So you think you’re ready to start your online business but don’t know which one to choose? It’s important to follow one course until successful. Often people will start two or three at the same time and none succeed. It may be difficult finding the momentum to stick to one choice. Remind yourself that once this one is bringing in money, you can start up another one. Here’s the five most successful online opportunities.
Information marketing simply means writing up what you know and offering it in a way people want to buy. Some people write and sell ebooks on Amazon. Other people create video courses and sell them on Udemy. Think about your career, hobbies and interests. Pretty much anything you know can be turned into something that someone else will buy for some extra cash.
The biggest hurdle here is yourself. Let go of the belief that you’re not an expert. You know more about it than someone else, and that someone may be willing to pay money for your knowledge. To a third grader, a fourth grader is brilliant. So be that fourth grader and sell to first, second and third graders.
You can also use a twelfth grader to get your knowledge. Set up interviews with people who are experts in that area and then you can repackage the knowledge and sell that.
Do you enjoy making things? If so, then there are people out there looking for what you’re making. Don’t limit yourself to once a year holiday boutiques. Set up an online store and let people find you.
Or perhaps you like going to garage sales and thrift stores and finding bargains? Well if the thrill of the hunt is what you enjoy, then you can set up an online store and sell what you found and make a profit.
Your biggest hurdle is packaging and shipping out items, and customer service if the item isn’t what they thought it would be.
If you’re good at writing up reviews, this is your ideal business. Affiliate marketing is where you’re selling other people’s stuff and you get a cut of the sale. Amazon has a large affiliate sale program and you can recommend anything they sell and provide a link to the product. If people click and buy, you get a small amount.
You can also review and place an affiliate link for information products, online videos, even eBay. There are many programs out there.
The biggest hurdle is staying on top of your links to ensure they’re correct. Some affiliates offer banner ads that you can put on your website, and you need to keep them up to date.
Blogging is great if you have a passion for something and enjoy writing regularly. You could set up a blog for your gardening or cooking or your dog. We’ve all seen the sites. They get their income from ads placed on the site.
Often, the blogger will also embed affiliate links in their posts to pick up multiple streams of income.
Some bloggers will also put together books from their blog posts (i.e. Nom Nom Paleo, Julie and Julia) and earn income through that.
The biggest hurdle is to continue blogging even if you don’t think anyone is reading. And, of course, finding smart ways to get people to go to your website regularly.
Dropship/Fulfillment by Amazon
Dropshipping is where you talk to manufacturers and get authorized by them to sell their products. You can set up an online store, and when someone purchases the item, you then purchase it from the manufacturer at a wholesale price and have it dropshipped directly to the purchaser. You never have to receive the product and reship it. Your profit is your selling cost less wholesale and advertising costs.
Fulfillment by Amazon is where you purchase items in bulk and then have them shipped to an Amazon distribution center. You then list the items for sale in your Amazon store. If someone purchases, Amazon will package it up and ship it to the buyer. Amazon will also help you market the item. If someone looks at the item and then leaves, Amazon will show them ads of that product for a few days afterwards. That’s called retargeting.
The hurdle is in keeping your store updated with new products and ensuring you always have stock available. You will have to do some customer service. Some of these business models require more time up front to get started. Others require a smaller but more consistent time commitment. All can be done part or full time.