What is the best online business in 2023? While there’s many online business models you can choose from, one of the best is affiliate marketing. With affiliate marketing you don’t need your own products and it can be done from anywhere. All you need is a laptop and an internet connection. But while affiliate marketing is a simple and effective business model which anyone can use, there’s a few downsides.
One of the main downsides is the massive competition online from other affiliates. So getting your start in affiliate marketing can take some time and effort. There’s a few choices you can make in affiliate marketing too, which makes it quite a versatile business. You can create content, such as this article, you can run advertising, build an email list, use social media and so on. So whatever your budget there’s usually an option which will suit you.
Affiliate marketing is pretty hands off too. You don’t have to deal with customers or products and you can simply refer customers online to existing products and services.
What Is The Best Online Business In 2023? Downsides To Affiliate Marketing
With affiliate marketing you’re business is in sending qualified (website) traffic to products and services online. When you make a sale you are paid a commission based on the products you have recommended. If you don’t make any sales you don’t get paid! That’s a big downside but as with any business if you don’t attract customers you don’t have a business. With affiliate marketing the key is in building a steady stream of people to the products and services which you choose to promote.
There’s therefore two main choices which will have a huge bearing on your levels of success with affiliate marketing:
- The products you choose to promote
- How you promote them
Yes there’s huge competition online but there’s also a huge opportunity too if you set off in the right direction in an affiliate business. With the wrong products and marketing methods, it can be difficult to get any traction. But get the right trajectory and you can build a very successful affiliate business quite quickly.
What Is The Best Online Business In 2023?Your Marketing Methods: Paid Vs. Unpaid
Your marketing method is one of the most important decisions you’ll make as an affiliate marketer. You can build content, create a YouTube channel, build a blog, build an email list and spend time on social media building an online business. But if you don’t have the right information, you could spend years doing this to no avail! One of the best ways to start generating sales quickly as an affiliate marketer is through using paid advertising. With paid advertising, you can turn on traffic to an affiliate offer almost instantly.
With blogging, as an alternative, it can take many months before you even start to see website traffic. So depending on your budget and circumstances, you can choose accordingly. However, you can still run an advertising campaign even with a low budget, just to learn how to do it. Paid advertising is much faster and more scalable. This means once you hit a winning advert, you can add more budget to reach more customers and make more profit – just by turning up your ad campaign budget.
Organic marketing, such as blogging can be a great strategy too. Although it’s slower initially, your content can eventually attract traffic passively, giving you sales and greater profit because you’re not paying for advertising.
What Is The Best Online Business In 2023?Products To Choose From
Affiliate marketing is a super versatile business and you can choose to sell almost anything you can find online! So long as a product or service has an affiliate program, you can join that program, promote that product and earn commissions based on your sales.
However, not all products give you the same opportunity. With products from Amazon, for example, the rates of commission are incredibly low. So although there’s a huge choice of products from Amazon to choose from, most of them only pay peanuts. Amazon typically pays between 1% and 10% commission on product referrals. This means you’ll need to sell a lot of products in order to make a reliable income.
Digital products offer greater levels of commission; typically between 30% and 40%.
High Ticket & Subscription Products
Both high ticket and subscription products offer the best opportunity for online business in 2023 for a few reasons. With a high ticket product you can earn substantially more from a single sale than with most affiliate products. High ticket products carry commissions of at least $500 per sale.
Subscription products too are great for affiliates because they pay recurring commissions. With a recurring commission from say, a business related software product, you can earn commissions all year round from a single sale.
Business products are particularly good for affiliates to promote because they are so necessary and essential for online businesses to operate. An example of a vital business related product is Aweber – an email autoresponder. Email autoresponders are used in businesses to capture email addresses and automatically send out email messages over a period of time. If you’re considering building an affiliate business from scratch you’ll definitely need one. Get free access by clicking on the image below.
Get Started
So if you’re looking to start a new venture in 2023, I highly recommend doing affiliate marketing. But while affiliate marketing is one of the easiest business models to use, it can be easy to get lost in the many choices along the way. What products to use, how to collect emails and how to generate website traffic and so on can all leave you in a state of overwhelm. The best thing you can do is get help and support in your product choice and marketing methods and strategy. Watch this video with one of my personal mentors Stuart who will explain a little more about this business model and a few others too.