Have you ever wondered if it’s possible to make a second income by starting an online business? Maybe you’ve already tried and not had much luck getting it off the ground. Even if you’re already making money online then you can still increase your returns ten-fold by understanding the 7 fundamental models for starting an online business.
The reason is that unless you get clarity and truly understand how money is made online then you will most likely stall every time or at least struggle to take your business to the next level. You see, there are only 7 different ways of making money online and they are all based around the fundamental models.
Most people when I ask them what is a good online business model might say something like eBay or network marketing but these aren’t really models they are just types of business. To understand what I mean you need to determine how each of these businesses actually make money so let me first list out the 7 models so that you can quickly see which one each of these businesses falls into.
The 7 Fundamental Models For Starting An Online Business
- Being A Bank
So which model do each of our previous businesses fit into? Well eBay is a place where you can sell your own products (Products model), you can sell other peoples products (Commissions model) or you can sell licensed products visit their website. So as you can see eBay fits into 3 of the 7 models depending on your business plan. So what about network marketing. Well in the most part you are selling other peoples products (Commissions model) although you may be promoting your own products too (Products model).
Now if all this is a bit confusing then that just emphasises the fact that you need to educate yourself on these fundamental models for starting an online business.
Which Is The Best Model For Starting An Online Business?
I would suggest that the most successful people online are operating in most if not all of the 7 models. This is because they have an excellent understanding of how each business makes money and so can leverage that knowledge to make them financially free; and you can too but you must understand the fundamentals to succeed.
If I could give you homework I would suggest you take 5 types of business online and decide which model each of them fits into. And remember some of them will fit into more than 1 model, in fact probably most of them will.