If you want to start an online business, you basically have three options:
Sell physical products
Sell digital products
When you are selling physical products, you will have to spend money either on product development (if you are manufacturing your own product) or product procurement (if you are reselling products). Selling physical products also requires packaging and shipping, therefore, you will have to spend money on product packaging and shipping (if you are offering free shipping).
If you are selling digital products, you spend money (if you are hiring someone to develop the product) or time (if you are doing it yourself) only once. You do not have to package and ship the product. You can also sell the same products again and again, therefore, there is no need to manufacture or acquire products again.
You can sell two different kinds of services, one, you work on it and deliver the service (for example, you offer writing services, video editing services, marketing services, etc.), and two, you sell the same services again and again (for example membership, subscription, etc.)
If you are thinking to start a business, try selling digital products or services. These business models are sustainable because once created, you can sell them again and again. Or, perhaps start an online information business and become an infopreneur.
Do you know what makes most of the money online? Well, it is an Online Information Business.
What is an Online Information Business?
It is a business model where you make money by selling information. Information you sell could be a tutorial, an ebook, webinar, online course, guide, podcasts, videos, articles, etc. You can either sell information for an upfront cost or subscription or offer the information for free and make money from the ads instead. For example, you sell your podcast to make money, or you offer your videos on youtube for free and you make money from the ads on your video.
How to Start an Online Information Business?
You can create your Online Information Business based on your hobby, skills, knowledge, and experience you already have. You will have to pack your information as an ebook, podcasts, videos, courses, etc., and then offer for a certain price or offer free and try to earn from ads. There are a lot of platforms available and you will have to use the platform based on the product you have created. The idea is the make money from the information you already have and help people to use the same information to solve their problems or make their life better.
Online Information Business is the fastest growing industry making over 1 billion dollars every day. This is one of the best businesses you can create and make money during the current economic conditions. If you are wondering about what kind of online information business you can create and benefit from this niche, here are some ideas.
How to Go Through a Divorce Without Hurting Kids
Divorce is a common occurrence these days and when couples get divorced, it hurts the kids. If a couple had decided to separate, you cannot make them stop doing that but you can make them understand how they can avoid hurting their kids during this whole divorce process. You can offer this information as an ebook, a podcast, videos, or even webinars. If you have knowledge and information on this niche, you can start selling in this niche.
How to Create and Sell NFTs
If this is your expertise, you can not only make money by creating and selling your NFTs but make money even by teaching how to create and sell NFTs. You can teach this skill through a digital course, ebooks, videos, etc.
Piano For Kids With ADHD
If you play piano, and if you can give piano lessons, this is the niche for you. You can create an instructional course and sell your information.