For any business, you’d want to sell a product or service that for you is easy to make, has good profit margins, and has large demand. And, in general, there are only 3 main categories you’d be considering for generating revenue online – information products, merchandise, and fundraising. Let’s break down these 3 categories, so you can see which is the best for you.
Information Products can become a central revenue generator for your business and can include eBooks, Membership Subscriptions, Online Courses, Webinars, Live Events, Recordings of Live Events, and even Reports and Analysis. You can even post non-digital products such as coaching and mentorship.
Physical merchandise has lower margins in general, however can be a great way to explore your market. If you have a strong brand, you can sell at a higher price-point. If you buy-in-bulk beforehand then you can buy at a lower price point to increase your margins. Merchandise works great with Information Products too! Sell your information products and towards the end, promote great memorabilia and gift items for sale.
Donations & Fundraising
Donations give you a unique way to engage your audience. You can ask for donations directly or you can enhance your information products and merchandise with donations. For example, you can provide information products for free (which is called a “loss-leader”) and ask for a donation to help support. For merchandise, you can sell almost at cost, and ask for a donation at checkout.
ShipStore.co is a platform to deliver these products and services, and our network clients have access to product templates and services to boost your brand and online sales.