Is this your New Year’s resolution every new year? You’ve been imagining what would it be like to quit your job and start your own online business in the comfort of your living room. It’s a dream of many.
But, daydreaming is easy. The problems start when we get down to the specifics. What exactly would you do while you sit behind your laptop in your pajamas? Admit it, that’s the most appealing aspect of working from home.
Here are a couple of specific business ideas that have proven to be a viable source of income for many. Check out the list to get the ball rolling.
Affiliate Marketing
The basic idea behind this job is promoting someone els’s products or services. There are many ways you could go about it, but most people opt for these two:
Amazon partners
Many affiliate marketing success stories are tied to Amazon. It can be very profitable as there are quite literally millions of products to choose from.
However, if you go down this road, it would be good to read up on copywriting and SEO. You can check out the Amazon Associates Program for more info.
Information products
Your job would be to promote video series, membership sites, all sorts of e-books, etc. Promoting information products has relatively low barriers to entry and allows you to earn up to 50 per cent more in commission. Finding products to promote is also easy.
E-Commerce
An e-commerce store can help you earn a hefty income. This route has some significant advantages over affiliate marketing, although it is not necessarily better. Your success always depends on you.
The good news is that your competition would be, in many markets, old-school businesses that aren’t that familiar with the internet marketing realm.
Many of them have out-of-date, glitchy sites that are not optimized for the market. For them, there’s a lot of room for improvement. For you, it’s a chance to capitalize on their shortcomings.
That doesn’t mean it will be easy. If you want to succeed, your business will have to stand out amongst thousands of online stores and e-commerce websites. Here’s some advice that will help you start:
Is the product expensive? Reselling, manufacturing, and distribution come with a cost. If your product doesn’t cost at least fifty bucks, your bottom line might be jeopardized.
Is the product in a growth market? If your market is on the downslope as it has already passed its peak, you’d probably want to avoid it. Find a market that’s one the upswing. Do your research, and do it thoroughly. Find an industry with the most profit and growth potential.
Find a Market. A profitable one. Research keywords, do a bit of brainstorming, and try to be as specific as you can. For instance, you’d probably like to avoid selling surfboards because the competition is huge.
However, surfboard racks are a whole ‘nother story. Narrow things down. That way, you have a better chance of standing out in your field.
Think about your own Shopify store. Their system is specifically designed for e-commerce. It doesn’t take much time to set up an attractive store, provided that you’ve acquired some basic web knowledge.
There’s no coding needed, just a low-cost investment. Starting out won’t cost you a dime as Shopify offers a 30-day free trial.
Niche Websites
As the name implies, the goal is to attract a niche audience. For example, you can have your own website where you would write detailed casino reviews. Or, you could dedicate your website to a specific kind of photography.
It all revolves around keywords and their ranking on search engines. If you do your research right, and provide quality content, you can turn that traffic into profit through selling your own products or through affiliate offers.
It requires a lot of dedication and work at first. A solid niche website can bring in $500 in the beginning. You can expect your income to grow over time.
Conclusion
Taking prudent and strategic steps towards developing your own online business will lead to your financial and lifestyle independence and freedom. The choice is yours.
But, remember: it’s all about taking action. Don’t put it off until next year! It’s time to start.