Starting a business is never an easy task. Not only do you need to come up with a good idea and make it work, but you will also face issues like: where should I get funding? Will my product sell? Is there any market for this? How much money should I aim to make in the first six months of operation?
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Whatever the product is, starting an online business gives you certain advantages so you can start selling online fast:
- If you are working on something that requires a physical location to be done, you would need one. With internet businesses, this is not required as long as you have a good plan and execution skills.
- Your competition would be significantly lower since you would be dealing with other ‘online’ businesses and not physical stores.
- You will likely face less regulation and bureaucracy compared to traditional brick-and-mortar businesses.
However, this type of startup does come with its share of issues as well. Your competition may be lower is somewhat misleading since the playing field is larger than the offline world. Also, since you lack physical interaction with your customers, it can be harder to gain their trust and loyalty.
Let’s take a look at the top 7 online businesses:
#1: Dropshipping Businesses
Dropshipping is by far one of the best businesses we have come across. It has everything you would want in an online business: low costs, minimal work required and almost guaranteed success.
Simply put, dropshipping is a method of selling products to your customers without having to hold any inventory or take care of logistics. You basically list products for sale on your own website (or marketplaces like eBay), and when an order comes in, you send it to your drop-shipper, who gets the product from the supplier and sends it to the customer. This means that you get products at a much lower price than if you held an inventory.
#2: Niche ECommerce Stores
Niche eCommerce stores are online businesses that focus on selling products in a specific niche. As an example, you can start up an eStore that exclusively deals with drones and related accessories. This would be a very profitable venture since you will not have to compete with large retailers and the demand for these products are very high.
The best part about niche stores is that you get complete control over the entire business environment. You will not have to worry about marketplaces or other sellers and can even start your own affiliate program! The margins are also much higher in comparison to dropshipping since you own an inventory of your own.
#3: Marketplaces Like eBay And Amazon
eBay and Amazon have dominated the online marketplaces for almost 20 years. They are the perfect choice if you are looking to sell your products on an established platform that has millions of users browsing through them every day.
eBay and Amazon both have huge user bases, but they do not allow anyone to list items for sale. You need to become a seller on these marketplaces in order to use them for selling your products.
What differentiates eBay and Amazon is their basic setup. While eBay is an auction, where buyers bid on items, Amazon only offers fixed prices for each product listed. This makes it easier to manage, but the platform cuts from the amount of money you make from a sale.
#4: Affiliate Marketing
Affiliate marketing is one of the simplest methods that you can use to start earning money online. The best part is that it requires very little technical expertise, allowing anyone with no experience at all to get started.
All you need to do is select a specific product and become an affiliate for that product. You will then be able to promote that product and earn commissions whenever someone makes a sale. The best part about affiliate marketing is that it allows anyone with no experience whatsoever to start up as an online seller.
#5: Build Your Own e-Commerce Website
If you are willing to put in the time and effort required for building your own website and market it, setting up an online store of your own could be a great option. You will need to draw up a layout design that looks professional and then build the site. This entire process will require a lot of time and effort, but it will ensure that you have complete control over the website as well as your sales.
#6: YouTube Marketing
YouTube is one of the most popular video-sharing portals in the world. Once you find an interesting target audience, marketing via videos can be a great way to get in touch with your clients. You will need to create engaging content that will make viewers interested in your product. This can be a great way to market yourself as an online seller, provided you have an interesting product or service to sell.
#7: Social Media Marketing
If you are running an eCommerce store, it is important that you market and promote it on social media channels as well. While the first six methods on this list do not require any coding skills or technical expertise, marketing via social media will require a bit of technical knowledge.
You will need to create a profile for your business on various social platforms such as Facebook, Twitter, Instagram etc. You will then be required to understand the algorithms that run these platforms so as to ensure that people are directed towards your content. In addition to this, you will also have to post interesting and engaging content regularly to make the audience interested in your site.
In Conclusion
The Top 7 Online Businesses To Consider are online eCommerce stores. If you are interested in marketing yourself as an online seller, follow the tips mentioned above and market your business to ensure that it gets off to a great start.