By Kim Willis
A Look at Some Online Home Based Business Options
Lots of people like the idea of working from home in their own Online Home Based Business. Making online money has become a hot topic for lots of people. Many have found that a home-based online businesses can actually work. This is especially true, now that numerous social media sites such as Facebook, Twitter and MySpace, and various blog sites) can be used to advertise almost any product and service.
The internet offers enormous potential and unlike traditional methods of product promotion – TV, radio, or print; you can be sure that whatever it is that you are promoting, it will be accessible by potential customers around the clock.Here are some online options for you………………..
MLM or Network Marketing.
Essentially these are recruiting businesses. Some are purely online – with no need for the marketer to interact with prospects. The problem with this model is that because no contact is being made with prospects, relationships are not being built.
As a consequence, the attrition rate is very high. More commonly, however, the marketer will use the internet to generate leads, then phone them, or even arrange a face to face meeting. The use of the phone and/or face to face meetings, increases the chances of success exponentially. Some network marketing companies do not allow reps to use the internet at all, which is an old fashioned way of looking at business, and denies the rep from utilising a potent source of new business.
Summary. You will need plenty of get up and go, plus resilience to make it in this type of sales business. Rejection can be formidable!
Big Ticket Direct Sales.
A typical Internet based direct sales business works on the basis that leads are generated for a business opportunity or the product. Key differences between this way of doing business and the MLM model is that the product will typically be a big ticket product and usually not a consumable.;The other key difference is that the upfront commission is high.
The advantage of this approach is that the potential is there to create a full time income quickly. Commission can be as high as $15,000 per transaction, although it stands to reason that the price for the products – such as personal development products – is going to be very high, and in many instances bears no relation to the actual value of the products themselves.
An alternative to the big ticket model is mid tier. This is about marketing products lower down the price range. Whilst still offering good commissions of up to say $2,000 a sale, the lower pricing should mean that the products are more affordable to more people. A good example of a mid tier product is travel.
Summary. Although this is still what I would call a ‘sales business’, because of the methods used to make sales, there is far less rejection experienced by marketers.
Affiliate marketing has exploded on the scene and is a big industry today. Online marketplaces such as Clickbank have thousands of publishers on their books all wanting to sign up affiliates to market their wares.
Products are typically e books, software and courses. The advantage of this model is that usually no upfront payment is required by the marketer to the publisher. Another advantage is that pre formatted sales pages are offered to the marketer at no cost.
The downside is that commissions are low, typically $20- $30 a sale. Therefore the reality is that it may take many years for the marketer to build their affiliate business to the point where a full time income is being generated. This is particularly the case if the marketer has no previous online experience.
If that is you, accept the fact that you will need to commit to a learning process which will mean that income generation may be non existent in the early months – or longer.
Summary. If you absolutely hate sales, and do not want to talk to people, then affiliate marketing may well be the right thing for you. However you will be required to invest your time (and some money) into learning all the ins and outs of traffic generation. Get yourself a mentor!
Own Product Marketing.
If you have your own product, even a physical product, there may be excellent scope to market the product online. Do your research before making this determination.
A good place to start is to type into Google a keyword that best describes your product. Then you will be able to see how many other businesses are advertising, which will give u a good idea of the market potential for your product.
You can also do more research by checking out Google’s Key Word Tool. This will show you how many searches per month are being conducted for your keyword. It will also show you other popular keywords for your niche.
Summary. If you have a product and you are convinced you can make money with it online, then go for it!