How do I make money online?
There are a few business models you can choose when launching an online business. Finding the best that aligns with your business goals can be overwhelming.
Think of it like a pair of jeans: one size does not fit all when it comes to the online world.
As you’re starting out, you may consider a business model because
“ everyone” is doing it but trust me when I say that‘s a recipe for a disaster.
I'm going to share 3 questions to ask yourself when you're deciding on the business model you'll want to implement as you build your online business.
How much of your time do you want to exchange for money?
The online space is so exciting because you can scale your income without investing more of your time. Doesn’t that sound amazing especially for a busy mama!
Some business models offer you the chance to create something once and sell it over and over again for example online courses.
While others, like product creators or coaches, need to invest more time creating more products to make more money or working one on one with clients.
So how much of your time do you want to spend creating products? Or working one on one with clients?
I sell an online course that I’ve created once. I support my students but I’m not spending hours working individually with them. This is important for me especially as a homeschooling mom of 4. So think about it, how much of your time are you willing to exchange for money?
Do I want to create the product/offer or not?
Selling someone else's product or service doesn't make you a phony in fact it makes you kind of smart….
Let me explain. When you're deciding on how you're going to earn income online it's essential for you to get clear on the offer. Do you want to create the offer yourself or sell someone else’s as an affiliate or network marketer?
You can grow an email list, add value and sell other people's products and services to your email list. This has many advantages such as freeing up your time because you're not the one creating the product.
You’re also not in charge of shipping, returns, or customer service.
I know there are some of you reading this thinking, oh no I need to sell my own stuff which is great. You can sell your coaching packages as a consultant through your website, set up an Etsy shop for your handmade products, or even sell your skillset as a freelancer on fieverr.com.
Understand that you have the option NOT to be the creator of the product but the middle person.
STARTUP FEES
There are fees when you’re starting an online business BUT it’s not what you think!
Starting a business takes money. Even if it’s an online business.
Every business model’s startup fees are different. Starting a networking marketing company with Epicure or Beachbody may cost you $199 whereas selling your knowledge through digital products is much lower.
As an online business owner, you’ll need to invest in a simple website, a place to keep your email list, and of course your offer. If you’re a product creator, your expenses will be higher.
As you can see, there are a few options for you to consider once you’ve decided you want to launch your own online business.
I wrote an eBook that can definitely help you! It’s called “7 most popular online business models for new online mompreneurs”. I break down the pros, cons and share the start of fees along with some links that can help you on this journey!
Be well and keep dreaming
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