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Greetings all,
I am a firm believer that opportunities are everywhere. Many individuals are under the impression that a revolutionary or unique idea is required in order to succeed and become wealthy. However, this way of thinking could not be further from the truth. In order to help the forum readers out, I want to go over six successful, online business ideas that have been tested by millions and that you can start implementing right now. The only quality which is mandatory that you posses for any of these six suggestions is the desire to succeed.
After briefly listing and describing the online business models, I will discuss each of them separately and give you tips and tricks to help you make your online business successful. Please take the time to carefully read each one to see which best fits and attracts you the most.
1. Online Shops – It has never been easier to create an e-commerce website than it is today. In fact, there are now several shopping cart systems that you can use free of charge and only take a few hours to set up. The difficult part is finding the right items to sell and making sure you have a good profit margin.
PROS: fast implementation; relatively easy to maintain; constant profits; work becomes easy and can be automated once you find the right supplier(s); can be done passively.
CONS: sometimes difficult to find products to sell profitably; requires paid advertising to get sales; time consuming in the beginning; some experience in sales and marketing required; many trips to the post office (unless you use drop shipping).
2. Online Services – There are thousands of websites which offer an online service to its users. A few examples are Netflix, Craigslist, GoDaddy and Google AdWords. All these websites offer a specific service to its users in exchange for a price. The more valuable and irreplaceable the service, the more clients you will have. This type of websites are some of the most profitable at the current time.
3. Selling Ad Space - Many high traffic websites such as blogs, news sites, entertainment websites and forums can benefit from earning income by placing ads. The ads can be Google AdSense ads or any other ad network that pays for placing ads on your site. You might also be contacted (or you can contact them) directly by a company willing to pay in exchange for placing their company’s banner on your website. Don’t count on this as your only source of income.
PROS: passive income; many ad networks to choose from; tricks and optimizations to increase click through rate on the ads and increase income; the higher your traffic, the higher the profit.
CONS: extremely high traffic is vital; requires constant addition of new content to keep visitors coming to your site; many online users now use ad blockers making the ads on your site nonexistent for them; relatively small profits even for high traffic sites ($100 -$5 000 / month).
4. Affiliate Marketing - The term affiliate refers to attaching yourself to another company and advertising their services or products in exchange for part of their profits. This usually means adding some sort of banner on your website advertising someone else’s product or service and getting a certain percentage of the profit if and only if one of your visitors clicks on the banner and purchases the product or service offered. There are many affiliate programs to choose from but some of the better known ones are: Amazon Associates, GoDaddy Affiliate, eBay Affiliate, Commission Junction and ShareASale.
5. E-product Sites – The popularity of selling a digital downloadable file has increased significantly in the last several years. The idea is to make one or many different websites that each sell a single product or that have a whole library of products to choose from. If you have created your own PDF or other type of document containing valuable information, then you can most likely sell it for a reasonable price. It can also work by re-selling an existing document written by someone else but keep in mind that you are not always allowed to do this. Contact the original author beforehand.
PROS: fast implementation; no advanced technical skills necessary; tricks and optimizations to increase sales; can be very profitable;
CONS: advertising it could get expensive; sometimes difficult to find interested people; always need to find new customers or requires constant addition of new content to keep old customers engaged; need to be a good writer and an expert in a certain field.
6. Membership sites - Perhaps the most effective way of making a passive income online is to charge your visitors in order to access your website or have exclusive access to a certain part of your site. In order to have visitors willing to pay for a monthly or yearly membership, the content needs to be worth their time and money. This can be applied to almost all the website models described above, but it usually works best for online communities where new and valuable content is added on a daily basis.
Remember, you can combine two or more of these business models in order to increase your profits. This website is a perfect example of that! It combines methods 1, 3, 4, 5 and 6 all in one!
In my next post, I will discuss the first of the six business models I mentioned, Online Shops. If you have any questions feel free to send me a message or post in this topic.
I am a firm believer that opportunities are everywhere. Many individuals are under the impression that a revolutionary or unique idea is required in order to succeed and become wealthy. However, this way of thinking could not be further from the truth. In order to help the forum readers out, I want to go over six successful, online business ideas that have been tested by millions and that you can start implementing right now. The only quality which is mandatory that you posses for any of these six suggestions is the desire to succeed.
After briefly listing and describing the online business models, I will discuss each of them separately and give you tips and tricks to help you make your online business successful. Please take the time to carefully read each one to see which best fits and attracts you the most.
1. Online Shops – It has never been easier to create an e-commerce website than it is today. In fact, there are now several shopping cart systems that you can use free of charge and only take a few hours to set up. The difficult part is finding the right items to sell and making sure you have a good profit margin.
PROS: fast implementation; relatively easy to maintain; constant profits; work becomes easy and can be automated once you find the right supplier(s); can be done passively.
CONS: sometimes difficult to find products to sell profitably; requires paid advertising to get sales; time consuming in the beginning; some experience in sales and marketing required; many trips to the post office (unless you use drop shipping).
2. Online Services – There are thousands of websites which offer an online service to its users. A few examples are Netflix, Craigslist, GoDaddy and Google AdWords. All these websites offer a specific service to its users in exchange for a price. The more valuable and irreplaceable the service, the more clients you will have. This type of websites are some of the most profitable at the current time.
PROS: high profit potential; relatively easy to expand once website becomes known; if service is good, little advertising required; repeated customers month after month.
CONS: programming knowledge required or money for investment; customer service skills a must; some experience in sales and marketing required; difficult to do by yourself.
CONS: programming knowledge required or money for investment; customer service skills a must; some experience in sales and marketing required; difficult to do by yourself.
3. Selling Ad Space - Many high traffic websites such as blogs, news sites, entertainment websites and forums can benefit from earning income by placing ads. The ads can be Google AdSense ads or any other ad network that pays for placing ads on your site. You might also be contacted (or you can contact them) directly by a company willing to pay in exchange for placing their company’s banner on your website. Don’t count on this as your only source of income.
PROS: passive income; many ad networks to choose from; tricks and optimizations to increase click through rate on the ads and increase income; the higher your traffic, the higher the profit.
CONS: extremely high traffic is vital; requires constant addition of new content to keep visitors coming to your site; many online users now use ad blockers making the ads on your site nonexistent for them; relatively small profits even for high traffic sites ($100 -$5 000 / month).
4. Affiliate Marketing - The term affiliate refers to attaching yourself to another company and advertising their services or products in exchange for part of their profits. This usually means adding some sort of banner on your website advertising someone else’s product or service and getting a certain percentage of the profit if and only if one of your visitors clicks on the banner and purchases the product or service offered. There are many affiliate programs to choose from but some of the better known ones are: Amazon Associates, GoDaddy Affiliate, eBay Affiliate, Commission Junction and ShareASale.
PROS: passive income; many affiliate networks to choose from; tricks and optimizations to increase profit; taking advantage of another brand’s popularity to make profit.
CONS: high traffic is vital; requires constant addition of new content to keep visitors coming to your site; relatively small profits even for high traffic sites, some affiliate programs don’t pay on time or don’t pay the right amount.
CONS: high traffic is vital; requires constant addition of new content to keep visitors coming to your site; relatively small profits even for high traffic sites, some affiliate programs don’t pay on time or don’t pay the right amount.
5. E-product Sites – The popularity of selling a digital downloadable file has increased significantly in the last several years. The idea is to make one or many different websites that each sell a single product or that have a whole library of products to choose from. If you have created your own PDF or other type of document containing valuable information, then you can most likely sell it for a reasonable price. It can also work by re-selling an existing document written by someone else but keep in mind that you are not always allowed to do this. Contact the original author beforehand.
PROS: fast implementation; no advanced technical skills necessary; tricks and optimizations to increase sales; can be very profitable;
CONS: advertising it could get expensive; sometimes difficult to find interested people; always need to find new customers or requires constant addition of new content to keep old customers engaged; need to be a good writer and an expert in a certain field.
6. Membership sites - Perhaps the most effective way of making a passive income online is to charge your visitors in order to access your website or have exclusive access to a certain part of your site. In order to have visitors willing to pay for a monthly or yearly membership, the content needs to be worth their time and money. This can be applied to almost all the website models described above, but it usually works best for online communities where new and valuable content is added on a daily basis.
PROS: passive income; other members can contribute with valuable information; helps build a network of people with similar mindsets.
CONS: sometimes difficult to find people willing to pay; need to have valuable content not found anywhere else; many users end membership for various reasons.
CONS: sometimes difficult to find people willing to pay; need to have valuable content not found anywhere else; many users end membership for various reasons.
Remember, you can combine two or more of these business models in order to increase your profits. This website is a perfect example of that! It combines methods 1, 3, 4, 5 and 6 all in one!
In my next post, I will discuss the first of the six business models I mentioned, Online Shops. If you have any questions feel free to send me a message or post in this topic.
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