Welcome back to BizLaunchBlog.com! Thanks for following me on my quest to launch and develop an online business as a gift for my wife. Share your advice, comment on a post and tell your friends... Peace, JMichael
Affiliate marketing? Direct sales? Network marketing? Auction sales?
OK, so yesterday I planned to do some searching on travel-related businesses today. Unfortunately today became a little crazy around my house. Remember, my wife and I have been blessed with our own little tribe - 6 kiddos in 6 years, the oldest is 11. Non-stop action at our place.
But even though I didn’t get to spend the time online researching travel-related businesses that could be operated online, I did have the chance to think about something else: what business structure will be most beneficial?
Now I am not speaking of structure for tax purposes, such as s-corp, c-corp, llc, etc. I am thinking about the different business structures I have come across online. Here are a few I have bumped into, and some that have bumped into me! I am getting some good feedback from this blog and some of you have been sharing about your online businesses. Thank you for that as I am learning more each day.
Business structures I have encountered online:
- Affiliate marketing - Many people are making money through affiliate marketing, receiving a commission off of every sale they make for another company. Amazon.com is often credited with introducing this concept on a grand scale but there are tons of players in this ’space’ or so it seems.
- Auction sales - eBay is obviously the big hitter in this category but I have run across people sharing stories of profiting from other auction sites as well.
- Direct sales - This is classic sales: you have a product, you promote it, someone buys it, you make a profit. A straight forward but maybe not-so-simple approach.
- Network marketing - If I am to be honest, and I am, I must admit I do not know a whole lot about the network marketing world. I don’t think I have given myself a chance to learn much as I have sort of always had an Amway-bad-taste-in-the-mouth reaction. Not that I have ever been a part of Amway, but just hearing the rumors of it all. I admit that isn’t fair and I will definitely spend some time researching this and give it a fair chance. I have come across several network marketing companies online already, simply as people have responded to my blog.
- Service businesses - I have also bumped into some wonderful people who provide services via the web such as copy writing, proofreading, graphic design, web design, etc. I understand there are some great online portals where freelancers can bid on projects as well. Very cool… unfortunately my wife does not like to write and is not a graphic designer or web programmer.
- Miscellaneous Pocket Change - I am definitely not moving in this direction but this category is sort of a catch-all for things such as surveys, focus groups, completing offers, etc.
Well, that’s what I have come up with. I am curious if you think there is anything I missed. Comment and let me know. I will spend a little more time on these as I learn more and, eventually, will choose a structure for the new business I am launching.
on Sep 25th, 2008 at 7:47 am
Hey There JMichael,
I saw your follow on twitter and wanted to come by to check out what you are doing on your blog. My name is Melissa, aka Mel’s World, and I am in Network Marketing as well as ministry. My husband & I are Pastors in the State of Florida (I see you were West Coast South Florida), we are east coast South Florida (it IS beautiful here), so …wow, it’s a small world.
I have actually been in a travel network marketing company for the last year (YTB). Our family has enjoyed the benefits of the travel business and have been able to learn and grow through much of it, but just yesterday we decided after a year in the business that we couldn’t stay in it any longer. The market shift has hurt the travel industry and with the lack of money people are just not traveling like they used to. (I am sure they will again, but we couldn’t wait any longer for the shift).
I wish you and your family well as you seek out a great new adventure for your wife…there are TONS of great opportunities out there, so keep your eyes open!
PS - The Rich Dad book was FABULOUS! You should check out “Network Marketing for Dummies, by Zig Ziglar” and “The Greatest Networker in the World”.
Enjoy the Journey,
Melissa in Mel’s World
on Sep 25th, 2008 at 12:01 pm
I think it is so cool that you are putting a biz together for your wife! So, as you are looking and researching for the business that has the right fit, what does your wife love?
What is she passionate about? And what is it that she enjoys doing that she would do it even if no money resulted from it right away?
I think answering those questions will almost line you up right with the desired structure…from there, all you will need is to is get her rolling!
To your success (and hers),
Tracey Walker
http://www.mlmiseasyonline.com
on Sep 25th, 2008 at 12:03 pm
Congratulations on having a wonderful family! I have been researching similar opportunities and the combination of affiliate marketing plus Google Ads may make sense for you. This will involve some writing (blogs or website copy) but once it is done, she will not have to keep writing like she would in a website design service business. I am in the process of setting up a how-to blog. Keep in touch with me on twitter…
on Sep 25th, 2008 at 1:09 pm
Hi
Wanted to say a couple of things:
1) Firstly, this is a great blog - it’s really interesting and actually quite funny to read the things you write, because they are things that I (and probably many more like me) have also thought about when trying to get into my own home business before. Spot on! I will enjoy folowing this online….
2)You and your wife would be a most welcome members of the new FREE social network for people working from home - please visit: http://www.weworkfromhome.ning.com when you get a moment to sign up (it’s absolutely brand new - you could just be members # 4 and 5 at this rate - but will be be part of a much bigger site eventually which bodes well for advertising any of your business ventures whenever you are ready to)
3)Last thought: you said your wife likes to shop and also to keep fit and healthy. What about chocolate - does she like chocolate? 9 out of 10 people do, so chances are she might? If so, what about making a business out of HEALTHY Chocolate? Try: http://www.makechocolateyourbusiness.com for some more details - oh and it will be good for all the family too (one chocolate nugget which equals half pound of spinach in antioxidant value? gotta be good for the kids if they don’t eat spinach!!)
on Sep 25th, 2008 at 4:58 pm
Melissa,
Very interesting… I will have to look a bit further into whether travel will be a viable solution. What exactly were you ’selling’ in YTB? Just booking travel? Sorry, I am unfamiliar with it.
Thanx for the reading suggestions… I love Zig, great man with a great heart. I have been able to hear him live twice and loved every moment of it.
Peace,
JMichael
on Sep 25th, 2008 at 5:00 pm
Victoria,
I would be interested in learning more about the affiliate+Google AdSense option you shared. If the writing is ‘upfront’ then it may work as I can write/build and then turn it over to her as the gift! Do you think that might work?
Peace,
JMichael
on Sep 25th, 2008 at 5:02 pm
Teresa,
Thanx for the nice words about my project and this blog. i really appreciate it!
I will check out that ning network when I have a chance and see what it is all about.
Finally, who doesn’t love chocolate? I always knew something that wonderful had to be good for me! I will check it out!
Peace,
JMichael
on Sep 25th, 2008 at 7:23 pm
[...] I’ve received a lot of response from yesterday’s post. It seems many of you have been involved in a variety of business structures. Naturally many of you [...]
on Sep 26th, 2008 at 12:54 pm
Thanks for following me on Twitter. I am glad that I followed you. I like your blog! Re:what business structure will be beneficial. Let me ask you a few questions. What kind of income would you like to generate in a business of your own? Other than money, what are you looking for in a business? In the perfect business, what would your business look like/be?What kind of lifestyle you want to live?
Once you have answered those questions. I will suggest that you read Cash Flow Quadrant, Robert Kiyosaki and Why you want to be Rich, Donald Trump & Robert Kiyosaki. Both successful authors stated that “if they had to start over, their business would be network marketing.
If you are looking for Time & Financial Freedom I suggest Network Marketing.
Choose one which has good ethics, and morals, duplicatible support system and Training. Choose one which offers the lifestyle you want. Choose one which offers a “income guarantee, based on “activity” not “productivity”. It should also offer Residual Income.
What ever you do, get started right away. Whether its Direct sales, Network Marketing, Auction sales, Services they all have benefits. However, you will never know until you start. If you decide to change, so what move on taking what you learned from the last venture and start over.
Per Melissa, comment. It’s true the industry has changed. However, the airports are still crowded. People are going to travel with our without us. The question is who wants to participate and profit in a $7Trillion Dollar Industry. The LARGEST Industry in the World?
“The World is a book and those who do not travel read only
one page” - St. Augustine
Give your family a instant raise, and start your business now! The tax savings alone is a benefit!
All the best,
Sharnese LaNier
http://www.wealthwithme.com