Pursuing a profitable business that you can start on the web can make the difference between working in a job you dislike and working at a job that you love. It may also mean the difference between not earning enough to pay your monthly bills and earning much more than you have ever made in your life once the business matures.
cc licensed flickr photo shared by IvanWalsh.com
However, with the option of numerous business models online, many people usually get overwhelmed and fail to start or they try out numerous different plans, only to master none of them.
Here, then, our five business models that have stood the test of time. They are both fun and lucrative.
1. Start a Membership Site
Although you can make some money from writing and publishing your own e-book, you can make much more by selling a membership course. You may be able to ask for a higher price for your e-book, but it is only a one time sale. Meanwhile, a membership site will pay every month. By asking people to pay a small amount each month, rather than a large amount one-time, you will enjoy a higher sales conversion and earn a steady income over time.
The best way to develop your own product is to evaluate what knowledge and skills you have acquired over your working life and share it with others in your field who want to acquire this information.
2. Address a Social Need
You can create a solution for people that is not easy to find elsewhere. You could, for example, have accidentally discovered a diet plan that has helped you regain your health.
Again, perhaps, you have discovered how to make money online using a variety of ingenious business models. This is something those who are unemployed would love to learn because it will help them get back on their feet again.
When you offer a solution to a pressing need that is not easily addressed elsewhere, you can either speak from your own experience or research what others have done to resolve the problem. Either way, you will be able to sell a product or service to a hungry niche.
There are a number of ways that you could sell this information: from a website, from a blog, or from a public portal like eBay or Amazon.com.
3. Become a Consultant
While you can always sell products and services in a digital format, you can also make a considerable amount of money by playing the role of a paid mentor. Often people find that they learn better when they have someone to discuss things with and watch how they do things.
Again, the process is similar. First, find out what it is that you are very good at doing. Second, find a way to communicate it to others. Third, market yourself as someone who can offer valuable consultancy to others.
4. Create an Online Store
This is much easier than actually creating a physical store. You have none of the problems related to the physical store like paying for the premises, hiring staff, ordering products from a vendor, and providing customer service. With an online store, you simply create a website that has an automated payment processor in place to handle orders and a drop shipping service to deliver the orders. Moreover, you can simply join a company that sells these services. For example, you could start an eBay store.
5. Become a Blogger
The only skill you really need to make money from blogging really is a love for writing and a knack for coming up with great ideas to share with people. All the technical aspects of blogging can be cheaply outsourced.
There are any number of topics you can choose from that other people will find fascinating. You can monetize your blog through advertising, creating your own products, or selling affiliate goods.
These five profitable business ideas do not cost much to start and you can begin them in your spare time. There is also plenty of how-to information available both online and in bookstores to help you launch your own small business.
Robin Peters is a business executive and guest author at BusinessMBA.org, a site with guides and resources to help prospective students find the best online MBA.