online business

Expand Your Online Business With A Complementary Business Model

If you are like most entrepreneurs, one business simply isn’t enough! Many entrepreneurial business owners have so many ideas that they want to start a dozen businesses all at once; unfortunately, if they do the likelihood result is one of failure.

The savvy entrepreneur will start with a single idea and build a business around that before even thinking about expanding or creating another business. This is just common sense!

If you’ve already grown a successful business and have now made the decision to expand your business into another branch, rather than simply expanding the current branch that you’re in, then you want to choose something that you would be able to leverage off each other.

Going in two completely different directions may be personally satisfying for you, but to maximize your success, it’s best if you choose something that fits seamlessly with your current business branch and it will make things much easier to manage.

There are many different ways you can do this.

For example, let’s say you have a thriving digital affiliate marketing business. You’re making money recommending courses that are delivered in the form of videos or text downloads.

This could be in any niche, not just online marketing. For example, you might be recommending fitness courses for your audience. A great way to expand your business would be to begin offering promotions for tangible items as well—such as dumbbells, yoga mats and so on.

This is a similar business branch, because it’s still affiliate marketing, but it’s just slightly different. You can go one step further and create an entirely different business branch that also pairs well with affiliate marketing.

One good way to do this would be to begin creating your own information products. As a product creator, you would develop your own courses and present them to your customers so that you could keep 100% of the revenue.

You’ll also be able to expand your profits by recruiting people who are in the affiliate marketing business to promote your info products.

Another example might be someone who is currently publishing fiction on Kindle.

As a self-publisher, you’re aware of the ins and outs of all of the technical tasks as well as the strategic ones that allow an author to publish their work on Amazon or a variety of platforms and make money from it.

So how can you expand on this business model in a new direction?

One way is to begin developing your own info product courses that teach other would-be authors how to do what you’re doing. This is essentially a non-fiction creation. However, instead of only making a few dollars or cents publishing a book about it on Amazon, you would be able to charge much more selling a digital course on your own website.

What about someone who started their online business as an info product creator? Maybe your first endeavor online was to create a course teaching people how to set up a blog.

One thing you can do is expand your business into becoming a service provider, where are you are charging people to handle the task for them. You could make money installing their blog and setting it all up for them.

As someone who is familiar with creating your own info products, you may also want to offer services creating info products for other online marketers. These would be people who don’t know how to brainstorm, research, and write or record their own lessons, but they would like a product of their own to sell.

If you started out as a service provider, you can also pair that business model with something your clients might like. For example, let’s say you started off as a ghostwriter. Your clients may be people who don’t have the time or knowledge on how to set up their own blog with the content you’ve created for them.

That could be an info product that you create and sell to those same clients. You may also want to spend some time creating content that you put on a private label rights store.

While your current ghostwriting clients may be able to afford your services for exclusive content to some degree, they may love to have the opportunity to buy your PLR in bulk to beef up their site, emails, and other needs.

Anytime you’re doing something online and succeeding with it, there is an opportunity for you to sell the information about how you’re doing it. So whether you’re currently an info product creator or not, think of everything you know that a newbie may not.

Use this as an opportunity to develop courses that could help others learn the ropes. Look at your current business model and see if there are affiliate marketing opportunities in your niche.

If you’re creating products or providing services, you may be able to add a business branch where you’re simply promoting others who do the same – your competitors! Of course, you don’t have to start a new branch that pairs well with your existing one.

There’s always the possibility that you would like a complete break from what you currently do so that you have something exciting and new to pursue online. You might be able to do this with a new niche, or a completely different business model that has nothing to do with what you’re currently in.

The only reason you may want to consider pairing things together is because it makes it much easier to use the momentum of your existing successful business branch to get the other one off the ground. For example, as a service provider selling ghostwriting services, it would be very easy for you to get those same clients to purchase your PLR.

By the way, if you want to learn about 5 lucrative online business models you can try, from affiliate marketing, to FBA/eBay and more, check out the featured resource below for a free report that covers 5 online business models that you can choose from. Pick one and get started today… 😊

Which Online Business Model Should I Choose?

This sounds like a simple question to ask yourself before venturing into any type of business endeavour and online business is no different.

It is true that online businesses are less risky as they don’t require a lot of capital to get started, but you still need to see which ones are viable and a good fit for your personal circumstances and likes.

So, before you leap into a new business venture, you want to make sure that this will be sustainable for you in the beginning and for the long run. You don’t want to get started with something, only to discover there is a missing piece of the puzzle that will prevent you from achieving success with your efforts.

Analyze

You first need to analyze each business model to see if it’s viable in several different ways. The first thing most internet marketers will want to know is whether or not a particular business model will be lucrative for them.

If it’s not a profitable venture, then you’ll want to focus your efforts elsewhere. For many, it’s not just about the amount of money that they can make, but also the speed in which they can make it.

If you’re only making a few pennies every month, that won’t be enough to sustain your efforts. You have to think in terms of exchanging your time for money. Take a look at what other marketers are earning with that business model.

If you’re adding this branch to another business, then you don’t want to take away your time and effort on a very lucrative business model only to funnel it into one that won’t earn you as much money.

This may or may not be important to you. If you’re adding a second business model on specifically for personal satisfaction reasons, then the financial slant of it may not be as important to you.

But this is rarely the case, because people like to see a return on their efforts. Don’t forget, when you’re determining the profitability of a business model, you’re not just looking at what comes into your bank account.

Upfront Cost

You’re also looking at the expenses you were required to pay ahead of time to get that business model off the ground and operating functionally.

Also, make sure you take a look at any alternate approaches to implementing this particular business model.

For example, let’s say you decided to go into affiliate marketing. If you promoted information products that either had recurring income or a higher ticket cost, you would earn more than someone who was simply recommending books on Amazon, where you would only earn a few cents for every sale.

Implementation

The next thing you want to do when determining whether or not a business model is viable for you at this time is to think about how easy it will be for you to implement. No one wants to engage in a frustrating activity, but if something is difficult, it can severely impact the amount of time, money, and effort that you have to put forth in making it work.

When you first start thinking about adding a second business model, make a list of all of the skills it requires to implement this particular plan. You might find that you have a number of the skills readily available to you.

However, you may also discover that you are incapable of handling one or more of the tasks. If this happens, you will need to look at one of two options.

Your first is to simply delegate the task to someone who does have the knowledge and skill to handle it. This will undoubtedly add to the financial burden that will be required to get this business off the ground.

Another way you can approach it is to simply adopt the realization that you will need to learn the skill in order to implement the business plan.

Some skills are easy to learn and cost-effective for your budget. Others take more time and discipline to understand, and may come at a high cost due to the learning process. Think about all of the tools that you will need in order to pursue a specific business plan.

Sometimes, marketers will teach a method and say no special tools are required. But without them, it makes the process much harder to achieve. You’ll have to decide whether or not you’re capable of handling it without special tools to help you along.

Enjoyment

The final way you want to analyze this business model to see if it’s viable for you is to think about how much you will enjoy working in this business branch over time. There are many people who start out pursuing a particular business branch simply because it looks profitable and easy.

Then they get started with it and discover that it doesn’t bring them a great deal of personal satisfaction. They begin to dread having to work on this business branch, and then it withers and dies.

One of the biggest perks in working for yourself online and at home is that you get to choose what you work on. Instead of being forced to handle projects that bring you grief, you’re able to selectively decide which projects, niches, and path you want to take in your business.

The last thing you want to do is abandon that freedom of choice only to suffer because you added a business branch you thought you would enjoy, but don’t. Before you commit to this particular new business branch, think about what it would be like to engage in this topic or concept every single day.

In fact, you might give yourself a test to do something in the niche for an hour or two each day for a few weeks. This trial run will enable you to gather enough information to see if this is a business branch that will keep you enthusiastic over time, or cause you to quickly avoid and abandon it and waste all of the time, effort, and money that you have put into it.

So, there you have it. A quick insight into how you can pick the best online business model(s) to suit you.

An Online Business Model Any New Marketer Can Succeed In

You don’t have to have any experience to be successful with an online business. Anyone can succeed – even if you’re brand new to working at home because you can learn as you go along.

There are many different avenues you can choose to take to get started. Much of your decision will be based on personal preferences, time available to implement it, and tools you need to launch it.

In this post we are going to cover 1 of the best (and simplest) business models to get started online.

By the way, if you are serious about having your own online business, check out Online Business Models For New Marketers . This is a free training that expands on this post and takes you through 4 more business models for you to try so you will have 5 models in total. You can check it out here.

Are you ready? Ok, let’s get started…

Service Provider

A great online business that you can choose is to become a service provider. A service provider is someone who offers his or her services to those who are seeking help.

There are many different types of service providers, and you choose one based on your skills and this is why it is so easy to start as you can build upon the skills you already have.

Are you a good writer? If the answer is yes, you can become a ghostwriter. A ghostwriter is a person who writes for someone else. The type of material that you might write can also vary. Some ghostwriters write blog posts, speeches, press releases or info products.

Some write fiction or non-fiction books for others. As a ghostwriter, unless the contract specifically states otherwise, you don’t get to claim the words that you write. You’re the unseen, unknown writer for someone else unless you have a prior arrangement.

Many celebrities and other public figures hire ghostwriters. You’ll need to have the ability to write in the language you were hired and set a competitive price so people will want to outsource to you.

You might choose to become an affiliate manager. This is a job in which you would oversee the core operations for someone who is selling their own info products. This can be an individual or a business.

The type of tasks that you would do might change day to day. For example, you might be responsible for making sure that the people who wanted to become an affiliate were top quality as well as check out their ability to promote and their promotion site.

This could help prevent the individual or business from being associated with a potential affiliate that was spammy or a scam. As an affiliate manager, you might be tasked with responding to emails and sending out information to potential affiliate recruits.

You might also have to monitor affiliates to make sure that all the promotions are being handled correctly.

Sometimes affiliate managers are paid a salary, and sometimes they earn a percentage of the money the launch brings in.

Another area for a service provider is a VA. This is a virtual assistant, which means you basically help individuals or businesses remotely. So, you might have a client in California while you live in Wyoming.

The type of work that you do as a VA will be determined by the field that you’re in as well as what the client needs.

Sometimes it’s posting articles on a blog. Other times it’s answering emails in a customer service manner.

You could also become a site builder if you want to be a service provider. This is someone who builds an online site for clients.

The skills that you would need in order to this include knowledge of web design language, some graphic design skills (but this isn’t a requirement because you can outsource this task), and communication skills so that you understand the client’s vision.

Becoming an SEO (search engine optimization) expert is a great job for a newbie. You would have to learn how to find the right keywords for the site that you’re working on so that it increases traffic for the client.

You would need to stay abreast of changes within various search engines to see what best practices allow site owners to rise to a page 1 listing on their search engine. It’s more than just knowing keyword phrases.

You’d need to know both onsite and offsite search engine optimization strategies. Learning SEO isn’t difficult. There are courses, both free and paid, video as well as eBooks and other reading material that can teach you.

You might like becoming a service provider because you can choose the type of work that you do and can set your own hours. The amount of income that you can earn is up to you and you can also make money fast as a service provider because the client will often pay upfront or at least half now, half later.

To get started in any service provider area, you would want to make sure that whatever you choose is something that you do enjoy doing. If you don’t enjoy it, the work will make you miserable.

You also want to make sure that you either have the skills or can develop the skills that will match the type of work you choose to do. For example, if you’re already good with PhotoShop, you might find that doing graphic design type work is a good fit.

You could create banners, eBooks, images for websites, custom designs for clients and more. If you know that you like to write and you have a good grasp on grammar and punctuation, then you would most likely find copywriting or ghostwriting enjoyable.

Once you choose a niche and learn the skills needed, then put together a portfolio. Some newbies say that this part is a catch 22. They need experience to get the jobs but can’t get the jobs without the experience.

What you can do is showcase work that you’ve done for family, friends or for a charity or cause. For example, if you want to get into providing design services, but you don’t have any previous work that you can show potential clients, you can create a flyer for the local animal shelter – or even make something up just to show samples of your abilities.

You can donate some time and skill to a cause that you believe in and use what you’ve created or done in your portfolio. It doesn’t matter whether the work you’re showing was something that you were hired to do or if it was just a freebie because potential clients just want to see how you compare to other providers in terms of quality and value.

You may want to create a website offering your services. This way, potential clients can look you up and have quick access to your online portfolio. You can create a blog using WordPress for around $10 plus hosting. For great, affordable hosting, go here.

Don’t use a website that makes you use their ads because that looks unprofessional. Make sure you put your site links up on your social media to link back to your website. In your bio, be sure that you mention what you do and that you’re available.

For example, “Graphic Designer (or whatever it is that you do) for Hire” because when people are searching for a service provider, they’ll use the keywords describing the service they’re looking for.

If you want to land clients now, you can start on sites like Freelancer and Fiverr, but the pay as a beginner, especially in the beginning, may be pretty low unless you have specialty skills that are highly sought after.

The advantage of using sites like these is that they do have clients already looking for freelancers and you wouldn’t have to build a site of your own. Whenever you land a job, always have a contract to protect yourself and the client.

If you want to learn about 4 other online business models you can try, from affiliate marketing, to FBA/eBay and more, check out the featured resource below for a free report that expands on this post and covers 5 online business models that you can choose from. Pick one and get started today… 😊