Crash Course for Beginners - How To Start an Online Business - Top 5 Online Business You Can Start - How to Choose Your Business Model & Niche

FREE TRAINING: (1) Top 5 Online Business You Can Start & (2) How To Choose Business Model and Niche

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Top 5 Online Business That You Can Start in 2024

5 Online Business You Can Start in 2024
(Presentation slides text)

  1. Dropshipping
  2. Affiliate Marketing
  3. Blogging
  4. Online Video
  5. Information Product

Starting an Online Business

  • Anyone can start a business – low startup cost
  • Many free tools available to help set up online business
  • Easy setup of website using WordPress or other website builders
  • Leverage on Amazon, eBay marketplaces (audience) or Social Media

Dropshipping

  • You sell products from suppliers (manufacturer or wholesaler) – without having to invest in inventory
  • You sell to the customer and supplier ships the product to the customer directly
  • No investment to manufacture, produce, storage, shipping hassle
  • Marketing & Advertising cost to promote the products

The Process

  • You list the products on Amazon, eBay or your own ecommerce website
  • Customer buys the products (pays you)
  • You make an order from the supplier
  • Supplier ships the product to customer
  • You make a profit from product selling price (to customer) and product purchase price (from supplier)
  • Must find reliable suppliers – delivery & quality

Pros & Cons

  • Little startup capital
  • No inventory
  • Leverage on established marketplaces with existing customers
  • Blamed for suppliers’ mistakes
  • Very competitive – low margins
  • Must sell a lot to generate substantial income

Affiliate Marketing

  • Similar to Dropshipping BUT with one key difference
  • You decide on a niche, find an affiliate partner who sell products from that niche
  • Clickbank, Amazon, CJ Affiliates and many other product owners offering affiliate programs

The Process

  • More hands-off than dropshipping
  • You promote the products on your blog or ecom website
  • Each product has a unique link – tracks to your account with the affiliate partner
  • Customer clicks on the link – taken to partner’s shopping cart for checkout
  • Once purchase is complete, you receive a commission
  • 5 to up to 50 percent (for digital products)

Pros & Cons

  • Low risk, no investment
  • Hands-off
  • Effort needed to drive web traffic to affiliate links
  • No traffic = no money
  • Spend on advertising

Blogging

  • If you have a passion…. Share it with others
  • Free blogging sites or own blog site
  • Not just writing – videos, links to sites, repost news, articles, games, etc.
  • Original, useful content to target audience, regular basis
  • Good ranking in search engines

The Process (monetising)

  • AdSense – Google advertising network, Pay-per-click
  • Blogads network – need blog sites with 10’s thousands traffic
  • Affiliate marketing links
  • Takes consistent effort and time

Pros & Cons

  • Very low start-up cost
  • Work on your own schedule
  • Long time to generate income
  • Time consuming to create content

Online Video

  • YouTube – 2 billion users watching hundreds millions videos per day
  • No need for viral video – but useful, helpful and engaging content in specific niche/target audience

The Process (monetising)

  • AdSense – Google advertising network, Pay-per-click
  • Sponsorship from product manufacturers (be an influencer)
  • Can use YouTube to drive traffic to your ecom or blog sites

Pros & Cons

  • Easy startup – using smartphone or computer to record
  • Variety of niche reach
  • Long time to generate income
  • Time consuming to create content or videos

Information Products (Create your own product)

  • Digital products are the easiest and quickest way to make money online.
  • Audio – recorded interviews or training/course
  • Video – recorded webinar, how-to, interviews, training/course
  • Text – ebook, eguide – instruction of some sort
  • Products can be sold online – 24/7

Pros & Cons

  • Generate passive income once in the market
  • Quick easy way to make money online
  • Easy startup – using smartphone or computer to record
  • Variety of niche reach
  • Initial time and effort to create the product
  • Initial investment may be needed

Conclusion - Start Learning & Get Started Today!

  • Decide on a niche and target market
  • Keep an eye on trends, check out best sellers on Amazon and what people are discussing on social media
  • Don’t restrict to one business model – learn and start with one,  increase knowledge and skills
  • Rinse and repeat the process with other models – add new revenue streams – don’t rely on just one.

Start Your Online Business Today

Want more in-depth training?
Watch this video to super-charge your income

How To Choose A Business Model & Niche

How To Choose Your Online Business Niche & Model
(Presentation slides text)

  1. Choose a Suitable Niche
  2. Choose the Product Type
  3. Choose the Business Model

Your First Niche is a Test Drive

  • Don’t expect to make money right away
  • First niche based on PASSION
  • Second, third, forth…. niche based on PROFIT
  • Learning process – build skills and knowledge
  • Initial learning process, you need the passion to sustain
  • Rinse and repeat

Profitable Niche = High Competition

  • Don’t expect to make money right away
  • You need skills and knowledge to compete (& investment)
  • General Vs Specific
  • When you try to please Everyone, you please No one
  • Eg: Health/Fitness → Diet → Keto / Paleo / Vegan / Atkins
  • Zero-in on smaller target market (establish closer connection with target audience)
  • First niche based on PASSION
  • Second, third, forth…. niche based on PROFIT
  • Learning process – build skills and knowledge
  • Initial learning process, you need the passion to sustain
  • Rinse and repeat

Finding a Niche - The Process

  1. Identify your passion and interest
  2. Identify problems you can solve
  3. Research your competition
  4. Determine profitability of niche

Passion & Interest

  • Make a list of 10 passion and interest areas
  • Prompters:
    • hobbies
    • things you do with free time
    • what excites you
    • what you read / topics you like to learn
    • clubs you belong to

Identify Problems to Solve

  • Narrow down options from your list
  • Dig in to find possible problems or pain points of the target audience
  • Ask questions – create short survey
  • Search Quora or forums – read the discussions and questions people in the niche are asking
  • Explore Google Trends and Adwords keyword planner – to uncover what people are searching or looking for

Research Your Competition

  • When there is competition – there is profitability
  • Make a list of the competition – check out their sites
  • Can you offer something unique or different – to stand out?

Research Your Competition

  • Ways to penetrate / compete:
    • Offer better, quality content
    • Be personal (personal branding) – some sites are ‘faceless’ or ‘corporate’ type
    • Be authentic – people can relate to
    • Paid competition – when you discover a good keyword (high search, low competition)

Profitability of the Niche

  • Do a search of your niche – to find other products
  • Low product offering (low profitability)
  • Readily-available products (profitable)
  • Take note of competitors’ product pricing

Choosing A Business Model

Creating Your Own (Physical) Product

    • R&D
    • Production & QC
    • Lifespan & Storage, 
    • Distribution Channels & Shipping
    • High Investment & Risk
  • Creating Your Own (Digital) Product
    • It’s YOURS
    • Sell online 24/7, long-term income
    • Initial time & effort
  • Dropshipping
  • Affiliate Marketing
  • Refer to earlier training video (for details of these two business models)

Start Your Online Business Today

Want more in-depth training?
Watch this video to super-charge your income

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