In the modern world of technology, one does not need to work from an office. The use of internet and cloud-enabled systems have made it easy for people to work from any area of the globe and on deliver results on real time. Communications has been made easy, and payment processing system can be done online (Jolly & Adam 15). Most companies have designed website that accommodates online transactions. You can make orders, purchase and pay to finalize the sale online. Generating income online is not a simple task, and it requires dedication. It is a high-risk business with a capability of generating high returns. In most instances, it is in a gaming scenario where returns are not guaranteed. Technology keeps on changing, and for one to remain relevant in the dynamic market, he has to be properly aligned to such changes.
Pat Flynn’s is an online business which uses a freemium model. This type of business models offers business services through the internet by giving customized services at no cost. This has helped Pat Flynn’s establish itself in the competitive market. With a proper establishment, a company is guaranteed of future success in its transactions. The companies aim at offering basic-level services for free and when healthy market relationships are fostered advanced advertisements are done at a price through add-ons. This type of model may have small customer acquisitions in the short run but will have a high lifetime value. Pat’s website generates revenues from the online community through advertising products and services for other companies. The company offers online advisory services to most of its esteemed customers in a bid to attract most visitors to the website. Most people who visit this site represents a considerable market share who constitutes future clients.
Pat’s runs a smart passive income experience to help share business ideas. The internet entrepreneur offers an equal treatment to all website visitors. He interacts with them on a real-time basis through responding to their emails immediately they ask questions. The financial statements drafted by Pats business shows that income is broken down into five revenue streams namely: Book sales, affiliate earnings, Niche sites, Podcast sponsorship, software, and applications. Expenses are categorized into: advertising, professional services, web services, storage, and backups. In the affiliate earnings, Bluehost contributes the most Pat’s earnings.
Affiliate earnings are optimized in a way that they help clients devise online utility tools necessary for online transactions and business. Among the three sources of affiliate earnings from the financial statements for April 2017 are: convertkit, AWeber and Bluehost. Bluehost offers free domain and site building services to online customers. A customer is able to develop a website free of charge from word press installation that is available in this sub-module. AWeber provides communication services by enabling client’s connection to the market they serve. It has an email automation that generates templates through artificial intelligence for an industry oriented deliverability. AWeber allows online clients to connect directly to their favourite applications and can share their services through Facebook, Twitter. Payment can also be made through PayPal. Convertkit is designed specifically for email marketing by bloggers.
The secret of this business is the ability to offer diversified online services, so returns are maximized depending on the many income sources. Pat Flynn can keep pace with modern technology to maintain its market share. The business offers customized services that attract a big portion of the market. The part of this site that interests me much is the products the company offers. Any person who visits this part can be able to build his website quickly and get a free domain. It has the ability to increase business sales through generating lead pages automatically when clicked. What I have learned from this case study is that starting an online business is challenging but has the ability to generate a high return. The cost incurred are relatively low and income depends on the level of innovation and modern use of technology.
Jolly, Adam. The Secure Online Business: E-commerce, It Functionality & Business Continuity. London: Kogan Page, 2013. Print.