You have what it takes to start an Online Business. The best one you should start is a: Product Business

Well done for completing the Online Business Quiz. Based on your answers, the best online business you should start is a Product Business. Keep reading to learn more about this type of business and your next steps to make it a reality.

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What is an Product Business Business?

A product business creates individual units of value and sells them to customers. A product is a very loose definition and can encompass many different units of value.

How does it work?

Create something of value
That people want to buy
Sell it to them for more than it cost you to create

Example of this Type of Business

Product businesses are perhaps the most well known on earth. Most “brands” that we deal with on a daily basis (Nike, Apple, Coca-Cola) create products. Because of this, product businesses are often the “go-to” default for those starting their first business.

The huge benefit of product businesses is scalability. Once you have created your first product (through a process called product development), you can recreate the product quickly and for a lower cost. Making the very first copy of your product is the hard part - but once done, products can be (via modern manufacturing) replicated very quickly and cost-effectively.

How to make money with this type of business?

The main downside of products is their physicality. Most products we deal with are physical: made of atoms. They take up space. This means they need to be stored. We call this inventory. Often there is a cost to storing your products in a warehouse somewhere.

On top of this, a significant risk with product businesses is that you’ve created something that no one actually wants to buy! I see this often: an entrepreneur falling in love with their idea, creating 10,000 copies of their product and then finding that no one wants to buy any! The result: a warehouse full of 10,000 copies of their product just sitting there costing money to store.

We can remove this downside by creating digital products. Digital products, unlike physical products, are made from bits rather than atoms. They have no physical form. Examples include eBooks, online courses, resource packages, digital art, software etc.

The fundamental advantage of this is that we can create more copies of our product to sell for zero additional cost. Replicating a digital file costs nothing, which means producing one copy or one million copies costs the same amount. If we wanted to sell a million units of our physical product, we’d have to pay to manufacture, store and ship each of those million units. Not so with digital products.

Use the BATON Model

In the BATON system, we run you through the process of product development. We make sure you are first producing something that customers will actually want!

Lots of courses skip this vital step.

We then focus on producing a digital product first. You can (and probably will) add physical products later to whatever online business you are running.

Still, they are a high-risk, high-reward business type that should come later in the growth of your online business.

Note: Personally, one of the first online businesses I created was a product business. I was helping people learn to read and write Chinese by producing giant posters of the most common Chinese characters to be used as a learning reference.

The problem with these posters was that manufacturing, storing and shipping them cost a fortune! They were long, abnormally sized (for postage) and heavy. Even worse, they were liable to bend or get wet in the mail because they were paper. Disaster!

After six months of eating costs and making very little money for myself, I switched to “print at home” digital versions of the same posters.

I reduced the price but actually got to keep profits because there were no manufacturing, storage, or shipping costs as a digital product.

PROS and CONS for this Type of Business

Pros

Scalability- once you’ve created a product, you can make copies easily and cost-effectively, allowing you to reach many customers
Low friction sale - unlike some other business types (subscriptions, for example) product businesses are more traditional and straightforward: customers understand buying a product as it’s the most common form of transaction
Creativity - creating products is great fun! Whilst this shouldn’t be the only reason you start a product business, it’s a massive bonus. Exercising creativity and creating something of value is extremely rewarding.
Intellectual property - once you create a product (and set up the necessary legal protections) then that product belongs to you. When you sell it you take all the revenue, unlike when you sell someone else’s product. You can also allow others to resell your product via affiliate marketing or wholesaling.
Digital scalability - if you do decide to produce a digital product (and you should) then production reproduction, inventory and shipping costs all basically drop to zero. This means you can have a profitable business very quickly without the headaches and risk of physical products

Cons

Scalability - also a pro! Scalability is a double edged sword. If you produce a product that the market wants: fantastic! If the market does not want your product however then scalability turns against you. You may have produced thousands of units of your product and have no one to sell them too! We can protect against this by building a minimum viability product first and testing the market using lean startup methodology (we discuss both in the BATON course to save you from expensive mistakes)
Capital/time-intensive - creating a product takes time and/or money upfront. Depending on what your product is this can be quite expensive and will require dipping into savings, taking out a loan or seeking investors. With digital products you can avoid at least some of the cost but still expect to put in a significant amount of time to create a truly valuable product
No recurring revenue - product sales tend to be one and done. You get a sale and move on to the next customer. This means that you can have good and bad months, making scaling your business more uncertain. There are ways to combat this by having a backend sales funnel (i.e. selling more/different value off the back of your first product sale) which is something we recommend in BATON to create more ongoing revenue streams

ConClusion

This is a high-risk, high-reward type business. Which is why we recommend you start with digital products first, then graduate to physical products. This dramatically reduces your capital risk which maintaining a healthy profit margin. We'll show you how to do this within the Business Section of our BATON model.

How YOU can Get Started and Build Your own Attention-Based Online Business

Now before jumping in, inventing the next best organic sheep wool T-Shirt and pre-ordering 10,000 units. To then realise no one wants this particular product and you're going to have to store 50 boxes of T-Shirts in your bedroom (which now makes your entire house smell like sheep). Pause! And instead...

We want you to set off in the right direction and see this through. By learning how to build an Online Business - the right way. From the ground up. Avoiding all the expensive and time consuming mistakes we made when we started 15 years ago.

You can do this by learning the fundamentals. Which in turn will allow you to turn any idea into an automatic money making online business.

So it doesn't matter if you want to build an - attention, resale, service, product or subscription business - it all starts with the BATON Model.

We've created the BATON Model over the last 15 years through - building our own businesses and client business - to the tune of £10's of millions.

The BATON Model walks you through each vital stage an online business must have in place to guarantee financial success.

Here's a visual diagram of each important stage of online business you must set up and have in place:

BATON Model: 5 Key Stages to Any Business Success.

In fact, once you learn our BATON Model you'll be able to build any type of online business you want, whenever you want. It's that important to your online business success.

Because let's face it, we're not building a business for fun. We're building it to make money. And if you do it the BATON way, you'll be making automatic money.

And don't just take out word for it, we've helped 25,000+ people get their online business started using the exact same BATON model you will have the opportunity to access...

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Although I'm experienced, these guys still bring me back down to earth with their marketing fundamentals. It can be confusing when I'm in the thick of my business so having these guys have my back is great.

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