Do I need a college degree to make good money in today's world?
1. Affiliate
In this category I also include models such as AdSense and Cost Per Acquisition (CPA). They’re all the same whereby you are creating traffic for someone else and either paid per click, per lead or per sale.
The fewer variables that you can have in an equation, the more sustainable and passive your business can be (and the less chance there is for failure).
Being an affiliate for somebody else’s product can be a great way to get started with minimal setup. However, you are at their mercy.
2. Service Provider
Being a service provider could be anything from offering hosting, to providing copywriting or SEO services.
Being a service provider can create great value for your customers and produce some excellent long-term income. However, it does require long-term maintenance.
3. Product Owner
The other option is to own and market your own product. It’s true that product creation is the best way to create sustainable income that’s more likely to last in the long-term.
This is because you can control the variables much better and you’re usually not reliant on any third party.
You can control your product, the sales process, payment, delivery and your own terms of service.
Even if you are totally new to Internet Marketing you can create your own product.
As a product owner you build a list of buyers, build authority and create credibility. You also have sales funnels, autoresponders and mailing lists.
Failure is the First Step to Success
Every successful person you meet, hear or read about has failed, without exception (and not just once either).
Often the best learning comes from experiencing firsthand what not to do. You cannot follow someone else’s path to success exactly; we each have our own personal variation.
Don’t be afraid to experience things firsthand. Unfortunately many people who fall over, complain loudly to everyone about their ‘bad luck’. Worse still they stay put where they’ve fallen and don’t get up. Imagine if we had done this as children learning to talk, walk or talk—where would we be today?
Every successful person has fallen, and every single one has gotten up and continued walking.
When you experience failure, pick yourself up, learn from your mistakes and then just keep on going.
Forward Thinking Will Make You More Money
Before you get started on your online business it’s helpful to sit back and consider what exactly you want to achieve, and why.
It’s wise not to rush in eager without some form of preparation. Instead position and plan your business from the very beginning.
Most people don’t do this; and then, most fail. Be honest with yourself and your goals. What would you really like to achieve? What outcome would you like your business to have?
As well as setting yourself up for profit you have to be aware of your weaknesses. What are the main challenges that will impact your profitability and your journey getting there?
How to Identify a Want or a Need
Use Google’s keyword search tool: www.dlwmmm.com/keyword
Type in your niche directly into the keyword tool to find out if there is a potential demand for it. See how many people are searching for your key phrase, for example ‘poodle grooming’ (or similar related phrases).
In an ideal world you would have a high search volume and low competition. Just be careful though as this could mean that a keyword or niche is simply not profitable. Competition is not necessarily a bad thing.
The Bones of Your Online Business
It annoys me when I read about the lies, deceit and misconceptions I see about creating an online business, or taking a business online.
Marketing your digital product online is easier than you think.
There are three things you have to do. 1. Build a product. 2. Build a list of devoted customers around your specialist niche. 3. Then develop a relationship with the people once they’re on your list.
As more people like and trust you, the more easily you will be able to sell your products. Then, the more willing they will be to buy your future products.
Broad or Targeted Niche?
A niche is an area, subject or topic you build your product around. You can have broad or targeted niches.
1. Broad Niche
An example of a broad niche would be weight loss. Although broad niches catch a wide net of people, it can be hard to get noticed among the crowd.
You have the potential to attract a lot of people, but you will probably be up against a lot more competition. Also, conversions will be lower because of either the lack of focus, or the range of choices available to the consumer.
2. Targeted Niche
An example of a targeted niche would be weight loss for female teens. Another even more targeted niche would be weight loss for female Asian teens who suffer from diabetes.
Although in narrow niches there are fewer customers, they are easier to target because they’re searching for something specific.
A customer going to Google searching for a weight-loss solution may end up landing on ‘weight loss for female teens’. This may or may not be a good match.
However, if someone types into Google ‘weight loss for female teens’ and lands on ‘weight loss for female teens’ this is going to be a great match, because you’re solving their specific problem.
Even though the content may be identical, people feel it applies to them more when you have narrowed your focus and talk directly to them.
By focusing on narrower niches you increase your chance of being found (by reducing competition), and increase your chance of a sale (because people like to buy what is the closest match to them).
Your Financial Success Depends on Your Team
No matter the type of business model you follow, if you don’t have a team you’ll run into trouble. Maybe not immediately. But sooner than you think.
Without a strong team behind you, your business will either never get off the ground, or it will die a quick death.
Too many internet marketers overwork themselves and struggle too much on their own. And every single marketer I know who has succeeded has done so with the help of others.
Perhaps you don’t have the money to hire staff? (Not a valid excuse.) Or perhaps the entrepreneur in you wants to do everything your way? (One of the hardest things to overcome for many of us, especially me.)
If you don’t already have a team, now is the time to create one.
Anyone who has enjoyed serious success will tell you the same thing—that they couldn’t achieve their wealth, or success, without a helping hand. This is true for musicians, movie stars, sports professionals and business men.
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