Starting Online Business
With the popularity of internet in the 1990s a lot of people started using internet for business. Amazon is one great example. When Amazon opened an online book shop, people said Amazon will never succeed. However, things changed pretty fast, in less than 25 years, Amazon is the world’s third-largest retailer. Flipkart, the Indian ecommerce platform was also started as online bookstore, however, it grew so big that it acquired eBay India in 2018.
So how do you get started with online business, or let say what kind of business you can do online?
You can do various kind of business online. You can sell digital items (ebooks, digital arts, digital photographs etc.), you can sell all kind of physical items, not just the products you acquire from the supplier but also the products you manufacture. For example, you can buy a product from a supplier and sell the same product with your commission added. You can also refer buyers to the seller and earn sales commissions. You can also sell your handicrafts or even unused items. From house and cars to hairpin and lipstick, you can sell almost anything.
There are different ways to do online business, for example Affiliate Marketing, Selling Through Third Party sites, Dropshipping, and Direct selling.
Affiliate Marketing is one of the easiest ways to make money by doing online business. Some affiliate marketers make money even without having their own websites, however, having your own website and listing affiliate products from affiliate networks like Amazon, Clickbank, Commission Junction and Linkshare is a better way to sell affiliate products. You do not have to spend money to manufacture or procure products, yet you can earn 5-25 percent sales commission.
You can sell physical or digital items through the popular marketplaces like ebay, Amazon etc. It does not cost you much, however, gives you leverage to make a lot of money if done properly. It is also easier to sell through well-known ecommerce site rather than your unknown or lesser known store.
When you are dropshipping, you are selling online without actually spending money to build up your inventory. Your store has products, buyers buy from your store, however, the actual product will be shipped by the seller (dropshipper in this case). The buyers do not know you are dropshipping.
You can also build your own online store and sell through your site directly. In order to do this you have to either manufacture products or procure products and then list the products on your website. Direct selling is the hardest ways to sell online as you have to establish and build the reputation of your store. No one likes to buy from the store that is not popular. Therefore, you have to work hard to establish your brand. You also have to build up your inventory.
You can make money online by doing various things such as working on freelancing sites, blogs, vlogs etc. However, these activities do not guarantee you a good income or stable income. You will make real money online only by doing online business.