Internet Business Models-Which Option Should I Go For? | Midlife ...

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There are a multitude of options available and time invested in understanding the crucial differences and identifying which Internet business model is the right one?for you will save hours of wasted investment of your?energy,cash and time.

I say this consistently on this site because many people fall into the trap of building a business online in the false belief that?its a shortcut to wealth, an easier option than working and the next big thing. Don?t make that mistake, the online world is fiercely competitive with many businesses failing to make any kind of profitable income at all. If you?re not prepared to learn, adapt, persist ?and try new things then setting up a brand online is?hardly the?option for you.

Before delving into the various Internet business models themselves let?s start at the beginning.

What are your goals and what are you?looking to achieve? from your work ?

It might be driven by one overriding criteria such as the need to generate a significant income and you?ve learnt about the value of having some kind of passive income for life or the prospect of setting up multiple streams of revenue by teaching what you know and selling information products. It could be that you want a lifestyle business, where you reduce your overall working hours to find an appropriate balance or to accommodate a driving passion such as travelling the world or being available for your children hence flexibility becomes the crucial motivator.

Then again it could be that you have a strong desire to connect and help others and derive more meaning from your work or maybe you just want to top up your monthly income for treats and you fancy a bit of E-bay selling. Maybe you?re just desperate to escape your day job but you don?t know how to make the transition to making money online.

To share with you my own objectives with regard to this brand I set about designing an online business primarily to enjoy greater freedom to work where and when I desired but also with the prospect of developing information services and products that help others find more satisfaction in their work and their lives too whilst earning a living through multiple channels-writing, speaking, coaching, on and offline programmes primarily. I believe that?if like me you?re in the knowledge arena, in other words, you deliver a professional?service ?of some kind like legal advice, accounting, consultancy?then you?don?t need to be sat in an office working for someone else when you could be building your brand.? Its a longer term focus of mine?to build in some online information products,?but knowing this has given me far?greater clarity on where I focus my efforts on a weekly basis and on identifying the kind of customers I typically work with and attract.

So lets take a closer look at the?Internet business models available.

Option 1 Freelancing

This is sort of a half way house between working as an employee and running your own dedicated Internet business but nevertheless is worthy of discussion here. Freelancing?has been driven by?a hugh trend in outsourcing over the last 10 years and many sites like O desk and Elance advertise the services of freelancers for an hourly rate. Rates can be competitive and you will need to prepare a portfolio of your work to show case?your talents.?Then again, you might also have your own website freelancing your capabilities as a copy-writer or a web-designer. It can be a great means of bringing in a regular income without having to learn the whole aspect of online marketing but income streams will be more capped.

Option 2 E-commerce

Here?s where you become an online retailer where you identify products you want to sell. You may make your own, or source from abroad but generally the costs can be high when you need to consider inventory and there is a fair amount of complexity to factor in with distribution aspects. Personally I would avoid this unless you have a good deal of retail experience as it can be a great deal of effort for very little return. Many households now sell their unwanted goods online through E-bay? which has led to a lot of individuals trying to , some very successfully, sourcing in demand products?then E-baying?and? selling through?online auction sites.? Affiliate marketing can be a good option here. This is where you have set up your own website or blog and are directing others to merchant sites in return for a commission on any?sale you are able to generate. This has the advantages of carrying no stock and many affiliate programmes are all set up making it pretty straight-forward for you to get started with the ?technology integration?aspect .

Option 3-Blogging

Blogging is a good option for budding authors and people who have a strong message that they want to get out but making it in terms of becoming a blogging celebrity like Brian Clark, Chris Garrett, Danielle Laporte et al ?is a?pretty tall order. Here the focus is on delivering first class content and frequently and then building a presence and an authority by connecting with the inner circle within your niche?through methods such as?guest blogging.? Many bloggers who have made it start out earning an income?from advertising because their sites have generated hugh traffic and solid communities. Whilst not impossible, this is? much harder these days due to the growth of bloggers generally, though I would say that great content always shines.

If you want to learn more about blogging ,period, then you might like to delve into some of?these back posts;

The Magic of Guest Blogging

Forget The Standard Blogging Rules To Be Found And Heard Online

How To Promote Your Blog

How To Blog Series-Finding Your Writing Style.

Option 4 Membership Sites

As the name suggests this is where you will charge a monthly or annual fee in return for providing access to multi-media content on a private page. This could be in the form of a PDF, online video, podcast etc and is a great medium to deliver?online training in a cost effective way. Once created? it needs little re-vamping and builds momentum over time. Many membership sites typically charge somewhere in the region of $20-30 per month and will add bonus content each month to keep the site fresh. The life cycle of members is mixed though with the average being around 3/4 months.

Option 5 Information?Products and Services.

I?believe this is one of the best options out there (but I would say that) here?s why. If you can?create, develop, then launch?your own product? digitally you?re not really competing with anyone else and once fully set-up it can sell 24/7 with little additional effort. You can start small with an E-book then build an online course expanding on your subject matter then develop coaching packages to support. Whilst all this sounds very pheasible , my own experience has taught me it takes time to create decent content and then you?ve got to workout how to promote what valuable offer you have to access and?connect with the right people.

Whilst each of these Internet business models are distinct in themselves you?ll see many online brands integrating a mixture of these selling their own products and service, integrating a blogging strategy into their online business?as well as being affiliate sellers for others.

So you now have a clearer idea about each option the next step is to establish an Internet business plan which we?ll give some thought to in next week?s post.

We trust you got some value from this ?and we?re always grateful when you share our work with others so go on tweet it . Drop us a line and let us know what your online marketing questions are then we can devote our attention to a dedicated post on the subject.

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Source: http://www.makeworkplay.co.uk/uncategorized/internet-business-modelswhich-option-should-i-go-for

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