Starting an online business and making it lucrative in the beginning stages of a business is less difficult to achieve than it is in the brick and mortar world. Being alert and competitive makes one much more capable of owning a successful, dominating business or to at least plant stable roots in the online business field.
It’s out of the question that one should have a passion for the field in determining which online business to start with but, remember passion is not the single major criteria to be successful. Thus, the fundamental factor even more relevant than the personal interest which will make your business unique and unbeatable is the actual ‘business system’ in place.
Now, it’s time to conduct market research and find out which online business is right for you according to trends, current innovation, and your drive to make it successful and most importantly lucrative.
When it comes to deciding which online business to start with, there are quite a few options including several of which are already dominated and cornered by the market.
After finding this out, the online business industry may seem limited, but do not be fooled. The options are vast.
For example, an e-commerce website similar to Amazon or its clone could operate well with a few modifications, narrowing down a specific geographical area of service, and then determining the actual mode of services offered.
Here are some similar kind of online business options:
1) Website Building:
Today, websites are the online replacement of Yellow Pages for any business regardless of the business being online or offline, offering products or services, and national or international. A website is often the initial point of contact or reference for any business.
A well-designed website can connect you to a seemingly infinite network with access to millions of potential customers around the world. A website is a major online advertising supplement, marketing brochure, and mail-order catalog in one easily updated package, without printing, postage, or phone costs.
The major downside for most people is the inability to design a website or a premature judgment that website building demands a higher level of technical expertise. However, this is not the case! You just need to have the interest to become independent and explore HTML or PHP which is even more flexible. Both of the codes could easily be self-taught. If you have a sense of style, coordination, selecting graphics, and copywriting, then website design could be the business for you.
The main advantages to this business are that it’s creative, you can start part-time on a minimal budget, and you can deal with clients in any geographic region without leaving your computer. The requirements include mastering the basic skills to navigate around in cyberspace which most of us acquire in over the course of the time anyway.
You’ll also need a talent for marketing because this is a large part of graphic design and copywriting. Your goal for each client will be not only to get the website up and running but to be visually appealing and worded most optimally for sales.
2) Online domain name broker:
You will essentially select the proper domain names to the broker to small as well as medium companies. This option for business is quite optimal for those who want to work from home, for themselves or part-time.
The initial funding needed or typical startup costs are very reasonable and quite affordable. Currently, there is an increasing interest in domain registration and of course, the increasing demand for online business ventures correlates to the field’s high profitability.
This venture is not the most common practice in comparison to developing and hosting; however, the latter route demands more capital with a fully dedicated team. Startups and small firms must register and purchase a domain name in the most timely fashion possible.
A large part of already used domain names registered are now for sale and this can be the most successful, but also the most difficult part of the business. As opposed to being a domain name seller, become a domain name broker so you have a greater reassurance that the companies are actually ready to sell their domain name. They will also have increased confidence and satisfaction in knowing that you are a broker.
3) Become an affiliate:
This option takes a very technical and skilled person on the internet that can essentially leverage the first and second online business options listed above. Affiliate marketing is when you bring on a customer to business and receive a reward for their business.
After signing up as an affiliate for companies you feel have the best programs for you as well as the customer, you can start off by building free pages using Squidoo until your business grows. This business requires a lot of motivation and focus, but can pay off!
4) Set up an online marketplace:
You can set up an online store or marketplace. Setting up a site with multiple vendors is fairly easy to do and can pay off. You can follow set commission models and receive compensation for every product sold through your site.
There is little maintenance to be done on the site and if you have an idea for a nice marketplace, then this can be extremely successful.
Check: Solutions for Proven Business Models
iScripts has software specifically tailored to set up this type of business called iScripts MultiCart. You can try a free live demo of iScripts MultiCart here!