Building your online business or a brick and mortar business requires you know your business model. Do you know yours?
There are basically 5 types of business models:
If you want to0 start making money online, this is a great way to do it by creating and selling information in the form of written, audio or video. This can be done by digital download or CD and printed materials.
This is the promotion and sales of other peoples products. You receive a commission for sales resulting from your efforts. Affiliate marketing is perhaps the easiest business model to get started with, as you don’t have to have your own products or even a website to get started. There is little to no start up money needed for this model unless you use Pay Per Click, which I strongly advise you not to do until you are a seasoned professional. PPC is a crap shoot even for the pros. You have to have money to lose to be able to make money with PPC. If you don’t have money to lose, don’t go there.
Teaching and Coaching
Teaching and training others about something you know about. For instance I teach beginners how to build a business online. I do not offer one on one coaching programs.
This model is where you have an online store that sells tangible items.
Web services and graphic design
All businesses that promote anything or sell anything online falls under the umbrella of Internet Marketing. All types of the 5 business models are a form of Internet marketing. So, let’s get that straight right away, if you are building a business online, you are an Internet marketer.
Most Internet marketers have more than one business model, creating multiple streams of income from a good marketing mix. Mine for example are Teaching and Coaching, Information Marketing and Affiliate Marketing. It’s really important that you get really good at one type of business model before starting another. You don’t want to become a jack of all trades and master of none.
So, what’s your business model?