Discover 6 online business ideas and use them to create an online small business (w/ Mark Ling).
►► How to Make $10,000/Month with Dropshipping:
Videos/links referenced:
Pick the Best Products to Private Label for Amazon FBA: I Quit Retail Arbitrage: to Start a Business with No Startup Money: Money with a Dropship Business:
Online Business Idea #1 to Create an Online Small Business: Start a YouTube channel!
Even though this channel (currently) has under 100,000 subscribers, it still earns tens of thousands of dollars a month.
The key is to not monetize with Adsense. Here at Wholesale Ted, we have adsense turned off. Why? Because it earns very little money: It earns just $1-2 per 1,000 views for most channels. We also do not monetize with sponsorships as this is worth very little money, and we like to have control over products we recommend/promote.
Instead, we recommend that you earn your money through promoting products/services you use/believe in that have an affiliate program, or sell your own products/services yourself through your channel.
And be sure to focus on creating great videos and content. If you give the viewer tonnes of value and treat money as a secondary concern, you’ll make a lot more money that way!
Online Business Idea #2 to Create an Online Small Business: Become an Affiliate Marketer
An affiliate marketer is someone who promotes other people’s products. When someone purchases a product because of you, you will get a commission cut on the sale. This can be as high as 50-75%. Our special guest Mark Ling makes tens of thousands of dollars every week just from this single method.
As an affiliate, your sales are tracked through a unique URL. When someone clicks on that URL, they get “cookied.” That cookie tracks them and it means the merchant can tell if someone bought the product after clicking on your link.
YouTube is one method you can use to generate traffic, but there are several others as well, such as Facebook, Google Adwords, free Google search traffic, Pinterest and Instagram.
You can either link directly to the product with your affiliate link, or you can direct people to download a freebie like an ebook in-exchange for giving you their email address. You can then email them advertisements for affiliate offers. We usually recommend this method.
Online Business Idea #3 to Create an Online Small Business: Reselling & Retail Arbitrage
This method involves finding items offline and reselling them for higher prices on sites like eBay or Amazon. There are two main ways to do this:
1) Find items in thrift stores/garage sales/Craiglist/buy-and-sell Facebook groups and resell them on eBay or Amazon.
2) Find brand new items priced lower in retail stores than on Amazon.com. Purchase the stock and then ship it into an Amazon FBA warehouse. This method is called Retail Arbitrage.
As Sarah said in this video, she no longer does this because it doesn’t scale as well as some other methods, but it can still be a 6-figure business and is newbie friendly.
Online Business Idea #4 to Create an Online Small Business: Sell Your Own Digital Products with Affiliates
What is even better than being an affiliate? Having affiliates sell for you! Here is how this business idea works:
1) Create your own product (e.g. our special guest Mark Ling has an online course called Manifestation Miracle that makes tens of thousands of dollars every month).
2) Put it up on a site like ClickBank which has a huge pool of affiliates looking for products to promote.
3) Let affiliates drive traffic and sales to your product for you!
With the email list you build through your customers, you can then use that to promote other affiliate offers as well. It means you get to be both a merchant AND an affiliate!
Online Business Idea #5 to Create an Online Small Business: Dropshipping!
With this method, you can sell items without having to buy them in-advance. Manufacturers that dropship will let you buy items individually after a customer has ordered it, and they will ship it directly to the customer. It makes it a great ecommerce method for people with little startup money.
Online Business Idea #6 to Create an Online Small Business: Sell Products from China
With this method, you import items from China. There are several ways to sell these:
1) Private labeling & selling on Amazon’s FBA program.
2) Selling on your own websites (for even higher profit margins).
3) Combining with a digital product as an upsell (and use affiliates to drive this traffic).
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