The 10 online business models that work best
The opportunities presented by the online world are incalculable in relation to other types of scenarios or markets. There are many digital business models that are thriving and present a good opportunity for many entrepreneurs. The data is very positive, for example, online retail sales are expected to increase by 78% by 2020 and this is just one trend that is growing year on year. It’s easy to get caught up and excited about the trends of different online business models. But beware, all that glitters is not gold! Things don’t work by themselves.
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A booming and progressively successful online business requires intuition, market knowledge, a solid business plan and careful research of online products and business models. You’re in luck! We are going to make things a little easier for you and offer you the 10 most profitable online business models. Read on and select the one that best suits your needs. Let’s get started!
1. Affiliate Marketing
Affiliate marketing is one of the most popular ways to own an online business and generate passive income. It is a strategy in which a user partners with a company, mainly e-commerce sites, to recommend their products or services to readers or web visitors. There are different monetization options in this strategy. On the one hand, every time a conversion (purchase) is achieved through this link, a commission will be received. Another option is to establish a commission fee for views or clicks on a particular link or banner. online business examples
It needs a lot of work in the beginning to develop maintenance tasks later on, especially in terms of content.However, the investment is very low and well established can offer good profits.
2. Virtual Franchises
The physical franchise model is one in which a business is allowed to develop by selling the rights to use the brand and business model of the general company instead of starting from scratch. Virtual franchises involve the same dynamics but from an online scenario. This offers many advantages such as lower investment as they are much cheaper than “physical” franchise options. It is essential to know well the franchise and all its peculiarities in order to identify the one that best suits your situation. online business examples
Drop shipping is a business model that allows entrepreneurs to start an online business and sell products to their customers without having to store the items beforehand. Currently, it is estimated that 33% of the entire e-commerce industry uses drop shipping as their primary inventory management model. It’s a model that has some very distinct advantages, such as not carrying inventory, which allows entrepreneurs to better manage time and focus on more important things like attracting new customers or growing the business.
4. Creating a podcast
Podcasts are the latest trend in delivering content and engaging your audience. They can be defined as an on-demand online radio. It is a product that well developed can convince and create a loyal audience, and thus monetize the product (sponsorship, advertising …). Take a look at the Ivoox website and you will understand what a podcast is and the wide variety of categories you can find.
5. Video Marketing
Video platforms accumulate millions of users and views every day. If you are able to create good, quality and different content, you can generate a legion of fans and monetize your videos. Although it seems that YouTube in terms of earnings is not what it used to be, with a good potential of subscribers you can have a good online business.
6. Online Stores
Online shopping is no longer a matter of the few… a large portion of consumers are shopping online. This has been a great push for the success of this type of online business.
They are also perfectly compatible with physical stores, being very common to find both physical and online versions of a brand or store. Thanks to platforms such as Presta shop or WordPress, creating and developing an online store is a very simple process.
7. Monetize personal blog
Creating a personal blog is an excellent way to pursue a passion and also earn some money. If there is a particular topic that you are very interested in and you are an expert, you can offer it to the audience through a blog. Writing well and engagingly can attract numerous readers. A good audience is the first step to monetize your blog. Use Adsense, private ads or your own services. One of the most used online businesses! Other business
8. Write or Publish a book
Within the services mentioned above, writing a book can be a good example of this. Thanks to the digital format in books, it is much easier to advertise and publish books, as well as to include them in interesting platforms such as Amazon. Choose a good topic (if possible you are an expert) and offer answers to your audience. It can be the beginning of a successful career. online business examples
9. Online Courses
Similar to the previous point, you can develop a complete online course on a particular topic. It uses, videos, attachments… and provides a way to learn something in a different and effective way. online business examples
Besides, you don’t need to wait to have a large audience to offer your online courses, there are platforms like Domestika or Tutellus that are designed for users thirsty for knowledge to select online courses on the topics that interest them the most.
10. Mentoring/Coaching Services
Helping other people, offering advice or counseling online is a good business model that has grown a lot in recent years. The main idea is to offer a value demanded by the other party. Do you have experience in a particular niche? Are you an expert in something specific? You can offer all your wisdom to a large audience eager to learn more… for a small fee.
Every online business needs hard work and the right intuition and planning. Succeeding in online business is not a utopia but it requires hard work and patience. Courage!,If you would like to know more about online business and how to take advantage of it, please contact us.