It has arguably never been a better time to start an online business. Although the internet has been around for 30 years and eCommerce has been booming for 15, the online business revolution is only just beginning.
More and more consumers are turning to search engines to find their next purchases, and it has never been cheaper to build a website, deploy a digital marketing campaign, or sell products online.
What’s more, with the dominance of social media only set to increase, the ability to grow a customer base organically (and for free) on these platforms gives you a prized opportunity to establish dominance in your market.
However, given that there is various type of online businesses to start, you are probably wondering which model is best for you. This dilemma is made worse by the hordes of online gurus who try and persuade you that one type of business is better than another, which muddies the waters considerably.
This guide is intended to help you evaluate some of the most popular online business options to make it easier for you to make an educated decision.
Here is what you need to know:
Start an eCommerce store
Arguably the most popular option for first-time online business owners is the eCommerce store. There are a few good reasons why this is such a compelling option.
Firstly, it is relatively cheap to set up an eCommerce site and make it look presentable. This means you don’t have to invest thousands up front, which could be risky if the venture fails to generate any money.
What’s more, you don’t even have to create any products. Instead, you reach an agreement with existing companies to sell their offerings. You become a digital storefront for them, advertising the products and selling them on behalf of the creator.
You mark up the prices slightly, send the creator what they are owed, and pocket the rest.
It is essentially the same business model that many physical shops use – only without the crushing overheads or staff costs.
There are different types of eCommerce stores, of course, and your choice depends on which platforms suit your requirements the best.
If you need help building your Amazon store, for example, you could reach out to an expert like Nuanced Media.
Learn a high-income skill
If you prefer to stay independent of a traditional business structure, then learning a high-income skill like copywriting, web design, high ticket closing, or coding is a great way to quickly scale your income.
While it takes time to become proficient at these skills, the payoff is huge.
You will have an in-demand skill for life, which can continue to earn you money for as long as you want it to.
Build an agency
Alternatively, suppose you like the idea of a high-income skill but you want the security and scalability of a standalone business. In that case, starting an online agency is a popular option.
Whether it is a content writing, copywriting, web, or SEO agency, there is no limit to the heights you can reach when you have a strong team in place.