Archive for the Making a Profit with an Online Business Category

Making a Profit with an Online Business (Part 5)

Posted in General Management, Making a Profit with an Online Business with tags , , , , , , , , , on December 28, 2009 by Robert Finkelstein

You need to decide how much time you want to invest in making a profit with an online business. Selling your products or services will require more than drop shipping, and a whole lot more than the affiliate model. If you’re interested in spending less time, then I have another option for you.

5. Sell ad space. Please keep in mind, unless you have a website with an insane amount of traffic, this option won’t make you rich…or even keep you in business. It can provide a cost-free way of making some money. Sell ad space, banners on the top and margins of your site. Like I mentioned, this is only attractive to advertisers if you’re getting a sizable amount of traffic. If not, don’t waste too much time here. Perhaps you can work on more site optimization and/or utilizing my other suggestions.

If you’re interested in a business consultation, for more information, please refer to my Behind the Scenes Consulting. If you have questions, please email me at Robert@RobertFinkelstein.com. I welcome your comments below. Thank you.

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Making a Profit with an Online Business (Part 4)

Posted in General Management, Making a Profit with an Online Business with tags , , , , , , , , on December 23, 2009 by Robert Finkelstein

So…let’s say you don’t want to sell any products, you don’t have a service to sell and you’re not interested in the drop ship model…how else can you make money online? I’ve got a very easy method that only takes a little time and no money. Sound good? Read on.

4. Become an affiliate. Now depending upon what business you’ve been in, you may or may not be familiar with being an affiliate. Quite simply, it’s all about earning a commission for referring customers to other online site, who then buy their products. I told you it was simple. What’s nice about this is that there’s no risk to you, and the partnering company, which may never even know who you are, benefits too. For example, on my Recommended Reading page, each book is directly linked to it’s Amazon page. If you follow the link and buy the book, or even stay on Amazon and buy something, I earn an affiliate commission. Granted it’s very small, but it something. In some businesses, commissions may be as high as 20+%, which can definitely add up. The idea here is that by adding links or banners to your websites, you simply drive traffic to other sites (businesses), who in turn reward you with a commission for each sale. You might be surprised at how many businesses do this. You just have to do a little research…and before you know it, you might start getting unexpected checks in the mail.

If you’re interested in a business consultation, for more information, please refer to my Behind the Scenes Consulting. If you have questions, please email me at Robert@RobertFinkelstein.com. I welcome your comments below. Thank you.

Making a Profit with an Online Business (Part 3)

Posted in General Management, Making a Profit with an Online Business with tags , , , , , , , , on December 22, 2009 by Robert Finkelstein

Let’s say you don’t have a product to sell or any service that you provide…then what? Trust me there are still plenty of options for making a lot of money online. The next one I want to suggest is one that I had a lot of experience with when I was V.P. of Operations for a sporting goods company. We did manufacture our own products, but that didn’t stop us for only selling them. We carried a huge online inventory. Key word there is obviously “online.” Allow me to clarify.

3. Drop ship it. Simple economics – The less you have to touch a product, the higher your margin will be when it’s sold. So why not sell products you never have to touch. In other words, have the manufacturer ship it directly to your customer. Thus, you become the middle man. You can carry products that are out of your price range. The idea here is that you have access to customers that the vendor doesn’t. You market and sell their stuff, getting their brand out to the public, while they do what they do – manufacture. They may sell their products as well, but you know if the market has room for you too. It’s really a win/win. You get to carry an inventory that…well, you don’t have to inventory. Not literally. Of course it’s your responsibility to make sure your vendor keeps whatever products your selling either on hand or in the pipeline. You’re the one the customer trusts and will rely on for delivery. Customer places the order online and pays you – You place the order and pay your vendor – The vendor packs and ships the order to your customer. It’s a beautiful thing.

If you’re interested in a business consultation, for more information, please refer to my Behind the Scenes Consulting. If you have questions, please email me at Robert@RobertFinkelstein.com. I welcome your comments below. Thank you.

Making a Profit with an Online Business (Part 2)

Posted in General Management, Making a Profit with an Online Business with tags , , , , , , , , on December 18, 2009 by Robert Finkelstein

Some say that in order to compete in today’s challenging economy, you have to have an online presence. So what does that mean? For some, it’s just marketing through websites and social media. Spread the word to more people in a way that traditional print advertising just can’t…and for next to nothing. Of course you can launch a very expensive and extensive online market blitz, but that’s your call. And for others to compete, they need to have a e-commerce business, with or without a physical store. That’s what we’re exploring here…ways to make a profit with an online business.

2. See yourself. That’s me, selling myself. Well, to be clear, my Behind the Scenes Consulting services. No products just yet…but stay tuned. Seriously though, if you don’t have a product line or represent others, then perhaps it’s you that your selling. So regardless of what you do, someone probably needs your help and expertise. That being said, keep in mind that your time is limited, so you can only leverage yourself so far. Okay, let’s get to work…while sitting comfortably in your favorite chair at home. Online is where you can be creative, branding yourself as you want others to see you and your business. You set the price and who you’re going to work with…and that might not even be in person. It’s all up to you.

Now keep in mind, if I go into a Target to buy a fan, I really don’t need to establish any relationship with the store or the team working there. I trust Target. When you’re selling yourself and services, it’s imperative that you build rapport and trust. People need to understand why they need to work with you, and not the competition. That’s what you have to get across in your website, branding and copy. If it resonates with them, your phone will ring or an email will arrive.

As the great Andrew Carnegie once said, “Think of yourself as on the threshold of unparalleled success. A whole, clear, glorious life lies before you. Achieve! Achieve!”

So get on it…online that is.

If you’re interested in a consultation, for more information, please refer to my Behind the Scenes Consulting. If you have questions, please email me at Robert@RobertFinkelstein.com. If you have any comments, please write them below. Thank you.

Making a Profit with an Online Business (Part 1)

Posted in General Management, Making a Profit with an Online Business with tags , , , , , on December 16, 2009 by Robert Finkelstein

With the economy still beating most of us up, we’re looking for new ways to generate some income, whether it’s a new job, an entrepreneurial venture or just something to fill in what little spare time we have. Many have turned to the Internet, and rightfully so. An online business can reach far more customers than any single brick and mortar business. But the competition is fierce. What options are there and how can you make it profitable – Let explore the basics, shall we.

1. Sell your own products. This one is quite obvious and can be pretty easy, depending on the route you want to take. You can create your own website, which of course will require some work and an investment (large or small, depending on your budget). This can be a brand new business or one supporting an existing one. Another option, is to start off selling your products on sites like eBay. You’ve got the built in traffic and just about no expense. It’s also a good way to test out the market. See what sells best.

The nice thing about selling your own products, wherever you choose to do it, is that you’re in complete control of the inventory, the pricing, the profit margin, the branding, and even to some degree, how much business you attract. Make sure you provide good value and competitive pricing. The Internet is a BIG shopping mall, that NEVER closes, and you’re business can be just about as big you want it.

If you’re interested in a consultation, for more information, please refer to my Behind the Scenes Consulting. If you have questions, please email me at Robert@RobertFinkelstein.com. If you have any comments, please write them below. Thank you.