5 Common Online Business Models Simplified
Who are new to online marketing tend to get overwhelmed by the sheer variety of
ways one can make money online. Unfortunately, all money-making approaches are NOT made equal.
Survey Sites, performing microtasks for pennies, etc. are largely a waste of time and effort. Whereas other methods like affiliate marketing, arbitrage, product development, etc. are extremely rewarding.
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 best to go with the 5 proven internet business models below.
If you are on a limited budget, it’s best to begin with freelancing. The fantastic thing about outsourcing is the fact that it forces you to master a skill thatyou can use to generate an income online.
Ideally, your skills should be related to online marketing. For Instance, Digital graphic design, content creation, search engine optimization, video
Visit freelance sites like Fiverr, Upwork, Legiit, etc. to get an idea
of what the popular gigs are. As long as you have the skills to provide similar
services, you’ll 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 fantastic job and deliver the work 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 finance your other online
- Product creation
Item creation is one of the fastest and most lucrative ways to build
An online income. Once again, you will 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 what you’regood at.
From there, it is only a matter of marketing to your niche audience.
Although 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 don’t wish to create products and deal with customer service, that is understandable. You’ll likely 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 because of 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 together with your own branding.
Another type of ecommerce is called’Print On Demand’. In this
Business model, you’ll 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 ship them out. It’s a very hands-free process.
Ecommerce does require a budget to begin. You’re looking at
Anywhere from 1k to 4k when you are starting out. You will need to run advertisingand so on.
This is a VERY profitable business model when you move 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 have the ability to
generate 6 figures .
You’ll also need to know how to outsource some of your writing so that
It’s possible to scale up faster. The key to increasing your profits 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 like domaining, arbitrage, etc..
If you Pick a legitimate business model and you are focused and
Consistent, you may reap the rewards and have an online business you can be proud of.