How to choose an Online business.
There are so many ways that people Make Money Online it is unbelievable. At the bottom of this page I recommend a book called ‘Internet Business Insights’ which is an excellent compilation of interviews with various people who have set up very successful online businesses.
I am going to list some of the most common ways to make money online, giving the positive and negative points about each and I will rate them out of five on Set Up Cost, Difficulty, and Potential Profitability. Some of them I have tried myself and others I have considered for the future. Finally, I will end the list with the one I believe is the best overall, which I will cover in future posts and will help you to learn it. Subscribe by getting the Free course at the top of the page and I will send you my monthly posts on my latest findings!
OK here we go…
Online Business Ideas
I have tried ebay and didn’t have much success. I found it a pain in the ass and very competitive. I wouldn’t really recommend it unless you have, or know of a product that is in demand but has little or no competition. In which case Ebay could be OK to get started and then you would be better setting up your own e-commerce website taking Paypal or credit cards as a payment method. I am not a big fan of selling physical products because of the hassles of shipping, but dropshipping is a possible alternative. Cost: 3/5, Difficulty 3/5, Potential Profit: 2/5.
I also tried selling on Amazon, actually before ebay and I found it quite difficult to set up and competitive. In fact I have heard of cases where if a product is selling really well on there, Amazon start selling it themselves! That’s a very big competitor! I would say Amazon is better and more professional than Ebay especially since you can get them to hold and send stock for you, known as Amazon FBA. Amazon will also close buyers accounts if they abuse sellers whereas Ebay does not. Cost: 3/5, Difficulty 3/5, Potential Profit: 3/5.
I think blogging has a lot of potential. It is relatively easy to do and is low cost to set up. This is a blog and cost very little to set up (more on that in the next post). Firstly, you need to decide on your niche subject for your blog. Perhaps you work in a specialist industry, or have a hobby or interest that you are good at, or like me, you are writing about the subject you are learning and educating readers about the best steps to take. Whatever niche you choose, plan what you would like to write about and how you could possibly make money from it .e.g. perhaps offering a course to your subscribers or recommending helpful products. Writing a blog is not hard work but it probably takes time to get ranking on Google and followers, but as it builds it could become a good business. If you don’t know what niche or subject to use check out the excellent book full of ideas at the bottom of the page. Cost: 1/5, Difficulty 1/5, Potential Profit: 4/5.
Becoming an Author
Amazon has made becoming an author a lot easier than it used to be. Writing a book is many people’s dream, and now there are thousands of authors self publishing on Amazon. I wrote a book, edited it, put it up on Kindle and Amazon books, and it wasn’t too difficult. I was incredibly proud of myself but actually selling it was the hard part! I believe writing has a lot of potential and it is something I will return to in the future. It is not too costly to do and not too difficult (although does take time to write a book unless you get someone to write it for you!). The hard part is getting your book to sell and there are online courses to help you with that. Cost: 1/5, Difficulty 2/5, Potential Profit: 3/5.
Yes, after researching and considering several areas, and trying a few ways to make money online, I have decided that Affiliate Marketing is the winner. Affiliate Marketing is a much bigger industry than most people realize and there are several different areas of Affiliate Marketing. I chose Affiliate Marketing as the best way to make money online for several reasons. It can be done from home (or anywhere in fact), you don’t need to keep any stock, you don’t need to have any staff, it is a Low Cost Set Up, and it has a huge potential profit, and is easy to scale up (grow). There are many people making millions of dollars per year from Affiliate Marketing! Some have even grown to substantial sized businesses employing hundreds of people, turning over $100 Million+! Cost: 1/5, Difficulty 3/5, Potential Profit: 5/5.
What is a Niche market?
Obviously, the above is just a brief list of the most common online businesses, which could go on much more, and are the areas I have looked at. The first thing you need to do to start considering Affiliate Marketing or any other online business is consider possible niche areas, and choose one to do. A niche is a subset of a broad market. For example, Health & Fitness is a large broad market, and a niche of that is Weight Loss. If you are not sure what niche or subject area you want to Make Money Online from, I strongly recommend the book below, ‘Internet Business Insights’. I have read this book and found it amazing how many different ways and niches that people are using to profitably make money online. It’s a fantastic resource for online business ideas. It is no surprise that Affiliate Marketing is mentioned many times. The kindle version is obviously lower cost and has useful website links. Look out for my next post: ‘What is Affiliate Marketing?‘
In addition to advising on ways to make money online, I am also recommending quality products I use to help in your business. As mentioned I believe Affiliate Blogging is one of the best online businesses to start and the products I recommend as useful for that online business. You can find the recommended products on the sidebar on the right and the menu at the top (also below if you are reading on a mobile phone).
You can also find Free WordPress Plugins on the menus. Finally there is also a Free Course by a top Internet Marketer, which is worth $67, on the blue banner at the top.
Regards, until next time,
Here is the Amazon links to the book I recommend.