If you’ve ever thought about creating an online business, then the four options below will help give you an idea of what’s easily achievable.
Easily achievable does not equal easy work though. In order to make any decent online business profitable and worthwhile, then you’ll have to be prepared to put in some long hours initially.
In my own situation, I created an online freelance writing company back in November 2012 which has allowed me to slowly but surely gain experience in writing and also experience in how to run a small online business.
But I put in the hours to achieve this and did my research extensively.
Once I move to Thailand next week, I plan on starting up another online business – hopefully along the lines of Affiliate marketing as well as eventually writing a few ebooks in a few different niches that I’m interested in.
Anyways, creating an online business is possible, and the four options below serve as an initial taster as to what’s possible.
1. Freelance Writing Business
There are thousands of freelance writers making a living online and you can be the next. The dominance of the Internet has opened doors for writers all of the world. You no longer have to fit the starving artist stereotype to make a living writing. With dozens of areas to choose from, you don’t need to be Williams Wordsworth to pay the bills. SEO Content writing has the lowest barrier to entry but if you’d like something a bit more challenging than try your hand with sales copy, starting a niche blog or even writing your own ebook.
Tip: Join a community forum, writers often share key insights with each other and more experienced writers can outsource jobs to less experienced writers to help them get started.
2. Affiliate Marketing
Affiliate marketing is one of the most well-known ways to make money online. It basically entails promoting someone else’s product and taking a cut of the sales that happen as a result of your promotion. The basics of affiliate marketing are easy to learn, but making money requires you have an audience. It takes time when starting from scratch and is difficult to master but for those searching for the passive income dream, this is the way to go and the results can be lucrative. See Amazons’ affiliate program for an idea of what to expect.
Tip: Make sure you do your research before diving in. The niche is the most important aspect of affiliate marketing, and you don’t want to go to the effort of building an audience for a niche that isn’t profitable.
3. ECommerce Store
An eCommerce store is basically any store that sells products over the Internet. Many people make money via an eBay store where they try to buy products cheap, usually from wholesalers, then sell them on at a higher price for a profit. Though a lot of markets are already crowded, finding the right product can lead to good money with minimal effort. A basic eBay store will set you back about $20 a month and the barrier to entry again is depended on the niche. If you’re looking to start an online business, then this could well be one of the quickest and simplest ways to do so.
Tip: Create a professional looking web page outside of eBay. The Internet is all about trust and having a separate page will go a long way to proving the legitimacy of your store.
4. Start a coaching business
Starting a coaching business is one of the more difficult ways to start making money online but can also one of the most fulfilling and financially lucrative. The coaching industry is largely unregulated, which means you don’t need a licence to get started. Although some clients will still look for qualifications, coaching courses aren’t comprehensive and success is usually dependent upon finding the right niche, effective marketing and good old-fashioned word of mouth.
Tip: Try and leverage a skill you already have – marketing experience, student mentoring, language tutoring or business knowledge to name a few, then search for a niche and you’ve already got a head start on most of the industry.