4 Best Ideas To Start An Online Business (Seriously!)
Having a side hustle other than your day time job is a good thing. We can start an online business and make a living from it nowadays very easily. But it is not an easy task if you don’t know how to do it correctly or what are the best online businesses out there to start with. So i decided to create a list of 4 best online business ideas that will help you to get better knowledge to start an online business.
If you have a save to invest kind of vibe this is the perfect online business model you should go for. Domain flipping is a similar thing like business registration. If you bought a domain name for a certain price, that becomes unique and you own that name. After that you decide to sell it. And that is the beginning and mostly the whole idea of domain flipping business model. Put it more simply you buy the domain name at a lower price and sell it for a higher price, as simple as that.
But hear me now, before you go and buy long and no – brainer domain names and waiting for them to sell you are fooling yourself. There are some things that need to consider before buying any domain name if you are planning to do domain flip.
- Is it easy to memorize?
- Does the domain contains any viral or high search volume keywords?
- What is the Domain extension. (.com, .net, .org, .co, etc…)
- What is the value of the domain name.
Want to earn more than flipping the domain name? then flip a whole website along with the domain name.
Think of it in this way, you buy houses right?. So what the real estate guys are doing is they just buy a nice little house and do some renovations to the house. Make the house more clean and bring life and more energy to it. Then they sell it to you for much higher price, which is a fair deal because they get the money and you get a nice home with a new look in return. Fair deal right?
That is the same thing happening in website flipping. You buy the domain and build a website or a blog around it. If it is a blog, you can write articles for any niche and bring up the SEO game and rank the blog for the 1st page of google search results and BOOM, you can sell it for like $35000 and even higher price. Or you can build an eCommerce site, make some profits by selling products through the site, have the purchasing data tracked and you can then sell your profitable eCommerce site for a higher price.
Can you relate with my house example? The newly bought domain name and the newly created website is the house. And bringing traffic and making the site more profitable is renovation.
Pros of Domain Flipping
1. Easy way to make money
The easiest way to make money in the online space is domain flipping. It doesn’t cost you to write any content, sell products/services, freelancing. All you need is a domain name that you bought for a cheap price.
Cons of Domain Flipping
1. It is risky
Like investing domain name is also risky business model. Domain name flipping can cause you business loss or small profit. One day you are making a $10,000 with flipping domains and in another day just $10. That’s the harsh truth.
However you can reduce these risks by doing a deep research before you buy any domain, identify the value, importance and the trend of the domain. And then you will have people wanting to buy your awesome domain.
This online business model is the most famous and most beginners are considering 1st when they start an online business.
The reason for that is in this online business model you don’t have to maintain or own an inventory full of many products that will be a headache sometimes. The only thing you’re gonna need is a good supplier that will deliver the goods on right time with the perfect condition of the product.
If you are wondering how dropshipping works, i will explain the process with a little scenario;
- I have a website which tells i sell laptops, but i don’t have any laptops physically in a store or any warehouse.
- You are searching for sites to buy a laptop and you end up in my site. Then you decide to place an order within my site.
- Since i do not have any inventory, i am going to find a supplier which have the laptop that you ordered and i will pay him the price.
- Then i give him your address to deliver the laptop.
Did you understand what i just did?
Only thing i wasn’t mentioned above is, I placed a higher price in my website than the actual price which the supplier has.
In simple terms, you get to keep the profit by selling something that you don’t physically has.
Pros of Dropshipping
1. Low Startup Costs
You don’t want to go in debt just because of starting an online business. It is necessary have lot of capital to stock a warehouse.
So no need to waste money to purchase inventory hoping that it will sell eventually, you can start dropshipping immediately with zero inventory and mostly with low risk.
2. Low Order Fulfillment Costs
Basically order fulfillment process requires you to organize, warehouse, track, label and ship the stock.
But with Dropshipping you can handover that headache to the 3rd party to take care.
Your only role in this Dropshipping business is to make sure the customer gets the order in time. Everything else will be handled by the 3rd party.
3. Sell and Test More Products with Less Risk
Since you don’t own any physical inventory, you can update your inventory real quick real fast.
Say you found a product that is doing awesome for another retailer, you can immediately offer it to your customers without waiting it to arrive on your feet.
Also with dropshipping, you get the chance to test new items without thinking about inventory issues. Keep in mind that you only pay for what you sell.
Cons of Dropshipping
1. Less Control Over Order Fulfillment and Lead Times
Yes you are free from the cost of warehousing stock, however you still have to pay for dissatisfied customers.
The manufactures and whole-sellers are only responsible for managing and shipping your stock. If they did something wrong, the customer will send complains to you. Better yet you will eventually lose all your customers. That’s very bad for any kind of business.
So how do you overcome this? simple; keep in mind to work only with high-quality partners. Or you will lose all your efforts and money.
2. Has to Rely on Other People’s Stock
Huge benefit of dropshipping is that you can offer new products and also stop low selling items.
But the downside of it is you don’t control your supplier’s inventory. If they run out of stock then YOUR stock is also empty.
This could affect your long term business strategies as well.
Start a Blog
If you are in need of answers for a question related to you, you would probably use google to find solutions for your problems right? As the result google will point you to blogs that may contain solutions. Well, now you understand what a blog does.
If you think that you can help solve other people’s problems, you can start a blog and start writing articles about how to solve the problems.
Starting a blog is so easy task that any beginner with no coding experience can do.
You can build a blog as a hobby, write about something that you are so passionate about. Or you can build a blog with a focused niche and earn money with your blog as a passive income. Yes, passive income. Because once you publish an article it stays forever. You can edit the content anytime you want. Your blog visitors will get to read your articles. And if you are strategic enough, there are many ways you can earn hefty passive income from your blog.
- Monetize your blog with google display ads.
- Sell Services
- Sell eBooks/Printables.
- Affiliate Marketing.
Pros of blogging
1. Low Cost investment
Starting a blog requires little up-front cash compared to other businesses including small and large scale. If you already have a website for your business starting a blog makes it so much easier. You only have to create another page just for the blog posts on your own website. as simple as that.
2. You establish yourself as an expert
No matter what is your final goal, writing good blog posts helps you establish your presence as an expert in a particular niche.
Why do you wanna start an online business out of all the things in the world? To earn your freedom, Am I right? Duh!
And yes you can earn your freedom with an online business, specially if you own a blog, you can work on your blog anytime. no deadlines except that the ones you create for your efficiency.
You can work on your blog anytime from anywhere and still earn your freedom and better yet earn passive income.
4. You can develop great connections with your audience
If you’ve got a nice friendly human comment on one of your blog posts, that means someone out there interested in what you have to say, and he or she decided to read your post and has been interested enough to leave a comment.
Isn’t that wonderful? But how you can connect with those kinds of people?
Do not forget to respond to the comments you get, either they blame or appreciate, respect their opinion and be respectful when responding. That’s how you keep a good relationship with your blog audience. Those people might even become your customers one day.
Cons of blogging
1. It’s time consuming
Yeah yeah yeah, like I told you it only takes about 10 minutes to create a blog, but the hardest part comes after it.
Writing good content takes time, and if done wrong it will be a waste of time for nothing. Back then, somewhat 300 – word blog would be enough for every purpose. But nowadays you need way more bigger than 300 – word article for just to be “MMMM, yeah okay”. That’s how hard blogging became throughout the year.
Your goal should remain intact same though, satisfy your readers by providing good and valuable content for them, and good posts that google will identify as “THIS POST DESERVES RANKING”.
Flexibility works in both ways. I just mentioned flexibility is a main advantage of blogging.
But don’t fall blindly for the trap or it will become your comfort zone. You will lose your focus and blogging will be a boring task.
If you can work straight up till night from the moment you step on to the office, why can’t you use your spare time to start an online business and work on it with dedication until it hits to success level? Cheer up guys! C’mon.
3. It can be a nightmare if writing doesn’t come naturally
Blogging isn’t always fun, but if you have the talent for it, you’ll enjoy every moment of it.
If you are more tech savvy, or just don’t have the perfect skill or talent for write but still want the blog process going your best bet is to hire a freelancer to do the working for you.
But hey, if you hate writing and you can’t help it, don’t worry man, just think about finding another online business idea that suits you. It doesn’t always has to be blogging.
Blogging is just another idea, not the only go to way when you think about “I want to start an online business”.
4. Technical issues
Facing technical issues is sure as hell part of this line of work. SSL certificate expiration, plugin conflicts, malwares are few among them. But most of these issues can be solved through your hosting provider’s support. But it will change according to your hosting provider.
5. It takes time to make money
If you are thinking about making your blog as your online business, just remember it takes time to make money out of it, like any other business.
More accurately blogging is a long term game that needs to be played strategically in order to succeed.
Okay, i explained earlier how you can do dropshipping. The same process applies to dropservicing. But instead of selling products, in dropservicing we sell services.
If you do not know how to build websites but you decide to take a project and you find someone else to do the job for you for a cheap price, then you can name a price to the project by keeping a profit to yourself.
See, same theory as the dropshipping. In dropshipping you did not have any physical inventory, and also in dropservicing you do not want to have any job skill. You can outsource and charge money after the work has done.
However do not jump into dropservicing with a mindset of “Oh yeah, this is so easy, i don’t want to know anything, i will charge clients and give them shitty service”? HMMMM big NOOO!
If you are considering dropservicing, at least study about the basics of the service that you are hoping to sell. Because once clients asks for changes in their projects you need to have some knowledge about the skillset that is required to complete the project. So only then you can get the changes from the person or company you are outsourcing.
Pros of Dropservicing
1. Easy to setup
When you start up you don’t need any big office, you only need a comfy place with laptop and a good internet connection. Because you can sell your services from anywhere in the world.
2. No experience and skills required
You don’t have to be a mastermind or a pro to start dropservicing business. All the things can be done by the freelancers that you will hire to do the job for you.
3. High Profit
If your service is high quality and provided on the given time, you can earn high profit by charging more. Unlike dropshipping where you need to sell hundreds of products to earn this much profit in dropservicing you can earn a lot than you think if you are good enough.
4. Recurring Income
Dropservicing allows you to make money on a weekly or monthly basis depending on your client.
If you can deliver your services that will freshen the expectations of the clients, they will hire you over and over again. And this will lead to a long lasting business relationship also.
By doing so you will earn recurring income just by hiring the freelancers for to do your work.
5. Less Risky
Compared to dropshipping, in dropservicing you don’t need to worry about shipping goods and tracking because there are no physical products involved.
All you have to do is make sure your freelancer is doing what your client asked for and hand them over to your client in time. That’s it.
Cons of Dropservicing
1. Has to Rely on Freelancers
Dropservicing is all about hiring someone else for your work, so it is a fact that somehow you need to rely on freelancers or whatever you are outsourcing from.
If your hired freelancer is too busy with other projects or he will fail to deliver the work on time, that is too bad for your business. That’s why you need to have more than one freelancers for a given task ready-to-go when things get messy.
These are the top performing online business models that currently people are doing and earning high profits from. What you can do is start an online business with a right strategy and focus on just one thing at a time. Do not try to multitask. Start an online business that you may think “yes, this could work, i should try this one” mindset and keep working on that online business for about 6 months until you are good at what you do. When you starts to see results you will know. Once you reach to a peak, try to start another online business and grow it too. That is how you succeed.