Making money online is not as simple as it used to be. It’s even simpler. The problem is, the easier it is, the less money you make from it. It’s the law of supply and demand. Skill Sets such as programming, craftsmanship and more have the chance to make more than ever by exploiting the opportunities that are boundless online.
But, that doesn’t mean that if you don’t have any specialized skills you have to work for pennies on the dollar. In this guide, we go over four of the best ways to make money regardless of your background.
Amongst the range of online business ideas that are available, no other offers such a wide range of earning potential as the dropshipping business does. Dropshipping businesses are reliant on the relationship between marketers/store owners and their product source.
Dropshipping is different from other sales based businesses in that the seller doesn’t ever touch the stock or product itself besides when testing.
The sales are gained either through a third party website such as Amazon/Ebay or the sellers own site, and then the marketer/store owner places an order with the manufacturer to get it shipped.
There are advantages and disadvantages to this model. For one, the turnaround time is longer, and the profits are lower, which can be unappealing for most.
The entire reputation of a dropshipping site lies in the hands of a manufacturer/fulfillment team that can go through a range of issues from misprints to shipping delays.
There is less hands-on control of the product, and while this can save money on the front end, it can cost more later on the backend if your partner isn't chosen well.
The advantages are the ease of which you can get started selling, the fact that there is no need for inventory to be stored in your own warehouse, and that you can switch out products on your store anytime without having to worry about getting rid of inventory.
Affiliate Marketing Via Websites
Affiliate marketing is another cost-effective way of starting an online business. Affiliate marketing can be done in a variety of ways, but almost all start with the basis of a website.
The website i the home base for all operations. It's where your content is published, whether text or otherwise, and is where your audience will make a majority of their profit-generating actions.
Your site can be as simple as a landing page and as complex as an authority site depending on your niche and what you are promoting as your chief way to monetize it.
Information Based Affiliate Marketing
Information based affiliate marketing is exactly as it sounds. The best way to do it is by creating unique content that connects with your target audience within your niche.
Then, once trust and expertise have been established, you piggyback off your own work by adding in promotions in a variety of forms that lead to you receiving referral payments.
You can get started by creating a blog or building a social media presence and siphoning the visitors to a static website. How you monetize can range from:
And much much more.
Small business ideas always run towards the normal brick and mortar setup. Few ever take into consideration the ease of which skill sets from offline can be transferred online. One example is the nature of real estate deals.
Offline, there is a range of red tape and constrictive financial regulation that make it difficult for people who can sell and identify opportunities to make money on lucrative flips, not to mention the high costs and risk that go into flipping a property.
Website flipping is the solution. By buying websites and domains online, site flippers can improve upon the profitability, content, or design and then flip said online business to another buyer for more.
It’s a highly lucrative endeavor and only requires having either access to: time, money, or a skillset that can substantially improve a website such as content writing, monetization optimization, or any other myriad of marketing or site structure improvement abilities.
Website flipping leans heavily on using pre-established site buyers lists, platforms for buyers and sellers, and other marketplaces to build, improve, buy and sell sites effectively. Every site flipper has its own process that is unique to what they are good and bad at.
It’s possible to get started with as little as $100.
Starting A Service Based Business
Whether you were quite the writer in college or you have an interest in learning to code a bit, there is a way to turn any specialized knowledge you have into a service.
From analyzing sports teams to writing articles, there is a myriad of sites online that allow freelancers to get their first few clients and from there to establish how they want their service to go.
When deciding to start an online business, it's important to identify both what you intend to sell, how you intend to sell it and to whom. For any skillset online, there is a marketplace where you can sell it.
The problem is that marketplaces tend to have more competition which can be great for learning and developing your skill set and getting your first bit of work.
Eventually, however, you need to move beyond marketplaces to generate a fully functioning independent business.
This means marketing via channels that will allow you to find other clients profitably. PPC campaigns, content marketing campaigns and more will allow you to find your footing on the greater web and establish your service.
Most home based business ideas are based on short term cash and viability. The point of starting an online business is usually the freedom that comes with it and the flexibility in lifestyle that working online affords.
Out of the best businesses to start that we went through, there is no defacto best option; it just depends on your skillset and resources, the most important of which is discipline and time.