Starting your own internet business
If you’ve chosen a business niche, chances are you’re now contemplating a business model. This can feel overwhelming. There are a number of business models to choose from – each one having its own advantages and disadvantages.
Before you decide, consider the following questions:
#1 How much time do I have to devote to my business?
The amount of time you have is critical to your business model decision. For example, if you decide to be a service provider then you’re going to need a lot of time to provide that service. If you only have five hours a week you’re going to have to charge a high premium for your time. Depending on your niche topic that may or may not be possible.
Affiliate marketing, information marketing and even membership marketing don’t have to consume vast amounts of time. If you’re short on time these models may work best for you.
#2 Do you want customers?
Strange question right? If you’re in business then you’re going to have customers. That’s actually not necessarily the case. Affiliate marketers don’t have customers. An affiliate marketer earns a living by promoting the products and services of others. You have website visitors, but no customers to manage or maintain.
A business that sells a product or a service on the other hand will have customers. That includes information marketers and membership marketers.
#3 What fits your personality?
Some business models lend themselves to introverts. If you’re shy or prefer to keep yourself to yourself then becoming a service provider might not be the best fit for you. However, affiliate marketing or information marketing can work for you. It’s important to pay attention to what business model best suits you. It’ll make starting and growing your business much easier.
Finally, spend some time considering how you can best solve your customers’ or prospects’ problems. For example, if you’re going to create a business on the topic of learning to hang glide then you might:
* Create an information product.
* Provide information/content and become an affiliate marketer.
* Coach people on how to train for hang gliding.
The business model you choose can then be chosen based on your answers to the questions posed earlier.
Your business model is an essential ingredient to the success and fulfillment you find as an online business owner.