5 Common Online Business Models Simplified
Who are new to internet 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 mostly a waste of time and effort. Whereas other methods such as affiliate marketing, arbitrage, product creation, etc. are extremely lucrative.
Knowing Which business model to choose is imperative to succeeding online. You don’t need to devote time and effort trying to ice skate uphill. It’s ideal to go with the 5 recognized internet business models below.
If you are on a limited budget, it’s best to start out with freelancing. The good thing about freelancing is that it forces you to master a skill which you 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 provide 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 forth. The Money you earn from freelancing can be used to fund your other online
- Product creation
Product creation is among the fastest and most lucrative ways to construct An internet income. Once more, you will need skills and expertise.
For example, if you are into fitness or survival or you are 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 real products is one
of the best ways to make an income online.
- Affiliate Advertising
If you do not wish to create products and deal with customer support, 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
Each 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 witnessed 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 suppliers with your own branding.
Another type of ecommerce is known as’Print On Demand’. In this
Business model, you are going to create designs which will be printed on hats, mugs, shirts, etc.. Websites like Custom Cat, Gear Bubble, etc will create the goods with your designs and send them out. It’s a very hands-free procedure.
Ecommerce does demand a budget to get started. You’re looking at
Everywhere from 1k to 4k when you are starting out. You will want to run advertisements and so forth.
This is a VERY profitable business model when you move on to a winning
product. There are many 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 have the ability to
generate 6 figures in royalties.
You will also need to know how to outsource some of your writing so that
It’s possible to scale up faster. The secret to increasing your profits is to not only write yourself, but to hire other people to write for you.
Selling on the Kindle market requires marketing skills too. It’s
Not 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 might research other business models such as
domaining, arbitrage, etc..
If you choose a legitimate business model and you’re focused and
Consistent, you will reap the rewards and have an internet business you can be proud of.