Looking for part time business ideas with low investment? A part time online business can be built up around existing work and even scaled up with online advertising. There’s a lot of fuss around so called ‘lifestyle businesses’ at the moment. Lifestyle businesses are built on a number of concepts. Here are the main ‘cornerstones’ of a lifestyle business: (If you’re looking for part time business ideas with low investment you can also see my article on how to start a profitable ebay business.)
Part Time Business Ideas With Low Investment
An online business can be worked part time around other work and obligations. This is possible because of the flexible nature of the internet and by using digital products. Digital products allow you to set up payment systems which take payment and deliver products automatically. You can also build relationships though email marketing via email autoresponders – automated software which allows you to accept email addresses and deliver emails via a pre-made email series.
Another concept of a lifestyle business is the ability to scale your business using these tools. Online advertising, automated software (which collects emails and delivers products), and the ability to deliver products automatically all mean the business model is easily scalable. With the right digital products and a global audience, you can deliver products anywhere with an internet connection.
Having a global reach with your products and services allows you to create time and financial freedom. A local business has a limited reach. People nearby can use your products but it become unrealistic for people to travel. An internet based business lets you reach a global population with products and services. This means you have larger scope for scalability.
The low startup costs of an internet business also makes it more viable to many people. Hence the title of this article “Low cost business ideas with low investment”. With a traditional business there are som many costs to consider. A franchise type of business means a large payment upfront just to use the business model. Then there is costs for equipment, employees and business premesis. With an internet based business there are far fewer costs involved. Digital products have no delivery costs and can be stored digitally. What you pay for with an online business is training and the right business model.
An automated ‘lifestyle business’ has a sales funnel. A sales funnel starts with online advertising sending people to a landing page. This page is specifically designed to ‘capture’ an email address by offering some piece of free information. Once inside the ‘sales funnel’ there are a series of products and services available to buy. Getting the right kind of targeted ‘buyer’ traffic to your landing page, is the biggest concern of an affiliate marketer using a business model like this. If done correctly, the rest is easy! The automated sales funnel delivers value and promotes and sell products automatically on complete autopilot. This leaves the affiliate marketer to concentrate on marketing the landing page.
Once your sales funnel is set up (get a pre-built sales funnel here), your main job is marketing your landing page. This is one of the best things about an internet based business and why it falls into the category of part time business ideas with low investment. You can set up a single marketing campaign very easily to send targeted website traffic straight to your landing page.
As you test and measure your campaign, you can ‘tweek’ it and cross test it against other similar adverts.
Scaling Up Your Business
Once your advert is generating a profit, you can simply increase your daily budget to scale up your business. This whole process can be done part time and around other work commitments. Once you have a working advert, you can continue to create many more with the various advertising platforms available online. See my ebook for more details on online marketing here: The Ultimate Guide To Online Marketing.
A Business Model For Success
The business model described above is affilaite marketing but you can also use these methods to promote any business and increase profits. However, if you’re looking specifically for part time business ideas with low investment, an internet business is a lot more accessible and far cheaper than a physcial ‘bricks and mortar’ business.
A good affiliate marketing model takes advantage of list building, a range of products to sell, up-sells, high ticket products and a built in sales team.
List building is the ‘crux’ of a profitable internet business. By building a list of subscribers you can reach an ever growing base of potential customers for your affilaite products. Your list is simply a list of potential customers which you have built through your sales funnel. Targeting the right people for your products is a major factor to your success with an online business. Your email series is a series of emails which answers the needs of your potential customers. As your list grows so does your income.
A Range Of Products To Sell
Many affilaite marketers try and promote a single productÂ over and over again. This is entirely possible with digital products and anyone can do it. You earn commissions based on your sales and this can be up to 40% with digital products. However, by choosing high ticket items, subscriptions products and products which offer up-sells, you stand to earn more as an affilaite marketer.
High Ticket Products
Selling a low value item involves much the same activity as selling high ticket items. So why sell low value at all? Most affiliates don’t realise the potential of this and/or haven’t been offered the opportunity or given the right advice. A high ticket item can make ten times the affiliate commission of a lower valued item. If you target the right audience, the same amount of work is involved for a much larger reward.
Selling subscription products online means you earn a regular commission for every sale you make. This is far better than only getting paid for each sale. As your individual sales increase over time, your monthly income grows too for each subscription product you have sold. This is a far better way to grow a sustainable internet business than just by selling products which only pay you once for the sale.
Do you want fries with that? There’s a reason McDonalds and Burger King offer the ‘up-sell’. It works! Many more sales are made over their franchises worldwide because of it. And for the customer it’s only a tiny amount, pocket change. Plus an existing customer is far more likely to buy from you than someone who hasn’t already bought. Big chains know this and that’s why they also attempt to get your details when you buy something! Use up-selling in your lifestyle business too by choosing products which reward the affiliate for their later sales. You don’t even have to close these sales yourself as a built in sales team does the selling on your behalf.
Built In Sales Team
The best lifestyle businesses fall into the category of part time business ideas with low investment. They also offer built in up-sells, lifetime commissions, subscription products and high ticket items. A built in sales team can up-sell to customers who you have referred and you receive the commissions.
Access a business model which offers training and education and benefits from all the above features.