Are you missing the forest for the trees?
Well….a lot of us keep falling into this trap and struggling in our business.
Sometimes we get so engulfed with moving down a certain path that we may NOT notice that there are other opportunities out there which could give us 10X the results for far less the efforts.
If you have been trying to build an online business for a LONG time and you have not (quite) cracked the code yet, then this blog post may very well be the most important one that you would read this year.
Let me explain why:
The fundamental problem that cripples over 95% of the people is that they convince themselves that there is ONLY ONE path to success.
Just because someone had become successful using a certain path does NOT mean it’s the right one for you.
Because everyone of us have our own strengths and weaknesses.
What’s easy for someone else may be super hard for you & what’s hard for them may be a piece of cake for you.
What does that mean?
It means that if you CHOOSE to build a business around your STRENGTHS, you are more likely to experience success.
So in this blog post, I am going to reveal the 7 BUSINESS MODELS that you can use to build your business in the online marketing space.
In fact, I am going to walk you through all of the 7 business models IN DETAIL along with its pros and cons so that you can choose the one that is most likely to resonate with you.
#1: Affiliate Marketing
This is the simplest business model ever.
You find affiliate products to promote.
You drive traffic, build your list and promote various affiliate products and get paid anywhere from 20% to 75% in commissions for each sale you make.
- You don’t have to create any products or create any sales letters or sales videos.
- You don’t have to deal with customer support, process refunds, etc
- You can be up and running almost instantaneously.
- You can make a full time income with this lucrative model (like many other marketers do).
- While this model is the simplest one out there, it does not mean it’s the easiest. You still need to create high quality funnels and marketing campaigns to stand out from the crowd and make sales.
- You don’t control the product price point (you can’t test different prices to see what works best for you).
- Typical affiliate products pay out 30-50% commissions (after 15-30 days from the point of sale) so you may have cashflow issues in your initial stages.
- An affiliate offer can be changed or removed from the marketplace anytime. While this doesn’t happen usually, it happens at times. So you do have to deal with this instability and plan for it.
Thoughts On This Business Model
- Anyone can get started with this model due to its low barrier of entry. Plus this gives newbies the perfect experience to dip their toes in the online business world.
- To get the best results, you need to find a few CORE products to promote and develop specific marketing campaigns for each of them. Don’t blindly run traffic to the product sales page and expect stunning results. Your funnel needs to do a bit of pre-selling.
- I promote only a few affiliate programs and I make millions with them every year. It’s a very lucrative model when done correctly.
For example: One of the main affiliate programs I promote is MOBE. Up to this point, I have made over $3.4 million with the MOBE product line. Every month, I make over $100,000+selling their information products, high ticket licenses, masterminds and events.
I also promote Empower Network product line and I have made over a million dollars with them too. In the past, I used to promote Carbon Copy Pro and was a top earner in that as well. Apart from these products, I passively promote products like Clickfunnels, Aweber, Leadpages, Clickmagick and I get sizable monthly checks from them.
As long as you are willing to create good marketing campaigns for affiliate products, you will do well.
- Since you don’t own any of the products or control the price point, you need to do quite a bit of testing to get to a profitable state. It will take a LOT of efforts (because you will face competition) but once you get it right, you can simply run traffic, make sales and take your day off as the company owning the products will take care of your customers.
- Basing your entire business FULLY on promoting affiliate offers is not a wise idea. In your starting stages, doing that is fine but if you want your business to have stable growth, then you must create your own product line or you must diversify using other business models (which I will be talking about below).
#2: Creating Information Products
From a logical standpoint, this is the best business model.
You create information products ONCE and you can sell them a million times (or more) for any price point.
You can record an information product in a day or two and sell it for anywhere from $7 to $5000 or even more (depending upon the content and depth of training).
Since you are the CREATOR of the product, you get all the BRANDING POWER which will make it easy for you to upsell your customers into buying higher end products.
- You can create a product once and get paid for it unlimited times.
- You can grow a multi-million dollar business by creating a series of related information products
- You can price your product the way you want. A quality in-depth informational product can sell for $997-$5000+. With very few product sales, you can be making a lot of money.
- You get to keep 100% of the revenues plus you get paid INSTANTLY. So you not only get bigger margins (as compared to promoting affiliate offers) but you also get instant cashflow which you can use to grow your business at a supersonic speed.
- You can even get affiliates to promote your product and pay them commissions for each sale they make. If you structure your business properly and get a ton of affiliates on board, you can scale MASSIVELY.
- Creating a product involves having a certain mindset and desire to do so. Not everyone has that.
- You need a certain amount of expertise to create products that can sell for $497 and above. Sure, anyone can create a simple product based around a single concept/strategy and sell it for $7 to $47 but the higher priced products (which is where the real money is) need to have in-depth content.
- You have to manage product fulfillment, customer requests, refunds, etc.
Thoughts On This Business Model
- If you are willing to immerse yourself into a subject and have the desire to create information products, then I would highly recommend this model for you.
- I have a few information products of my own and all of them they sell extremely well and have tons of happy customers.
Here are a few of them:
- 10K In 10 Days sells for $1997.
- Cashflow Kickstarter sells for $1997.
- Traffic Mastery Intensive sells for $1997
- Video Ads Hack sells for $297
After creating your product, you need to create a high converting sales page or a webinar for it. This is CRUCIAL for your success. If you don’t have expertise in creating sales pages or webinar, you can hire experts to do that for you.
It takes a certain amount of skill and commitment to get started with this model. But once you get the hang of it, you can build a very lucrative business around it.
#3: Selling Software
In today’s world, where automation and ease of use is the KING…..software is becoming more and more in-demand.
Selling software is a great model because once your customers love your software, they will keep using it for a long time and you can make nice recurring monthly revenues.
There are 2 ways you can sell software:
#1 – Sell software as an affiliate
You can promote reputed programs like Clickfunnels, Leadpages, Aweber, Hostgator, etc as an affiliate and once your customers start using them, you will keep getting your commission checks monthly.
#2 – Sell software as a publisher
Here you need to hire developers to create a killer software for you.
There are more risks involved in this venture but the rewards are much higher.
A great software can help you make not just millions but even BILLIONS.
- The pain/inconvenience of canceling a good software service is very high. So once your customers start using your software and love it, they will keep using it for YEARS.
- You can make predictable recurring income.
- If you create your own software, you can have affiliates promoting it for you.
- You can even sell your software company at a later stage for a hefty payday.
- Higher risks involved if you are planning on developing a software.
- You will need to setup a good customer service team as your customers would need a LOT of ongoing support when it comes to softwares.
- Most customers will choose the monthly payment option when signing up for a software service which means it will take a while for you to make profits from your advertising.
Thoughts On This Business Model
- Selling softwares as a standalone business is not for everyone but it’s incredibly lucrative for the right person (which is why I am planning on creating and launching my own software programs).
- If you want to promote software programs as an affiliate, make sure you have something else as your primary business because it’s harder to make big commissions upfront by selling softwares.
As an affiliate, I promote software programs like Clickfunnels where I get commission checks from them every month. It’s a nice way to add to your income.
#4: Continuity Program
Continuity programs (just like softwares) are a great way to make recurring monthly revenues.
This model is all about providing your customers with NEW content every single month.
The content could be in the form of text or video or live webinar class or even a physical newsletter.
- You can make predictable recurring income which will help you manage your business better.
- You can have affiliates promoting your program for you.
- Based on how many customers join or drop off, you can see your where your business is heading towards and plan accordingly.
- You have to keep creating new content for your members or they will drop off. You can drip-feed your content on a monthly basis for your new customers but even then, your old customers would need FRESH new content to stay on subscription.
- Retaining customers for information based continuity programs is MUCH HARDER than for softwares.
- Continuity programs don’t work in all niches or for all products. It takes quite a bit of testing to get it right.
Thoughts On This Business Model
- Creating a working continuity program where members stay on for more than 6 months is not at all easy territory for most people. So this is a model which I wouldn’t recommend for all.
- However if you are confident about having new information to share every month that justifies the price, then you can give it a shot.
- Personally, I would recommend using this model in connection with other models. As a standalone model, it can be pretty hard to succeed with this.
- With all being said, having a membership program where you get your core customers to pay you a fee every month can be a POWERFUL BASE to build a business. The longer you get people to stay as members, the stronger the bond you develop with them. And when that happens, you can promote backend products to your customers and make a lot of sales.
So this way everybody wins.
I have launched my own continuity program, Dot Com Academy if you'd like to check it out.
#5: Live Events
Live events are the best way to deliver massive value and get your attendees into purchasing high ticket programs.
To give you an idea:
Selling a $2000 product via the internet would take a certain amount of effort. However the same product would be 10X easier to sell via live events.
In fact, it gets even better.
With live events, you would not only make more sales of a $2000 product but also get quite a few people to invest in $5000 or $10,000 or even $25,000+ products.
I have seen this happen over & over again.
The conversion rates experienced in live events are simply WAY beyond anything you can experience online.
If you want to grow your business to the stratosphere very quickly, then live events are the way to go.
- You can deliver massive value, connect with your audience and make tons of high ticket sales with ease.
- Since you would already have a video crew for live events, you can capture all the important moments in your event, collect video testimonials from your attendees and use them all in your marketing. This will increase your BRANDING power and give you higher conversions.
- You can later on sell the recording of your events (for $497 to $2997+) to people who couldn’t attend your event.
- Putting up live events is an extremely costly affair.
- Promoting your live event and getting paid registrants is huge task in itself.
Thoughts On This Business Model
- I am a huge fan of live events since I have used them to literally make millions in my business. In fact, live events are going to be my primary focus to take my company to $100 million in the next few years.
Every year, I put together quite a few live events.
One of them is my Traffic Millionaires’ Summit and the other is my Online Prosperity Workshop.
I also promote various MOBE live events be it Internet Marketing Freedom, Home Business Summit, Super Charge Summit, etc.
- While live events are great, it’s NOT for everyone. If you are NOT experienced enough, you cannot put together live events. If you still want to use live events to grow your business, you can join MOBE and promote its live events happening all over the world. Whenever any of your registrants purchases any product, you will get commissions for the sale.
- If you are in a position to put together your own live events, then make sure that you PLAN everything out properly. The goal of an event is NOT to just deliver information and make sales…it is to give your audience an EXPERIENCE they won’t forget. Everything from location to hotel accommodation to event room to food must be carefully planned. It’s WORTH it in the end.
#6: Private Consulting & Coaching
Coaching and consulting are the FASTEST way to get transformational results for clients while getting handsomely paid for it.
When you create REAL RESULTS for clients, people will give you glowing testimonials, talk about you & refer others to you.
Your brand value will rise and so will your sales.
- You get paid a hefty fee upfront. It could be $1000 or $10,000 or even $100,000 depending upon your expertise.
- You get to work with the client closely so they are bound to get better results which you can use to brand yourself in the marketplace and make more sales.
- No real disadvantages. You just need to know your stuff and help people get real tangible results.
- Not set and forget like promoting affiliate offers or softwares or info products. You need to invest your time (through group coaching can help you maximize your income with respect to time spent).
Thoughts On This Business Model
- I do a lot of coaching and consulting for my high end clients who pay me anywhere from $10,000 to $100,000 to get crazy good results. People have literally gone to create 6 and 7 figure incomes after getting coached by me.
So I would really suggest you to test this model out.
If you have ANY SKILL that someone wants to learn (it could even be something as simple as helping people set up their funnel), then you can create a coaching program, price it accordingly and market yourself.
You must KNOW what you are teaching and you must help clients get tangible results. That’s the only criteria.
- Make sure you safeguard your time by setting boundaries with your client. Ideally, you should have a written agreement when you take on a client. This will ensure smoother functioning of the whole process.
#7: Done For You Agency Services
People LOVE solutions where everything is done for them.
When you sell information products or coaching or consulting or live events, people have to consume it and implement it to get results.
But when you sell Done For You services, people just have to pay you, get a ready-made solution created for them which they can start using it immediately.
That’s why Done For You services are so irresistible and easy to sell.
- The market wants it – be it done for you traffic or done for you funnel or done for you email or done for you webinar…anything really.
- You can charge premium prices for your services and people pay for it (people love good shortcuts that work).
- This is not some info product that you can sell automatically. You have to put in real efforts to fulfill each purchase.
- If you want to grow, you need to create a team and coordinate with them to fulfill orders.
- You need to manage your clients’ requests and needs. Either you or someone (from your team) has to be in touch with them. You cannot have a 100% hands off approach.
Thoughts On This Business Model
- I have created 2 separate million dollar business based on Done For You services.
One is my famous Solo Ads Agency which delivers high quality clicks for clients.
Another is my Done For You Guru Funnels where my team builds highly complex funnels for our clients.
If you are willing to put an effort, this model really works BIG TIME.
- You don’t have to be a big shot to offer Done For You services. If you have any valuable skill that someone else needs, you can offer it as a service. It’s a pretty reliable way to make a full time income.
- If you are offering Done For You services on a large scale, then make sure you have an idea how long each project is going to take to be completed and put together a reliable team who can take in the workload.
So there you go.
These are the 7 different business models that you can use to build a profitable business.
Every model has its own pros and cons. You just have to find the one that resonates with you the most.
If you have knowledge about an in-demand topic and you love content creation, then information products (model 2) and continuity program (model 4) is for you.
If you have certain skills and you would like to offer your services, then Done For You services (model 7) is for you.
If you have a high ticket product that would sell well through educational in-person marketing and you are experienced enough in your field, then paid events (model 5) could be for you.
If you know how to teach someone to get tangible results, then coaching/consulting (model 6) is for you.
If you are good at tech stuff or you know developers who can create good softwares for you, then software marketing (model 3) is for you.
If you just want to get started online by dipping your toe in OR you just want to do underground marketing without being bound by product fulfillment or dealing with customers, then affiliate marketing (model 1) is for you.
So go ahead and make your choice based on your strengths and weaknesses.
Don’t be afraid to try something new.
Just make sure that no matter what you try, you give it a REAL SHOT.
As Mark Cuban says, you don’t need to get every venture right.
All you need is to get one venture right and your life will change completely.
So go out there and find your perfect path.
Dedicated To Multiplying Your Income
– Shaqir Hussyin
“On A Mission To Create 100 Millionaires In The Next 3 Years”
Questions? Email: firstname.lastname@example.org