Online business idea:
When it comes to business ideas online the only thing that’s more important than the idea itself is actually the business structure and the reason I say this is because you can have an amazing product but if the structure of your business is not good your product will fail. To explain what I mean by business structure the best example I can give is Apple, Apple’s business structure is phenomenal which is why they are so successful. And it’s all thanks to their customers being able to Sync Apple devices with other Apple devices and the App store. Think about it, when you buy an Iphone the best computer to compliment your device for other work task is a Mac and an Ipad. So if you buy one of their product you pretty much put yourself in a situation where you buy multiple other products that they have to offer allowing Apple to make money from the consumer multiple times without spending a dime on more advertising. Let’s not forget the App store! The same concept applies, without any extra expense Apple offers Apps that are free and also ones you have to pay for which gives them more money.
Now I’m not saying that you have to be able to offer a product or service like Apple because it would be very tough to pull off but I do have a business structure of my own that you can use which if used and implemented correctly can yield in massive success. The structure that I use is called “ The Three Legged Stool System” not the fanciest name but trust me it works.
The Three Legged Stool System:
A low priced product: Your company must have a product or service that isn’t too heavily priced so that the number of sales is high. It should also be a front end product where the customer has a choice to upgrade to more expensive products that you may have. The price of this product should be between $20 and $50.
High ticket product: This type of product will be the one that will give you the highest return on investment, this should also be an upgrade and must have a lot of value for the price that it is. A high ticket product’s price should start from $2000 and can reach towards $20,000 or more depending on what the product or service is. An example of a product that can sell for such a huge amount is consulting, there are business consultants that earn 6,7 and 8 figure every month and teach people how to duplicate what they are doing for a reasonable fee. Think about it; how much are you willing to pay to sit down and learn how to make money from successful people like Bill Gates, Steve Jobs or Jeff Bezos.
Monthly residual income: This is the most important component that you must have in your business. You must have some sort of a mandatory membership for customers in your business. You want to make sure that your business has some sort of an income coming in every month without any extra effort. The three legged stool system can be used for any form of business but it works exceptionally well for an online based business. Most business models around the world follow a very similar structure and they all pretty much offer a monthly membership to their customers.
I hope now you understand how to structure a business so that it yields in maximum results, but what if you didn’t have to do all that effort to start a business; what if you were given a blueprint of a successful business and instead of reinventing the wheel you just model that one and reap the rewards with them. I am talking about franchising. Franchising or branching out somebody else’s business is a game changer as it allows you to tap into a proven system that works. Along with accessing the business blueprint you also receive assistant from the company to help you get started from marketing to customer support and everything else that is required to ran the business.
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