5 Common Online Business Models Simplified
Who are new to internet marketing tend to get overwhelmed by the sheer number of
ways one can make money online. Regrettably, all money-making approaches are NOT made equivalent.
Survey Sites, performing microtasks for pennies, etc., are mostly a waste of time and effort. Whereas other methods like affiliate marketing, arbitrage, product creation, etc. are very rewarding.
Knowing Which business model to choose is imperative to succeeding online. You don’t wantto devote some time and effort trying to ice skate uphill. It’s best to go with the 5 proven online business models below.
If you’re on a limited budget, it’s best to begin with freelancing. The good thing about freelancing is that it forces you to master a skill thatyou can use to create an income online.
Ideally, your skills must be related to online marketing. For Instance, 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. As 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 sooner, you can bet you’ll have repeat customers.
As you get more popular, you can increase your rates and so forth. The Money you get from freelancing can be used to finance your other online
- Product creation
Product creation is among the fastest and most lucrative ways to build
An online income. Once more, you may need skills and expertise.
For Instance, if you’re into fitness or survival or you are really good at Building niche sites, you could write a book or create a course on what you are good at.
From there, it’s just a matter of marketing to your niche audience.
While this description simplifies things a lot, the point you need to note is
that creating and launching your own infoproducts or real products is among the best ways to create an income online.
- Affiliate marketing
If you don’t wish to create 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
Each time you make a purchase. There are thousands of products to promote on ClickBank, Amazon, Commission Junction, etc..
As long as you can drive traffic to the sales pages, a percentage of
Your traffic will convert into 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 sort of ecommerce is called’Print On Demand’. In this
Business model, you are going to create designs which 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 very hands-free process.
Ecommerce does require 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 on.
This is a Really profitable business model when you latch on to a winning
product. There are several marketers making 6-figure sums 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 are skilful, you’ll be able 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 secret to increasing your profits is to not only write yourself, but to hire others to write for you.
Selling on the Kindle market requires marketing skills also. It’s
Not about being a good writer.
These 5 business models are a good place to start from. If none of them
Look like your cup of tea, you may research other business models such as
domaining, arbitrage, etc..
If you choose a legitimate business model and you are focused and
Consistent, you will reap the benefits and have an internet business you can be proud of.