We are living in the modern world and everything and everyone is online. It is not uncommon to hear people talking about making money online or starting an online business.
But is starting an online business really possible and what types of online businesses are there?
I was once in your shoes and I had a lot of questions, so I am sure that you are having a lot more questions than answers right now.
And if that is how you are feeling right now – this is the right post for you. Why?
Because I will tell you everything about online businesses, how I started my online business, and how simple it is for you to start your first online business – so keep on reading!
Why is an Online Business Very Popular Option?
The main reason why an online business is an extremely popular option is the low start-up cost.
When you compare a start-up of a brick & mortar business with the start-up of an online business, you will easily spot the difference in the money you are required to invest.
There are different types of online businesses, and most of them have an exceptionally low entry barrier. Even though this does not mean that it is extremely easy to succeed in running an online business, but it is quite simple and easy to get started which is one of the reasons why an online business is a popular option nowadays.
The second reason is the worldwide access to billions of internet users. You do not have to focus on the local market only, yet you can quickly access the market that has billions of daily users which increases the chances of your business actually succeeding.
How Can Someone Start an Online Business?
Now when you know how simple it is to start an online business – you are eager to get started, right?
But what is an online business, and did you ever come across an online business in the past? You have most likely come across an online business, but if you do not know of any – here are a couple of samples to help you distinguish the business you have visited using the internet.
The thing about an online business is that you are operating virtually, and you do not have a brick & mortar business sitting on the corner.
However, an online business can be anything, including:
- A simple website (a blog or a niche site)
- An online store (eCommerce)
- A channel on a popular video platform (YouTube)
Therefore, if you start a website or a blog, you can treat it as a business right from the beginning as there are ways to monetize your content and make a business out of it.
I hope you get the idea so far. But keep on reading to learn more about online business types.
Different Types of an Online Business
I have mentioned a couple of online business types, but here is a list of the most common online business models you could easily take an advantage of:
- Service business (freelancing your skills)
- Online store (eCommerce)
- A website (blog or a niche site)
- YouTube channel
- Print-on-demand business (design graphics, print them through a company, and sell them directly online)
- Informational business (sell your specific knowledge online by coaching or producing informational content)
Another reason why online businesses are so popular is that they can be done at your own pace and they will not require you to quit your full-time job in order to get started.
I highly recommend you start by freelancing any of your skills online (there are many platforms suitable for this) and experience the money-making process online.
From there, you can either grow your service business by outsourcing the work and hiring a couple of people – or you can work on your passion business.
You can think of a service business as a bridge business that will help you get some income as you work on your passion business.
Passion business can be anything from a personal blog, a niche site created around an extremely specific topic, or a YouTube channel where you can share anything you wish with the world.
Creating content is the main thing that is common across almost all types of online businesses. But be aware that creating content, putting yourself out there, and building out your business from scratch (even online) takes time.
Yet the great thing about an online business is that there is no one way to make money and build a successful business online.
There are many different ways so you can choose the one you like the most and put all your time, energy, and attention into it until you see it gaining traction in the online world.
Most of these online business types require low investment and you can do them even if you have a full-time job.
On the bright side, as well, is the fact that you can choose any business type you like and really make sure that your online business is about something you are extremely passionate about.
What are the Chances of Succeeding with an Online Business?
Most people think that it is super-easy and quick to succeed with an online business, just because everything is happening online.
Even though that might seem to make sense – online business is not something you can succeed with overnight. Why?
Just like with real business, there are many different aspects to it and once you start building out your business – you will need knowledge and time to get it right.
Consistency, persistence, and self-discipline are the three most important traits to have as a person who is starting an online business.
An online business takes time and it is definitely not a get-rich-overnight type of a scheme.
My favorite way of starting an online business is by creating a quite simple website around a specific niche (something you are interested in) and slowly build it out.
Once you build out your website (your own online business), you will gain exposure, gain traffic, and even have the ability to monetize it.
I highly recommend you check out an educational platform that teaches exactly what I have explained now. The platform is called Wealthy Affiliate and you will learn how to create a website in just 10 minutes, optimize it, create content, rank it, drive traffic, and last but not least important – monetize it.
Did you ever try to start an online business? What are you passionate about?
Feel free to let me know what your passion is about and I will do my best to help you choose the right business model for you!
All the best,
Founder/Creator: Living On Lean Means 💰