How Do You Want To Make Your Next Million?

I’m leaning back on my high chair right now, musing my next possible  wealth!!!!!!!!!product offering. Will it be ebooks or information? CDs perhaps? Maybe outsourced content supported by ads and affiliate links. I personally love the latter as that allows me to be a true royal bum,

Or maybe I’ll expand my physical product line. Attacking the ebay arena with low priced LCD TVs is one option. Maybe peddle digicams and PSPs. Then again I can cater to the vanity of aged ladies and go fullsteam with branded items like LVs, Chanels and Pradas.

Choices choices choices. There are myriad possible marketable items that can generate quick revenue, but whatever the marketer decides, the product can be divided into one of two classes: those self-created and those procured from wholesalers and subsequently disposed retail. Both types have advantages and disadvantages. Know what they are?

Self Created Products

Self created products generally afford numerous advantages. The first is that it allows the creator to appropriate full profit. There is no revenue sharing with the inventor. As the maker, you wield total control over branding, promotions, pricing and locational disposition. A killer product can then be marketed through agents and downlines, allowing the you to profit from the activity of sub salesmen.

This is not without its disadvantages. Creating a product takes time and resources. Unless the product is informational, the inventor stands to lose money if the creation does not sell. For the online marketer, this may not be palatable- hence if you’re venturing to the web for side income and you plan to create your products, I recommend  that you restrict yourself to informational products such as ebooks, site content and ebooks.

Historically, I’ve made the highest yield with the following self-created products:

  • ebooks- these don’t take much time to create and costs for disposal are shockingly low. You can sell 1 ebook or 10,000, but each succeeding book wont add to your variable cost of goods. It’s also easy to promote these ebooks. You can do it via Clickbank and earn from the collective effort of thousands of affiliates. You can also sell on ebay and exploit the million of visitors the site affords. Then there are niche sites such as DigitalPoint, WarriorForum and BlackHat World.
  • Software- Visit elance.com or rentacoder.com and you can hire a genius to create a killer XP app, iphone proggy or symbian widget. Sell these online after paying the coder $200 and its all pure profit from there. I used download.com to sell windows optimizers for $9. The profit was great, but I had to ensure occasional updates when bugs surfaced.
  • Mp3- Sell music! No, not songs because that would take a great deal of luck. Sell self-help Mp3s. Spend 20minutes discussing rare information like ‘selling with NLP’ and you’ve got it made. There are niche markets that lap up such subjects. One fellow I know sold explicit MP4s (videos) that teach how to lead women to orgasm and he made a fortune!

Outsourced Products

Acting as a middleman can pay off big time. For starters, you don’t need to spend time on R&D. You also can rely on the product’s existing brand equity. There’s no need to start from scratch. The downside is that capital expenditure can be quite iffy. Expect to spend at least $1000 for starting stock. There are two ways to succeed in this arena.

  • Buy Things in Bulk. Check out Global Sources or Alibaba. At these sites, you have access to a range of products that that can be imported en masse then redistributed. Choose this option and you enjoy up to 80% discounts. In 2002, I purchased Biotim, a wellness device, from an Alibaba supplier at $2 a piece as a wholesale buyer. Suggested retail was $24.95. My spread was massive. The stock of 1000 units emptied in less than a month at ebay and my homesites.
  • Engage the Services of Dropshippers. If spending on initial stock scares you, then don’t fear. You can still sell 50 inch LCD TVs and the latest Blueray players with the aid of dropshippers. A dropshipper is a company that ships products for you in your name upon remittance of payment. The system is simple. Simply create an account with credible drop shippers, grab products you’d like to sell , and dispose of them on ebay, your website or on your blogs. The only thing you have to do is to provide customer support and to remit payment to the dropshipper who then ships in your name, making it appear that the products came from you. This is one heckuva way to make megabucks at almost no cost- while appearing like a tycoon! Be warned, there are numerous scam dropshippers out there out to fleece you. The only one I trust as of this point is World Wide Brands which never failed me and offers MILLIONS of products for distribution. World Brands is an aggregator of credible suppliers as well as a support system for retailers who want to make a living starting online shopping malls at next to no cost.

The recession is getting worse but I still smile. I’m self-employed and I determine my future with my effort. For as long as the internet is there, I have safety net that buffers me from insolvency. How have you used the internet lately?

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