For years I’ve talked about the three ways of making money: business, real estate and paper assets. We’ve seen paper assets (stocks, bonds, mutual funds, etc) have their boom and bust. I have clients who love both sides of that cycle and who regularly make a lot of money. We’ve seen real estate boom and bust. The latest boom has brought a lot of new people into the market, new financing instruments and improper risk assessment on Wall Street. I figured a downturn would happen, but nothing like this.
Business, though, business is so broad and far-reaching that you can’t make a generalized statement about what is happening. Sure, some businesses are down. For example, retailers are concerned. Yet, like Megan reported in yesterday’s blog, eBay sellers are kicking you know what. Her husband is having his best season ever. Walmart profit is way up. Costco’s never been busier.
And there is a new way of making money. In fact, it’s been around for ages (in Internet years) – Internet marketing. It’s a rapidly changing and evolving workplace, though, with a vocabulary all its own. The most important thing is the big wide world of Internet businesses such as affiliate marketing, eBusiness and the like is flexibility. Because it’s so new, your model could change overnight.
Affiliate marketing is a niche all its own in the world of Internet marketing. You put up a website with ads and then find a way to drive traffic to your site. Most people buy advertising. The key is to get the right people coming to your site, for the right price, and then have them buy from your contacts. You pay for the advertising and make more than that from your commission for the sales.
It’s not nearly as simple as it sounds, but once you’ve got the plan dialed in, you won’t work many hours per week. One of the challenges, though, is that the model keeps shifting. XYZ company will be happy to have you as an affiliate one day and then a month or two later they dump you because you’re too successful. Not only that, they keep track of your EIN (employer ID number) and bar you from ever being an affiliate again. And that can actually blacklist you, simply by being successful. The answer for many affiliate marketers is to get a new company with a new EIN to reposition and try again. But it can take weeks to get a business structure set up and you’re out of business while you’re waiting for that. PLUS every new business structure is an expensive.
That’s where the new structure – the IM Series LLC comes in. (IM = Internet Marketing) You can set this up so that you can open up a brand new “cell” with a new identity by yourself. No cost. No hassle. In a few hours, you’ll be back in business.
New business. New business structures. The world is changing and so are the ways we protect assets. If you haven’t had a business structure check-up in the last few years, NOW is the time. Check out this month’s special (“Business Structures for 2009 & Beyond”)