Let\u2019s do what a sensible go-getter would do\u2014study the people who have been there, like them:<\/p>\n
Matt Clark, Amazing.com<\/strong><\/p>\n Nature of business:<\/strong> Online courses<\/p>\n Matt Clark co-founded Amazing.com<\/a>, a membership community offering online courses about selling on Amazon.<\/p>\n He started out selling health supplements until he discovered online courses. He pivoted from e-commerce to selling courses through the Amazing Selling Machine.<\/p>\n Today, he owns two companies earning 8 figures generating billions of dollars in sales online.<\/p>\n John Collison & Patrick Collison, Stripe<\/strong><\/p>\n Nature of business:<\/strong> Software (SaaS)<\/p>\n John Collison and Patrick Collison are brothers and they co-founded Stripe<\/a>, a software company that enables individuals and businesses to accept international payments over the internet.<\/p>\n They\u2019re featured as real-time billionaires on the Forbes list. Today, millions of global companies of all sizes\u2014from startups to Fortune 500s\u2014use Stripe to manage their businesses online.<\/p>\n Pat Flynn, Smart Passive Income<\/strong><\/p>\n Nature of business:<\/strong> Affiliate Marketing<\/p>\n Pat Flynn is the founder of the Flynndustries that owns the Smart Passive Income (SPI) Blog<\/a>. SPI is a training and resources course that focuses on how to build a successful online business.<\/p>\n To date, Pat Flynn’s net worth exceeds $2 million. With over 60 million downloads, his podcast is one of iTunes’ most popular “Business Podcasts”, and he has more than 281,000 subscribers on YouTube.<\/p>\n Alex Philip, Shopify dropshipping business<\/strong><\/p>\n Nature of business:<\/strong> Dropshipping<\/p>\n A young entrepreneur, Alex Philip, is a 15-year old who dropships products on Alibaba and sells them through Shopify.<\/p>\n He acts as the \u2018middleman\u2019 between a Chinese supplier and customers. He is set to achieve \u00a31.5 million in annual sales<\/a> through his Shopify dropshipping business.<\/p>\n Inspiring, right?<\/p>\n If you\u2019re fired up to follow in their footsteps, hold it off until you finish this article.<\/p>\n Why?<\/p>\n These brilliant people have started way back then and if you\u2019re just about to start today, doing the exact same things that they\u2019ve done before won\u2019t give you the same results.<\/p>\n The barriers to entry to these businesses have practically towered up. Plus, the practices they had back then might be outdated now.<\/p>\n For example…<\/p>\n 1. If you plan to dropship using eBay, the company no longer allows the import of goods from China<\/a>. Users need to reside in the USA.<\/p>\n 2. Apple\u2019s iOs update<\/a> with regards to privacy affected the revenues of online businesses that rely on paid digital advertising.<\/p>\n 3. Google says it will block third-party tracking cookies by 2022 following the EU’s GDPR and California’s CCPA. Chrome will no longer place cookies that gather information about users’ browsing habits and identify them for the purpose of selling advertisements.<\/p>\n You\u2019ll need to find other ways to promote your business<\/a>.<\/p>\n 4. Some online \u2018gurus\u2019 who teach how to get rich fast are (actually) fake or really broke<\/a>.<\/p>\n 5. Differentiation is becoming difficult when starting an agency, a SaaS, or just about any business today. With all the online tools and services, it could be difficult to stand out. There are 1.95 billion websites<\/a> on the Internet right now.<\/p>\n 6. eCommerce now offers new platform options. A new social app is popping out every day. Do you have to create another social media account so you can capture and hold the attention of your buyers?<\/p>\n And these are just a few challenges.<\/p>\n But let\u2019s not let these little bumps prevent you from launching your online business.<\/p>\n Here\u2019s a rundown on how to get started the right way. Unlike other how-to guides, this one highlights proven business models that you can consider to start a successful<\/strong> online business the quick and easy way\u2014save this on your bookmarks!<\/p>\n The misconception of online selling is that it always involves selling physical goods, but it doesn\u2019t.<\/p>\n If you want to start a successful business in 2021, it pays to know the types of profitable business models that you can pattern from.<\/p>\n As Paul Heacock would say,<\/p>\n \u201cDon’t try to reinvent the wheel.<\/strong><\/em><\/p>\n The things you are doing, no matter how seemingly unique, have been done before. Take advantage of, and perhaps expand upon, your predecessors\u2019 work.\u201d<\/p>\n Get yourself familiar with the types of online businesses for a quick start.<\/p>\n E-commerce often refers to selling physical products online. For this business type, sellers usually use the wholesale sourcing and selling model and sell their products on Shopify, BigCommerce, or other online platforms<\/a> like Dukaan.<\/p>\n Pros<\/strong><\/p>\n Cons<\/strong><\/p>\n Who is the best fit for this business?<\/strong><\/p>\n Starters who would prefer full control of the business operations.<\/p>\n Software as a service or simply SaaS is a cloud-based business that offers customers software licenses on a freemium or subscription basis. SaaS apps are usually accessed via web browsers or mobile apps.<\/p>\n You get revenues when visitors convert to paying subscribers.<\/p>\n Pros<\/strong><\/p>\n Cons<\/strong><\/p>\n Who is the best fit for this business?<\/strong><\/p>\n SaaS is best suited for people who love to code and build stuff.<\/p>\n Most freelancers leverage this type of business, especially when they start to grow. This includes offering digital services like graphic design, copywriting, marketing, and even consultation.<\/p>\n Usually, the business model used is fee-based where clients avail one or more services at a fixed fee. Sometimes, they earn commissions from their services.<\/p>\n Pros<\/strong><\/p>\n Cons<\/strong><\/p>\n Who is the best fit for this business?<\/strong><\/p>\n Freelancers who are growing and can\u2019t fulfill incoming projects on their own anymore.<\/p>\n But if you\u2019re just starting out, you can try freelancing solo first. Sell your services for a fee on freelancing platforms like UpWork.<\/p>\n Course creators are usually experts of a specific niche\u2014personal finance, copywriting, crochet, mathematics, etc. There are literally courses just about anything on the internet right now. There\u2019s a slime-making class, mind you.<\/p>\n The proven strategies experts (or hobbyists) use are converted to courses, just a bunch of lessons organized in a learning platform.<\/p>\n The usual business model used is the \u201cAcademy\u201d e-learning<\/a> where students subscribe to learn the basics and\/or advance principles of a certain topic.<\/p>\n Pros<\/strong><\/p>\n Cons<\/strong><\/p>\n Who is the best fit for this business?<\/strong><\/p>\n People with niche knowledge, experts or professionals, or even hobbyists.<\/p>\n Affiliate marketing is when you promote products or services of other businesses. When users buy into that business through your link, you get a commission. The sales are usually tracked via affiliate links.<\/p>\n Pros<\/strong><\/p>\n Cons<\/strong><\/p>\n Who is the best fit for this business?<\/strong><\/p>\n Those who don\u2019t want to create their own products or service or sell physical products, but love doing videos or blogs or other forms of digital content.<\/p>\n Who says you cannot start an online business with no product?<\/p>\n Welcome to Dropshipping!<\/p>\n With this business, you act as the third party between a supplier and buyers. You just market the products, and when someone buys, the supplier will be the one to ship them directly to the buyer.<\/p>\n Read:<\/strong> How to Start Dropshipping Business in India<\/a><\/p>\n Pros<\/strong><\/p>\n Cons<\/strong><\/p>\n Who is the best fit for this business?<\/strong><\/p>\n If you want to sell physical products, but don\u2019t want to deal with storage or logistics.<\/p>\n Here\u2019s the summary of the 6 types of online business models that you can consider.<\/strong><\/p>\n Sometimes, a successful entrepreneur will be able to profit from a combination of these models. Take for example Matt Clark of Amazing.com. He started selling supplements, but now he is selling courses.<\/p>\n Now that you know the several online business models, let\u2019s move on with a step-by-step guide on how to decide which one to pursue.<\/p>\n This is the first step\u2014not the business name, not what your product will be, or what your logo will look like.<\/p>\n You first want to know what knowledge, skills, and natural strengths you have that can be turned into profit.<\/p>\n Take time to think about what things you like to do, how you feel when you do things well<\/strong> or when people compliment you<\/strong> on an area you are particularly good at.<\/p>\n Are you skilled in creating crafts? You can sell them. Or maybe teach a course on how to create them. Are you a retired executive? Consulting might be for you.<\/p>\n Knowing this will help you uncover ideas of what kind of profitable business you\u2019ll want to build even when challenges arise.<\/p>\n Finding your strength will almost automatically define the market you can tap.<\/p>\n If you have knowledge of a certain industry or niche market, then it would be wise to target those customers.<\/p>\n Did you work for an e-commerce dropshipping client before? Then, you may have acquired skills that will help you build your own dropshipping business<\/a>.<\/p>\n Can\u2019t find an app that lets you send payments online easily? Then create one. (This is how Stripe started<\/a>, by the way).<\/p>\n Are you a chef specializing on Italian cuisine? Then why not start an online course about cooking Italian dishes?<\/p>\n When you do this exercise, more often than not, you\u2019d find that you already have a network to start with\u2026<\/p>\n A network that you can tap to become your first customers too.<\/p>\n When you start a business, don\u2019t just think about what nice things would your target market want to spend money on.<\/p>\n Here\u2019s a better question to answer.<\/p>\n \u201cWhat product or service should solve the problems of my chosen market?\u201d<\/em><\/p>\n People buy to alleviate their pain. To do things faster. To make themselves feel better.<\/p>\n Take Pat Flynn for example.<\/p>\n Pat has lost his job and has to find another means of earning money.<\/p>\n Good thing he has a blog where he stored his notes back when he was studying for LEED, an architecture qualification exam. His blog was receiving lots of traffic because of his notes.<\/p>\n Some of Pat\u2019s readers suggested that he create a book on how to pass the exam. So he compiled his blog posts together in a sequence and published them as an ebook.<\/p>\n Pat made $8,000 in his first month.<\/p>\n When you\u2019re solving problems, people are willing to pay you money. The bigger the problems, the more money people are willing to pay.<\/p>\n Congratulations, you now have a business idea.<\/p>\n It\u2019s time to go out there and validate it.<\/p>\n Talk to your target market. Have a conversation. Ask the right questions to find out if there is a need for the solution you\u2019re offering.<\/p>\n If you validate your business idea beforehand, you can reasonably predict whether customers will buy your product or service.<\/p>\n You may have the best idea, but if you can’t get the market to be interested in it, then there’s no business to build.<\/p>\n Next, write all those ideas and feedback.<\/p>\n If you have gotten interest and got a few people willing to give you their money, then it\u2019s time to sit and write down that business plan.<\/p>\n A business plan<\/a> is a detailed list of your goals and objectives, written in order to create an actionable roadmap. It will help you stay organized during the startup process while setting yourself up for success.<\/p>\n Consider your business model before starting out on this journey. Then, think about how to generate revenues to keep the business running.<\/p>\n Tying up your business plan with the business model that you\u2019ve chosen will keep you focused on things that need your attention.<\/p>\n For dropshipping, for example, Alex Philip says that knowing the right marketing setup is the key to a profitable dropshipping business.<\/p>\n If taken for granted, you\u2019d probably find yourself immersed in problems like Clark. He launched a website to sell health supplements and he found himself scaling so fast, growing from 0 to $2 million in revenue, but…<\/p>\n A business plan is a sound investment that will set you up for success.<\/p>\n Lastly, if you want to grow your business, it\u2019s important to find the right platform that will help you get started quickly.<\/p>\n The platform best depends on your goal, product or service, and business model.<\/p>\n For example, if you want to put up an online store, then perhaps an e-commerce tool like Shopify<\/a> would be good enough.<\/p>\n If you want to sell your professional services, then you could use Webflow or WordPress to host your website.<\/p>\n But say, you want a flexible website that could sell your services now and digital products later on, you can pick Dukaan for that.<\/p>\n![\"Matt](\"https:\/\/mydukaan.io\/blog\/wp-content\/uploads\/Matt-Clark-300x300.jpg\" "\\"\\"")
<\/p>\n![\"stripe](\"https:\/\/mydukaan.io\/blog\/wp-content\/uploads\/John-Collison-Patrick-Collison-300x300.jpg\" "\\"\\"")
<\/p>\n![\"Pat](\"https:\/\/mydukaan.io\/blog\/wp-content\/uploads\/WB-101-300x300.jpg\" "\\"\\"")
<\/p>\n![\"Alex](\"https:\/\/mydukaan.io\/blog\/wp-content\/uploads\/Alex-Philip-300x300.jpg\" "\\"\\"")
<\/p>\n![\"\"](\"https:\/\/mydukaan.io\/blog\/wp-content\/uploads\/image1.png\" "\\"\\"")
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<\/p>\n![\"\"](\"https:\/\/mydukaan.io\/blog\/wp-content\/uploads\/image8.png\" "\\"\\"")
<\/p>\nTypes of Online Businesses<\/h2>\n
1. eCommerce<\/h3>\n
![\"eCommerce\"](\"https:\/\/mydukaan.io\/blog\/wp-content\/uploads\/eCommerce-1024x538.jpeg\" "\\"\\"")
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2. SaaS<\/h3>\n
![\"SaaS\"](\"https:\/\/mydukaan.io\/blog\/wp-content\/uploads\/SaaS-1024x538.jpeg\" "\\"\\"")
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3. Marketing agency<\/h3>\n
![\"Marketing](\"https:\/\/mydukaan.io\/blog\/wp-content\/uploads\/Marketing-agency-1024x538.jpeg\" "\\"\\"")
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4. Selling courses online<\/h3>\n
![\"Selling](\"https:\/\/mydukaan.io\/blog\/wp-content\/uploads\/Selling-courses-online-1024x538.jpeg\" "\\"\\"")
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5. Affiliate marketing<\/h3>\n
![\"Affiliate](\"https:\/\/mydukaan.io\/blog\/wp-content\/uploads\/Affiliate-marketing-1024x538.jpeg\" "\\"\\"")
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6. Dropshipping<\/h3>\n
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![\"\"](\"https:\/\/mydukaan.io\/blog\/wp-content\/uploads\/Chart-09-1024x669.jpeg\" "\\"\\"")
<\/p>\nHow to Start an Online Business Suited For Me?<\/h2>\n
1. Identify Your Strengths<\/h3>\n
\nGreat at marketing stuff? Then you can skip the product creation part. Advertise somebody\u2019s product and earn commissions.<\/p>\n2. Pick a Market<\/h3>\n
3. Find A Problem To Solve<\/h3>\n
4. Validate Your Business Idea<\/h3>\n
5. Craft Your Business Plan<\/h3>\n
![\"\"](\"https:\/\/mydukaan.io\/blog\/wp-content\/uploads\/image5.png\" "\\"\\"")
<\/p>\n6. Choose The Right Platform<\/h3>\n