The last decade has changed the way we look at the business and how we commerce. Online business also changes people lives for the better, it gives them freedom, whatever freedom means to them. And now you know that you want to start an online business, but not sure what type of business you should choose?
Here are the most popular online business models
1. Physical products
Physical products you need is an e-commerce store and an offer of real, physical products. There are many options for you to set it up. You can choose a platform like Shopify, you can build it with WordPress or you can get developers to build it for you. So the cost will vary.
2. Digital products – Infoproducts
You can also consider selling digital products, for example, online courses, ebooks, planners, calendars. They are easier to create and you don’t have to worry about stock, suppliers, shipping, etc. This model can exist in any niche: dating, fitness advice or money-saving tips. The great thing about this model is that once the product is created, you can sell it over and over again.
Services are ideally suited for online sales. Some offline businesses use their website as a tool to attract potential customers. Dentists, physiotherapists or dance teachers, they can use a website as a brochure.
But you can also choose to provide services that are sold and delivered online. You can also choose to provide services that are sold (and delivered) online. If you are skilled in the area people are going to pay for, you should think about this business model. Writing, web design, graphic design, video, photo services.
If you are an expert, coaching/consulting should be a good option for you. You can run online session via Skype, Zoom or phone and help people who need some training or advice. The cost of entry is quite low- all you need is a website.
If you need help with building a website, I have a step by step tutorial on How to start a WordPress website in 20 minutes.
Dropshipping is a great idea if you want to experiment with e-commerce. You don’t have to spend upfront costs on a product and storing that product. You just need to create a sales funnel that the factory ships a product to the customer. So you don’t have to physically store that product.
6. Affiliate Marketing
In this model, you earn a commission by promoting other people’s (or company’s) products. There are several ways you can earn a commission by the most common one is by placing an affiliate link on your website. When someone buys a product through that link, you earn a commission.
I know, you might be surprised. But there are companies who make great money on a monthly basis just from the AdSense. All you need is a website, content, and traffic to your website. If a visitor clicks on the AdSense ad, you get paid a little commission.
Start An Online Business
I hope you have some idea what type of business you want to start. Think which suits you the best and which one should be the easiest to set up and run in the long term.