Selling your own product can often be one of the most rewarding and best ways to make money from your website or blog. While you do have a lot of different options when it comes to selling products or ways to generate money on your website, selling your own product is almost the only way that leaves you with 100% of the income.’
Just before we get to the 5 steps to sell your own product, lets have a quick look at what other ways you can generate income from your website. Also at just way they are maybe not the best ways to generate income.
- Advertising (Pay per click) – While this option requires the least effort on your part. Just copy and past a block of code, it is also potentially the option with the worst value return. First you have to have someone click on the advertisement, which may be somewhere in the range of 0 – 10%, at best. Once someone has clicked on the link though you are then looking at a small amount of the total revenue from that advertisement.
- Affiliate programs – Affiliate marketing is not that much different from Advertising, however there are a few small differences. Affiliate marketing allows you a little more control over exactly what you are advertising on your website or blog. You can truly make it fit the content, or topic of your site, without leaving it to an automated system. Additionally you do have some control over promoting the products more to gain potentially more income.
- Reselling Others Products – In this case you need to put in a bit more work again and actually need to start selecting the specific products you want to promote. This can mean needing to purchase stock or making arrangements to drop ship products. Either way you may find you don’t make a lot more then you would from affiliate marketing, and you are taking on more of the responsibility of the sales process, and need to buy products before you can sell them.
- Sell Your Own Products – Selling your own products gives you 100% control over what you are selling. The product should be exactly what you want to sell, and you have complete control over how much it is sold for. If the product is physical you only have the raw material costs, and not a profit margin for a supplier. Additionally if the product is electronic, you have effectively no costs. Finally the best part is that you make the profit all of it.
So you should hopefully have by now deduced that selling your own product is the most effective way to make money online. If not lets look at one more quick comparison. Looking at the four options where the product being sold in all cases is a $30 information product, with 100 sales.
- Advertising – You could make potentially 20 cents if someone clicks on the advertisement for this product on your site. In this case no body has to buy the product but everyone who clicks on the advertisement means you get paid the same 20 cents. Assuming though that 100 people clicked on this link and purchased from your site you would make $20.00.
- Affiliate Programs/Other People’s Products – With Information products you would Generally be looking at earning around 50% on a sale. To earn this 50% though someone clicking on the link is not always going to buy the product, so it can take longer to get the same number of sales. However in this case if 100 people clicked on the link and bought the product you would make $1500.00. Which is not bad, but it is still half what your potential is.
- Your Own Product – Good news, you earn 100% of the profit which in this case on a product selling at $30, for 100 orders would come in at $3,000. You could not do better then this profit wise without selling more products.
So what would you really prefer to be making from selling a product, less then 1% of the income, half the income or all the income. All three scenario’s are possible it just comes down to how much time you would like to invest, and how much return you would like to gain for the work you put in. Just remember, one other point, the only one which guarantee’s you the same return for as long as you promote it is, your own product.