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The following article was published in our article directory on December 10, 2013.
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Three Great Online Businesses

Article Category: Advice

Author Name: Dalmahoy Partners, LLC

There has never been a better time in history to make an extra paycheck. That may sound a bit extreme, but it's true! By running an online business, you can convert your skills and time to passive income streams.

If you have an internet connection, you can literally have your online business help pay for your mortgage/rent, retirement, car payment, kids' college, a better lifestyle, or even that memorable vacation you've been dreaming of. The great thing about running a business online is that you don't have to be a tech geek to be successful - there are plenty of resources to help you where needed.

We define a great online business by the following characteristics:
1. Easy to start
2. Requires little amount of money to start or maintain
3. Requires little to no technological expertise
4. Allows you to put in time upfront and generate recurring revenue streams in the future (a key if you're ever going to go "off the clock")
5. Easy to maintain once the upfront work has been completed
6. It also has to be a good fit for your background, experience, and passions - you're much more likely to be successful (at anything in life) if you do something you find fun and interesting.

With these criteria in mind, here are three great online businesses to start today:

1. Information marketing:

The internet provides the perfect medium for exchanging your skills for money. Are you a Microsoft Excel whiz? Do you know how the secrets to a successful marriage? Do lots of people ask you for your apple pie recipe?

Take some time to think about your career, interests, hobbies, and passions. Virtually anything you know about can be turned into passive income. And don't spend time worrying about whether the world's foremost expert on the subject - as long as you know more than the person consuming your knowledge (and even sometimes when you don't know more), that information is valuable!

Many people go online looking for information, and your knowledge could be quite valuable to those people searching for answers.

A few great ways to sell your information for money include 1) writing an e-book and selling it on your web site; 2) offering your services through freelancing web sites such as Odesk.com, Fiverr.com, or Elance.com; or 3) signing up for one of the Affiliate Marketing networks (such as Clickbank or Commission Junction) to have affiliates promote your information.
2. Affiliate marketing:

This might be the laziest way to make money (which is why we recommend it) because Affiliate Marketing doesn't require you to have a product, carry inventory (which means you don't need a lot of cash to run the business), or even have any interaction with customers post-sale (so less employees and no customer support infrastructure to maintain).

Affiliate marketing is essentially a "referral" business. You essentially get paid for sending visitors to vendors' web sites. Affiliates get paid for the referral by way of commission. Once the visitor is on the vendor's web site, the vendor handles all the selling, fulfills the purchase, and handles any customer service issues- affiliate marketers just collect a check!

Some folks decide on vendors based on the highest commission, and that is certainly is a viable option, though not one that we would recommend as a long-term strategy for success. The best affiliate marketers have a relationship of trust with their visitors and promote products that add value to their customers. As a result, they tend to choose products or goods they are passionate about and provide substantial value to the customer, leaving room for a healthy paycheck to paid to the affiliate marketer as well.

You could take a look at your hobbies and other things you enjoy and see which affiliate programs may be a good match. A few great places to look for ideas include ClickBank, Amazon, or Commission Junction.

In addition, you could sign up for our email list and we will send you everything we're learning about Affiliate Marketing, including the top affiliate programs we come across.
3. Dropshipping:

Dropshipping is a retail fulfillment method where a store (the dropshipper) doesn't keep the products it sells in stock. Instead, when that store sells a product, it purchases the item from a third party and has it shipped directly to the customer. As a result, the merchant never sees or handles the product.

The biggest difference between dropshipping and the standard retail model is that the selling merchant doesn't stock or own inventory. Instead, the merchant purchases inventory as needed from a third party – usually a wholesaler or manufacturer – to fulfill orders.

The benefits of dropshipping are numerous, including 1) less capital is required (no inventory), 2) low overhead, though dropshippers do need to maintain a customer service infrastructure, 3) easy to get started, 4) flexible location, 5) wide selection of products, and 6) easy to scale. The biggest disadvantage to dropshipping is low margin. A rule of thumb is that you should only dropship products where you can make at least $20 per sale. The other drawbacks to dropshipping include 1) shipping complexities (particularly if you work with more than one manufacturer) and 2) supplier errors, which may cause you some customer service problems.

Dropshipping is not perfect, but the good news is that with careful planning and execution, the drawbacks to dropshipping can be minimized.

How does one get started in dropshipping? Well, the first step is to choose a product to sell. One of the best ways to figure out whether a product you have in mind has enough market demand for your venture to succeed is to use a SEO Keyword Search tool. One product that we really like is SE Cockpit. It's super easy to use and best of all, it's produces results on keyword search teams very quickly, saving people time (and money). The tool also has lots of other great features to it that will help manage your time. We really do love this tool.

The most important principle is you need to find a niche. Once again, start with things you enjoy. Use a SEO Keyword Search tool (such as SE Cockpit) to determine whether there is a profitable dropshipping opportunity for your hobbies and interests.

The next step is to create your online store. Most people think this is quite difficult, but there are a number of sites that will help you do this. One of the most popular is Yahoo! Store. Yahoo! has made the templates and wizards so easy that even a tech newbie could do it.

The last task is to find the right source of those products so you can carry them in your Yahoo! Store. In most cases, you'll be able to pull pictures and product descriptions directly from your sources and plug them right into your store.

As you can see, this business requires a little bit more upfront work, but once it's done it can be maintained with very little regular input on your part.

There you have it-- three great online businesses. Are you ready to get started?

Keywords: Making Money Online

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