Before we begin, have you ever thought of making money online? It isn’t an easy path.
With sufficient willpower and effort you can start an online business.
Without perseverance, you will fail. But you can delegate.
Without passion, you will fail. But you can find a niche that fits your interest.
Without adapting, you will fail. But all it takes is a little thought.
Lastly, the most important aspect of the business is to start and take action.
You have to ask yourself what kind of online business are you contemplating because you have several options. I find that all of them work differently in accordance to your personality.
- Affiliate marketing
- Drop shipping
- Amazon FBA
- Membership Subscription sites
- Selling your own physical product and creating your own brand
- Digital products like ebooks
- Digital marketing
- Resell Freelance Jobs
Based on your decision above will determine the niche you should pursue.
Ideally, here is my thought process; get into a digital selling situation because it requires no inventory and nothing needs to be physically bought or shipped. You can either sell other people’s e-products (Affiliate marketing) or even consider selling your own by sharing thoughts and experiences via an e-book.
Selling online services such as content writing, e-marketing etc is another great method to generate business and income.
Much depends on what you enjoy doing, your current knowledge base, your comfort in dealing with people, your level of expertise in selling or writing etc. It is not just a matter of saying OK, selling shoes is the right niche.
You also need to figure out the demand in the market place, because it is constantly changing. You too will need to adjust your approach accordingly.
See what suits you best and choose:
- Affiliate Marketing. This is best for starters and for those who doesn’t have their own products. Less work is also required as you are selling a premade product. Someone else creates a product, a sales page, and gives you working scripts. All you have to do is get a reasonable number of people to click on the links. I’m simplifying, but you can learn everything you need to know in 3–6 months.
- Dropshipping. This is similar to Amazon FBA but you establish your own platform with software such as Shopify or Woocommerce. Benefits of having your own platform lets you choose how much you want to earn and not be controlled under a big brother like Amazon. You can source from manufacturers and dropship. Click here for more details in What is dropshipping? The best route depends on how much you have starting out. There’s no one size fits all here.
- Amazon FBA. This is where you can tap into a huge marketplace. Amazon FBA is a godsend. All you need to do to get initial traction is run a few ads. Once people start to buy your product, the Amazon algorithm will start to rank it higher. No extra work on your part, but a much higher sales volume.
- SaaS (Software as a service). This one is much harder to make 100k in one year, but it’s definitely possible. Once you cross a certain threshold you become too big to fail. An example of a SaaS company would be Dropbox. Initial traction is hard. After that it’s like a walk in the park.
- Blogging: Successful blogs don’t make most of their money from ads. They make money from their own products and services. If you’re an expert or can teach people a skill then you can easily cross $100k a year. Look long term and be prepared to laydown alot of ground work, this one requires a heavy amount of hustle.
- Physical products. This is similar to dropshipping where you establish your own platform with software such as Shopify or Woocommerce. You can source from manufacturers and hold the products in stock. The best route depends on how much you have starting out. As per dropshipping and Amazon FBA, here’s no one size fits all here.
- Apps. People seem to forget about apps. Instagram is an app. Snapchat is an app. billions have been made through each of them. They’re not hard to build. If you have basic coding knowledge you can make it happen. Making an interesting one is the hard part. Think Angry birds or Candy crush. The simpler the better.
- Lead Generation: Did you know businesses can pay you hundreds of dollars for every new customer you provide? There are many ways to do it. You can do pay per call. A business will pay you every time you refer a call to them. You can do pay per email. Same premise. Law is the most lucrative industry for lead generation.
- Advertising. If you can create a website like Viral Nova, you can make that kind of cash in one year. They made $1m in a year. If not, it’s best to avoid advertising because the revenue just isn’t worth it – especially if you’re a one man operation.
- Subscription box services. These became popular a few years ago. Dollar shave club may be the most popular after it . What can you offer that people will pay for monthly? Clothes, shoes, food, etc. I wouldn’t mind getting a box of things only found in Atlanta. I’d pay for that every month.
- Write a book. Usually underestimated. Writing an e-book is complex yet simple. If you have that creative flair and don’t mind sparing some time to try it out, give it a go and self publish at Amazon. Otherwise, if you want to start a business and can only spare time and not money, this is one good way to start.
- Online Forex Trading. This one is much riskier, but has an equal amount of returns. If you know how to apply statistical models or can learn then this will make you much more than $100k. A warning, more people lose than win.
- Consulting. People have been making fortunes consulting since the beginning of time. Now, it can be done over an internet connection using Skype. Try your hand at something you’re already good at.
- Freelancing. This is where most people go their start. You can do freelance graphic design, writing, video editing. Basically anything service people need done and has a high demand. Business users are the best target and charge a premium. The best customers are the ones who know your value.