YES, You can build your profitable online business together with your family!
Sometimes I always asked myself whether it is a good idea to involve your family in a business. I have read so many posts about starting a business with your family, and it is not a very encouraging nor positive. In my opinion, there are many positive way to engaging your family or your spouse to build a successful and profitable online business.
However, starting a family “corporation” required time and careful planing. My wife and I will walk you through on how to start business, and build your successful and long term income generating business together.
What type of Online Business that you want to start together?
In our You can start your business in 30 minutes post, you can read how important to focus to your niche, something that you interested in, or something that you passionate about. Why? because you will talk about it, discussing about it, or even arguing about it… 🙂 . It is always nice to talk or to discuss about something that you both like.
Back to the question – What type of Online Business that you want to build together? – There are many ways to approach this question, depending on your situation and what you want to start. I will give some example that most of you can start business with no time to producing a product, and going through a lot of steps – getting a product approvals, developing products, etc.
- Affiliate Marketing
- Drop Shipping
What is Affiliate Marketing?
In simple way, affiliate marketing is the process of earning income by promoting other people’s products. You promote their product at your site, and in return they pay a certain commission to you for every lead, or sale. You as an affiliate, choose the product that you like, promoting it by placing an affiliate link
(Show Diagram how affiliates marketing works)
How do you get paid?
Depending on the program, you can be compensated by qualifying in the followings:
==> Pay Per Sales
This is the standard or common way that you will be compensated a percentage of selling price. It is various from company to company, it may vary from 1% to 20%. The simple way to explain this, that your customer has to buy the product from your affiliates link before you get compensating by promoting their product.
==> Pay Per Lead
The company set an action that your customer/reader of your website need to do, it could be sign-up to their newsletter, contact form, or even participate in product trial. When you can persuade your visitor to complete the desire action, the company then compensate you. All lead (we call it that way) will be tracked using the link with unique identification number (Affiliate ID).
==> Pay Per Click
What usually the objective is the company would like to increase the traffic to their website. You will then compensate by the company when you can send your customer to visit their website.
How do we join?
Most of the time, you will be asked to join this major Affilliate Network as a publisher – CJ Affilliate Network, Rakuten, Clickbank, Awin, Tradedoubler, etc. This companies managing the affiliates request, tracking the links, and handle all the necessary affiliate aspect on behalf of the company (advertiser). You can find almost of niece (interest) within the network of advertiser, from clothing, travel, etc. The other popular network is the search engine – such as google, bing, yahoo where you can dedicate area from your site to accommodate advertising from the search engine. This is usually pay per click model.
Sample Affiliate Sites
like to travel, therefore we join different travel affiliates site, here some of the affiliate that we use in our travel blog site.
Where you can book different tours, museum, tourist attractions, etc in major cities in the word. We love this site, because it is easy to implement, and they do have interesting content that can be use as base to write your blog, example you can create affiliate link base on the cities, activities on the particular city, and many more.
2. World Nomad Travel Insurance
World Nomad Travel Insurance is one of our favorite. They offer different kind of travel insurance to travelers. It is easy to implement to your site, and also easy to incorporate with your content.
This is a comparison engine, you can compare different flight hotels, offers from major sites, and also different booking capabilities to transportation – bus ticket, train ticket, etc. If you happened to have interest in starting travel agent online, we recommend using their engine. They also provide a white label solution to their engine.
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Let says you and your spouse interesting in designing a t-shirt, but you do not want to have the hassle of having a production line, keeping the stock, or handling the transportation. A lot of manufacture, with today technology, can produce designed t-shirt on demand, you can make order base on what your customer need, and you do not need to ordered in bulk. The manufacture then send the t-shirt directly to your customer (on behalf of you).
How do you get paid?
Different with affiliate marketing, the customer pay to you with the price that you set, and you will then pay to the manufacture to the price that they set (normally a wholesaler price). You will earn the different between the price that the manufactures set, normally you will add the transportation cost and other cost such as credit card fee, etc and the sales price that your customer paid to you.
How do we start a drop shipping business?
There are many drop shipping companies that provide this service. Now, in almost major trade territory (USA, EUROPE, ASIA, ETC) have drop shipping company that can help you to start your drop shipping business, such as Droshi, Oberlo, or Shopify.
Little heads up, please before you start a drop shipping business, get familiar with your local regulation especially when it comes to import duty, value added tax, etc. It is a complex business model, and sometimes involving different trade zone with different regulation.
How to balance a home business and family life
- Define role – who is doing what
- Create a budget – you do not want to spend all your money, or to little money. Like any other business, online business also required a capital and business plan.
- Keep your work and personal life separately – You do not want to miss the fun, I realize that sometimes it is difficult to separate work and personal life, especially when you work from home. You need to dedicate a certain time to take care of your business, but spending time each other or with your family it also important. We use to not talk about business outside the time that we set to build our business.
- Set a goal – what do you want to achieve on this business, set a target, per week, monthly, half year, and yearly objective. You will be amaze how this will help you to see the success, not only in financial, but also in relation.
- Be there, help each other – Remember two is always better than one, if two people can help each other to overcome the challenge, the outcome will be better. Moreover, if your spouse have the same goal and focus, normally the result will turn out positive, isn’t it right guys? 🙂
Most Important: Have Fun with it!
Success Story: We love to hear from you
Start a business together can bring your family together, and allow you to build something that can generate income, wealth, and opportunities. A legacy that you build for your future generation. Let us know if you have an experience and would like to encourage other family to start their online business, or perhaps you have more tips and ideas on how to start a successful family business online, we always love to hear that, leave comment below.
All the best