5 Common Online Business Models Simplified
Who are new to online marketing tend to get overwhelmed by the sheer number of
ways one can earn money online. Regrettably, all money-making approaches are NOT made equal.
Survey Websites, performing microtasks for pennies, etc. are largely a waste of time and effort. Whereas other methods such as affiliate marketing, arbitrage, product development, etc. are very lucrative.
Knowing Which business model to choose is crucial to succeeding online. You don’t need to devote time and effort trying to ice skate uphill. It’s best to go with the 5 proven internet business models below.
If you are on a tight budget, it’s better to start out with freelancing. The good thing about outsourcing is the fact that it forces you to master a skill thatyou can use to create an income online.
Ideally, your skills must be related to internet marketing. For example, Digital graphic design, content creation, search engine optimization, video
Go to freelance websites like Fiverr, Upwork, Legiit, etc. to get an idea
of what the popular gigs are. So long as you have the skills to deliver similar
services, you will have the ability to make money.
It may take you a while to gain traction, but sooner or later clients
Will hire you, and if you do a good job and deliver the job on time or earlier, you can bet you’ll have repeat customers.
As you get more popular, you can increase your rates and so on. The Money you earn from freelancing can be used to fund your other online
- Merchandise creation
Item creation is one of the fastest and most lucrative ways to build
An online income. Once more, you may need skills and experience.
For example, if you are into fitness or survival or you’re really good at Building niche sites, you can write a book or create a course on which you are good at.
From there, it’s just a matter of marketing to your niche audience.
While this description simplifies matters a lot, the point you should note is
that creating and launching your own infoproducts or tangible products is one
of the best ways to create an income online.
- Affiliate marketing
If you don’t wish to make products and deal with customer service, that is understandable. You’ll probably be interested in affiliate marketing. This business model is relatively hands-off.
You’ll be promoting other people’s products and be getting a commission
Every time you make a sale. There are thousands of products to market on ClickBank, Amazon, Commission Junction, etc..
As long as you can drive traffic to the sales pages, a percentage of
Your traffic will convert to sales and commissions for you.
Ecommerce has seen a boom due to the COVID pandemic. Millions of people are shopping online and getting used to it.
In ecommerce, you can either sell tangible products you create or you
May dropship products produced by providers with your own branding.
Another sort of ecommerce is known as’Print On Demand’. In this
Business model, you are going to create designs that will be printed on hats, mugs, shirts, etc.. Sites like Custom Cat, Gear Bubble, etc will create the products
with your designs and send them out. It’s a really hands-free process.
Ecommerce does demand a budget to begin. You’re looking at
Anywhere from 1k to 4k when you’re starting out. You will want to run advertisements and so forth.
This is a VERY profitable business model when you latch on to a winning
product. There are several marketers making 6-figure amounts with dropshipping/print on demand.
- Kindle publishing
Kindle publishing is best suited for those who have always wanted to be
writers and publish their own book. If you’re skilful, you’ll be able to
generate 6 figures in royalties.
You will also need to know how to outsource some of your writing so that
You can scale up faster. The secret to increasing your earnings is to not only write yourself, but to employ others to write for you.
Selling on the Kindle market requires marketing skills also. It’s
Not all about being a good writer.
These 5 business models are a good place to start from. If none of them
Seem like your cup of tea, you may research other business models such as
domaining, arbitrage, etc..
If you Pick a legitimate business model and you’re focused and
Consistent, you will reap the benefits and have an online business you can be proud of.