That is the million dollar question for most looking to start an online business, isn’t it? After all the reason for doing a business is to make a profit. My thoughts on this topic come from several discussions with top earners in this industry and personal experiences online. The intent here is to open you up to ideas that are less mainstream and more powerful in achieving results. So, what is the most profitable business online? It’s not what you might think.
The answer to that question has one main component that the majority seems to overlook…something you have a passion for. I’m sure that didn’t cross your mind at first, did it? A business is a business and must be treated as such in order to create profits. If your online business doesn’t come from a deep passion, interest, or desire odds are you won’t commit to it is a big enough way. Makes sense, right? If you love what you’re doing you will devote everything to the end result. This passion will take you through good times and bad, will attract customers in everything you do to share the business and ultimately bring the most profit.
A secondary, but highly important component is the income stream. The philosophy here is it takes the same process and effort to sell a low dollar item as it does a high dollar item. Larger ticket items tend to have a larger margin and therefore a higher percentage in the profit column. Another part of online business profit comes from residuals and additional return sales from your customer base. Anytime an ongoing membership fee is collected there is room for ongoing collections of income from your customers. This is a smaller amount, but will grow over time with increased customer base to provide a consistent income. Return sales come through consistent customer contact and providing additional products/services that suit your customer’s interests. It is much easier to earn from a current customer than finding and selling to a new one.
The last point I recommend is strictly for ease of entry, use, and long-term growth as an online business owner. This industry reinvents itself with continuous change, advancement, and at break neck speed. To combat those factors it pays to find a proven online system that you can tailor to your business. I’m talking about a system that was built by professional online marketers to handle your sales, order processing, customer follow up, continuous training and fulltime support. The online business world is fairly new and most don’t have all the skills to handle every aspect of this type of business. However, you don’t need to when you choose this route.
I hope these ideas were helpful in finding what is the most profitable online business? I welcome your comments and questions into this and any other topic I’ve written about.