1. Try to sell your own productThis one might not be feasible for all online businesses, but it does offer one huge advantage- selling your own products means that you have complete control on how much profit you’re making, right from material procurement to distribution, allowing you to have the widest profit margins. Knowing the exact production cost of your products also allows you to experiment with different price points to find the one that works out best for you and your business. Removing any middlemen also allows you to provide personalized customer service.
2. Manage and sell your own services
Selling your own service is typically easier than selling a physical product, but it also tends to limit your revenues. This is because, unlike physical products that can be stored and shipped on demand to hundreds or thousands of users, you can only provide a service to as many people as time permits. When selling a service, you’re selling your time in order to perform a service, which requires you to establish some sort of rapport & credibility before you can actually begin making money. Just remember that when you’re selling a service, you’re supposed to explain the benefits of your service, as well as the kind of value that your customer can derive from the service.
3. Sell Your Ad space
You can also selling advertising space on your site, provided that your site receives lots of targeted traffic or at least a massive opt-in list. There are literally hundreds of advertisers out there who are willing to buy ads from sites that are redirected towards large numbers of their target audience. And although today’s advertising revenues are much less than they used to be, they are still a source of revenue. But should never be your only source as the profits from ads probably won’t be enough to keep your business profitable.
4. Initiate Affiliate Programs
An affiliate program gives you long term exposure in the internet as it allows you to hire a team of affiliates, who will in turn recommend your product or services on their web site for a share in the sales profits. Affiliate programs will allow you to drastically increase the income of your online business, gradually increasing as more affiliates sign up on your network.
5. Recommending Affiliate Products
Recommending the products and services of your affiliates is a “risk-free” alliance that allows you to promote the products/services of another company’s, in order earn a portion of their sales. Unlike advertising, wherein another company merely pays to advertise for a product, recommending your promotion partners includes marketing efforts to sell your affiliates’ products. You can do so by advertising, or simply clubbing your products/services, with that of your affiliates.
6. Develop a Solid Sales Model
Whether you’re a small business or a large scale enterprise, you’re not going to be able to maximize your online profits without an effective sales model. Thanks to the fairly straight-forward nature of sales models, they allow you to constantly keep tabs on your main and auxiliary revenue streams, while also allowing you to add future revenue streams.
7. Invest in Amazing Employees
Time has always proved that the best way to maximize your profits is to constantly motivate and value your employees, and nothing changes just because it’s an online business. Any employee who feels passionate towards their organization is almost guaranteed to produce effective results. Apart from monetary compensation, investing in your employees also involves training them, helping them adjust to a new work environment, and even organizing recreational activities such office parties and off-site events.