Tatyana Moshchenkov -5 Common Online Business Models Simplified
Tatyana Moshchenkov is a Business Consultant & Strategist. Today Tatyana is sharing the 5 proven online business models.
Most beginners who are new to online marketing tend to get overwhelmed by the sheer number of ways one can make money online. Unfortunately, all money-making methods are NOT made equal.
Survey sites, performing micro-tasks for pennies, etc. are mostly a waste of time and effort. Whereas other methods such as affiliate marketing, arbitrage, product creation, etc. are very lucrative.
Knowing which business model to choose is crucial to succeeding online. You don’t want to spend time and effort trying to ice skate uphill. It’s best to go with the 5 proven online business models below.
If you’re on a tight budget, it’s best to start out with freelancing. The good thing about freelancing is that it forces you to master a skill that you can use to generate an income online.
Ideally, your skills should be related to online marketing. For example, digital graphic design, content creation, search engine optimization, video creation, etc.
Visit freelance sites like Fiverr, Upwork, Legiit, etc. to get an idea of what the popular gigs are. As long as you have the skills to deliver similar services, you’ll be able to make money.
It may take you a while to gain traction, but sooner or later clients will hire you, and if you do a good job and deliver the work on time or earlier, you can bet you’ll have repeat customers.
As you get more popular, you can increase your rates and so on. The money you earn from freelancing can be used to fund your other online businesses.
Product creation is one of the fastest and most lucrative ways to build an online income. Once again, you will need skills and experience.
Here is an example, Jeremy McGilvrey is a digital marketing expert and service provider and recently he launched a new online course named Instagrow Academy
From there, it’s just a matter of marketing to your niche audience. While this description simplifies things a lot, the point you should note is that creating and launching your own info products or tangible products is one of the best ways to make an income online.
If you don’t wish to create products and deal with customer support, that is understandable. You’ll probably be interested in affiliate marketing. This business model is relatively hands-off.
You’ll be promoting other people’s products and be getting a commission every time you make a sale. There are thousands of products to promote on ClickBank, Amazon, Commission Junction, etc.
As long as you can drive traffic to the sales pages, a percentage of your traffic will convert into sales and commissions for you.
Ecommerce has seen a boom because of the COVID pandemic. Millions of people are shopping online and getting used to it.
In ecommerce, you can either sell tangible products you create or you may dropship products produced by suppliers with your own branding.
Another type of ecommerce is known as ‘Print On Demand’. In this business model, you’ll create designs that will be printed on hats, mugs, shirts, etc. Sites like Custom Cat, Gear Bubble, etc will create the products with your designs and ship them out. It's a very hands-free process.
Ecommerce does require a budget to get started. You’re looking at anywhere from 1k to 4k when you’re starting out. You’ll need to run advertising and so on.
This is a VERY profitable business model when you latch on to a winning product. There are many marketers making 6-figure sums with dropshipping/print on demand.
Kindle publishing is best suited for those who have always wanted to be writers and publish their own book. If you are skillful, you’ll be able to generate 6 figures in royalties.
You’ll also need to know how to outsource some of your writing so that you can scale up faster. The key to increasing your profits is to not only write yourself, but to hire others to write for you.
Selling on the Kindle marketplace requires marketing skills too. It’s not all about being a good writer.
These 5 business models are a good place to start from. If none of them seem like your cup of tea, you may research other business models such as domaining, arbitrage, etc.
If you choose a legitimate business model and you’re focused and consistent, you will reap the rewards and have an online business you can be proud of.
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