Welcome to Episode 005 of the #AskTiffany Show. This week’s question is: What is the most profitable business model?
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What is the Most Profitable Business Model?
Just to give you a little background about my journey as an entrepreneur… I never took a job. Right after college, I started my business. I have failed at many ventures. In the 16 years I have been an entrepreneur, I can tell you that the most profitable business model is the digital product business.
If you have been following my blog, you will know that my journey in developing digital products began after my son was diagnosed with autism. It was during this challenge that I taught myself to create computer games and mobile apps to help him develop his speech and improve his academic and social skills. If you would like to learn more about my leap of faith, please click here.
Since then I have created many other digital (tech) products, including games that help students prepare for the Belize PSE Exam, the BJAT Exam, the Trinidad SEA Exam and the Jamaica GSAT Exam among many other digital products and brands. But what makes creating these digital products so profitable?
Here are 5 of the most basic reasons selling digital products online is the most profitable business model.
- No overhead. That’s right. This includes no inventory. You are selling the same product over and over again. It costed me only $100 to create and sell my first digital product. Everything thereafter was profit.
- Truly passive. I make money even when I am asleep.
- No inventory. Since you will be selling the exact same product to each customer, you do not need storage space. You don’t need to spend money on expensive warehouses.
- No investment. Apart from the money you will need to initially create your product, you will not need to invest anything additionally in continuing to sell your products.
- No delivery. Unlike the eCommerce business model, you will not need to be bothered with delivery. Customers can download your product immediately after they have purchased it with no involvement from you.
If you are interested in starting your own digital product business, I suggest you take a look at my book the Digital Cash Evolution. This is a step by step guide on starting a profitable business selling digital products online.
What is the most profitable business model
How to find the most profitable business model
Looking for the most profitable business model