Not everyone needs to do a business and not everyone can become successful in business. Becoming successful in business requires a lot of hard work, a lot of skills and knowledge and also a great business idea. A business is also a team work, so you need to build a team. All of these work cannot be done by everyone. Becoming a business man or a woman is not the cup if tea for everyone. If you lack business management skills, you shouldn't be bothered about business

Having an idea is the basic step of creating a business. However the most important part of a business is implementing your business idea. There are a lot of things required to implement business. The first step of implementing idea is market research and competitor analysis. If you do not know how to do it, you need to hire a professional and this cost money. Money is one of the most important thing required for implementing idea. If you do not have money you need to seek funds

What is the Best Business Model

Do you know Jeff Bezos net worth is more than the Gross Domestic Products of 125 countries around the world?

How did Jeff Bezos manage to become richest man on earth in 26 years?

The obvious answer is Amazon!

While Amazon makes money for Jeff Bezos, it is not the business that has built fortune for Bezos. He actually makes money from Amazon Cloud Services. About 74 percent of Bezos’ income comes from selling Cloud Computing services. Therefore, the best business model is Software as a Service, or SaaS in short. The business of software as a service, popularly called SaaS can be a money making machine.

SaaS or Software as a Service is one of the best business models. Companies like Amazon, Google and Microsoft are selling software as a service. Even social media platforms use this business model. It's considered the best because you create a service once, but keep making money from it for a long time. It's like earning money without doing much because it keeps coming in even when you're sleeping. Many successful start-ups use this model because it's easy to make money. If you offer a service that people really want, they'll keep paying for it for a long time after they start using it.

If you can build a software or hire someone to build a software for you, you can offer software as a service and make money through subscription fees. Software can be your golden goose! Companies like Canva, Grammarly, etc. are working on this business model. However, the question is how to start SaaS business

How to Start a SaaS Business

SaaS or Software as a Service is an online business model where you sell subscription for software and make passive income.

Canva is one classic example of SaaS business model. The platform allows users to create graphics and the company makes money from subscription fees.

Grammar checker like Grammarly and Plagiarism Checker are other examples of SaaS business. Keyword tool is another example

In order to start SaaS business, you need to create a tool that solves people’s problem; if you are a programmer that shouldn’t be a problem.

Once you have created the product, you will have to build a website and embed the tool in your website. Once your SaaS business is ready to set off, you will have to spend some money to advertise your business to bring customers. You will also have to build a brand around your product. One of the easiest way to do that is by offering limited service for free.

You can sell software for one time price or through subscription model. You can sell the same software again and again. You can offer free trials or lite versions so that your customers can try before they buy it. It will increase your chances of sales.

Selling subscriptions and membership can be a profitable business model if you have created SaaS (software as a service) business or if you have a really useful service to offer. For instance, you can create Generative AI or a design tool like Canva and start a software as a service business. Likewise, you can also create service based websites like dating websites, online communities, etc. However, it takes skills to create these services, or you'll need to hire a developer to create service, which can be very costly. To sell subscriptions for your software or website, you need to offer service that is valuable to users.

What Business Ideas Can Be Successful in this Digital Age?

If you want to start an internet-based business, choose a business model that is free or at least low-cost. Also, choose a business that does not require elaborate skills. If you want to start an internet based business do not start a blog just like the OP says, it is really difficult to make money from a blog. It might take months to earn a buck and a year to make even $100, let alone making hundreds of dollars every month. The best business models that you can choose for your internet business is affiliate marketing, dropshipping or print on demand business. You can do different kinds of online business, for instance, sell physical or digital products, sell services through SaaS (software as a service) business model, sell membership. If you are thinking better than these basic business ideas, do you have any ideas that you believe could be very appropriate for this digital age. Do you have any ideas that can be profitable?

Food Marketplace: In my opinion, a food marketplace can be really interesting. There are not many competitors in the market (in my home country). I think creating a marketplace where registered users can buy and sell food could be a great idea. There are plenty of ecommerce platforms where you can sell products and services, however, in my place there is a dearth of marketplace specifically built for food. The marketplace would allow you to buy food straight from the seller and sell your own food to buyers. It could make things cheaper for buyers and help sellers earn more money.

Membership Sites: If you are selling physical and digital products, you will have to create products and this cost money. If you want to run SaaS business, you need high level skills to create a tool or software to provide service. However, if you create a business that sells membership, it will be more profitable because you do not have to spend money to buy products or work had to build a software. For a business to sell products, you will have to spend a lot of money to procure products. If you are manufacturing yourself, you will need even more investment. If want to sell digital products or software as a service, you need advanced skills in graphic designing and programming, but selling membership is easiest ecommerce business model. You can create different kinds of membership sites like online learning, dating, etc. and sell your membership from your store. What skills do you need to create a membership site? Having programming skills would be nice but even your skills with content management system like wordpress would be fine. You also need SEO and marketing skills.

Building a Start Up

Startup is a business model that is bound to grow very big in the future. You can profit from startup in two ways, one, you invest in someone’s startup as a Venture Capitalist or Angel Investor, and two, you start your own startup.

When you are an investor, and when the startup you have invested starts generating revenue, the value of your equity in the startup starts gaining value, thus allowing you to profit from your investment.

When you start your own startup company, and when your company gets funding and backing from investors, your startup starts gaining value, and you start making money.

When the startup you have invested or started becomes the next big thing, you can either start collecting profits, or let the company acquire by other big companies, you can make millions of dollars. There are plenty of examples of startup that became billion dollar company, for instance, Instagram, Whatsapp, Youtube, etc.

If you want to invest in a startup, you will have to establish an investment company and solicit proposals from people attempting to launch start-ups. If you have a startup and want to invite investors, you should participate in the trade shows and business seminar where you can find investors.

Running multiple businesses vs running single business

 Elon Musk owns multiple businesses, Jeff Bezos runs multiple businesses. Warren Buffet has invested in multiple businesses. However there are a lot of companies involved with a single business yet are greatly successful. Apple does not have any subsidiary, Apple is a tech giant that has multiple products but operates under one company.
A lot of people start with one business and when they start becoming successful, they either start acquiring other businesses or create their own new businesses. While starting another business if you are already successful with the current business can be perfectly fine, being successful in one business model does not guarantee that you will also become successful on other business. Even the tech giants like Apple and Google have had products that had to shut down. When big companies cannot become successful with every business model, how can you be sure that you will be successful

The Best Business Strategy

Do you know what the best business strategy is?

Well, in my opinion, the best business strategy is to create a monopoly.

What is monopoly exactly?

Monopoly is “absence of competition.” In other words, when there is no similar business or product in the market, it is monopoly. When there are no competitions, you have fill control over the market.

How can you create monopoly?

By selling unique products, you can establish a monopoly. If you create a product that no other business has creased, you will have full control over the market.

How long can you create a monopoly in the market?

Monopoly will not last long because a similar, or even better, product will emerge soon because other businesses also want to have the share of the pie.

If you don't believe me, look at the mobile phone companies and the mobile phone market.

For a long time, Nokia had the monopoly, and then came smartphones like Samsung and Apple. Until recently, they had no competition, however, now new companies have grown tremendously.