Why You Should Start An Online Business & Types Of Business You Can Start

Why You Should Start An Online Business And Types Of Online Business You Can Start | Online Business or e-business is a term which can be used for any kind of business or commercial transaction that includes sharing information across the internet. Make Money Online While At Home, See Details Below

Why You Should Start An Online Business

Why You Should Start An Online Business?

See the five reasons below

  1. Low Startup Capital: You can start online business with little capital for as low as NGN5,000, Unlike running a traditional business that you need to sort-out money to rent a shop space, you do not need to have a physical store or physical outlet to showcase your inventory. So, in this way, you save a lot of startup capital.
  2. Always Open for Business: Yes, you will always have time for yourself, For example, if you have a website and its 24/7 ready to accept payment, anyone can pay you anytime anywhere in the world
  3. Work Anywhere you want: For me, sometimes I work in café, sometimes I work from home. So it’s up to you and you have the flexibility to work anywhere you want. With online business, you can sit at home and become rich.
  4. Access to Global Market: You have access to global market instead of just a local market. As for me, most of my student for my online course comes from the countries that are outside of Singapore where I live in. So, to go to tap on the global market that have a very huge potential
  5. Cost Saving: As compared to year ago when I have a physical classroom to conduct my class, now I conduct my class online, so I save the rental, I save the logistics, I save the transportation cost. SO, there are lots of costs that you can save if you decided to run an online business

See Also: Guide On How to Start Importation Business in Nigeria with Only N5,000 Naira or Less

Five Types of Online Business you can start

In this section, I am going to share with you 5 different types of online businesses that you can consider to start in the future.

  1. Selling Physical Products: The most type of online business is selling physical products. For example, if you manufacture, you design, or you create handicraft, you can then sell these physical products through a website. So you can setup a shopping or eCommerce website and you can put all your items online and when people come to your website, they can just payment. After you receive the payment, you can send them the product9s) that they have ordered. The disadvantages of selling physical products are that you have created your own products or buy these physical products from somewhere else before you can ship it to your customers.
  2. Selling Digital Products: What I mean by digital product are products like eBooks, online videos, audios or software. These are products that are not tangible. When people purchase it, they will receive link to download. So you don’t need to package and ship them out to your customers address. The advantage of this business model is that you do not need to create a physical product and ship them out to people who ordered for them. This business has low maintenance as compared to selling physical products.
  3. Selling Services Online: There is a website called Fiverr.com where you can find a lot of people offering their services to you for a small fee. For certain services, only $5 will do. So, If you do services like logo design, drawing of graphics, writing of articles, online marketing, video animation, and programming. You can offer these types of services online through this very popular platform called Fiverr. Simple go to Fiverr and list your services.
  4. Selling Other People’s Products or Services: This is a very common type of online business. Here instead of selling your products or service, you are selling other people’s products or services. This is commonly called affiliate marketing. How is works is that, if I am an affiliate, I don’t need to have my own products, I don’t need to provide my own services, All I need is to go online and search for other peoples products or services and become their affiliate to promote their product. Take for example, if you go to Amazon, you can see that amazon offer a program called Amazon Associates. If you join the associate program, you will get affiliate link from Amazon. So, then you can to promote any Amazon product. You can send your affiliate links to your friends and it your friends click on your affiliate links and go to Amazon and purchase any product from Amazon, you earn a commission of the sales. That’s how it works. The grate advantage of affiliate marketing is that you do not need to have any of your own product or services. All you need to do is to join an affiliate program and you are good to go. Make sure that affiliate program have a lot of good products for you to promote.
  5. Selling Advertising Space: If you have a popular website, a blog or you have a popular newsletter, you sell an advertisement space to companies or to small businesses to help them to advertise their products or services. Of course, the disadvantage of this is that for many beginners who do not have a popular website or a popular newsletter, this will take a lot of time to build it up.

See Also: Top 15 Small Business You Can Make Huge Money/Profits From Daily In Nigeria

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