We have entered an era where business is done online. Any Business whether offline or otherwise has to have an online presence. One can also start an online business from the comfort of their homes, all they need is a computer and a working Internet Connection.
We will list out the different kinds of Online Business that can be started individually without much investment and also showcase examples on how they can be started and run efficiently to start making money for you.
1. E-commerce - An online store is one of the most easiest and sought after ways to start an online business, sell on Amazon or Flipkart, the best marketplaces to get you started. You can also start your own website/store on Shopify.com or through Dukaan app or Bikayi app.
2. Blogs - Pick a niche and start writing about it. There are millions of niches out there, pick one that interests you and has minimum competition. Follow these 5 steps by the minimalists.com or this guide by Neil Patel to get started quickly. Once your blog has enough traffic - you can start monetizing it through affiliate links, advertising and sponsored posts.
Best platforms to start a blog - Medium.com and Wordpress.com and Superblog.ai
3. Drop Shipping - If you do not wish to keep the goods in stock and still want to sell them, you can use this method. The retailer doesn't maintain inventory but when he gets an order, he purchases it from a third party and has it shipped directly to the customer from the third party. Shopify has a blog explaining it clearly. You can follow these steps to start a drop shipping business. It may sound too easy but the reality is quite different, read this blog by bigcommerce to understand the difficulties one can face with a drop shipping business.
4. Affiliate Marketing - Build an audience through blogs/videos and then sell third party products through affiliate links. You get a commission on any sale that happens through your affiliate link. You will need to create a popular website that draws in people who want to buy such products. This works the best with blogging. Some of the best affiliate programs in India are generating good income for its participants.
5. Freelancing - Being self-employed is on everyone's mind. Who doesn't want to be their own boss ? That is exactly what one can achieve through freelancing.
First, you need to develop a skill like writing, coding, graphic designing etc.
Then market your skill online on freelancing platforms Like Upwork.com or Flexjobs.com
You fix an hourly late for your work and keep updating your profile with all the work you are doing.
This blog by balancesmb.com clearly explains the how and why to become a freelancer .
With 2-3 ears of experience you can expect to make a six figure income through these freelancing gigs.
6. Instagram/FaceBook/Youtube Influencer marketing.
Build a following on Social Media apps, most popularly - Instagram, Facebook and Youtube.
According to recent reports, influence charges vary with platforms as follows :
Facebook : $25 per 1000 followers
Instagram : $10 per 1000 followers
Snapchat : $10 per 1000 followers
YouTube : $20 per 1000 followers
These are estimates, as influencers don’t make their fees public. Generally, marketers use the one cent rule to gauge social media influencer rates(commonly known as $100 per 100,000 follower rule).
While it’s not an industry standard, it will give you a good starting point to plan your budget.
You can enter your Instagram Username here and the tool will tell you your estimated earnings according to your follower count and the engagement rate on posts
Influencers also earn from different revenue streams , sometimes going upto 7- 8 streams.
7. Create Courses and sell them online - Jack Butcher of Visualize Value created a $ 1M / year revenue generating course in 18 months. Teaching is also considered a noble profession in our country and they have great influence over the young.
There are various platforms like Unacademy and Superprof.co.in where you can become an online teacher for regular subjects, hobbies and competitive exams. Similarly there are different platforms for different fields , like fittr.com is for fitness coaches.
You can also develop a skill and put out content (Videos/Blogs/Reels) on learning those skills. If you get enough following, you can bundle all the lessons into one course and sell it for a fee.
Most professional coaches and trainers - corporate or otherwise follow the same model offline.
Building a business online or generating an income stream from the above sources is the upcoming trend post Covid 2020. With remote work taking preference over working form office, the internet generation will start building online assets that will eventually enable them to quit their full time jobs and pursue digital businesses.
Building a six figure income per year online is possible and pretty straightforward:
If you have 5000 fans paying $10/month membership to be in a community for exclusive content and courses that you put out you'd make $ 600k per year.
If You have 1000 fans paying the same $10/month membership, you still make $120k a year.
So, find your first 1000 customers - who will pay $10/ month for your content - you can start a career as a Social media Influencer/ Creator/ Teacher.