What is a portfolio and do I really need one? A portfolio is simply a group of investments held by an investor. It’s a very carefully chosen selection of businesses and generally, yes; it’s a good idea to have one.
Lets look at it this way. Imagine that you owned an umbrella shop. If it didn’t rain for several weeks, you would make no sales at all and therefore, you would make no money. If your shop sold umbrellas as well as wellington boots, raincoats, ponchos, sun hats, sun cream, sun glasses, ski shoes, hats, coats and scarves, chances are, you would make a sale whatever the weather was.
When it comes to starting business as an Internet Marketer, you actually have a lot of choice.
If you are good at spotting niches and if you are skilled enough to create a product then you have this as an option available to you. Alternatively, allow other people to create the product and all you have to do is market the product as an affiliate. If the nature of the business allows it, you can build networks of marketers and/or customers and grow your business this way.
Whatever route you chose to go, you will ultimately be in business to sell a product or service. The not so good news is this: Despite the excellence of your goods or the amount of skill, wit and charm with which you promote your wares, not everyone will be interested in what you have to offer all of the time. In fact advertising standards suggest that less than 5 in every 100 people that you approach will say yes!
But you can save the day, keep your options open and make your profit regardless. If you happen to have a variety of services then you automatically increase the chances of selling at least one product to your prospect.
It makes excellent business sense to have a business portfolio. Although most well known entrepreneurs make most of their money from one primary source, many do have their finger in more than one pie at the same time. If sales or signups go down in one area, you may be doing well elsewhere and still be in profit overall.
If your product is seasonal, you would still want to be making sales whatever time of year it was.
That said, exactly what goes into creating the ultimate portfolio of businesses in internet marketing? I will use one portfolio that I have created as an example.
The Internet is now a force to be reckoned with regards to shopping largely due to the growth and extensive advertising campaigns of companies such as Amazon and Ebay. If you own a website, become an Amazon affiliate and position shopping links for your visitors on your site. Visitors may not be interested in the e-book that you spent many late nights writing but if they are in the mood to go shopping online and they spy your ‘shop here’ amazon link, hey presto, you’ll make some cash!
Next tip: Choose programs that are easy to promote. Programs that have a good simple product that everybody needs. Choose a program that offers a good simple pay structure. What about a fun program? Everybody has played the lottery at least once. Would it be easy to promote a program based on the World’s Largest Lotto?
If you are promoting more than one affiliate program, you will almost definitely need a downline builder. This is a program that houses all your online businesses so to speak. You advertise your downline builder and when people signup, they see all your other programs and can consider whether or not to join. downline builders are efficiency and economy exemplified. Buildreferrals and Referralware are two such examples. Indispensable business building tools.
After you’ve spent a few weeks building your business on the internet, you will begin to notice this: There is a large group of people of all ages and backgrounds who will ask this question on a regular basis: “I want to start an internet business but I don’t know where to start. Can you help me?” People asking this question pop up all over the place – In online discussion forums, in your inbox, you name it. Here’s your chance to help a hot prospect to become successful and thereby become more successful yourself in the process. Read how:
Introduce them to a program that will teach, guide and educate them for you, making them into a professional, well-learned marketer. Imagine having several people like these as partners in your business. Check out Michael Russell’s MPAM and Steve Leung of CashCulture’s Make Money University.
Let these professional programs teach your Newbie all about search engines, traffic exchange programs, rotators, email list building, safelists and every other conceivable advertising method available online today. If they sign up to any recommended programs, you effectively build your up business simultaneously.
Everybody needs a business building tool but not everybody may need your particular service or product. So aim to promote or be affiliated with educational tools, website builders, downline builders and so on.
In summary, many programs offer you what seems like the opportunity to make a million in a very short time as well as a host of other fantastic benefits. But always stop to ask:
What does this program have to offer my customers or my downline?
Will it be easy to promote? Will the conversion rate be good?
Will my portfolio be balanced so that I am offering different prospects different types of goods and services?
Adopt an ‘I have something for everyone’ approach in business.
By Ugo Okonkwo
Ugo works and trains as an Orthopaedic Surgeon. He also set up and runs several successful Internet Businesses including http://www.businessomatic.com a resource and guide for any aspiring Entrepreneur.
Copyright Ugo Okonkwo http://www.businessomatic.com. Please reprint or reproduce exactly as is together with resource box.