The 7 Best Online Biz Models (From Beginner To Mega Advanced)

Summary

This video offers a roadmap for choosing the best business model based on your career stage. It highlights the importance of equity, leverage, and vacation time, explaining various business models from content marketing and affiliate marketing to digital services, agencies, digital products, physical products, and software. Each model is detailed with its pros, cons, and suitability for different stages of entrepreneurship. The video emphasizes the significance of following a sequential path to avoid difficulties and maximize success in online business ventures.

Takeaways

• 🌟 The best business model is unique to your circumstances and career stage.
• 🛣️ The video provides a roadmap of different business models to follow sequentially depending on where you are in your career.
• 📈 Equity, leverage, and vacation are essential elements of successful business models.
• 💡 Content marketing is a basic online business anyone can start by posting engaging content on social media.
• 🔗 Affiliate marketing involves promoting products or services and earning a commission from sales generated through your links.
• 💼 Offering digital services like copywriting or email marketing can be highly profitable and is a common starting point for online entrepreneurs.
• 🏢 Running an agency allows you to leverage the skills of others, remove yourself from the process, and scale up quickly.
• 📚 Creating and selling digital products, such as online courses or guides, requires knowledge and expertise but can be highly scalable.
• 📦 Selling physical products online is challenging due to the need for significant investment but can be highly scalable and valuable.
• 💻 Developing software is the ultimate online business model, requiring high capital and skills but offering the potential for significant recurring revenue and value.

Q & A

What is the main message of the video about business models?

The main message is that the best business model for an individual depends on their unique circumstances and career stage. The video provides a roadmap of different business models that one should consider based on their career progression.

Why is equity important in the context of wealth and business?

Equity is crucial because it represents ownership in a business or asset and the ability to generate income from it. It is what typically constitutes vast sums of wealth, as opposed to cash in the bank.

What is the significance of leverage in business?

Leverage is significant because it allows individuals to amplify their efforts by utilizing their skills, the skills of others, and their capital. It is a tool that can be used by anyone to enhance their business capabilities.

What does the term 'vacation' refer to in the context of business models?

In the context of business models, 'vacation' refers to the ability to take time off from work without experiencing a drop in income, indicating a level of passive income or a business system that operates independently of the owner's constant involvement.

What is content marketing and how can it be used to generate income?

Content marketing involves creating and sharing content, such as posts on social media, to attract and engage an audience. It can generate income through platform-specific programs, sponsored posts, or by selling the account with a large following.

How does affiliate marketing work and what are its benefits?

Affiliate marketing involves promoting products or services from other companies and earning a commission on sales made through your unique referral links. Benefits include the potential for recurring revenue and leveraging existing networks, such as social media followers or email lists.

What is the appeal of offering digital services as a business model?

Offering digital services, such as copywriting or email marketing, is appealing because it can be highly profitable and in demand. It allows individuals to leverage their skills and expertise to generate income, often commanding high fees for their services.

What is an agency business model and how does it work?

An agency model involves leveraging the skills and expertise of others by matching clients with contractors and pocketing the difference in fees. It removes the owner from the direct delivery of services, allowing for scalability and the potential for passive income.

Why is creating digital products considered a higher-level business model?

Creating digital products is a higher-level business model because it requires combining knowledge, expertise, and systems into a package that can be sold. It is more scalable than digital services but also more challenging, as it involves creating and selling information rather than implementing services.

What are the challenges and potential rewards of selling physical products online?

Selling physical products online is challenging due to the high initial investment required in terms of time, energy, and capital. However, it can be highly rewarding as it can lead to the creation of a brand with significant value and the potential for scalability and sellability.

Why is software considered the 'Holy Grail' of online businesses?

Software is considered the 'Holy Grail' because, when set up properly, it can generate recurring revenue and amass its own value quickly. It requires more capital and skills than other models but can provide significant returns and the potential for passive income.