Choosing what type of online business model to use can be daunting especially if you are looking to earn an extra income online. You can try these jobs during this lockdown period.
There are numerous types of online business models, only you know which one will work best for you From advertising, to blogs, affiliate marketing, subscription services, freelance writing and many more; you cannot afford to miss out on this great money making opportunity.
Here are seven common and highly rewarding types of online business models you could try out;
- Freelance writing and design
Although this may sound more of a job than a business, there is a lot of money in being a freelancer. You could do any of the following;
– Design websites
– Develop content through copy writing
– Graphic design
– Search engine optimization
This is arguably the simplest model you can start with. It is free to start a blog, all you need is to choose a specific niche in the market, then constantly supply your audience with regular great content.
It is important to make sure your blog is attracting traffic first. You can make money from a blog through;
– Selling affiliate products
- Multi LevelMarketing (MLM)
With MLM or otherwise known as network marketing, you need to talk a little to many people. The digital space is offering you an opportunity to speak to hundreds of people through emails to get leads.
From there, you and then start converting the leads into customers. You must however know that, this is not a short term thing, you have to;
– Wait several months before people start doing business with you
– Speak to many people but not all will become leads
– Put in extra effort
- Affiliate marketing
Affiliate marketing means selling another person’s products for a commission.
The commission is always a percentage of the total sales you make. Advantages of affiliate marketing as an online business model are:
– You will not store or deliver any products
– Commission paid ranges between 5% and 75%
– Create a list of loyal subscribers on your own
- E-commerce sites
These are sites which sell products through the electronic medium. Good examples of such sites are Amazon and EBay.
You however need to put in extra effort in building and maintain these sites. You will deal with responsibilities like:
– Shipping and delivery of products
– Product refunds
– Provide products reviews
Advertising as an online business models can fetch you lots of money. You could create a website and have businesses pay a small amount for their goods and services to be advertised.
Other platforms for advertisement include: Social media sites like Facebook, Pinterest, Instagram, Flicker, etc.
– Mini websites
- Top Tier Direct Sales
This is an online model that more or less resembles multi level marketing. Products sold in this kind of marketing are usually expensive and of high quality.
It may create a huge dent in your budget during start up but you will fetch a handsome commission. You can offer direct sales for goods and services like;
– Seminars that host influential speakers
– Custom made goods