What's the best business model to choose and why?
Today, home business opportunities are found in MLM, direct sales, affiliate marketing and so forth.
That all depends on you and what you are good at. There are ups and downs in all of the business models you mentioned. If you are someone who likes to deal with people personally then direct sales and MLM could be the way to go. However if you do not want the hassle of dealing with people face to face, then affiliate marketing and MLM could be for you. I put MLM (now commonly referred to and network marketing) in both categories because an MLM business can be built "in person" or through the net. I have many success stories from both ends. The key to building any successful business is to be relateable, even if you are doing it through the internet. You have to move products or services to make money and people want to buy from someone that they first like and second believe. I'm building my businesses through affiliate and network marketing... http://www.vitamins-and-health-facts.com is my site (it's not complete but It'll give you another idea about what you want to do)
There is no best business model. What is the best business model for YOU to follow ? All marketing is essentially the same. Creating- demand-awareness -getting - keeping your customer's attention and selling a product. How you do it best and easiest depends on what YOU like and what YOU gravitate to naturally.
The first thing you have to do is look at your personality and where does your passion and strength lay at. If you are extrovert and a great speaker and motivator, then your business model would be based on that foundation and build upwards. Next, look at how to reach people using your greatest strength...if you are extrovert you can succeed via the personal approach with internet backup. If you are introvert, you would go the reverse path...Use the internet to build your network and rely on webites and tools to motivate and stay in touch with your following Either way, once you have the network, you can sell easy and effortlessly...and the business model that you use, has less meaning in and of itself.
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@Contrice - Thanks for your very detailed answer. It makes sense, it's all about what resonates with your personality and what you want your business to become.
Great that there are a few options that people can explore to suit their personality and marketing skills. You seem to be doing very well in your business
All the best!
A lot of people will ask this question over the coming weeks so it is well timed and important too... most of us jump straight into the deep end when deciding to start a business of our own and suffer the consequences.
It comes down to two main factors;
1. What suits you in terms of your personality, experience, skill set, income goals and investment level.
2. What suits the market - either online or off line and what will work into the future. A business that has done well in recent years (during the good times) may not do so well into the next decade.. hairdressers, art galleries, speciality and luxury item retailers are NOT a good bet right now as we tend to cut back on luxuries; while a business which helps you to reduce your living costs or provides an additional income will be much more in demand..
In most countries multi level marketing is not allowed or seen as fraud by the public. So such systems normally cannot survive longer till the saturation is reached.
Affiliate marketing is also only a half truths. Sure it is good for the vendor, but if you run a website or sell ad impressions then clickrates below 0,1 % and conversionrates of 5.000 clicks bring not really much money.
Better is to sell ad space on a per view basis, and even if you start with 10 cent cpm its often better than what affiliate campaigns or cpc networks offer.
But the more popular your page is, the more companies will be willing to pay for the ad space higher prices, so that you later on receive 0,50-5 $ cpm.
And if you then can handle it to reach every month more than half a million page views then you can realize prices up to 10 $.
If you calculate the real value per click in affiliate campaigns then its often just a fraction from normal cpc or cpm prices.
Further in E-Business it is important to offer something unique if you want to create a business that will work for a couple of years.
Just think of a special business newsletter, e-magazine or information platform for an industry sector for that each client would have to pay 39,95 $ per month.
Then you only would need 100-200 companies worldwide as clients to earn every month between 3.995-7.990 $.
Or think of an accounting service, tax office, appointment service, real estate service, web services, seo service, web service etc.
We have worldwide about 200 million SME´s and you would only need to offer a service to a few hundred. Shouldn´t be impossible.
Think of something that you are specialized in and you like to do with joy. If you can be or become an expert in a field then there will always be a market niche waiting for you.
And always see every business as an investment. If you only invest 200 $ and expect 20.000 $ profit than its like winning a horse race that is 1:100.
The money that you can earn in the web like in the real world will depend on what you invest.
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