Best Internet Business Ideas You Should Copy- Part 2
There are lots of articles on the internet that tends to provide guidance into the types of online businesses you should do. However, not all of them have a proven record of earning you sustainable income that can lead to passive income over time.
This article is going to provide you a guide into the type of internet business you should copy so as to generate a full-time income online.
If you missed part-1 of this series you can go here.
What’s the Best Internet Business To Start?
Online courses vs coaching: which one is best?
Fine, there are actually 5 internet businesses you can copy online- I have done in-depth research into all of them. I can tell you without any shadow of a doubt that there is only one online business that I think is the best. By the end of this blog post, you’ll know what’s the best internet business to start.
There are two key rules to having successful online businesses, I talked about this in my previous post
5 Best Options for Starting an Internet Business
Here are the 5 choices of online businesses you can start.
- Physical products
- Affiliate Marketing
- Apps and Software
- Online courses
You might feel that your idea of starting to sell steampunk cosplay outfits on Etsy is awesome- but the truth is that the profit margins are just too low.
For instance, Ramit my friend designed a notepad for the IWT staff. They debated selling it to their readers- until they found out that they would have to price it at around $50 to break even.
After they shipped it to people, their profit margins would have disappeared completely- just to sell a tiny notepad.
I know that you can still make some money with physical products, but the profits are much better with online products.
For a beginner affiliate marketing can be a great place to start to earn online income. The way it works is that a blogger, for instance, would write a review of something like “my favorite Webhosting platform” and just below it they’ll say, “you can sign up for the Webhosting service here- NOTE: it is an affiliate link.”
So, if you click on that link and sign up, the Webhosting company will pay the blogger an affiliate commission ranging somewhere from $30-$100.
There are affiliate programs for just anything you can think of- weight loss, books, electronics, and what have you.
In my own case, many of the affiliate products I promote are those that I have used myself or my close friends have used it and I know it would provide value and enjoyment to my readers.
With affiliate marketing, you can make anything from $1000-$5000 a month. Top affiliates even earn as much as $30,000 per month.
Everyone wants to create the next LinkedIn or Pinterest- this can be more tempting if you are a programmer.
We keep hearing stories of new Silicon Valley startups making billions after their company goes public, or a JV affiliate that makes $300,000 after their software launch- why won’t you start drooling?
The truth is that this is not a viable option for a lot of us.
Most of us cannot even code our names. Even if you can, you might not want to deal with the challenge of marketing, distributing, and constantly upgrading the app.
Apps and software usually require that you nail it right away. Or else, you would have wasted your time and resources on creating a product no one will buy.
Do not believe me? The app store is a graveyard of many apps that no one ever downloads. Go here to quora and see the story of someone who made $0.97 revenue in 10 days + many other frustrating stories.
Let me describe some better options that will allow you to adjust to what your customers need- options that will take less energy and time and help more persons.
Online Courses and Coaching
Online Courses vs Coaching: Which is the best for you?
Hey! Both business models are really great – however, the best one will become clear once you weigh the benefits of each one.
I have a passion for coaching. I believe it to be one of the best means by which you can learn business skills. It is also a fast way by which you can get started with your online business.
With coaching, you will be able to learn the desires, fears, and barriers that your clients are having. This nugget of information can be used to grow your business.
You can charge a premium for your services.
Coaching has its own limitations- you can only take few clients at a time, for effectiveness. Sometimes also you might need to travel more so that you can service more clients. Therefore, I prefer online courses.
Online courses are my favorite business model. They are low risks with high-profit businesses. You can easily scale it. All you must do is to create the course once and continue to sell it online.
Also, you will be able to reach out to thousands of students all around the globe without leaving your location.
You can scale your course times without number, and this relatively grows your profit each time you do.
In the long run, whichever model you use will be okay. However, I will highly recommend that you do both if you can.
Which Online Courses Should You Create?
Now it’s becoming more interesting.
It’s also easy to get confused when coming up with an idea of a course to create.
“I don’t know what to do, Gbenro,” people say, “I am not a personal finance expert. I do not know what people would pay for!”
Not to worry!
Just ask yourself these 3 questions and you’ll see how ideas will rush in:
Question #1: What skills do I have? What you know and know well.
Question #2: What do I already pay for? E.g., Training at the gym, cleaning your home, building a website.
Question #3: What do my friends say I am good at? If you’ve not been paying attention to what your friends say, ask them the question again.
In conclusion, get to work and start something. Action brings the expected result.