Anyone thinking of starting an online business will immediately start to wonder what is the best internet business product. The answer to this isn’t as simple as just giving you the name of a specific product. Instead, there are certain things you can look for in any product that will tell you whether it’s likely to be profitable or not.
Obviously, you want to know that whatever product you choose to promote has a hungry market out there somewhere. You also want to know that there is enough profit in it for you to make your marketing and promotional efforts worthwhile.
The best part about operating any business online is that you have a choice whether to promote physical products that need to be shipped out to customers or digital products that can be downloaded instantly. You also have the choice of whether to promote big-ticket items that earn you a lot of money per sale or cheaper items that earn a little per sale but tend to sell a lot more.
Here is a brief look at the advantages of each type of Internet business product:
Digital products like eBooks or software programs are the ideal Internet business product. You design and create the product just once before uploading it to your web host. From there, your customers are able to pay for the item and then download it directly to their computer instantly.
These types of products are extremely profitable, as customers are only downloading digital files. You don’t need to worry about shipping or postage costs and there is no handling to be done at your end.
Physical products can still be extremely profitable for any online business. Customers place their order and pay for the item on your website. When you receive the order you package up the product and ship it out to them. You’ll make money as long as your prices cover the cost of the item as well as the packaging and shipping costs plus leave some profit for you.
Selling an expensive item means far more profit per sale for your business. You might only need to sell one item per week to make enough profit to keep you going. More expensive items can sometimes be challenging to sell, but this shouldn’t deter you if you’re really passionate about what you’re promoting.
Selling really cheap items can be an excellent way to increase any business revenue. People often purchase low cost things on impulse, so it can be really easy to sell lots of things quickly. As the price is so low your profits might only be small. This means you need to make a lot of sales regularly to turn that bit of profit into a decent income.
Combining Your Options
Some Internet business products can be used in combination with others. For example, you might offer a really cheap eBook for a couple of bucks that contains information your customers love. You can then use that cheap product to upsell other more expensive products you have available. If customers loved your first product they’re likely to trust you enough to pay for your more expensive items as well.
This increases your business revenue and makes it far easier to choose the best possible Internet business product to suit your needs.
This information is from Tom Hua Co-founder of the World Internet Summit – the worlds biggest internet business event.