In the course of my research for a lucrative and legitimate home based business, I’ve made a couple of observations: business ideas on the internet can be grouped into four general categories. You can earn money in the following ways; by selling services, selling products, affiliate marketing, and advertising.
Each of these categories can be assigned a certain level of viability based on some common factors the amount of demand, the available supply, and how relevant the product or service is.
Selling Services – is a very viable online enterprise. The demand is high and there are a multitude of services that each has its own differing levels of demand and viability. This is one of the most straightforward business ideas on the internet. Just list your skills on the proper websites, market yourself and deliver the work required. I’ve arranged the list below to what I’ve observed these business ideas on the internet to be the most in demand and very viable:
- Apps Programmer
- Virtual Assistant
- Graphic Designer
- Social Media Manager
- Tech Support
- Customer Support
- Transcription services
- Website Designer
- Back Office Work
Selling Products– is also a viable business idea however; you have to do plenty of research on what product sells well and who the suppliers are. It would be impossible to list all the products that are sold online. What I’ve listed instead are the different ways that products are delivered. This is also a good way to differentiate the different types of vendors online.
Drop shipping – the item purchased comes from the suppliers own warehouse and is shipped out from there. This reduces your workload and allows you to concentrate on marketing the product.
Own Inventory – this can potentially provide you with more income than drop shipping. You take care of shipping the product out from your own warehouse. There is a risk of items losing their value while in storage so most of the time only fast moving items are sold this way. The exception is if you’re also the producer of the item like a lot of artists and craftsmen on etsy.com. The value of the items doesn’t usually go down and depends a lot on the quality of the craftsmanship.
Affiliate marketing – is a straightforward business idea. Post a link to a vendor’s virtual online product and get a commission for each sale. The bulk of the work lies in getting traffic to your site. Of course selling a high value item at an attractive price is crucial too. Here are a few of the more common products being sold
- Plane Tickets
Advertising – this is another simple business idea but one that takes a lot of initial effort. On the net you need to have a lot of people visiting your site before you can charge a decent fee for advertising. What veteran webmasters and bloggers do is to build several websites that they can put multiple low value ads on. It’s much harder to build up a single site into a major internet destination. You’ll also need a larger skill set to ensure that you can maintain visitors to your site. This is one reason why most people opt to join blogging networks or ad networks to earn income. Advertising space is managed by the ad network admin leaving you to concentrate on traffic generation for your site.
Most of the business ideas on the internet have been done by someone else before. While it would be great to achieve success from one great idea (Instagram, facebook, google), success is often times attained through working on several different smaller ideas at the same time. On the internet, the pot of gold lies at the end of several different rainbows.