A lot of people think that having an online business must mean writing an ebook or having a blog. While these two business models are popular, there's more to having an online business than that.
Let's look at some popular online business models:
The first is selling your own stuff – be that a digital product like an ebook or a video series, or a physical product like something you've crafted or imported. You can sell these via your own website or via big marketplaces like Amazon.
Another popular business model is affiliate marketing. This means selling somebody else's product in return for a commission. This could be a physical or a digital product. Physical products tend to have lower rates of commission – typically around 4%. Digital products are cheaper, but usually have a much higher rate of commission – sometimes as high as 100%.
Going hand-in-hand with affiliate marketing is blog marketing. In this scenario your write information-filled articles on your blog and monetize it with advertisements for products – usually affiliate products. The key here is to make your blog an information resource rather than just a massive sales pitch.
You can also offer a service online. Doing freelance writing, editing, graphics or video making is a fantastic way to make a living. You can sell to countries all over the world.
Membership sites are also a great online business model, although they do take a lot of work and are probably not for the first-time online entrepreneur.
Besides, there are a lot more business models we'll talk about.
If you want to know more, take the business challenge now and experience the incredible value you get.