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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
5 Profitable Online Business Models
There is no secret that we are taking our work and our smart ideas online, to develop and improve them. The same we do with the business ideas, which are adapting in a very fast pace to the online needs of the past years.
But which is the online business model to choose? While many go with the inspiration and with the things they are good at, some prioritize the profitable business ideas.
You may have heard of some of the most profitable popular online business models. Here is a list of five such ideas which can get you started online with confidence:
Dropshipping
Some call it “drop shipping”, but either way, this is a rather new online business model. It is an increasingly popular form of e-commerce, and is appealing to starters as it is not hard to manage.
In this business, you get to sell a product to the customer without physically owning it. How it works:
- Your customer places the order from your online store
- Then, the online store sends the order to the dropshipping supplier
- The supplier gets the product ready
- Finally, the supplier ships the product directly to your customer
Unlike any other online commerce models, dropshipping doesn’t involve producing and storing, so the cost are much more reduced. You can reach out to millions of customers, because of popular platforms like Amazon, eBay, or Shopify.
Training
Well, this is a very good starting point for your business idea, and also a very popular one. More and more people choose online trainings to develop or improve their skills, as they are not satisfied with what they learn through college/university, or other forms of education.
This is the moment when they turn to online learning – not just because they lack important knowledge in the fields they want to pursue, but also because the traditional education system and the information haven’t evolved in the past years, but the work requirements did.
And this is the start of your training career. Define what you are the best at, think how you can teach that or those things to other people online, and then start the teaching courses. There are different platforms to join, and also keep a close eye on the webinars market as it is also evolving very fast.
YouTube
YouTube is one of the giants of the business world today. Period. And it will remain that way for a long time. Starting a YouTube channel may be a good idea. As in the training model – or other business models -, you will have to find that story you want to tell the world.
Start a YouTube channel, fill it with videos, and watch the number of views growing. This is also a very low cost business model, but one which can get become very profitable. And even though the competition is huge, and you have to get those videos online and improve them constantly, there is a place for everyone.
Just get to know your niche very well, have the right keywords, update the channel regularly, submit for AdSense for YouTube, and keep the things going.
Invest in domains
There are tons of websites all around the world, and the number is continuously growing. Everyone knows that a good – or the perfect – domain name will do a lot of good for one’s business. But what if that .com domain is not for available? Well, maybe is for sale.
If you think on creating and owning domains with great potential in the next years, you got the idea. You will just have to do very a good research on what’s trending and what will be the next big thing in the coming months or years. Then, create – or even buy – domain names, tens, or hundreds of them. After selling the name, you may bank in serious money.
And if the domain name purchasing may sound costly, there are different available ways of financing. One of the options is getting a loan, which may be secured or unsecured. A secured loan means having to put an asset as collateral, while the unsecured one doesn’t need that, but still has its requirements. You can find more details about each of them and how to fill and qualify, here.
Freelancing
Last, but not least, freelancing is still a very popular and profitable business model. It does that not just because of the low cost investments it comes with, but also for having such a wide array of domains it can cover.
The number of people who can – and do – freelance activities is increasing every year, and there are freelancer sites and platform where you can fill up the portfolio and experience and join the writing branch.
But freelancers are not just writers, but also SEO freelancers, social media managers, graphic designers, programmers, video editors, and virtual assistants. With passing of time, you will find out that there are much more things a freelancer can do.
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