Now we’re going to outline the perfect online business model, which is designed to create maximum profit with minimum overhead and as much automation as possible. Now, before you can succeed online, you need to first choose your business model. What that means is you need to know exactly what’s required to sell and deliver your products & services. After that, you need to pick the right niche, because starting a business in the wrong niche can doom you to failure from the beginning. It’d be like trying to sell snow shovels to people who live in Florida – not a good business model!
Beyond those two high-level questions you need to answer before you can launch your business, there are three ingredients that make up the perfect online business model. These three ingredients are going to make or break your business. Plain and simple.
The first ingredient is your product – what’s it going to be?
The second ingredient is your sales and marketing – how are you going to market and sell your products?
The third ingredient is your system – what technical platform are you going to use to not only sell, but also to deliver your product or services, and essentially conduct all of your business on?
Now, let’s discuss these three ingredients in detail.
We’ll start first with your product. Here are some questions you’ll want to ask yourself to figure out what product is the best fit for YOU to sell online…
First, are you going to do physical products? Things like laptops, phones, teddy bears, t-shirts, phone cases, etc. Or are you going to do digital products? Things like eBooks, audio courses, video courses, apps, games, etc. One of the upsides to digital products is that once they’re created they can be consumed over and over again. This is one of the ways that you can free yourself from that direct exchange of time for money, because you invest the time to create the product once, and then you can continue to sell that product over and over again.
As I go through these questions, I’ll be dropping some hints as to what my preferences are, but I still want to give you an unbiased look at this so you can understand how it works. The next question to ask yourself is: Are you going to sell a product or a service? With a product-based business, whether the products are physical or digital, you’re really only focusing on creating and delivering those products. Whereas with a service-based business, you’re typically charging one-time and then delivering those services manually, whether it’s jumping on a webinar, doing consulting, coaching, or anything else like that. Or, like a plumber does, you get paid when you come out to someone’s house and fix their leaks. Or an accountant, who only gets paid when they file someone’s taxes. Those are great examples of traditional service businesses.
Next question to ask yourself is how is your product created?
Obviously with physical products, you’re looking at manufacturing costs, overhead costs, inventory, and so forth. So what does the process look like for that?…
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