What is the type of business that you can start online?
Which business has the most potential for success when it comes to the Internet?
One of the most common questions related to starting an online business is:
Which Online Business Should I start?
This video answers that question.
The Best Online Business To Start
It would be a total buzzkill to say, “any business you start is the best business for you“. Kind’a like, “the best camera is the one you have on you”.
But there IS a ranking of sorts when it comes to the types of businesses you can start online.
If I tell you that business A is as profitable as business B, but starting business A online would be ten times easier than any other business. Wouldn’t you be interested in learning more about business A then, right?
This video explores those business models that you can adapt for your digital business.
It seems that for many people, the way to start a business online is to make a website and then put ads on it.
That is actually a legitimate way of starting an online business. But is that the only way to make money online?
See the video (click the video to play) to be inspired to start! Good luck and all the best. For questions and related resources, check out the ProHobbyist Membership at http://prohobbyist.com/phm
Want to download the audio of the video? See below:
Transcript of Best Online Business to Start
I have also transcribed the video and pasted it below for you to go through (sometimes it’s easier to read than to fully engage with video).
A lot of people want to start an online business but one of the most common questions is which business should I start? To help you find your business, we are going to look at six different business types that are working right now on the Internet.
Welcome to Just Add Venture by Momekh and I’m your host, Mohammad Khan, helping you add venture to your life. Now the six business models that we’re going to look at are the ones that are working right now on the Internet.
All six of them are legitimate, all six of them are very lucrative in the sense that they have a large potential of earning, and all six of them can give you the kind of work that you love to do, the kind of work that is meaningful to you, and the kind of work that will help you live a life of adventure.
From these six, at least five of them I’ve earned money from and I have selected my primary business model and we’re going to look into that as well. The first business model is the magazine business model. Any website that earns its income through ads. Any ad revenue, that is the magazine model. In my experience, this is the most common model that people want to start with and I feel that is because they don’t know the other five models exist. And one of the reasons of making this video is to help you see the bigger picture and help you pick the right model that fits your personality, your need, your requirements.
The magazine business model is, in my experience, one of the most difficult models to monetize online because you have to have a very large amount of traffic on your website for your website to start earning money through ads. A lot of businesses are actually making good money with the magazine model, it’s only my personal preference that I find that getting so many people to come to your website you need to start writing the kind of content that perhaps you don’t want to write.
And that’s at least how I felt and I feel. So, it may be beneficial for you, it may be something that you want to explore. So it’s something definitely that a lot of people are earning money from even in Pakistan of, of course, globally as well.
The second business model that we are going to look at is affiliate marketing. Now, affiliate marketing is something that I’ve had experience with. It is something that I do recommend to a lot of friends and people who want to, you know, wet their teeth in online business. What it means, affiliate marketing, affiliate marketing is basically when you sell someone else’s product and get a commission.
So, again, you might be thinking right now, a lot of businesses, a lot of people are actually in the affiliate type of business. And, it’s again, very legitimate, a very profitable business.
In fact, I wrote a book on affiliate marketing. It’s available for free to the subscribers of JustAddVenture.com. You can check it out by visiting the website. You can also check out the same book by visiting a more convenient domain name, TheFirst1000.net, the first one zero zero zero dot net and it’s the exact strategies I used quite a few years ago and, in fact, my first $1,000 that I earned online was through affiliate marketing.
So, it’s a good primer on understanding how the Internet works, how Google works, how searching and optimization works, and the thing that you would need to know to get started on your journey to apply the affiliate marketing model to you business idea.
The third type of business model that is working online right now is the tech start-up, or the software as a service business model, software as a service business model, or the SaaS business model.
Not Urdu saas, which, in Urdu saas means mother-in-law.
This is an acronym, SaaS, software as a service, and you know, generally speaking, what software as a service means is that you make a software that helps solve a problem for a business or an individual and that person then comes to your online website, signs up, and pays you a subscription fees and, you know, you make money that way.
Of course, to pull that off, you need a very high level of skill, you need to be, you know, at least proficient in understanding and talking with programmers, if you want to hire programmers, or you need to be a coder yourself. So, it’s a difficult business to monetize, especially starting out. If you’re not a coder then you need to hire people who will make your idea a reality, if that is the route you want to take.
The fourth business model, the one that I have more experience with, is the eCommerce business model. This is something that we use here Lahore as well when we sell cakes.
eCommerce business is basically any physical product that you’re selling online. You can be taking money through cash on delivery, you can be taking money through credit cards, but this eCommerce model is basically any website that sells physical products online.
Again, it’s a very, very profitable business model if done right. So that’s an option that you can explore.
And then the fifth business model, and now we’re getting closer to my most favorite business model, but the fifth business model is freelancing, or providing services.
This is something that I have experience with as well. I used to be a freelance web designer, I still freelance as a writer, and it’s something that is very lucrative and if done right, and there is a very, very well-researched method of doing this right, you can have a full-fledged career with this business model.
And the final, the sixth business model, is teaching. Teaching is something that is basically any online course you see, any eBook you see, any membership site that is being sold on the Internet, is basically teaching.
It’s teaching people to do one thing or the other and that is right now the most lucrative in terms of market size, in terms of people who are getting online and want information that can help them solve one or the other problem.
And there’s so many different variations of things that you can sell within this model as well. This also offers you a vast array of choices to start your business online.
Now, these are the six business models that you can use right now to start your online business. Now, these are, again, concepts, different ways that you can start a business. And the reason I want to tell you this is so you can know that there are other options available for you.
But let’s break it down.
Let’s just have one tactic that you can use where you actually start applying these things. And that tactic is to actually have a blog.
Once you start a blog what happens is that you can start experimenting with different ideas and you can then use these different models to test out which ones are working for you, which ones you like, which business model your audience is responding to the most, and eventually you will have a mish-mash of different business models and different income streams coming in.
And that, for example, you can be selling your own online courses, on the same blog you can have ads on the same blog, and you can be promoting someone’s product as an affiliate. Amazon is one great example, for example.
Or you can even be selling your own physical products online as well, your own merchandise, for example. A lot of people do that.
So these are different ways that you can capture value from the market by providing value to the market. So that was the reason I wanted to give you these six different business models so you have more of a framework in your mind in thinking and you’re not stuck on just one that only way to earn money is to put ads on the website, or the only way to earn money is to have an eCommerce website, or have a start-up or something. No, these are six major different types and there are tons and tons of businesses that can come within these six types.
So I hope this was helpful to you. If you are watching this video anywhere other than the blog, head over to JustAddVenture.com, sign up to the free community over there where we have tools available to help you start living the life of adventure, help you start your own online adventures and ventures.
ProHobbyist Membership site is also opening up so head over to ProHobbyist.com if you’re interested in joining the tribe in a more formal setting.
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