The road to being an online millionaire is not easy and everyone’s road to success will be different. There are so many ways to get to online business success, but which one do you take? There are tons of articles out there will tell you some of the low cost and quick ways to start an online business, see 101 Businesses You Can Start With Less Than $100. These are probably the most popular and the quickest to think of but what if even after you look at these lists you think, none of them would work for me or that’s a huge number of businesses to choose from. How can I simplify the selection process?
My approach to everything is to K.I.S.S (Keep it simple, stupid), it works for me. Plus isn’t part of the point of starting an online business to simplify your life. So they way I see it there are really just 4 basic ways to make money online by selling : a product, information or advertising or all three. If you have an idea that will fit within one of these 4 options you are as they say “One step closer to becoming America’s next top……”
Why did I narrow it down to 4? When you think of traditional offline businesses we simplify it to 2 options: products or services. You sell an product or service and receive payment in return, same concept online. The only difference is that you don’t have to be face to face with your customer and you are open 24/7.
So let’s break it down:
Sell a Product:
As with a traditional offline business, you can sell products in an online business. Selling books, shoes, furniture, software, crafts, whatever someone is willing purchase. I find the biggest objection that people have to selling products online the competition. People are immediately frightened of selling books or furniture online. Why? Because of the Amazon’s, Wayfair’s, etc. However consider these 2 things:
- You can sell on those sites and
- They are selling everything without a singular focus. If you can find a niche or a singular product or type of product and focus on that market you can turn a profit.
So if you sell products online and offline, can you do the same with services?
So, how can you sell services online? Well information and advertising are services. Here are some examples of selling information:
- Informational websites providing details of offline services such as accounting, project management, graphic design, therapy, etc.
- Selling you online services such as Quickbooks, Dropbox, Hootsuite, Bluehost, Hubspot.
- Training or education such as Lynda.com, Udemy.com, Teachable.com.
- Subscriptions to white papers (FDANews) or magazines (People Magazine).
Selling advertising online works the same way it does for a television station that sells commercial ad spots to local or national business. TV or Radio is provides entertainment or information to the audience, the advertiser pays the TV or Radio station for the ability to inform the viewing/listening audience about their products. It works the exact same way online. Here are some other examples of making money online from advertising:
- A bloggers writes about their favorite topic, you visit their site enjoy that topic for free, but then click on or purchase from an advertiser for products or services that are closely related to exactly what you reading about. If that blogger has done a good job of keeping you engaged then you are willing to spend a little time looking at those products or services that are gently suggested to you.
- Affiliate Marketing is another example of making money from advertising. Just like in the previous example you advertise a product, service or information on your site and when a person goes to the site and makes a purchase you receive an agreed upon fee.
All of the Above
When you can sell products, information and advertising you have truly hit the trifecta! This can be done on many sites, a perfect example is blogging.
- You start off with affiliate marketing (advertising),
- Then you develop a course on your topic (information),
- And finally a book (product) or even apparel (product).
- In addition you can sell advertising for related or complimentary products or services to the blog topic.
Now here is even better news, you can turn anything you feel passionate about or love to do into a business, just apply one, two or all of these money generating options to it and see where it goes. You can turn the most obscure topic, product or service into a money maker. If you uncover a need or solution to a problem, you have a opportunity to turn this into a business. Let’s start generating ideas! Put ideas in the comments below and let’s see if we can apply these options to and it send you down the road to financial independence.