You can start a low-cost, high-profit business in your pajamas. Tele-seminars are one of the best strategies for starting a business. If you don't have a home computer, you may be sitting on a gold mine with Internet Marketing. If you like the idea of not needing your own product or money, joint ventures may be for you. Affiliate marketing is one of the most profitable low-cost businesses you can start.
If you have specialized knowledge or can conduct research and report on it, you can create highly profitable products. You can start a low-cost, high-profit business while still wearing your pajamas. Network Marketing/MLM focuses on self-development as well as business growth. eBay is one of the quickest ways to make money. Remember that one man's trash is another man's treasure.
The world is divided into two types of people. There are those who see the glass as half-empty and those who see it as half-full. This was heightened for me when I had lunch with an old coworker and he began to complain about how only wealthy people could start businesses. I assumed he was joking.
As I sat there listening, he ranted for nearly ten minutes about why he couldn't start his own business and get out of the rat race. He discussed the high costs of starting a business, franchising, and real estate development. I decided to ask him one question when he finally came up for air. "Have you ever considered what kinds of low-cost businesses with high profit margins are available?" asks Mark.
He appeared to have been run over by a truck. "You're just asking the wrong question," I continued. "Okay, if you're so smart, give me some ideas," he said after a minute. "Wonderful," I said. Oh, and by the way, let's have some fun and concentrate on the ones you can work from home in your pjs."
Here are the five low-cost, high-profit businesses that I discussed with Mark.
1. Internet Marketing: Do you have a home computer? If this is the case, you may be sitting on a gold mine. People use the internet for a variety of purposes. From a multimillion-dollar wire jewelry business to a young kid from Long Beach, California, who built his empire by teaching people how to play music by ear. Everyday people are connecting to the internet and attempting to make their own dot com fortune.
2. Tele-seminars: If you are not a very technical person, tele-seminars are one of the best strategies. You can offer a class or seminar with just a phone and a conference call line for your guests to call in on. You can either use it to generate leads or sell your product or service during the seminar. Recording the class may result in an additional product. Once you've recorded the class, it can become an instant product from which you can generate passive income.
3. Joint Ventures: If you like the idea of not needing your own product or money, joint ventures may be for you. This is simply the art of the transaction. You are paid in direct proportion to your ability to bring two parties together who would not have known each other without your introduction.
For example, if you combine company A's products, knowledge, and resources with company B's client list, you get a cut of the profits. And it would cost you nothing.
4. Affiliate Marketing: What if someone else did the majority of the work but you got a cut of the profits? That is, after all, what affiliate marketing is all about. There are thousands of products available, including digital downloads, books, and seminars, as well as hard products such as computers, cell phones, and other techie items. Your job is to find products that your market wants, and when you sell something, you get a cut of the sale. You can do this without any inventory or the overhead associated with a traditional business.
5. Information Products: This is one of the most profitable low-cost businesses you can start. If you have specialized knowledge or can conduct research and report on it, you can create highly profitable products. Interviewing experts in a high-demand niche market, for example, is one of the quickest ways to success.
After interviewing these experts, you can use the information to create several different products based on the one interview. You can sell the recording itself, the transcript of the call, use some of the content to create an e-book or report, or compile several of the interviews into an expert tape series.
6. Network Marketing/MLM: I've always been a fan of network marketing because the business model focuses on self-development as well as business growth. The premise is that you find a company that has a proven system and strong team leadership, and you are passionate about the product. The majority of these businesses have a low barrier to entry. And you build your empire by combining the efforts of many people.
Some people mistakenly believe that you will become wealthy by exploiting others. This is not correct. The fundamental tenet of network marketing is that you are paid in direct proportion to your ability to recruit, train, inspire, support, and lead a voluntary group of people. The rewards for those who can do this are enormous.
7. EBay: I was recently introduced to the EBay craze by someone who, because he didn't have any money at the time, decided to sell a tape set that a friend had made. This product was a collection of interviews with successful business owners. They made their first sale for $37.00 and went on to build a multi-million dollar empire. eBay is one of the quickest ways to make money. You can take items from your garage today and sell them on eBay tomorrow. Remember that one man's trash is another man's treasure.
Something interesting happened at the end of lunch. My friend Mark began to see the glass as half full. So, how about you? Do you want to start a business without breaking the bank? The five businesses listed above are just a few ideas to get you thinking. However, make no mistake: you can start a low-cost, high-profit business while still wearing your pajamas.
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