There are many online business opportunities out there. Here's the most common ones - five of them (not in particular order): .
eBay / Yahoo! Store
This is the first generation of doing an online business. The concept is very simple, you allow people to purchase your material products online. What do I mean by material products? They are books, cds, games, movies, appliances, cars...etc. Basically anything that is a physical item and requires shipping to deliver the products (physical goods) to the customers.
Pros: You are exposed to the world's largest market - The Internet. Also, typically, physical products have higher conversion rate because people like to have their hands actually on the products they purchase.
Cons: Shipping is often required. Delivery time varies depending on the distance between the seller and buyer. Warranty process is more complex due to shipping.
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Selling Information Products
After the era of selling physical goods, people realized that they could sell knowledge on the Internet as well. We are in the information age, and the Internet is the ideal medium for people to share and exchange knowledge between each other.
Pros: You are exposed to the world's largest market, and there's often no shipping involved.
Cons: Because selling information products is easier than ever, a lot of people often sell "junks". eBooks / Knowledge that aren't worth the value they are trying to sell for. Because of this, people are more skeptical on information products, leading to reduced conversion rate compared to physical goods.
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Affiliate Marketing
This is a marketing technique that can become a business by itself. The idea of affiliate marketing is you promote others' products and you get a share (commission) of the sales you make for them. If you combine this with the above types of products and market the products on the Internet with search engine marketing such as Google Adwords / PPC, this could be the fastest income with unlimited potential!
Pros: You don't have to prepare the products yourself. You have to find the right products to promote and use the right strategy to market them.
Cons: A lot of newbie(s) fail with search engine marketing / PPC and become discouraged when they lose money.
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Blogging
Because blogging is highly search engine friendly (organized information), constant traffic can be achieved over time. With constant traffic it makes it very easy to promote products - both physical goods and information products. it will be even easier if you build up trust between you and your readers.
Pros: Easy 2-way Communication between you and your prospects. Easy to insert content. Highly organized information leading to better search engine rating. Consistent traffic over time.
Cons: It takes time to obtain trust from your readers and build up readership.
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Conclusion
As an Internet Entrepreneur, I believe all methods mentioned above have their potential. Doesn't matter which one you choose, as long as you are dedicated, passionate, and consistent, you will succeed! For any online business, you have to focus on the following:
- Catchy domain name
- Website built and maintained from the visitor's perspective. (Not crowded with ads, fast load time, easy navigation)
- Implement search engine optimization techniques (article marketing, blog commenting, forum marketing)
- Other marketing techniques to be looked into: Email marketing, PPC, offer affiliate program
- Remember: Passion and patience before profit.
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