Last updated on January 15th, 2021. Posted in Finding Profitable Ideas.
The kind of online business you decide on is really up to you, your personal preferences, and what you're looking for. And really, there are just four possible online business types that you can build and run. So no matter what kind of online business you have in mind, it'll fall into one of these types.
Here are links and resources mentioned in today's video. Enjoy!
1) The first kind of online business that you can build is what you could call an affiliate website. This is actually a very common kind of online business to start because the cost to get started is so low.
Here, the strategy is to write articles and blog posts very carefully so that they rank well in search. Throughout these articles and posts, where appropriate, links to affiliate products, products on Amazon, and so on would be inserted.
The idea here is that some visitors will click on your affiliate links...and a percentage of them purchase, earning you a commission.
2) The next kind of online business you can build is an e-commerce website -- aka: an online store. So this would be a website that sells any kind of physical products...anything from dog treats to vintage records to auto parts...and everything in between.
Now in a previous incarnation of my learning company Ten Ton Online, my online business really was more of an e-commerce business. Way back then, students would come to our website and order training courses on physical DVD.
On my end, we'd have loads of inventory that we'd then pick, pack, and ship from. And while this might be a great business for some, for me there was just too much overhead and management...from lost parcels, keeping stock on hand, and so on.
Plus, my students wanted their training right away...which is why I switched Ten Ton Online over to the next kind of online business you can build (and my favourite)...
3) Info-Product website: An info-product online business is a website that sells any kind of non-physical goods. This could be audio files, video files, ebooks, documents...or as I was mentioning just a second ago, online learning courses.
What's so great about this style of online business is that the entire sales transaction and order fulfilment can be automated. And you can do this in any number of ways. For instance, once payment is received, your customer could be automatically sent an email that contains the digital good they bought.
Or, as is the case with Ten Ton Online, once you enroll in your course, a particular area of the website unlocks and becomes available to you. This is great because customers get what they paid for instantly...rather than having to wait for a physical good to arrive in the mail.
4) The fourth and final kind of online business you can build and run is a membership website. Here, membership to your website could provide financial advice, tech support, membership access to a group of likeminded people, or something else.
And what's great about membership-style online businesses is that they provide a more consistent revenue stream than some of the other online business types we've discussed.
Finally, it's important to note that you can always mix 'n match these online business types. For instance, you might have an info-product business plus a membership site.
Or, you may have an e-commerce site that also includes affiliate content. it's all up to you to determine what online business type -- or types! -- fit you best.
Hope you enjoyed. See ya next time!