So, you have decided it's time you look into starting a home-based business, be it as an additional income stream or even as a main income stream upon retirement from your JOB or conventional business. And what better option than Internet Marketing! You can work it at your own timing, choose an area that you love so it's not work at all … Now all that remains is how you can turn it into a Money Making Machine!
Firstly, what exactly is Internet Marketing? Simply put, internet marketing is the marketing or promotion of products or services over the Internet.
Internet marketing is associated with several business models, the two main ones being:
- E-Commerce, where products or services are sold directly to consumers (B2C) or business (B2B).
- Affiliate Marketing, where a product or service developed by one entity is sold or promoted by other active marketers for a share of profits. The business entity rewards its affiliates for each visitor or customer brought about by the affiliate's marketing efforts.
For newbies who want to build a home-based business to make money online, the model I recommend is Affiliate Marketing as that is the simplest to get started with.
Why is Affiliate Marketing a good business for you?
You do not need high start up capital as you are not developing your own product. You simply make money promoting other people's products or services.
- You do not have to worry about after sales service, shipping or storage or packaging or inventories. All that is handled by the merchant.
- You can promote one product, several products, or drop a product if you are not satisfied with it. You are not tied to any product, nor have to meet sales quota.
- Once you have put in the initial work to get it started, it has the potential to earn passive income for you – for as long as traffic keeps coming to your affiliate marketing website, it becomes your Money Making Machine.
- Not only is it your Money Making Machine, it can also give you Multiple Streams of Income. With one website, you can monetize it in many ways. In addition, once you have developed one website with a workable strategy, it's easy to duplicate your success.
What do you need to get started?
You need to think about this very carefully before you even get started. Your online business will not generate a basic income for the first 3 months, and that is for the highly motivated person. Affiliate marketing is not a get-rich-quick scheme. It's not for those who want to reap rewards without putting in any work. It's a legitimate business that can make you very rich, but it does take time and focus at the beginning, so be prepared to commit a certain number of hours to it.
The good news is: the money you need to invest to get started is not a lot. What you do need to factor in are things like:
- Cost of a computer or laptop with broadband if you do not already have one.
- Cost of a domain name or multiple domain names.
- Cost of web hosting.
- Educational costs. To get started, it's better for you (as a newbie) to attend a hands-on workshop rather than purchase an expensive audio / video program.
5 Strategies to Making Money Online (for Newbies):
- Find your Niche and Passion area first before you get started.
- Keep it simple – look for tools that can help you build your site and generate traffic easily.
- Do not reinvent the wheel. Use a proven strategy that has worked for others and keep focused.
- Understand world trends to realize untapped potentials in Internet marketing and e-commerce.
- Leverage on others' strengths and skills to build your Money Making Machine – do not waste time trying to do everything yourself.
I will be elaborating more on each strategy in my next articles, so look out for them.