6 Online Business Ideas to Make Money – Create an Online Small Business! (w/ Mark Ling)

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  • August 30, 2018
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Transcript

0:00
Sarah: Hey, guys.
0:01
It’s me, Sarah, the video editor at Wholesale Ted and in this video, I’m gonna give you
0:04
six online business ideas so that you can create your own small digital business.
0:09
Now, of course, my subscribers here at Wholesale Ted can probably guess what some of these
0:13
ideas are going to be.
0:15
But I think even my subscribers might be surprised at some of these ideas, especially idea number
0:20
four.
0:21
The great thing about a lot of these ideas is they require very little startup money.
0:23
If you’re willing to put in the work, then you can create your own small online business
0:29
as well.
0:30
And I’ve actually got a special guest with me on this video today, Mark Ling.
0:33
Mark Ling is a multi-millionaire who owns several successful digital businesses.
0:39
He’s also the co-founder for SaleHoo which is actually how I met him.
0:42
And plus, he’s also a New Zealander like me so be aware, he also has a funny accent.
0:48
Now, there are two people that have massively influenced my life.
0:51
It was Ted who changed my life by teaching me the world of e-commerce and it was Mark
0:56
who changed my life by teaching me the world of affiliate marketing.
0:59
So I’m really excited to have him on this video today.
1:02
All right.
1:03
Let’s jump straight into it.
1:10
Idea number one, start a YouTube channel.
1:12
A lot of people ask me this exact question, “Sarah, if you’re a successful online seller,
1:17
why do you even bother having a YouTube channel?”
1:19
Well, I’ll tell you why.
1:21
It’s a form of income diversification.
1:23
I learned very quickly early on that income diversification is very important, which is
1:29
one of the reasons why I teach multiple business models on this channel.
1:32
And I’m not gonna lie, it’s pretty profitable.
1:34
Every month, this channel makes tens of thousands of dollars.
1:38
How?
1:39
Well, let me tell you now.
1:40
It is not from AdSense.
1:42
In fact, as you may or may not have noticed, we actually have AdSense turned off so we
1:48
get no AdSense money at all.
1:50
YouTube AdSense usually pays around $1 to $2 per 1,000 views.
1:54
In the previous 4 weeks, Wholesale Ted had 278,000 views.
1:58
If we had AdSense on, then that means we’d have made between $278 to $556.
2:06
We also regularly get emails from people that want to do sponsorships on this channel.
2:10
I’ll tell you now, I always turn these down.
2:14
Yes, I do promote and I recommend products on this channel but I only promote and recommend
2:19
products that I use and believe in.
2:21
I’m not gonna sell my soul for $250.
2:25
Given that those are the two common ways to make money on YouTube, how are we able to
2:29
make tens of thousands of dollars every month with less than 100,000 subscribers and the
2:35
answer is simple.
2:36
It’s through affiliate marketing.
2:37
Now, Mark is going to give you a deeper explanation as to what affiliate marketing is very shortly
2:42
but let me give you a quick rundown.
2:45
Affiliate marketing is when you promote someone else’s product and if somebody purchases the
2:49
product because of you, then you get a commission cut on the sale and this is usually tracked
2:54
through a unique URL which shows that the person bought because of you.
3:00
For example, on this channel, we have a video which shows you how to use Jungle Scout to
3:04
find great products to sell on Amazon.
3:06
And in the video description of that video, we have an affiliate link to Jungle Scout.
3:12
And this isn’t some big secret.
3:13
In the video, I give a very clear disclaimer that the link in the video description is
3:18
an affiliate link.
3:19
When it comes to affiliate marketing, honesty is the best policy.
3:23
Why?
3:24
Well, because when you recommend a product and you’re getting a commission cut on the
3:28
sale if the customer purchases it because of you, then obviously, they’re going to become
3:33
skeptical.
3:34
Are you just recommending it for the money?
3:36
So don’t be dishonest and create more distrust by hiding the affiliate link and pretending
3:41
like you aren’t getting a commission cut for the sale.
3:44
Be upfront and honest.
3:45
The other way that we create trust is that we show how we use these tools in tutorial
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form so that others can see that they are genuinely helpful, that they are useful, and
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that they are worth purchasing.
3:57
Not everyone will use your affiliate link but if you provide genuinely useful advice
4:02
in your video, then a lot of people will use your affiliate link as a thank you for the
4:04
time and effort that you spent creating it.
4:06
Another way that we build trust is that the majority of our videos don’t even use any
4:11
tools or have any affiliate links in the description.
4:14
We only use tools if they are relevant to the video.
4:18
We focus on providing genuinely great content.
4:21
And it’s funny.
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If you focus on creating great content for the viewer and you treat money as a secondary
4:27
concern, then what you’re gonna find is that you’re gonna make more money because when
4:31
you do recommend products, people are actually going to trust you and that is actually a
4:36
great lesson for anyone who is starting a business.
4:38
If you start a business on the basis of helping people rather than cheating people, you’re
4:43
going to go much further.
4:44
If you go and you cheat people out of some money, then sure, maybe you’ll make a quick
4:48
buck but they will go and tell others and your reputation will be trashed.
4:53
But if you sell and recommend products that genuinely help people and fix their problems,
4:58
then not only will they go and tell others that you helped them but you will also create
5:03
repeat buyers.
5:04
But, I digress.
5:05
The point here is that if you want to start a YouTube channel, do not start it with the
5:10
focus being on getting money through AdSense or through sponsorships.
5:13
Instead, look for more lucrative ways to monetize and usually, that means that you’re either
5:18
gonna be selling other people’s products through affiliate links or, if you’re even more bold,
5:23
you can sell your own products.
5:25
And, of course, don’t make crappy videos that are just designed to sell stuff.
5:29
There are no shortcuts here.
5:31
You have to make good videos.
5:32
All right.
5:33
Let’s switch over to Mark so he can tell you more about affiliate marketing.
5:37
Mark: Idea number two, become an affiliate marketer.
5:40
Thanks, Sarah.
5:41
Yes, affiliate marketing is hugely profitable.
5:43
I make tens of thousands of dollars from affiliate commissions every month.
5:48
Here’s a screenshot of just one of my ClickBank accounts and as you can see, that in the past
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4 weeks, I’ve made over $20,000.
5:56
And in just 3 months, I generated over $47,000 from commissions selling a product that is
6:02
in the supplements niche.
6:04
So, what is affiliate marketing?
6:06
Sarah touched on this briefly but I’ll explain it a bit more now.
6:10
Affiliate marketing is when you don’t have your own products to sell and instead, you
6:14
sell someone else’s product.
6:17
And when you make a sale, you get a commission for it.
6:20
So sales are tracked through a unique URL.
6:24
When someone clicks on that URL, they get cookied.
6:27
That cookie then tracks them and it means that the merchant can tell if somebody bought
6:32
the product directly after clicking their link.
6:35
So what this means then is that you don’t need to have a product of your own to sell.
6:40
You can actually start making money online by selling other people’s products.
6:45
What it means is that you just need to focus on generating traffic from people who might
6:50
be interested in buying the products that you are promoting.
6:53
Now, Sarah has already explained how having a YouTube channel can be one really great
6:57
source of traffic but there are lots of others out there too.
7:03
Some examples include Facebook advertising, Google AdWords, free search engine optimization
7:09
traffic, having your own email newsletter list, social platforms like Instagram or Pinterest,
7:15
and more.
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And you’ve got two main options.
7:18
The first is that you can direct your traffic directly to an offer.
7:21
For example, Sarah directs people directly to buy Jungle Scout in her video.
7:27
And sometimes, like in the case of that example, it is best to do that.
7:32
But usually, it’s best to actually direct that traffic to a freebie offer like a free
7:38
eBook.
7:40
Let’s say then that you are really into organic gardening for instance.
7:44
So you decided to promote products related to this.
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What I would recommend you do is create a free eBook to help people who are also interested
7:51
in this.
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So it might be something like “The Seven Steps to Creating an Organic Garden.”
7:57
Then, when people get their free eBook, require then that they give their email address and
8:02
that they opt-in to receive your newsletter series.
8:05
So in this newsletter series, you should send them lots of free, helpful information about
8:10
organic gardening to prove that you’re an authority and that they can trust your recommendations
8:15
and to build a relationship.
8:17
But, you should also use this newsletter series to recommend great products that are related
8:22
to organic gardening that you think that your subscribers will like and find helpful.
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And, of course, when you do that, you can use your affiliate link.
8:32
By instead directing traffic to your free eBook, you’ll capture their email addresses
8:38
so that you can remarket to them again and again instead of just one-off, which is why
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this method is so powerful and so lucrative.
8:46
Sarah: Idea number three, reselling items online.
8:49
This method is really simple.
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It simply goes going out there and finding items in the real world that are really cheap
8:56
and then reselling them on sites like eBay and Amazon.
9:00
For example, this is Pokémon Leaf Green version, which, by the way, includes the Game Boy Advance
9:06
wireless adapter, which is a big deal.
9:08
Now, I picked this little bad boy up at a garage sale for about $30.
9:12
Now, if I were to resell that on the New Zealand version of eBay, which is called Trade Me,
9:17
I could get anywhere from $70 to $100 for it.
9:20
Now, I don’t do this business model anymore but I like to keep these video games around
9:25
for nostalgia because this was my first foray into online selling.
9:29
Now, if you go to thrift stores, to garage sales, to Craigslist, and even to buy and
9:34
sell Facebook groups, you’ll often find items that are priced lower on there than their
9:39
going price on eBay and Amazon.
9:41
If you want to get even more sophisticated with this method, you can do something that’s
9:45
called retail arbitrage.
9:47
This business model is when you find items priced lower in retail stores than their going
9:53
price on Amazon.
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You then go and buy up all the stock in that retail store and then ship it into Amazon.
9:58
For example, here in New Zealand, we have some candy called pineapple lumps.
10:02
Now, I can go and buy this at a supermarket for $2.99.
10:07
Now, that’s in New Zealand dollars.
10:09
If you convert that to United States dollars, it costs just $2.16.
10:13
But on Amazon, they are selling for over $8 in U.S. dollars.
10:17
Now, you may have noticed that I specifically mentioned Amazon for retail arbitrage and
10:24
not for eBay and this is for two reasons.
10:27
One, there is a great culture of buying brand-new items on Amazon than there is on eBay so it
10:32
means that the prices are usually higher.
10:35
And two, Amazon has an amazing program called Fulfilled by Amazon.
10:39
This means then that you can take the items that you’ve purchased, ship them into an Amazon
10:43
warehouse, and then they will pick, pack, and ship out the item to the customer when
10:48
they order it.
10:49
I used to do retail arbitrage myself when I was younger.
10:51
It’s something that I no longer do anymore.
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I explained why in my video that is aptly called “Why I Quit Retail Arbitrage.”
10:59
The main reason is because of the fact that it’s not a scalable method since you always
11:03
need to be sourcing items.
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And that’s because of the fact that you’re usually sourcing discounted stock from a store
11:09
so you never know week-to-week which items are gonna be discounted in a store.
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But even though it wasn’t right for me, that doesn’t change the fact that if you scale
11:17
this method as far as it can go, you can still build a six-figure business.
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And it’s actually really easy to get started.
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That’s why I included it on this list of best online business ideas because of the fact
11:28
that it’s very newbie-friendly.
11:29
All right.
11:30
Let’s move on to the next business idea and this business model has made Mark millions
11:36
of dollars.
11:37
Mark: Idea number four, create and sell your own digital product with the help of affiliates.
11:42
So, remember how earlier I was discussing affiliate marketing and how you can promote
11:46
someone else’s product and get a commission cut for the sale?
11:49
Let’s flip that on its head.
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Why not, instead of promoting someone else’s product, you make your own product and then
11:55
affiliates promote it for you?
11:58
That’s what I do.
11:59
I have several products, one of them that I co-own is called Manifestation Miracle and
12:03
it’s a self-development course and it makes me tens of thousands of dollars every single
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month.
12:09
And the best part is I don’t have to drive traffic to it because my affiliates are doing
12:13
that for me.
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The business model is simple.
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Create a great product then place it on a marketplace like ClickBank.
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ClickBank is a site where merchants can list their products and affiliates go to ClickBank
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looking for products to promote so this is how they discover your product and how they
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start promoting it.
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If you make a great product that has a high-converting sales page, then you’ll be able to attract
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affiliates to come and promote your product for you.
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And it’s very passive and hands-off.
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And get this, by having your own product, you now have a list of customers and their
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email addresses.
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So take me as an example.
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I have a huge customer base for Manifestation Miracle.
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I know that these people are willing to buy personal development courses.
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It means that I’m then able to use that email list to promote other self-development products
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to them that they’ll be interested in and it means that I’m able to use my email list,
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which is built for me by affiliates by promoting my products, to then promote affiliate offers
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and make even more money.
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And it’s honestly the best of both worlds and it’s a fantastic online business idea.
13:17
Sarah: Idea number five, dropshipping.
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Okay, okay.
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Although my subscribers here at Wholesale Ted probably expected this to make the list
13:25
and I can’t help it.
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It’s a really, really good business idea.
13:30
Dropshipping is a great business model for beginners because it means that you can sell
13:33
items online without having to buy them in advance.
13:36
You see, you usually have to buy items in advance when you sell them online.
13:41
Take business idea number three, retail arbitrage.
13:43
To do that, you need to go to a retail store, purchase discounted stock, and then go sell
13:49
it.
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But with dropshipping, it’s different.
13:51
You list items that you have not already bought.
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To do this, you find dropshippers and these are suppliers that, well, are willing to dropship.
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You see, most suppliers won’t dropship, of course.
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They require you to purchase items in bulk and then you go and ship them to your customer.
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But if a supplier is willing to dropship, then what they’ll do is let you purchase items
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individually and then they will ship that individual item out to your customer.
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So what you do is you list items that the dropshipper has for sale but you put a markup
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on that price.
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And then when the customer purchases the item from you, you get to keep the difference in
14:29
profit.
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One really, really good thing about this business model is that it requires very little startup
14:34
money because of the fact that the customer has already purchased the item from you in
14:38
advance.
14:39
Now there are two methods of dropshipping that I teach on this channel.
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One of them is called “How to Start an AliExpress Dropshipping Store With No Startup Money”
14:47
and I’ll have a link to that video in the description below.
14:49
The other method involves dropshipping on Amazon and I have a video for that, titled,
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“Making Money With a Dropship Business.”
14:56
And, of course, I will have a link to that video in the description below.
15:00
Okay, let’s switch back to Mark so he can give you our final idea for creating an online
15:04
business.
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Mark: Idea number six, private labeling your own physical products.
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I don’t just create digital products like courses and eBooks.
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I create and manufacture my own physical products too.
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For example, one of my products is a knife sharpening stone and another is a vegetable
15:22
spiralizer.
15:23
This method is simple.
15:24
You simply import products cheaply from China and you resell them on Amazon or via your
15:29
own website for massive profits.
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By selling them on Amazon, you get to take advantage of the Fulfilled by Amazon program
15:38
so you can let Amazon manage and handle the orders for you, making it very passive.
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The reason why it’s called private labeling is because you place your own logo and branding
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on the item.
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This increases the value of the item so that you can charge an even higher price for it.
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Yes, it requires you to put money upfront to buy items in advance but it has the huge
15:59
advantage that you don’t need to worry about managing customers’ orders.
16:03
Plus, it’s pretty neat to be selling your own physical products with your own brand.
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Here’s an additional bonus tip.
16:10
You can increase your margins by back-ending them to a relevant digital offer.
16:14
For instance, if you were selling dog leashes, you might wanna upsell people to a dog training
16:19
guide that they can purchase instant online access to.
16:23
Or you may wish to affiliate to someone else’s offer if you don’t happen to have one of your
16:28
own to upsell to.
16:29
Sarah: All right.
16:30
Those are our six online business ideas.
16:32
If you have any questions about them, be sure to ask them in the comments section below
16:36
and we will answer as many questions as we can.
16:38
If you liked this video, I’d appreciate if you gave it a thumbs up and subscribed to
16:42
us here at Wholesale Ted for more great videos about making money online.
16:46
And if you would like to start your own online business but you don’t know how, then you
16:50
should be sure to download our free eBook, “How To Make $10,000 a Month Online With Dropshipping.”
16:55
You’ll find the link on how to download this incredible, life-changing eBook in the video
16:59
description below.
17:00
Ted: Hi there.
17:01
And thanks for watching this video, created by us here at Wholesale Ted.
17:05
It is our mission to help everyone start and grow their own online business.
17:06
That is why we’ve created a simple eBook which shows how anyone, yes, even you, can make
17:07
$10,000 each and every month with dropshipping, even if you don’t have startup money.
17:08
And best of all, we’re giving away this eBook for free.
17:09
And yes, we really mean absolutely free.
17:10
So, if you’d like to get this potentially life-changing eBook, simply click on the link
17:13
in this video description and get it now.