There are thousands of people online who generate a good income using a plethora of methods. Some sell products on eBay and Amazon, some are affiliate marketers, others publish books, some provide services and much more.
A beginner who is new to online marketing will often feel overwhelmed by the sheer number of choices available to them. Which do you choose? They all seem good.
The biggest mistake most beginners make is choosing a business model just because they see others claiming to make quick and easy profits with it.
In reality, most of the claims are hype and lies. Jumping blindly on a bandwagon without knowing its real destination is a sure-fire way to fail in this business. When choosing an online business model, you need to look at 5 factors…
Your natural talents
Every single one of us has some natural talent that we’re endowed with. Here’s how you discover it – just look at what you’re naturally good at. This will usually be something you excel in without even trying.
You may have a flair for writing and were good at it even when you were young. Or you might have a fun personality. Or you may be good with numbers.
All these natural talents are indicators of where your strengths lie and you should tap into them. The naturally talented writer should write. The fun guy should start a video channel… and the one who is good with numbers may become an expert with paid ads.
While these are examples, you should get a good idea of the concept. Do what you’re good at
Interests are important, but not as important as your natural talents. You should either do what you’re passionate about… or develop a passion for what you do.
Usually, most successful people fall into the second category. It’s best to love a business model when you get into it. Don’t just do it for the money but hate every minute of it.
There are thousands of marketers who hate their business and drag themselves to the computer to do what they need to just to eke out a living. It’s best to follow your passion while also pursuing your ‘paychecks’.
The budget you have will limit your ambitions to some degree. This is especially true if you’re a beginner. Taking on a business model like ecommerce will require about 1k to 2k – for running ads, building your store and so on.
Fulfilment by Amazon (FBA) is another model that requires cash flow and has risks too. The cash-strapped beginner will find these to be tough models to handle because of the constant financial pressure.
Never go into credit card debt to build your online business. You’re better off starting with low risk models such as freelancing or affiliate marketing to build your business.
Skills are different from natural talents in the sense that you need marketing skills to build an online business. As mentioned in the first point, some people’s natural talents may be cooking or painting.
But how do you translate these skills into an online income?
One way to do it will be to set up a blog or video channel. If you have no idea how to go about it, you’ll need to develop the tech skills to achieve your end goal. So, look at the marketing skills you currently possess when choosing a business model.
The good news is that even if you don’t have the skills to do what you need to, you can ALWAYS LEARN them and do them well. You just need to spend some time in the learning curve.
Your time frame
How fast do you wish to make money? Some methods such as Kindle publishing, niche sites, etc. are slower.
Other business models such as launching products, ecommerce, arbitrage, etc. are faster. The time frame you want to make money in will affect your decision too.
That said, do not pick a business model just to generate quick profits. All worthy business models are difficult, carry inherent risks and will require a lot of effort. There is no ‘quick and easy’ money to be made online.
Ultimately, the business model that you choose, is completely up to you! There may be other factors that you take into consideration, but considering bearing these pointers in mind when choosing your business model.