Starting a Home Based Internet Business — Which Products Should I Market?
Congratulations! You’ve decided to make starting a home based internet business a priority in your life. It may be one of the best decisions you’ll ever make in your life.
Or it could be one of the worst. It depends on how well you do your homework.
Over the next week, I will be outlining and discussing the most important questions to ask BEFORE taking the internet marketing plunge. Because if you don’t get it right in the beginning, you could be in for a bucket load of frustration and misery.
Worse, the experience may cause you to think that ALL internet marketing businesses are the same.
Believe me, they’re not.
The first questions to ask yourself regards WHAT you want to market?
FIRST QUESTION: Do you want to market your OWN products or get paid to market someone else’s?
Answer: Unless you are prepared for the financial outlay involved with creating, testing, producing, and keeping an inventory of your own product, I STRONGLY advise you to market other people’s products.
How does this work? Typically, you advertise and market someone else’s products and get a percentage of the purchase price when someone buys from you. This is a typical MLM model, but can also be found in direct sales and informational marketing. Sometimes this is called Affiliate Marketing.
It’s a great deal, done right. I mean, no inventory, no stocking, no merchant accounts, no worrying about guarantees. All this is typically done by the company that owns the products. You sole responsibility is to market the products.
NEXT QUESTION: What products should you market?
There are a couple of factors to take into consideration. First and foremost, the products you sell should be products that resonate with you, products that you believe in, and preferably products that you use on a routine basis. Your customers will smell it from mile away if you are not 100% sold on your own products, and you’ll repel people like rotten fish on a hot summer day.
What else should you consider? Consider the product saturation in the marketplace. Are you looking to sell products where the market is so saturated that it will be near impossible for you to get your foot in the door. One example is vitamins. There are literally hundreds if not thousands of companies that market vitamins, nutritional supplements, lotions and potions. I should know, I used to market them.
There were 2 problems with it. First, it was hard to convince potential customers that your vitamins or supplements were that much better than your competitors, so we ended up selling the vitamins at deep discounts to gain customers. The result was NEGATIVE CASH FLOW, a huge problem with low cost, saturated products.
The other problem is the low cost of most of these types of products. Low cost equals low commissions (which typically only run as high as 20% of retail. It’s hard to make alot of money when you are only making $10-25 dollars per sale, especially when trying to compete again hundreds selling the same thing.
I typically only get involved in opportunities that offer high end direct sales, where commissions start at $1000 and go as high as $7500 PER SALE. It’s the only way to make money quickly in an internet business, and when you’re just starting out, CASH flow is a major concern for most people.
Next time I will continue to discuss the very important questions you MUST ask yourself before you consider starting a home based internet business.
To your success!
See which direct sales opportunity Dr. Clarke chose above all others
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: Sweet blog. I never know what I am going to come across next. I think you should do more posting as you have some pretty [...]
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Dr. Bob:
Thanks for the clear outline of what to look for when deciding what products to market. I wish I knew about this when I was first looking for a business many years ago. I would have saved myself time and money.
Blessings,
Andrea Scott
[...] first part focused on “What Products Will I Sell?. The second post discussed the topic of “How Will I Market My Products,” and explained [...]