These past two weeks have been pretty interesting, and getting you up to speed is long overdue. I’m sorry about that guys. I had the last post in my draft folder for the longest time, I just didn’t get around to publishing it. So now I put it up (and dated it to when it SHOULD have been posted so it’s easier to keep track of the timeline).
At the last update I had a bunch of niche ideas I was playing with, and wondering how I was going to come up with a concrete idea for a business from all that mess. So I went about making lists, putting them into tables, writing them down on paper, tatooing it on my forehead and whatever my brain could come up with to pass off as work (I told you I was a procrastinator of the highest level).
Surprisingly I did manage to get a bit of work done, and get a clearer idea of what I’m interested in. (Yea I needed 1 Onenote notebook, a million pieces of paper full of scribles and 2 weeks for that… go figure).
I’ve got 3 broad categories – lets call them models – that I realized I fancy and I wanted to explore them further.
- Online Store – get someone (yes probably from China) to make a product for me and sell it direct from the website.
- Online marketplace – create a space bringing sellers and buyers of a certain product or service together.
- Information products – video’s, ebooks, etc.
- In the form of a digital library – retail.
- As an affiliate – promoting someone else’s product and making a commission off of the sale.
- As an author – digital content creator.
(On a side note, I found this really cool article on different types of online business models. Check it out if you are interested here).
Each of these 3 models has it’s pros and cons, and not all of them suit my needs at this time.
I really like the online marketplace idea, but it would take months to build up traction and that too after spending loads of time building a team and the site itself.
As for the online store, the finances needed to obtain inventory and the initial bit of advertising – don’t get me wrong, you need a surprisingly low start up capital to pull this off – are a bit beyond me at this moment.
This leaves me with information.
I looked into creating an ebook store, but the low profit margins, legal issues and contracts you need to wade through for reselling digital data is just disgusting. Not to mention the infrastructure required to ensure that your site is safe from hacking and minimize copyright infringement. Until digital content management and retailing becomes a bit easier, I’m going to leave this on the back burner. Also, Amazon.com, kobobooks.com, and Google Books seem to be doing a decent job of it already (Even if they don’t sell to Singapore… bastards.).
I’m interested in affiliate marketing and I think there is some good income potential in it for anyone who is willing to put in the time and effort. I want to explore it a little further down the road, but right now, I’m looking at creating my own information products. I learned from my experience with this blog that I really enjoy writing, and I like sharing what I know with people in the hopes that they find it useful. On top of that, sale of information products have been steadily growing over the years, and I believe I can create some good content that would be beneficial to people.
I’m going to spend the next couple of weeks on this project and see where it takes me. If it doesn’t work out, I’ll check out something else, maybe affiliate marketing. If it does, then I’ll can get into it full swing.
Thanks for reading guys. I really appreciate the support. I promise to update more frequently if you promise to keep reading. 🙂