Making money online has a basic principle, which is, you must sell something in other to make money online. Sorry if you hate the word ‘selling’ but that is just the truth. So get used to it.
This is the same way people make money offline. Like I have always said, the internet is only a tool. Offline, the way a business or company intends to make money is usually called a “business model”.
This is similar to how money is made online. There are hundreds of ways people make money online using that single principle-of selling something. Those ways are usually also called “online business models” and it is simply how a blog, website or online company intends to making money online using its properties online.
It is almost impossible to list out all the online business models available because everyday new online business models are invented but the usually evolve around this 10 popular ones.
Sell Your Product
This is by far one of the most popular way people make money online. This online business model is not just selling an electronic product. It could be physical one. It could be anything at all.
For example Hugh McLeod sells funny arts works online on www.GapingVoid.com . There is no limit to what you can sell online.
Here are a few electronic products you can sell:
- E-books
- Audio books
- Video tutorials
- Software
- Games
- Mobile phone applications
- Membership programs
- Website templates
- WordPress templates
- WordPress plug-ins
- PLR products etc.
Sell A Service
When you pay someone to write an e-book for you on Elance, you are paying for a service and is making the writer and Elance money.
When use MailChimp or Aweber and pay them a monthly recurring fee, you are making them money.
If there is a problem that people have and you can create a solution to the problem via a service, you can hit gold with that business model.
I may one day start a consulting service for people who want to make money online from Nigeria.
The coolest thing is, every kind of product can be turned into a form of service and vice versa.
Affiliate Marketing
This is another very popular online business mode. It is something I am doing myself. There are many ways people use affiliate marketing to make money online but basically it is “promoting and selling of products and services made by other people for the purpose of earning financial or other kinds of commission”.
Here are a list of some affiliate marketing programs and company that accept Nigerians.
I will further break down how people make money using affiliate marketing.
Niche Blogging /Marketing
A good example is a blog that talks about “dog training for Alsatian dogs”.
This person is targeting a tiny piece of the market.
The person can use different online business, models to make money online. He can write an e-book for sale or start an Alsatians dog training consultancy service or he can sell or promote Alsatian related products to his readers.
I am doing a bit of this online business models. I have several blogs in smaller niches. Frankly, I am not really making a head way with this online business model.
E-Mail List Marketing
I simply love this online business model. It finally started building a list January 2011 and has sworn with my other blog www.MkAkan.com that whatever I do online, I will build a list in it. In fact, I have started creating 1 page websites (squeeze pages for that purpose).
Click Here To See One Of My Squeeze Pages
Why do I sound so excited about this business model?
It is because it is a business model that that can be combined with any other business model and it can make anyone money online for years to come.
It is a long term online business model that WORKS.
How people make money with this business model is straight forward.
They create a squeeze page that provides certain information for free by just adding your name and email to download the product.
After that the person builds a relationship with the subscribers and makes money by recommending useful products and services to the subscribers. He makes commissions doing so.
The amount of money the can make here depends on the niche, relationship and amount of people in his list.
Simply put, if you are not building a list …You are losing big time
Just register on MailChimp and start doing it. It is better late than never.
You can build a list along side any of the other business models mentioned here.
I will discuss more on list building later.
CPA Affiliate Marketing
This is very similar to affiliate marketing only that you will get a commission for getting people to take a certain type of action on a website or service.
It could be getting people to register for a service or try a product or do anything at all.
I do not really know much about this service but you can research it yourself and see if it works for you.
Google Adsense / Advertising
Generally here the idea is to make money like a traditional offline publishing product. Newspapers and magazine basically make money offline via the adverts placed on their publication. So using that dame model blogs and websites can make money online by selling advertisement to other people offline and online. You can do that by using Google Adsense, other third party advertising program or creating one for your website.
Click this link to learn more about making money with Google Adsense from Nigeria.
Pat Flynn has written comprehensively on how you can make money online using advertising and other kinds of online services.
Membership Websites
I had passively mentioned this before in the first online business model. It could be seen as a product or a service but basically involves paying monthly (or one time payment) sum to become a member of a website. You will enjoy whatever service or product offered on it.
A good example is www.CloudLivingHeadQuarters.com owned by Glenn Alsop and www.ElegantThemes.com a WordPress theme membership site.
Just like products and services, you can create membership websites around anything at all. Remember the example I gave about the niche blog about “dog training for Alsatian dogs”, the owner can create a forum or any type of membership website that people can pay a monthly or onetime payment to have access.
So if you have a service or product, you can create a membership site around it.
Advertisement + Affiliate Marketing
This is an online business model I have been studying recently. It involves advertising affiliate offers directly or indirectly using adverts on platforms like blogs, websites, search engines or social media websites like facebook.
You basically buy traffic that buys affiliate products you promote.
Generally, advertising can be used with any of the other business models mentioned in this article.
A Combination Of 2 Or More Of The Other Business Models
Just think about the different models discussed and think of the ones you can use together or incorporate into your business.
Whatever you choose I pray you add list building marketing. It has the potential of blowing your online business and income over the moon.
In a good way.
So whatever you chose, add list building.
This is by no means all the online business models used online but is a good summary.
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My name is Mk. Akan. I am an online entreprenuer and blogger from Nigeria.I run and own NairaCow.com and other sites online.
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