The beauty of all these online business models is minimal to no set up costs. They allow you to customize and tailor your supplemental business model to your unique circumstances, lifestyle and needs.
You can mix and match methods based on your own individual circumstances. For example, if you fully intended your main business to be providing VA services, but are finding several months down the road that affiliate marketing is not only what you enjoy better, but you’re also making more money at it, you can keep your VA business going by outsourcing all or most of the work so you can spend more time becoming a Super-Affiliate.
Or if you’ve started out niche-blogging, and you’re discovering you’re still only making pennies after six months – a poor return on a lot of work – yet your Kindle series on “Pond Creation and Wildflower Gardening” has taken off like wildfire, you can either switch business models or simply create new blogs to support that subject.
With all the types of passive income we’ve just explored, the only one it’s really wise to rush into as soon as you set up shop is becoming an affiliate yourself, if you can naturally and organically promote products that will genuinely help your followers.
Value-based models such as membership sites, forums, and paid newsletters are often better planned as something to grow into as you build up popularity, visibility and status as a niche authority figure. How do you know when to start your membership site or forum? When there’s a demand for it from your subscribers, commenters and fans.
The exception? Course-based membership sites – especially if you can show people how to use the latest hot technology, equipment or method before anyone else has mastered it, or solve a difficult but common problem that continually haunts people in a particular niche.
Keep in mind the fact that you can deliver courses by video and audio file too. And you can use these videos to show how to perform physical tasks not easily explained in text – for example, showing people how to blow glass, if you’re a glass blower. Or demonstrating how to make your horse drop his head naturally if he has a chronic problem with head tossing and being stiff-necked.
Whatever you end up doing in your online business, make sure your long-term plans include sources of passive income and business models capable of creating bulk returns for a relatively small amount of effort.
And don’t be afraid to add more income streams over time: That way, you’ll always be secure.
Starting A Business 1-2-3
The premier step-by-step interactive training system
for starting your business with confidence and clarity
Module 1: Research and Development