There is a very small percentage of people that seem to reject the notion of working for someone else. These naturally born entrepreneurs have one thing in common – to be their own boss. Achieving this dream is possible, but how can you ensure success? There is no formula for success here but one thing in common among most entrepreneurs is that they all put in a lot of time and make huge sacrificing with their social life.
It’s not uncommon for one to work a job and have a second stream of income by doing some kind of online business. Here we will discuss a few of the different types of business models you can start online.
This is probably the easiest model to get started with. Essentially what you are doing here is promoting other people’s products and getting paid a percentage of the sale if it results in a purchase. You are provided a link to a product which is unique to you, so when someone orders a product or service through that link, then you get a commission from the vendor. What’s great about this model is that you can start for free.
All you need is a Youtube channel to get started. Find yourself a product that you are interested in, search online for an affiliate offer of that product and make a video of it. You will want to have some kind of “review” style video, talking about the product. Make sure to include a couple negative things too, just so it seems real. Now, these videos work best when you are speaking to the camera so if you’re shy, it might be a challenge to you. You could always do an ‘over-the-shoulder’ type video where you record your screen and just speak into a microphone. These can be effective provided the quality is good and you keep the audience engaged.
The other very common model that a lot of people are doing today is ecom. This is similar to affiliate marketing in the sense that you are still selling other peoples products but in this model you’re going to do what is called dropshipping. In Ecom you will be selling physical products only which differs from Affiliate because affiliate deals with a lot of informational products.
In ecommerce dropshipping involves advertising a product you don’t actually have, but can be bought from a vendor and shipped to the customer. You mark up the product on your website which can enable you to make a lot of profit if you have a very busy store. There are a lot of expenses with this model such as Facebook ads, app costs and Shopify payments (if you use that platform) but a lot of people are doing well in this industry. You’ll need an edge over your competition so you should consider getting a course on Ecommerce/Dropshipping. Franklin Hatchett is a leader in the ecom world and you can check out this review on eCom Elites to see if it is for you.
Of course there are other business models to choose from that you can do online, but these are the most common and can be started for a fairly low budget. Considering you don’t need to pay rent for a store, hire staff, etc., starting a business venture online is a very low investment. Just be smart about it and educate yourself with a good course in the field you are looking to get into. Head on over to Drew’s Review to get a good idea on some courses with an objective review whether it is a good fit for you or not.