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Can The Average Person Really Make A Living Online?
Can you really make money online? The answer is a resounding “Yes!” First, though, you need to understand how this game really works. The right mindset is crucial to your success. You’ve probably come across numerous business opportunities already. I know you’re actively searching for information. I hope you haven’t become jaded already by the con artists out there who make false promises. The fact is you can profit significantly and, yes, even quickly once you learn the right way to do business online.
So, approach this article with an open mind. What E-Commerce is really all about There’s nothing magic about the Internet. It’s really just another medium of communication. The difference between doing business online versus doing business in a brick and mortar establishment is this: 1. Your potential customer base spans across the globe if you so desire.
You aren’t limited by your location. 2. Your business operates 24/7. You can still make sales even when the workday ends. 3. Your overhead is significantly lower than it would be in a traditional business, and the barriers to entry are lower as well. 4. You can create non-traditional businesses which will have no parallel in the offline world. As an online entrepreneur, you also enjoy a wider range of options in number of products you sell, their method of delivery and your profit margin after expenses. Sounds great, right? It truly is an ideal situation for the small, home based business owner; but don’t quit your job just yet.
An online business requires just as much focus and dedication to get off the ground as any other business, so forget about working at home in your underwear right off the bat. The first thing you need to do is investigate your options. What type of business can you start online? Which businesses are the easiest to set up? If you already possess some business knowledge and common sense, you’re off to a great start. The real challenge comes when you start translating this knowledge to match the rules of online commerce. The game is played a bit differently on the internet than it is on the streets. Newcomers often have difficulty sorting out the differences between business models versus business strategies. Here are some of the most common online business models: 1. Selling tangible goods (ie, Ebay) 2. Selling information products (intangible/downloaded) 3. Affiliate marketing It takes a certain personality to thrive in any one of these.
Let’s take a look at the traits associated with each. The Seller of Tangible Goods This type of entrepreneur usually possesses previous experience in the retail industry, though it is not totally necessary to have previous experience in order to succeed. However, an inexperienced online retailer faces the biggest learning curve. In order to sell tangible goods, you’ll need to learn the ins and outs of wholesale for product sourcing. You’ll need to learn how to set the optimal price point for your products to remain profitable and competitive. You must deal with shipping and returns. If you run a one-person operation, it will be near impossible to ship products in the necessary volume. In this case, you’ll need to find companies which can “drop ship” your product. Drop shipping is a fulfillment service. This sounds ideal – but be forewarned.
Most real wholesalers have minimum order requirements and will not ship single items. Drop ship wholesalers who do ship single items often mark up their prices and you end up paying at least 10%-15% above the true wholesale cost. This isn’t a small price to pay when your objective is competitive pricing. Even a small mark up can kill your profit margin. If you choose this route, be prepared for a lot of hard work! Online retail requires persistence, patience, strategic planning and a high degree of risk. The Seller of Intangible/Information Products Information products present an good opportunity for small, home-based business owners. Your costs of development and overhead are low, while your potential profit margin is high. You will need a new skill set if you choose this path. Primarily, you will need to learn good copywriting skills and how to sell people on what they desire, not on what they think they need.
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