What is the “Best” online business for you?
OK, I write something about online business almost every month…when I’m writing that is.
I am often asked the same questions again and again by people that are looking to join a business.
The main questions I get quite a bit of the time are:
What is the best type of business to run online? Should I start a shopify store or Amazon FBA? What about those big ticket programs? Those guys always say you can make a lot of money very quickly.
There is no single answer that will answer any of these questions for all people looking to start a business online.
There are a lot of factors to think about.
What type of personality are you?
Do you have the resources to go Amazon FBA?
Do you have the ability to fulfill orders with your Shopify store?
What type of sales or marketing skills do you currently possess?
Are you looking to do something very long term? Create a brand?
How much time do you have to spend on your business?
How much money do you have to spend on your business?
As always, the last question listed above always seems to be the elephant in the room for most.
For some reason, a lot of people out there have this belief that you can just show up, spend a few bucks to get a domain name and site and you can generate tens of thousands a month if not more.
Sorry to burst your bubble, but whether we are talking a business online or a brick and mortar business, business is business and there are costs associated with them both.
But let’s just jump in and really take a look.
Ecommerce, it would seem, is the latest and greatest thing online right now.
Whether you are starting your own store front ecommerce store with Shopify or some other ecom platform, there is someone just around the corner with a course that will “explain it all” and show you how to create a six or even seven figure operation for just a couple of thousand dollars.
Let’s think about this for just a moment.
First, is ecommerce a viable platform to make a lot of money online?
Yes, it can be.
Does it require a lot of skill to start?
Not necessarily, BUT…and this is a HUGE BUT, learning how to set up a store and fill it with products is just the tip of the iceberg.
You are going to have to learn a bit about drop shipping and shipping in general.
You will need to find products that are both trendy and popular.
And you will also need to learn all about advertising your products online, including testing, split testing and so on and so forth.
Most ecommerce owners do not work an hour a day on their businesses and many work much more than they would at a regular 9-5.
However, if you have the retail bug, a lot of patience, organizational skills and are willing to do a lot of testing to find what works and what does not then ecommerce may be for you.
Typically, a successful ecommerce store is going to take a little bit of money to get going, somewhere between a few hundred dollars (if you happen to find a great product or two) to a couple of thousand dollars.
And don’t forget, competition in this industry right now is extremely high, so there’s that to contend with as well.
I’ve been listening to people for years talk about their affiliate marketing programs and how they are doing so well selling products for others.
Admittedly, I have never been a big affiliate marketing sort of guy, so I can only rely on what other marketers have told me.
Once again, just like ecommerce, which I think affiliate marketing is a version of, there can be a lot of testing involved.
The trick here seems to be finding the perfect audience for your affiliate products.
The good news is that many affiliate programs and even businesses that have their own in house affiliate programs, offer training and marketing tools for you to use with their products.
Once you find a winning product and tie it to a hungry, targeted audience, you can generate some very good income.
If you were to look for a good course, or a good mentor to follow, Pat Flynn over at smartpassiveincome.com is the guy to follow and learn from.
This guy has been online for quite some time and has built up a very solid business over that time.
Pat’s success, like most successful entrepreneurs, has not been overnight, but Pat stayed with his vision and has created something truly awesome!
The Big Ticket Opportunity
When I first started marketing online back in 2009, I started with a cash gifting program.
I know, I know, cash gifting is at the very least on the fringes of what is legal and what is not and gifting has ALWAYS been controversial.
With that said, I didn’t know any better when I started and for a long time thought that gifting was an awesome method for generating income….because I was successful.
Looking at it now, I would not recommend jumping into any gifting program if for no other reason because there is too much controversy surrounding it and you can generate that type of income quite easily with a big ticket opportunity.
So, what is big ticket?
A big ticket opportunity is usually a program that costs over a thousand dollars to get involved with. There are even some programs with entry levels of $20,000.00 or higher!
So what’s the deal with big ticket and why are people drawn to it?
Most big ticket programs that I have been associated with or have reviewed do sell a product and you are charged for that product as well as becoming a licensed representative to go out and start selling that very same product, typically a digital product of some sort.
Many of these programs offer digital training covering areas such as self-development, online marketing or some other easily downloadable library that teaches the customer something.
The main thing here is the licensing, which allows you to market these same products to other people.
Does it work?
Absolutely! As long as there are people that are looking to learn how to market online, willing to purchase a business leadership course or some other self-development product AND have a desire to make a lot of money per sale then these opportunities are going to be around and be successful for a long time.
While many will argue that the products that come with these programs are not always the best, some of these products are very good indeed.
I personally have benefited from many products that I have purchased.
Yet, as I said above, the key is the licensing.
Most big ticket opportunities come with multiple levels within their organizations.
Some programs start out at $500 all of the way up to $20,000 or $50,000 for their information.
Depending on the level that you come in at, once licensed you could be selling these same programs to others and generating mouth dropping commissions.
Most programs will pay out 100% of the cost of the program, so if you can sell a product package at a $12,000 dollar level then you are going to earn the 12K as long as you are licensed at that same level!
For example, most people will enter this sort of business around the $3000 to $6000 dollar level. Let’s just say in this example we are buying in at $3000 dollars.
This will give you the products for all levels below yours as well as all products at the $3000 dollar level.
You will typically pay a small licensing fee, a couple of hundred dollars usually, and will have the ability to sell all packages associated with the program.
While you may sell a $6000 dollar package to someone, because you are at the $3000 dollar level you will only earn up to that level with the difference being passed up to the next qualified person at the 6K level.
Many times people will come in at a lower level and upgrade as they make more sales AND especially so when they make a few sales at higher levels.
No sense in doing the work and watching to money go to the next guy or gal that IS qualified at those higher levels!
What’s Best for You?
At the end of the day, the online business that is best for you is the one that you will have to take a look at.
I have some ecommerce sites that I generate income with as well as a big ticket program that I work with.
The one thing I can tell you for sure is that if I could only choose one, I would choose big ticket every time, but that’s just me.
Because I don’t have to inventory anything, all products are digital so the client can download them straight to their computer and the commissions are outstanding.
The one problem that I have always found is that the training is very poor if there is any training at all.
The solution for that is that I decided a long time ago that I would train people as they came in for free.
That way I knew that they, at least, would know what I know and have the same chance I have for making sales.
And no, we aren’t talking about being a hard charging, high pressure sales person. I am not a sales guy, but I learned how to generate sales without having to be.
Good news for you is that I am willing to show you how to generate these sales, without being a sales person, for free! All you have to do is check out my link: workwithmarkrandall.com
No matter what business model you choose, make sure it is the one that you are willing to work on when the money isn’t coming in and it’s the one that will get you to YOUR dreams and YOUR goals the best way possible.