Looking for the newest way to make money online? This may surprise you…
If you go to Google and search for the newest ways to make money online here are some results you’ll get:
Start a Blog The Right Way.
Become a High-Paid Remote Freelancer.
Start a Successful Podcast.
Join a Social Investment Network.
Build a Blog For Affiliate Marketing.
Use Various Platforms To Sell Products.
Rent Out Your Stuff.
Sell Knowledge In An Online Course.The Business Models
A business model is an outline of how a company plans to make money. Here are some common business models:
Bundling model.
Want fries with that? This is selling two or more products together to increase revenue. A razor is a good example. It is useless without the blades which contain the real profit. (Your smartphone and the minutes you pay for on the backend is an even better example).
Freemium model.
You can get a portion of the service for free. But you are required to pay, or pay more, to access more features.
Crowdsourcing model.
The internet has given birth to crowdsourcing (not to be confused with *crowdfunding). Crowdsourcing is the process of sourcing information or skills or end products from a group or groups of people.
*Crowdfunding is the process of sourcing money or funds from a group or groups of people. Crowdsourcing is the process of sourcing information or skills or end products from a group or groups of people.
One-for-one model.
A company donates one item to a charitable cause for every item that is purchased. TOMS pioneered this model with its shoes.
Franchise model.
A franchise is a type of license that grants franchisee access to a franchisor’s proprietary business knowledge, processes, and trademarks, thus allowing the franchisee to sell a product or service under the franchisor’s business name.
Distribution model.
Distribution is the process of making a product or service available for the consumer or business user who needs it. This can be done directly by the producer or service provider or using indirect channels with distributors or intermediaries.
Manufacturer model
The manufacturer’s business model utilizes raw materials to create a product to sell. This type of business model might also involve the assembly of prefabricated components to make a new product, such as automobile manufacturing.
Subscription model.
The subscription business model is a business model in which a customer must pay a recurring price at regular intervals for access to a product or service.
Why Start A Business?
A business can change your finances and improve your quality of life. But as an entrepreneur, one of the greatest missions you have is to create jobs for others.
Entrepreneurs Run the Economy
Over the past 20 years, small businesses have generated over 65% of the net new jobs. Starting a new business means you have the opportunity to hire and train those who may not have had the opportunity to work in the past.
The Benefits of Starting A Business (Online)
You are familiar with the reasons to start a business. But here are some of the best ones:
A) Control Your Schedule – no boss telling you what to do and when. Sleep in, stay up late, work half days, or take off every Friday—it’s up to you.
B) Work Around the World – When you’re the business owner, you can work from your home, a co-working space, an office, or even the local coffee shop.
C) Make MORE Money – When you start your own business, you get to decide how much money you make.
D) Pursue Your Passion – Pursue something that makes you happy or something you care about. Starting your business lets you create fulfillment rather than find it.
E) Ditch Corporate!
No more kissing up to a boss you dislike. You are finally in control of your life.
A Good Thing
Starting a business also means you get to make a meaningful impact on society!
‘Old’ Idea with a New Spin
Sometimes taking an ‘old’ thing and putting a twist on it can be your pathway to success.
Here are some popular examples:
Uber – re-imagined the cab business.
Airbnb – disrupted the hotel industry.
WheelsUp – Airbnb for private jets.
But even if you don’t create a billion-dollar business this approach can change your finances and lifestyle.
Expensive to Start a Business
According to the U.S. Small Business Administration, most micro-businesses cost around $3,000 to start, while most home-based franchises cost $2,000 to $5,000.
Cost to Hire a Virtual Assistant Team
Virtual assistants charge anywhere from $1 to $100 per hour. Sometimes even more. But the sweet spot is generally between $15 and $30 per hour for executive assistant services and $40-$75 per hour for higher-level marketing or financial tasks.
Kinda Like Being A Goldfish
It’s all around you. But so pervasive that it has almost become invisible. It’s like being a goldfish in the water.
A 2021 economic study says:
The global ad industry now stands at $766 billion and is expected to hit $1 trillion by 2025.
And Statista reports:
The United States is, by far, the largest advertising market in the world. In 2021, more than 285 billion U.S. dollars were spent on advertising in the United States. This figure is close to triple the amount spent on advertising in China, the second-largest ad market in the world.
The Power of Advertising
Advertising has the power to create awareness, the power to set the agenda, the power to suggest and influence, the power to convey new information, and the power to persuade. Advertising has short-term power (conveying new information, building awareness, enhancing credibility, etc.)
Competition is Too Fierce
You, and your ad, will be lost on the major platforms. And securing a good social media outlet has become even more complicated.
Start A Business Without the Cost or Risk
What if advertising could pay you? Perhaps for years, you’ve been dolling money out on advertising. But what if you could get on the other side of the equation and make money from advertising?