An Effective Online Business Model – What You Must Look For

If you are considering venturing into the world of e-commerce or are failing to make any money online, it is worth spending time posing the question “do I have an effective online business model”. So many people are sucked into the world of e- commerce with big promises of making fast cash on demand, without paying proper attention to their business concept and their business model.Any business, whether that be online or offline needs to have an effective business model for it to be successful, it is the very back bone of your business. The following business model is my preferred business model that can be used across many different niches and markets online. It also works extremely well for offline ventures as well, for people who are independent contractors / self- employed.An effective online business model – the three parts you need.The following business model is made up of three parts that work together to form the overall business income, as said before it can be applied in any market or niche.1) Residual Income – This is income that comes to you in the form of a recurring payment over a set time period, usually monthly. This may come to you in the form of recommending people to a particular membership site, can come from continued use of a product that you have already sold to the customer once or even as part of an agreed contract package, all most like a retainer salary. This is income that comes in day after day, week after week, month after month, for work that you have done once.2) Joint Venture or affiliate income – This is where you make sales of other people’s products and you will receive a commission for the sale. It is a one off payment on a per sale per product basis. You could for example sell a training course or guide, tickets to an event, physical products such as books or DVD’s anything really that pays you a commission per sale.3) High Ticket – This is where it really gets interesting and this one concept has the ability to transform your income online and even offline. A high ticket product is something that carries with it a price tag that is four figure or more and is a direct sale to you (i.e. you keep all the profits) or a very generous commission on other peoples products (four figures or above commissions). Typically your high ticket income will come in the form of a product, service that someone considers extremely valuable. An example online could be a business opportunity to join, a membership of a community, a coaching and mentoring package the list goes on. An example offline could be a sports coach selling a large package of lessons and coaching to one individual e.g. a golf professional selling a twenty lesson package instead of his usual four lesson or five lesson package.The above three points I believe are absolutely crucial in creating an effective online business model and therefore a profitable online business. If one or more of the components are out of harmony with the rest then you will find yourself struggling to generate the kind of income you are looking from your e-commerce efforts.To find out more on how you can create your own effective online business model using the above concepts as your road map to success, visit the link below.

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12 eCommerce Legal Issues to Consider in Operating an Online Business

The following article provides a high-level summary of some key eCommerce law issues online business operators face in running a website or other eCommerce business. Conducting business online or maintaining a website may subject companies and individuals to unforeseen legal liabilities. The following is a brief survey of 12 key eCommerce law issues to consider:1. Internet Business & eCommerce A good starting point is analyzing a company’s online presence and auditing their procedures to determine how to grow their brand and online influence. As part of this, the company’s agreements and websites should comply with the myriad of laws and regulations affecting websites and online businesses, such as COPPA.2. Domain Name AcquisitionDomains are often the key to an online business, but can present a number of problems. Domain name issues include securing a domain name initially, as well as protecting domain names from adverse parties that attempt to trade off the goodwill associated with the company’s brand. Sometimes, the company needs defense, retrieval, and protection of domain names on the Internet.3. Digital Millennium Copyright Act (“DMCA”) ComplianceCompanies operating websites, particularly where third-party content may be uploaded directly, should consider adopting agreements and procedures to shield themselves against claims of liability and copyright infringement. This procedure is sometimes referred to as a “copyright policy” or “DMCA takedown” procedure. Compliance with the DMCA can provide the online operator with a safe harbor from liability.4. Online PrivacyOnline privacy continues to become a bigger issue. With the spread of mobile devices, tablets, and apps, privacy issues are becoming more complex. Companies should consider composing or updating their privacy policies as well as adopting internal security protocols aimed at protecting the online privacy of customers and website users.5. Social Media LawWhile a powerful vehicle to build brand strength and interact with customers, social media can create a number of legal issues for online businesses. A social media policy provided to employees as well as guidelines can be effective steps to reduce risk. A few key areas to consider are employment related use of social media, confidentiality, sponsorship, and branding guidelines.6. Privacy PoliciesPrivacy policies should not be copied from online templates or rival companies. They should be drafted comprehensively to address unique issues of a specific online business and to accommodate future growth. Whether a company looks to collect analytics or more personalized information, the company should focus on its specific business needs and risk factors. Privacy policies should be updated as a business evolves.7. Terms of Use AgreementsTerms of Use (TOU) agreements can limit liability for companies that maintain an Internet presence. These agreements should be optimized to address a company’s specific business and should not be simply cut and pasted from the Internet. What works for one company may not work for another company.8. eCommerce AgreementseCommerce agreements come in many forms such as licensing, advertising agreements, and payment processor agreements. eCommerce agreements should be drafted to address the primary legal risks involved in a particular eCommerce contract or business transaction.9. Online Sweepstakes & GamesOnline sweepstakes, contests, and games create a number of legal pitfalls. Depending on the sweepstake, contest, or game, compliance with the laws of all 50 states as well as the federal government may be required. Registration in specific states may also be required. Online businesses may benefit from guidance as to whether a particular new initiative is considered a sweepstake, contest, or game.10. Domain TheftRecovering hijacked domains can often be difficult and time-consuming. Typically, avoiding domain theft in the first place is much easier than attempting to recover a stolen domain. While difficult, it is possible to recover a hijacked domain.11. Website AgreementsWebsite agreements can be customized to limit legal liability and reduce risks of disputes by analyzing an online business’s intellectual property portfolio, business processes, and brand objectives. Website agreements can be used for mobile applications in addition to websites.12. Impersonation and Username SquattingImpersonation and username squatting can occur when a third party registers a social media account using someone else’s identity. This can result in harmful posts and information being published in social media. Username squatting can also prevent a trademark or brand owner from controlling their trademark. Typically, registering usernames in advance is the best strategy to avoid impersonation or username squatting.While the above identifies a number of eCommerce and internet law issues affecting website and online business operators, an in-depth analysis may be required. For more information, you may want to contact an eCommerce attorney.Disclaimer – As with any discussion of legal topics, this article is intended to be educational only, and is not a substitute for legal advice, nor does it provide legal advice or form an attorney-client relationship with the reader. Please seek legal counsel before making any decisions. Also, please note that this article will likely not be updated, so the law and circumstances may have changed by the time you have read this article.