a dead end, wasting your time and money in the process. The
following plan will help you avoid all that.
When deciding what to sell online, you need to consider the
three basic online business strategies...
1. Buying and Selling
2.
Creating and Selling
3. Selling Existing Products and
Services
Each of these three options have successful models and
unsuccessful models. So let's run down each of the options above, starting with
choice number one...
1. Buying and Selling
You could use the basic retail model,
where you sell like a retail store, except with less overhead than a brick and
mortar store. But that's an expensive endeavor. Perhaps that's why the most
common strategy for buying and selling on the Internet is starting an Ebay
business. In this model, you purchase items, usually at wholesale and then sell
them at a higher price by auction.
There are two keys to success in this
strategy... finding the right niche and finding the right wholesale sources for
products in that niche.
An eBay type business can be a lot of work. However,
if you like this business model and have your heart set on trying it, there are
still some opportunities for new players, if you are clever.
Here's an
example of what I mean by "clever"...
A couple years ago I met a neighbor
of mine who makes his living buying things locally and selling them on the web.
He specializes in antique furniture and other old items from the New England
area.
He spends a few hours a day visiting flea markets, yard
sales and local auctions. With a knack for spotting deals, he snatches up
anything he considers grossly underpriced then markets it internationally, via
the web.
OK, "market it internationally" may be a bit too fancy of a
description for what he does. Basically, he takes a couple of snapshots of each
item using his digital camera then sells the items at auction on ebay.com - the number one meeting place for buyers and sellers across the world.
And believe it or not, he makes quite a comfortable living doing this.
It
works for him because he has a unique selling position. His unique
position happens to be his location. The east coast of North America is a great
place to find many undervalued antiques and other authentic items. He's simply
finding a new home for the items and filling a need at the same time. After all,
where else would someone from say, Australia, find an authentic New England
antique table?
OK, let's hop into choice number two...
2. Creating and Selling
This is the path I chose to
make my own living online. (I also mix in choice three below, buy I'll get to
that in a minute.) I prefer the "creating and selling" strategy above all
others, since I have complete control over exactly what I sell and how much
profit it yields.
I sell information and services. I create my products
and services using my computer and then mold them into many different marketable
formats including print books, ebooks, software, consulting and advertising
services.
If you have, or can research and gather information on a niche
topic, you can make money using this model. For centuries, people have been
making money selling information and related products and services, and it will
continue forever.
It all boils down to helping people save time and money
avoiding learning something the hard way -- through research. Basically, you do
the research and sell the results. The better the information and services, the
higher prices you can demand.
With a global audience online, you can create and sell just about anything! If there is a market for it, you can build a business around it. And therein lies the equation...
Before starting ANY business you must consider carefully, WHO you will be
promoting to. Think hard about the people who might be interested in what you
plan to sell. And beware... if the answer is "everyone", that's usually a BAD
thing.
Identifying a niche market gives you the ability to target ONLY
your prospects you spend FAR less marketing and advertising. So do some market
research BEFORE you start creating your product. I'll list some good research
sites at the end of this article, that will help you determine if there is a
need for your product.
Finally, let's consider a third angle for those of you who do not have the time or inclination to "create and sell"...
3. Selling Existing Products and
Services
You can start a new business online selling existing products and
services. You simply earn a commission from each sale you make. The commissions
can be one-time or recurring depending on the product or service you sell for
the merchant.
There are affiliate programs on just about any niche product or service you can imagine. Whatever niche you plan to develop your business around, you'll more than likely be able to find affiliate programs you can join.
And that is the key... choosing a niche that
interests you. Something you enjoy doing or talking about. You may be surprised
to find out that you can make money in just about any niche
imaginable.
Selling existing products and services is not just for new businesses. It
is also a great strategy for established businesses who want to grow their
bottom lines.
When done properly, it can yield income growth of more than
30% literally overnight. How can I make such a bold statement? Simple, I've
experienced just that, by simply selecting existing products and services
carefully and then introducing them to my current prospects and
customers.
The common thread in all three strategies...
In case you didn't notice, all three money making strategies above contained one common component -- proper niche selection.
While you should choose a niche that interests you, you also need to choose a niche that can be profitable. To determine if your niche can be profitable, take a few moments and visit the following websites. At each site you'll be able to research what is selling and whether or not your niche could earn you some cash...
Hope at least one of these links will help make things easier for some of you. I hope to supply you with more helpful links and tips soon, but for now it's back to work on my website. Don't forget to tell your football friends to go to www.johnnynfl.info and sign up now to get their copy of my "2008 projected rosters and position battles" for all 32 NFL teams FREE!!
Thanks again for visiting my blog and hope you come back soon!
RULE CHANGES
John Clayton, of ESPN.com, reports the five-yard face mask penalty was eliminated Wednesday, April 2. Now, only the serious face mask will be called and will be assessed as a 15-yard penalty. The major foul will involve twisting or grabbing the face mask.
John Clayton, of ESPN.com, reports the proposal to review field goals was approved Wednesday, April 2. Certain field goals can now be reviewed by instant replay, including kicks that bounce off the uprights.
John Clayton, of ESPN.com, reports the proposal to eliminate force-out decisions on pass completions near the sidelines was approved Wednesday, April 2. With the rule change, officials will only have to decide whether a receiver landed in bounds or not.
John Clayton, of ESPN.com, reports a direct snap from the center that goes backward will now be treated as a fumble. Previously, a direct snap from the center was ruled as a false start.
John Clayton, of ESPN.com, reports NFL coaches can now defer a decision on the opening coin toss. Previously, the winner of the coin toss could only choose to receive or kick off.
PROPOSAL REJECTED
John Clayton, of ESPN.com, reports the Competition Committee shelved the proposal of changing the NFL playoff seeding by giving wild-card teams the chance to host playoff games.