A key to business success is to model what's already working.
by Kevin Bramlett
Most successful businesses have borrowed an existing idea and improved it or re-applied it in a new way Don't re-invent the wheel. Most businesses making money on the net today fall under one of six categories.
To understand the various ways you can make money on the net, let's explore these Six Proven Internet Business Models.
A) Products
This includes such diverse items as real estate, electronics, books, music, instructional videos, computer hardware, computer software, household items, clothing, jewelry - to name a few. Portable media such as books, tapes, CD's, and videos are a natural. Any company that already has a Mail Order business set up should obviously be on the net. Think of the Internet in terms of direct mail marketing - essentially, it is electronic direct mail marketing. It's inexpensive to communicate with your customers worldwide, and your customers can look over your products on your Online catalog before they buy. Plus an Online catalog costs only a fraction of what a printed catalog costs and reaches more people. Duplication is achieved virtually, for far less cost than through traditional methods.
B) Specialized Services
Any service that can be advertised can be advertised electronically. This includes Professional services such as those offered by accountants, attorneys, consultants, architects and trainers, but today also includes evolving service sectors catering to busy people. Increasingly, our society is characterized by exchanges between specialists. That is, each person is a specialist in their field, and the opportunity cost of performing tasks that are not a part of their highly compensated area of expertise are too high; therefore, it makes economic sense for each person to hire service specialists in support areas, and concentrate their energies on the functions for which they can earn the greatest wage.
Thus, there is an ever-expanding pool of new diversified service industries. Entrepreneurs who identify and exploit a new service industry are enjoying massive growth and profits, and the prospects for a continued rise are outstanding.
C) Information Industries
In a sense, these are people who gather, synthesize, package and re-sell knowledge. This includes Information Brokers, Professional Researchers, Communication Professionals, Consultants, and Authors, to name a few. This field is exploding, especially as more people have more access to more information. True success stories spring from those who successfully filter the flood of information and synthesize it into something new and useful. With the dawning of the Digital Age, this new field is growing at an all-time pace.
D) Internet Careers
Today, this ranges from avant garde to engineering, including graphic artists, web designers, programmers, technical-types, web development companies, computer and software trainers, and Internet consultants. In terms of new jobs, this is one of the fastest growing segments of our economy. Remember, over 95% of all people on the Web today were not there a few years ago! You may not consider yourself an expert, but there's a good chance you ARE, compared to many people just now coming onto the Net.
E) Electronic Publishing
This includes magazines, newspapers, newsletters, coupon books - literally any written material that is published can be converted into digital format and uploaded onto the web. In the very near future, you'll find that most publishers of printed publications, will also publish an Online version. The marginal extra cost of the Online edition more than pays for itself in additional readership and advertising revenue.
TODAY we're seeing an explosion in Online-only publications, which cost a fraction of what it would cost to publish a printed version. Not to mention saving a few trees. Ask yourself what information YOU can publish? How can you make it entirely advertiser-supported?
F) Advertising
Electronic Advertising is simply selling advertising on the web. This is a fast growing and constantly changing field. There are New Media advertising agencies that specialize in creating and selling advertising space on the web. Every week, new companies spring up who have developed an innovative method of brokering advertising. Selling impressions is REALLY big business.
Technically, anyone who has a web site that generates enough traffic can get sponsors or sell advertising on their site to companies wishing to reach that target market or demographic.
A complete study of the 6 Proven Internet Business Models including exclusive interviews with successful Net-preneurs is available in WorldWide Guide's video "Making Money on the Net" at http://worldwideguide.com/internet_videos.htm#MM-overview
Article by Kevin
Bramlett (Kevin@WorldWideGuide.com), author of
The Web Traffic Bible - a powerful collection of traffic-building techniques,
and Editor of ECOM: The Newsletter of Electronic Commerce (subscribe@WorldWideGuide.com).
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