What is an Online Business
Online business is also called ECommerce or EBusiness. It involves any kind of commercial transaction which is done across the breadth of the internet.
When you are doing business on the internet, just like what you do on land, it constitutes the exchange of products and services among individuals, groups or businesses with a mode of payment consummated to seal the deal.
WHAT IS YOUR CURRENT BUSINESS STATUS?
You can be a current brick and mortar physical business owner wanting to expand into online business. Or you could be an existing online store or you have an online presence (blog, YouTube Channel, Facebook page) but want to use that presence for business purposes. Or you are a relatively new entrepreneur, willing to go into partnerships with individuals or groups who are already savvy with internet business.
TOP ONLINE BUSINESSES TO START
1) Dropshipping – You are an online middleman between a business and the consumer. You are the one who markets the products through an online store and when somebody purchases, the product is shipped directly to the customer. The monetary proceeds are divided appropriately between the product source and you, the dropshipper.
2) Freelancing and Virtual Assistant Work – You’re actually selling your skills that are adaptable to the internet like accounting, content writing graphic design, virtual assistant and so much more. The internet has created so many potential moneymaking opportunities without you having to go out of your home.
3) Selling your own products – Whatever products you create yourself, out of your own imagination and innovation, can always find buyers on the internet. Homemade food, organically processes alternative medicine, shirts with unique prints. You need not compete with the Big Boys in online business. Pursue your own unique niche and your sales will grow.
4) SAS – Means Software as Service. This means people will find a continuous need for your online software and they are willing to pay on a regular basis (every month, every year). Services like Spotify which provides premium music delivery without ads and WordPress which is widely used by bloggers, charge money for the use of their services which people need.
5) Teaching online. Teach languages which people desire to learn because this has become a very in demand need globally nowadays.
TIPS IN LAUNCHING AN ONLINE BUSINESS
1) Find a worthy and unexplored niche. Entrepreneurs might be crowding into other ways to make money online, but the competition is so keen, they can’t be noticed. Find niches which are in line with your interests wherein you you find a few takers. Do it quietly and launch it with a big bang before anyone tries to copy your idea.
2) Evaluate the market viability of your idea. You have that idea. But understand if people would really want to buy your merchandise at the price you want. Could the interest for the products be sustained over the long term?
3) Know about online business laws. There will be zoning laws, shipping restrictions, trademark considerations, and product bans if you are planning to sell online globally. You will be discovering that some countries have very strange eCommerce laws and you have to contend with them especially if it is a lucrative market.