Are you aware that you can actually make $3000 in one day! I know this sounds absurd, but this actually happened to me. The good news is, you can also achieve this.
This blog entry will teach you about the four categories of online business and whether it has a high or low ticket business model.
High vs Low Ticket Business Model
Before discussing the four categories of online business, let me first tell you the difference between a high ticket and low ticket business model.
A high-ticket business model involves high-value and high-priced products and services. They are quite expensive, but it offers a high value to consumers. Moreover, high-ticket funnels offer a powerful marketing strategy, and when used properly can make you a lot of extra bucks.
On the other hand, a low-ticket business model is the exact opposite of a high-ticket business model. It is cheaper prices than the average competitor to attract multiple clients. Businesses in this type sell their products and services for less than $200.
The Four Categories of Online Business
I’ve been in your shoes before. Just like you I had a tough time researching on how I can have extra income and a steady stream of money so that I can provide for my family’s needs. As I was conducting my research, I was bombarded with a lot of information and advertising about online business.
So, today I want to share to you what I have learned so you can finally decide what type of online business you should push through. I want you to remember that earning $3000 a day is possible!
The most common online business model that you see everyday popping in your social media accounts is the e-commerce.
When we say e-commerce, people could be referring to Shopify, dropshipping, and print-on-demand. Moreover, they could also be taking about Amazon, E-bay and so on.
E-commerce is considered a low-ticket business model because you are selling your products between $8 to less than $200. The profit you make with this type of model is typically less and you have to pay for the cost of the product.
Having an e-commerce business requires you to spend hundreds of dollars to pay for marketing campaigns. This is the reason why it is considered as high risk as well as it has a very high learning curve.
Why do I say that it has a very high learning curve? It is because with e-commerce there's so many parts to be considered and you have to continuously conduct product research, run Facebook Ads, Google Ads and a lot more.
A social media marketing agency is very in demand. You will serve as a middleman and help other businesses grow by getting leads to their business.
This type of online business involves a very high learning curve since you will be immersed with learning advertising and marketing. You will be the one to formulate and implement advertising campaigns and intensify the business’s organic reach on various social media sites.
The advantage of establishing a Social Media Marketing Agency is that it is high-ticket model. Customers are willing to pay you $500 to more than $3000 a month depending on the level of your skill and required output.
This risk level is medium for this type of business model because it does not require you to take a lot of investment and time. It is also considered as medium risk since you will still shell out some cash to run your own Facebook Ads so that you can get clients that will avail your services.
You need to remember that you have to deliver results for this type of business, if you do not generate clients for these businesses; chances are they will not stick around.
Coaching or Consultancy Business
This type of online business is easily understandable. By the word itself, you will serve as a coach or mentor to someone. You will help that someone gain a particular skill set, knowledge on a certain subject, or help that someone solve a problem in their life.
This type of business is considered as high-ticket business model. This means that you are offering your services for more than $200. Under coaching and consultancy, there are also different categories that you can perform such as, one-on-one sessions and group coaching.
Mentorship poses medium risk because it is a very demanding job and it also requires you to deliver results. There are a lot of coaches from different walks of industries and most of them are stressed because there are clients who are very demanding. These clients want to get results immediately even if they just started 2-3 sessions.
Affiliate marketing is my favourite. If you don’t know the meaning of this, it is a marketing arrangement wherein an online retailer or company pays commission to a person for the traffic or sales generated from its referrals.
This is considered as high-ticket business model since your job is to market the high-ticket products of others through affiliate marketing.
Another advantage of this type of online business model is it is low risk. It does not require you to shed off hundreds of dollars. Instead, you will be able to gain hundreds of bucks when you successfully refer a sale.
High-ticket business and products helps people to be more fully committed since they are paying for it in a high price. People tend to be more committed when they put a large investment.
If you are newbie, in the online business, I highly recommend that you take this route and become an Affiliate Marketer. Why? Affiliate Marketing teaches you the three core principle in the online business so that you can succeed.
Build an Email List
People neglect the importance of building an email list. Building an email list allows you to get in touch with your subscribers, followers and your online audience.
Remember that you have to value these people, you have to groom them and love them because they are a good source of free advertising. They can promote your business to their friends and family if they are really impressed with your services.
Learn how to make a sales funnel
The purpose of sales funnels is to get prospect clients to make an initial or repeat purchase by educating them, nurturing them or guiding them through a series of steps.
Education and applied knowledge
As entrepreneurs you have to constantly update yourself by reading, gaining new skill set and networking with others. Do not be contented with the three skill sets that you have. You have to constantly outgrow others and groom yourself so that you can run your business without any hassle.
To sum things up, I recommend you to establish a high-ticket business model particularly the Affiliate Marketing Online Business Category. It is a high ticket business model with low risk and low learning curve. It is a perfect fit for newbies since it will help you understand and experience the three core of online business and that is establishing an email list, learning how to make a sales funnel and encourages you to continue educating yourself.