If you can cut through the "get rich quick" schemes, the internet can be a legitimate revenue generating resource! Countless individuals have become millionaires by finding ways of providing products and/or services via the Internet. Here e-marketers and current or future home-based business owners can find legitimate ways to make money on the internet as well as tried and true work from home resources to help you get started. Let’s begin with the most common ways to make money online:
Buying and Selling/Ebay
Drop-shipping
E-trading
MLM (Multilevel Marketing) and Direct Selling
Affiliate/Referral Programs
"Out of the box"
Performing a much needed services
Drawbacks to Ebay selling are:
Finding or creating a profitable product
Ebay can be very time consuming (Plan to spend 20-30 hrs/week)
This is a very competitive market so you will have to find a way to stand out above the others
Drawbacks to drop-shipping are:
The drawbacks to drop shipping can be negated by taking the time to find a good vendor. Otherwise the drawbacks can include:
Dealing with backorders – make sure the product is actually available BEFORE listing it on Ebay
Returns can be a headache if you’re mixed up with a bad vendor.
Drawbacks:
To see a larger return, plan to invest at least $250.
The market fluctuates greatly! Due to the short term nature of trading, daily updated are crucial. Hourly updates are highly recommended. This allows you to stay more informed and aware of trends and changes that will cause the value of your investment to fluctuate.
Drawbacks:
The main drawback here is the invasion of the scam artist. With the ease of building a web site and the creation of Photoshop, it’s very easy for anyone to create a legitimate looking web site. All too often people are cheated out of their hard earned money simply because they got caught up in a sales pitch and forgot the most important rule – RESEARCH!!! This research can be done on the Internet free of charge and often takes less than 10 minutes to divulge a scam! So be sure to do that research before handing over your credit card info.
Another drawback is the high drop out rate in MLM’s. Lack of adequate training from the recruiter and/or the recruiter’s lack of motivation are to blame. Remember, you’re not the only recruiter. The person you recruit then becomes a recruiter him/herself which directly affects your cash flow. Taking the time to choose your recruits wisely, training them well, and getting them pumped up and excited about the product and the income potential are key to holding on to good recruits!
In today’s economy, direct selling can be a challenge. The reason is that you are attempting to sell higher market items during a time when most don’t wish to part with their money. Both your end customer and your recruits may not have the money to purchase or invest, and it will take an amazing sales pitch on your part to convince them to do so!
Drawbacks:
You have to do your research and not get caught up in a sales pitch! All companies claim to have the best product/program, so a little research can go a long way in this arena.
You have to know how to drive traffic to your affiliate sites. No traffic equal no sales! If you don’t know how to reach the most people, research it and find the best methods.
Outside the Box: It may seem difficult in today’s day and age to think of something that hasn’t been done, but surprisingly enough it happens every day. Think of the infomercials you see on tv. Most of those products are unique and so simple we just cannot believe we didn’t think of them first. So put some thought into it. Think about what you do every single day and how you could make that task easier. For example, look at the "space age bags" product that you can put clothes, bed linens, etc in then vacuum and make massive storage space in your home. Another example is, I heard of a guy that created a very simple website that surveyed people who were searching for real estate. He created a very simple site with a very simple questionnaire asking people things such as their price range, number of rooms desired, location, etc. He then made millions by contacting real estate agents and selling this information to them. When you think of every type of business out there that could benefit from such leads, the possibilities seem endless! The key here…GET CREATIVE!!!
Performing much needed services! There are millions of forums online in which people advertise and are willing to pay for services. For example: I have a product to sell. My product is amazing, but I am not a writer. So I just can’t seem to write copy that will adequately promote my product. So I advertise in a forum that I am willing to pay anyone who can write an awesome ad to sell my product. You respond with the best offering/price. I pay you to write my copy for me. It’s that simple! The possibilities are endless! So think of something you’re good at and then search Google, Bing, Yahoo, etc. for forums related to your interest. Once you join the forums look for posts that are requesting these services and respond to them.
Drawbacks:
Be sure to work out a payment arrangement suitable to both parties so you don’t deliver a product and never get paid.
Be sure to ALWAYS deliver quality content and what you promised to deliver! Forums are made up of tight knit communities and they will let each other know very quickly how they felt about the quality of your product. Their reviews can be your greatest asset or your biggest downfall!
I would highly recommend that you don’t let any of the drawbacks discourage you, as most can easily be overcome! All of these strategies are proven money makers and the most common ways to make money online. Any business has its drawbacks, so don’t let that stop you! Just minimize the risk and move forward in your plans! With a little diligence, hard work and research you can truly achieve your goals!
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