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4 Steps To Unleashing Profits In Your Online Business

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4 Steps To Unleashing Profits In Your Online Business

 by: Barry Gilbert

Ever wonder how the thousands of “under the radar” web businesses that earn well over $100,000/year (many with much higher sales) out of their own home do it?

Over the last year I’ve had the great fortune to speak with many of these true, hidden entrepreneurs at conferences, seminars, e.t.c.

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What I’m about to share with you also came true for me, and is outlined in more detail in my Ultimate Information Entrepreneur’s Success Package

Here’s an example of their business model:

1. Information Products. Without a doubt, each one of the successes I know market their own infoproducts. For some, it’s an ebook. Others have special reports. Still others run online coaching programs, membership sites, paid newsletters, teleseminars, or produce digital audio or video products. It’s not their only source of income, but is a MAJOR source of income, and more important, brands them an expert in their field leading to success with #2 and #3 below.

2. Market related Affiliate Products. Again, in almost every case, these online success stories become experts at finding and creating joint venture deals with partners.

But, they work differently than most affiliates.

They start by ALWAYS reviewing the product they will market. Second, they look for a different way to present the product or service - a more beneficial way to show users the real benefit in the affiliate product. Third, they use the branding from #1 to negotiate higher commissions and focus on high commission programs only.

3. They monetize their traffic using Adsense or selling advertising on their sites. For high traffic pages where adding paid ads or Google’s Adsense will not impact their own sales, they will run ads to further monetize their sites.

4. Sell their time. You will find that truly successful people online LOVE to help people succeed. But…for every person who is really dedicated to succeeding there are 10 “tire kickers” who want someone to hand them success on a silver platter. It doesn’t work that way, nothing works that way. So, in order to leave time to help those who really want it, coaching programs are formed. Yes - you have to pay big money, but you should easily be able to get 10X the value for money spent.

So as you can see, there is no ONE single way to build your wealth online.

All right. Stop being a child, comprehend it diligently to get exemplary report which may add to your intellectual capabilities. Your unusual interest would get a treat in the sections that follow.

Instead, you build a diversified, rich and healthy business by focusing on these 4 pillars. Not only will you earn more money, but your business will be stronger and build momentum faster when you do.

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Add comment July 6th, 2006

Are We Having Fun Yet?

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Are We Having Fun Yet?

 by: Judith Kallos

You’d better be!

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If you want your online business to survive and thrive, you need to be having fun! At least several times each week, potential clients call me for business ideas or suggestions for “things to sell” online. They don’t have a business concept or a product they believe in. They are just looking for some way to jump on the online bandwagon and get their hands on the supposed riches everyone else is making.

When asked this question, I tell them my story about how I got into the whole Web/Internet thing in the first place. Back in early 1994 when most folks hadn’t heard of “online” and there were things like IRC, bulletin boards and very slow modems, I got hooked on CompuServe.

I remember telling anyone who would listen how much fun it was to use (the speed of connectivity wasn’t an issue back then) and how I just knew that this technology would change business and our world forever. I got used to the “deer in the headlights” look that came over their faces.

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Needless to say my family, friends and most of the folks on the block thought I was nuts! Their eyes would glaze over after 10 seconds of me trying to explain how it worked and what the potential was. I didn’t care, it was so much fun, I could burst! My better half at the time and to this day was the only one who recognized that sparkle in my eye to know that I was on to something.

So, I opened my little studio in a small rural town’s downtown district in December of 1994. They didn’t want me there. They thought the Internet was “evil” and I was about hooking up children with pedophiles, credit card fraud and creating adult Web sites. But I didn’t care - I was having fun! You name the stereotype and I was confronted with it. Regardless of the resistance I couldn’t wait to get up and get to the office and enjoy each moment of every day.

Even if it meant dealing with those who would stop by with comments such as “you really think this fad is going to last?” To which I would reply “Fad? I’ll catch you in 10 years when this technology has changed the world as you know it!” The time flew by and each day was a blur. My better half would have to give me a call around 7-8pm reminding me it was time to come home.

Starting my business, growing it and keeping it healthy in an online arena saturated with experts and gurus hasn’t been easy. But I am having fun! Incorporating and filling out all those legal documents and quarterly returns for the past 10 years has been a real pain. But it doesn’t matter; I’m having fun! Dealing with skeptics, criticism and the ongoing challenges that having any business will entail are all there. Who cares? I’m having fun!

If you want to start an online business, you simply cannot do it for the monetary gain alone. Yes, we all strive to make a good income but if you’re not having fun, you’ll never see the money. See, it is the having fun part that gives you the courage and wherewithal to ride the waves of good and bad, ups and downs and inconsistent income when you first start out.

If you are not having fun, you simply will not have the passion to get through the tough times and decisions that will have to be made. Your customers and clients will come to rely on your enthusiasm (which comes from having fun) for the confidence and encouragement they need to do business with you.

• What is your hobby?
• What do you enjoy doing?
• Have you invented a better way to do something?
• Are you passionate about a solution that solves problems?

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• Is there a product you’ve used yourself and love?
• Do you have valuable experience to share?

Then build a business on that and you’ll thrive because you will have the emotional and principled commitment to make things happen. Think about what you have fun doing and think of a way to turn that into a business. Now you’re thinking! Look, you’re having fun already!

The Web is filled with folks trying to make a buck who aren’t having any fun. You can tell by their poor presentations, their lack of decent service levels and commitment to quality. The ones who aren’t having any fun and are just going for the bucks cut corners every chance they get and complain about the latest challenge technology offers because they don’t enjoy or believe in what they are doing. Just show them the money! Within a short time their site is shutdown and they’ve wasted a lot of time and expense.

For those who are having fun, you know what I mean. You’re on the other side of this screen with that smirk on your face because you’ve been there, done that. You know that when you are having fun you are working harder, learning daily and more focused on your goals than anyone you know. You also happened to be happier, more grounded and a more enjoyable person to be around. Your customers love you and your business thrives because you are having fun!

I’m having fun! Actually, after over 10 years I’m still having a blast! How about you?

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Add comment July 1st, 2006

Using Drop Shipping for E-commerce

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Thanks to the ubiquity of the internet, online virtual businesses have become very popular business opportunities. Online retail stores are gradually playing a more important role in our lives than the traditional brick-and-mortar retail shops. Over the last few years, a new concept called Drop Shipping has emerged with the coming of the internet. Drop Shippers are basically wholesalers who are willing to ship their products directly to your customers. This article aims to provide readers with an introduction to the current state of the E-commerce industry, Drop Shipping and its benefits, and the promise it holds for the online retail community.

Online Drop Ship businesses are now very popular home-based business opportunities. According to a Forrester Inc. report, online retail sales will grow at a 25% annual growth rate over the next five years. Online retail sales will reach nearly $230 billion and account for 10% of total US retail sales by 2008. On Ebay, more than 430,000 people are making a full- or part-time living from the auction site. Many of them use Drop Shippers to auction their products. Hence, with such strong statistics, the internet entrepreneur can hope to start a retail business now and still claim a portion of the ever-growing market share.

The Drop Ship model offers many unique advantages over the Wholesale model:

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1) You do not have to spend a fortune on the huge inventory of wholesale stocks before you start a retail business. This translates into a very low business startup cost. There is no risk of purchasing large quantities of stock, and finding that you cannot sell off your goods because they have become obsolete among consumers. Therefore, with the variety of products offered by your Drop Shipper, it becomes feasible to test which products have a strong demand over the internet without losing a fortune on each test.

2) Another prime advantage of a Drop Ship business is that there is no need to worry about shipping your products to your customers. You do not have to provide storage space for your goods, nor do you have to incur warehouse costs. Your Drop Shipper will take care of all the logistics and shipping of your Drop Ship business. In fact, most Drop Shippers are willing to label their products with your company name on it, so it will appear as if you are the one who shipped the products to your customers. The shipping cost for each product is also reduced, because your Drop Shipper can ship your products directly to your customers. A higher profit margin is achieved because of the reduction in unnecessary shipping costs.

3) Drop Shipping is also unique in that it allows you to sell high, then buy low , instead of buy low, then sell high . Your risk involved in your retail business is dramatically lowered as you get paid up front for your products, making a profit on each sale.

4) There is no minimum quantity restriction on your orders. From your website catalogue, you can sell as much of your products as you want, and you can leave the indenting of stocks to your Drop Shipper. The quantity of products which you can sell over your website is only limited to your market demand, and your marketing efforts.

The process of setting up a Drop Ship business can be distilled into a few simple steps. First, you do some research over the internet over the niche market that you would like to target. Once, a strong demand for your products has been established, you contact the Drop Shipper of your choice and set up your business as the retailer of the products you want to sell. Next, you design a website complete with product catalogue and credit-card-accepting functions. The product descriptions and images can be obtained from the Drop Shipper, in most cases. After which, you need to drive large volumes of traffic to your website through internet marketing. Some visitors to your website will be converted to customers if they find your offers attractive enough. They place orders at your website and they pay you the retail prices, up front. You email the orders to your Drop Shipper, who will ship the products to your customers directly. Of course, the retail price will have to be marked up to include shipping costs as well. Since the Drop Shipper charges you the wholesale price for their products, the profit margin you earn is simply the difference between the retail and wholesale price.

Internet businesses, in general, have also many strong advantages over brick-and-mortar businesses. Startup costs are generally very low, and this is well suited for those aspiring entrepreneurs working on a shoestring budget. The costs for conducting a Drop Ship business will be mainly software for setting up and marketing your business. Some examples will include shopping cart software, email marketing software, search engine promotion software, and so on. Other costs would include the web-hosting fee and also the wholesale costs of the products. In most cases, the Drop Shipper will require you to pay them a small deposit to signify your commitment and to prevent fraud.

With the low startup costs for a virtual business, you can keep trying different forms of business or different marketing methods over the internet without losing a fortune on your efforts. You can lose little over many unsuccessful endeavors, but win big on the few business models which you get right.

Perhaps the most attractive aspect of an online business is the ability to automate it and let it generate income on its own. This is largely possible due to software to automate the business process, like shopping cart software and email autoresponder software. Thus, Drop Ship businesses can run 24/7 without you being present physically to run it. Imagine having the freedom to do whatever you want without being an employee for your business! All you need to do is to get the basics of the business up and running, like the website design and product catalogue. After which, you consistently market your website over the internet to get a recurring volume of traffic to your website. This will bring you recurring sales and allow you to make a decent living over the internet. You can repeat this process again and again with other markets of your choice. In the long run, this will bring you multiple streams of income. Online Drop Ship businesses are thus strong examples of assets that generate passive income.

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In conclusion, the e-commerce industry is still very promising despite the dot-com bust a few years back. With the introduction of Drop Shipping, the hassles of conducting a retail business over the internet have been dramatically reduced. As the industry is still relatively young, entrepreneurs should get in the e-commerce game early to establish themselves as strong market players of the future.

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About the Author

Ray Yee is the founder and president of Dropshipperscentral, a website which provides a wealth of informative articles, tips and resources on everything you ll ever need to know about setting up a Drop Ship Business and marketing it. Click here: http://www.dropshipperscentral.com

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Add comment July 1st, 2006