Top five businesses
● Business model 1 – Creating And Selling Digital Products
● Business model 2 – Affiliate Marketing
● Business model 3 – Membership Sites
● Business model 4 – Coaching
● Business model 5 – Services
Creating and selling your own digital products is an amazing way to make money online! The ability to take your own knowledge, skills, and expertise and charge money for it is an amazing feeling and one of the best business models in the online world
Common types of digital products include:
● Short video courses
● Audio courses
● Online interactive courses
● In-depth home study courses
● Books and ebooks
| PROS | CONS |
| ● Low start-up costs ● High profit business model ● Minimal time and labor time spent after product is created | ● Requires skill, expertise, or knowledge on your topic ● Lots of skills needed to sell digital products ● Takes a bit of time to start |
Business Model 2: Affiliate Marketing
Affiliate marketing is a business model in which you promote other people’s products and earn an affiliate commission for promoting it. For example: You could promote someone else’s course on “how to get six pack abs.” and earn a commission on every sale you refer to the product vendor
| PROS | CONS |
| ● Can be ran in just a few hours a day ● Quick and easy to start ● Low startup costs | ● Sending your buyers and traffic to another product vendor ● Only receive partial commissions on sales made ● No control over sales materials and product content |
Business Model 3: Membership Sites
Membership sites are a great online business model because they bring in monthly recurring income. Most membership sites have a monthly fee which means a steady stream of monthly income!
For example: if you have 100 people paying you $47 a month you have a $4,700 per month online income. With a membership site you can quickly build a substantial online income!
Running an online membership business is similar to creating and selling your own products but instead of a one-time fee you charge monthly. In addition you also release new content monthly to entice members to continue being part of your membership
| PROS | CONS |
| ● Recurring Income ● High profit business model ● Low time investment | ● Harder to sell ● Complex setup ● Ongoing work needed |
Business Model 4-Coaching
Coaching is an amazing online business model. With a little bit of skill or expertise you can start a successful coaching business.
The key to running a successful coaching business is helping people solve a problem in a group or 1 to 1 coaching environment. Coaching can be similar to a digital product as you are walking someone through a particular process and helping them get results. However, with coaching you are working with them closely and walking them through each step.
| PROS | CONS |
| ● Demands a premium price ● Very effective for getting your clients and customers results ● Very rewarding | ● Very time consuming ● Harder to scale ● Requires patience and effective communication skills as you will be working directly with clients. |
Business Model 5 – Services
Last but not least you have the services online business model. A Service is in when you handle tasks or provide labor for others. Here are some service based online business types:
● Content writing
● Search engine Optimization
● Technical and administrative services
● Pay Per Click Advertising
● And many more!
| PROS | CONS |
| ● Demands a premium price ● Premium positioning in your marketplace ● Can lead to long-term clients and referrals | ● Often requires special skills or technical abilities ● Harder to scale |
Next Steps
Now it is time to choose the best business model for you to launch your online business! Before making your decision analyze your skills, knowledge, and abilities. Also think about your dream business…
How many hours would you be working?
What type of work would you be doing?
Do you like working with people directly?
Answering these questions will allow you to see which one of the business models in this report would work best for you.
Imagine taking the information you learned in this report and launching your online business this week. You can do it!
Does the thought of running your own high earning online business get you excited? If so, choose your business model and launch your new business to the world!
