In my article, ‘The Job Trap’, I spoke of “Recurring Income Streams”, as a powerful tool for creating financial independence. What is clear merely having a job, as the singular income stream, will not lead to financial independence. What is also clear, the pursuit of financial independence, by creating wealth is not a hobby. Instead it is a committed fulltime endeavor that is rewarded with passive income that continues to flow, long after the work has been done. What is also clear that individuals who successfully are financially independent develop recurring income streams primarily through investments, real estate, and business ownership. For many people, lacking enough funds to begin investing, or purchasing real estate are difficult initial choices to develop recurring income. Therefore entrepreneurship, developing a business becomes a feasible initial income creating stream..Home Based Business: Passive Income StreamLiving in a highly charged technology age, has given rise to more people developing a home based business. With the power of the internet, literally developing an international business very possible. Additionally, the potential to generate thousands, and in some cases, millions of dollars in revenue is quite possible with a successful home based business. Without a doubt, you can make money online. And setting up a potential successful online business is possible with very little initial money. While the potential is great for a successful home business there are some factors that should be considered. If your entrepreneur money stream involves something online, are you looking simply to make money online? Or are you truly looking to develop a home based business? First impression it may appear that there really isn’t any difference between the two options. Opportunities to earn money online, are plentiful. They might include surveys, visiting websites, to name a few. These along with other similar opportunities result in earning money only when engaged in the money producing activity. On the other hand, creating a successful online home based business, requires work, similar to any business. Particularly in the initial stage of developing the business, putting in the work is vital to creating ongoing success. Here’s just some of the tasks: researching products, services that your business potentially will offer. Setting up your website, acquiring your own domain name, hosting for your website, etc… The great thing though is you potentially will be rewarded many times over for the work you performed. Just as there are many opportunities to make money online, there are also many opportunities that are excellent tools for creating a home based online business.Affiliate Marketing: An Online Home Based BusinessFor a newbie lacking experience in creating a business, and in particular an online home based business, affiliate marketing is an excellent choice to begin. Why? For several reasons. For starters, a product or services that is already in high demand now becomes available to your business to profit from. Additionally, when you place a link on your web site, and customers click to purchase, you won’t have to worry about shipping, collecting payments, or finding a payment processor to do that. In return for generating the sale through your site, you will receive a commission payment. Another bonus that a solid affiliate program will provide for your business, is the tools, training, and support to effectively market their product or services through your business. A real simple process, right? Wrong!!! Yes you simply find a company, join as an affiliate. But remember you’re creating a business, therefore work is required on your part. Choosing the right affiliate program for your business requires research on your part to find a company, product that you feel comfortable, with that you would use yourself, that you want to learn everything about it, and how to effectively market it. It takes work to increase your knowledge requiring having and developing a successful online business. While it is true, that many people who start a home based, especially, an online business initially in the infancy of development, generally start while yet still employed, and committed to family. Certainly the issue of committing to your business often get clouded. The truth is that in beginning, you must constantly be working on your business in some capacity if having a successful business and recurring income stream is important to you.
How To Succeed At Online Product Creation The Easy Way
Product creation could be a frightening subject for a lot of Internet marketers to face. Some folks who get in the game with the intention of making a full time income are completely ignorant as to how an online business operates. One of the most profitable ways to create online cash is by creating a product that others are happy to pay for.
Product creation is legitimate method of generating money through internet marketing but many entrepreneurs get it wrong. They start by imitating their Internet marketing gurus by creating information products on Internet marketing in hopes of getting rich the way their heroes did. The problem is that they usually don’t know what they are doing and enter a highly competitive niche with very little marketing experience or connections.
Here are a few tips for effective product creation that may help you get on the right track:
Start by finding a profitable niche with low to moderate competition. If you conduct some rudimentary market research and keyword research, you’ll find many opportunities in areas that will surprise you. Amazon and eBay are two great places to brainstorm for product ideas.
Developing Your Product does not have to be a difficult project. You can find experts in the right field for your niche and pay them to write the material while an artist designs the packaging and website or blog. You can outsource the entire product creation part of the project after you conduct the research and testing to ensure profitability.
Sales and marketing strategies should be created while developing the product and learning about the market. Some experienced marketers use pay per click to drive traffic to their offer page; some folks outsource the entire marketing campaign to affiliates through ClickBank or other affiliate programs.
Product creation does not need to be hard, particularly when the merchandise is electronic. E-books, videos, audio and multi-media products sell very well. They are distributed immediately to customers electronically. Once you have a good feel for a niche market, try to service your customers with associated products and upgrades. If you want to earn money online through product creation, you must understand supply and demand. The majority of new online marketers fail miserably because they go after highly competitive markets or forget to research their chosen niche properly. You have to create your products according to the needs, wants and desires of the prospective customers.
Considerable Factors Involved in Product Creation & Marketing
The niche you have chosen should allow creation of more than one product or service. With the technological advancements in the hosting industry, from automated control panels and scripts that simplify creation of accounts, to complete turnkey solutions; there is no need to worry about spending time on the real products sold to the customer. The main ones are keyword selection, sales copy principles, graphics, affiliate programs, product creation, online payment processing, auto responders, and search engine optimization.
Once you’ve earned money from this type of information product business, you can invest in the creation of your own products if you want, or start offering more informational products that allow you to sell your knowledge. But the creation and production costs of a similar big ticket in sequence product, although higher, are still pretty low. A key by-product of this process will be the creation of 3-D, Computer Assisted Design art.
The Association for Financial Professionals permits the following activities for repatriating funds: Research and Development activities, advertising and marketing programs, hiring and training new recruits, acquiring patent and other rights to intangible property, improving transportation, funding capital investments with the purpose of job creation and job retention & funding product responsibility or environmental claims.
It prohibits certain activities like: Tax payments, Payment of executive recompense, Payment of dividends, Redemption of stocks, Debt investments and Portfolio investments. Therefore, before repatriating the money, you must consider whether it is worth or not.
Checklist on what artist and product development necessitate includes: Exceptional vocals, musicianship and/or songwriting skills, Continued education and enhancement of musical skills, Quality equipment, Performance ability, Image creation and maintenance, Plan of action, goal setting, excellent promotion materials including photographs, press releases and artwork, Business management skills, Marketing, Publicity and Promotion knowledge, Online and Offline Professional management, Basic knowledge of recording, producing, engineering, and mastering, Basic knowledge of manufacturing, distribution, and sales online, brick and mortar and air-play, Good choices in members, staff and advisors, Physical and mental preparedness, Basic knowledge of finances, accounting Law and legal issues etc.
The goals for doing so are for the product owner to: Communicate the whole, Determine and communicate when releases are needed, Determine what functionality is sufficient for each release & focus on business value derived from the releases. The delivery team on the other hand will see the whole, learn about the steps to realize the vision, learn the business priorities, provide technical input to the roadmap and provide estimates for the projected features. The salesperson must lead the prospect through the various decision criteria needed in order to secure a sale. Whether your idea is the development of a product, launch of a service business, or even the creation of an event or program for a non-profit, creativity is the root of all entrepreneurial efforts starting with the vision itself.
People quickly learn to spend their time on marketing and product creation, rather than repetitive tasks. Apart from empowering companies and individuals, there should be a particular focus on identifying labor intensive businesses that have the potential to make a significant and positive impact on employment creation as well as those businesses that have a product or service offering for export markets with the final objective of booming local economies.