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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)
- Dropshipping
- Affiliate Marketing
- Blogging
- Online Video
- 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
Step 1: Download our FREE checklist to stay on track!
Step 2: Build & Host your website with GreenGeeks SiteGround.
Step 3: Launch your business!
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)
- Choose a Suitable Niche
- Choose the Product Type
- 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
- Identify your passion and interest
- Identify problems you can solve
- Research your competition
- 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
Step 1: Download our FREE checklist to stay on track!
Step 2: Build your website with SiteGround.
Step 3: Launch your business!
Want more in-depth training?
Watch this video to super-charge your income