The advances in technology have allowed individuals to pursue second careers, jobs, side hustles, and freelance work. Even just 20 years ago, it would be difficult to freelance because the technology wasn’t around.
Today, people are video blogging, regular blogging, traveling the world documenting their journey, and are able to turn it into a business. Using the term online business may be vague, but let us go over the several different ways to begin and monetize your online business.
First and arguably the most popular is freelancing. The term is general but this could be someone who offers professional services on the side. Typically you will see writing, coding, and virtual assistants. Certainly it can be many more, but these are what you will likely see.
How you monetize this is either through self-promotion or using websites such as Upwork.com or Fiverr.com, which have a community where buyers and sellers meet.
The financial benefits are it increases your income, simple enough. However, if you are talented in what you do, you can begin building your online business. Credibility will come from individuals who review your services, and experience will be built completing those orders.
YouTube has opened the world for online business because now, individuals can create content that they can monetize, all from their phone. This has more traditional roots in blogging, so let us start there.
Blogging has been around for quite sometime and this is simple as building a website and writing on various topics. This isn’t a business yet, however, you can begin to build an audience and a following. From there, it will entice advertisers to consider paying for advertisements on your site.
Blogging can also turn into an online business through affiliates, product reviews, and sponsored posts. Starting a business in blogging has an extremely low cost of entry, but takes quite some time before you see tangible financial results.
From blogging, the world has adapted to video blogging, which is along the same lines of blogging, except it is done in front of a camera in place of the written word. Same principals apply when it comes to monetizing.
Ad placement and product reviews can lead to a solid online business. Similar to blogging, you have to build an audience and following before this is a sustainable form of revenue.
Lastly, there is the online business of drop shipping. This is when you set up an online store, someone places an order through your store, you then have the order purchased and shipped from another location, and you keep the difference (profit).
This form of online business has the potential to take off quicker, but takes time. You have to understand what it is you are selling. From there, contacting a supplier that you trust to fill the order will take time. Lastly, you have to build a reputation for having quality customer service and reputable products.
The revenue from this online business has the potential to be massive, but may take time to figure out. Websites such as Shopify.com make this possible and easy for beginners.
Be sure to read up on the various drop shipping providers and test out product before selling. Nothing worse is building your business and having it destroyed because of faulty products.
Online businesses have becomes easier to start now more than ever. This could be in the category of a startup, but many people have an online business just for themselves. Being a solopreneur allows you the freedom to do what you want and when you want.
The one main point to remember is many online businesses take time before generating steady income. Too many times people get caught up in the get rich quick mentality, when that will only set you up to fail. Be sure to look at the startup costs, the margins, and take one step at a time.