Chapter 4: Choosing the Right Models
(Diagram Of SWOT Analysis – Strengths, Weaknesses, Opportunities, Threats)
Here are some tips on what opportunities may be suitable for you and how you can strategize your way to build your income online so that you will be able to quit your job.
Blogging
Blogging is one of the easiest models that someone can attempt. Almost anyone can become a blogger. Even those who can’t write (picture blogs).
Strengths: You can blog about anything you want! Focus on your passion and share your thoughts with the world. If you have great content, people will come to your blog and you can monetize through advertising or affiliate programs. The startup cost is only $9 and it costs about $5 a month to maintain this business model (You only pay for the domain name and monthly hosting respectively.) You can even register some blogs for free!
Weaknesses: It may take a long time to build up traffic – an average person who blogs regularly but slowly may quit his or her job within one to two years. If you want to achieve freedom in half the time, you have to blog and network with other bloggers more aggressively.
Opportunities: You may not be able to see yourself making money at the start, but to offset that, you can blog for others (for a fee) or even sign up for PAY PER POST and get paid for blogging!
Threats: There is a blog born or created every TWO SECONDS. So you can imagine how much competition you are going up against!
Suggested Course Of Action: Register a personal domain name now! This is very important because the most important person in the world is YOU and getting a domain after your own name is the most important thing you must do. Then you can start blogging about yourself.
Affiliate Marketing
Affiliate marketing is one of the most lucrative models on the Internet. You can promote other people’s product and get commissions for your efforts without seeing a single customer or talking to anyone.
Strengths: You don’t even need a domain name or a website in some cases. You can earn huge commissions from up to 50% to even 100% commissions! You don’t need to focus on creating products – just drive traffic to the merchant site and watch your income roll in (if you do it right of course).
Weaknesses: You will need to search for a good affiliate program and build up traffic in order to see results.
Opportunities: There are unlimited opportunities because there are always new products coming out each day and affiliates are needed everywhere!
Threats: You are competing against THOUSANDS of affiliates out there and those affiliates are your competitors. Some programs even offer two-tier programs and established affiliates probably have dozens of affiliates under them as well.
Suggested Course Of Action: Register as an affiliate at Commission Junction , Clickbank or Amazon . Find good products to promote – especially those with good ‘gravity’.