Starting a business does not have to be costly. You can start an online business and keep your costs lower than if you actually started a brick and mortar business. I know of plenty of entrepreneurs that have found success without ever having to secure a store front. Here I will list just a few ideas that you can implement today to get started. The following are 3 categories of business ideas where you can get started.
Category 1. Join a Business
Joining a business that is already up and running saves you on the cost of storing inventory, shipping and returns and other expenses that a traditional startup has. Some examples of businesses that you can join is a Network Marketing, Affiliate Marketing or Direct Sales Business. Each of these is similar in the fact that someone else has decided to market their business by incorporating people as a resource for marketing their products. Instead of spending money on regular advertising, the business pays you as a partner to market the business or business products and you generate a commission as payment. You can earn a little or a lot. It all depends on you and how good you are at advertising and sales.
Category 2. Sell Products Online
Some popular platforms that I could think of for selling products online are:
These are just a few of many other platforms that you can sell your own products online or you can even start a drop shipping business. With drop shipping you don’t have to store the inventory. I talk about it more in my video if you’d like to learn more. I’ll put the link below in this post. Drop shipping is very cost effective because you don’t have to purchase the products until your customers actually make a purchase. Other ways to source products include buying wholesale and retail arbitrage. You probably know what wholesale is but retail arbitrage is when you purchase retail products from a retail store and sell them higher online.
Category 3. Teach What You Know
This is the category that we use here on MyMentor.life. You become and expert in a subject matter and you teach it to others. Other platforms for teaching online are YouTube, Udemy and Teachable. These are just a few of many. Each of these platforms are similar in the way that you can create content around a subject that you are well versed in teach it to others that need the information that you’re teaching on. Everyone is knowledgeable about some subject that other people are looking to learn about. Udemy and Teachable are platforms where you can price your course and customers can review and purchase if they are interested. YouTube is a little different. On YouTube, you don’t sell the course but once you build up subscribers and watch time YouTube will pay you for getting people to visit and stay on the platform. You know those ads you see when you’re watching a video. Some of that advertising revenue goes to the creator of that YouTube Video that you’re watching.
Hopefully this gives you a little insight on ideas to get started in your business. If you like this kind of information you can visit me on YouTube or book a session with me here. Thank you for visiting me here and hope to talk to you in a coaching session.
You can visit my YouTube channel and watch the video if you’d like a more detailed description of this post.
Your Online Coach