The first thing you need to do before starting your Internet business is to decide which of the legitimate online business models you want to pursue. Starting with a flawed or fraudulent model is a guaranteed recipe for failure. Choosing the right business model that aligns with your strengths and preferences gives you a strong foundation for success. In this article, we are going to explore 3 online business models that have proven successful for thousands of entrepreneurs around the world.
Without wasting any more time, here they are:
Model #1: Selling ad space
The concept of selling advertising space on your own website or blog has been around since the early years of the Internet. The key to this business model is having a large amount of consistent traffic to your site every month. If you have little or no traffic to your site, advertisers will not find it worth investing in advertising space on your website. By using some simple tools like Alexa or Quantcast, potential advertisers can see how much traffic their website or blog is getting compared to other websites, so you can’t fool advertisers. If you have a popular website or blog, this business model can be extremely profitable. However, if your website isn’t getting traffic right now, you don’t have to beg advertisers to buy ad space on your web property. You can place Google AdSense ads that allow you to earn every time a visitor clicks on one of your Google ads.
Model #2: Selling e-books and information products
E-books and information products are in high demand now with the rise of online reading and tablets. This industry can only grow bigger and bigger. Although there is more information on the Internet than ever before, people want their information in a more organized format and, more importantly, they want specialized information in a compact package. Electronic books and information products provide this. You can easily produce or outsource a 50-100 page e-book and sell it through a digital marketplace like ClickBank, or create digital products like video courses or podcasts that you can sell as stand-alone products or as a companion to your e-book.
Model #3: Selling Other People’s Products
Just like in the real world of commission-based sales, you can make money selling other people’s products. How? Through a wonderful online concept called affiliate marketing. In this model, you receive a personalized affiliate link that you can promote. If people buy products through your affiliate link, you earn commissions. The advantage of this model is that you can get started very quickly as you don’t have to spend time and resources on product development. Some of the top affiliate marketplaces to find products to promote include ClickBank and Commission Junction.
These 3 online business models have proven to be very profitable when executed well. Choose your model and start your research and then take action!