When you’re new in the business world, it’s important to come up with an initial business model that you’d like to follow. There are so many different models you could follow and it’s hard to know where to begin. You need to consider what type of business you are trying to run.
When it comes to the world of online business, there are many routes to go from running a profitable blog to writing an ebook, opening a brick and mortar store or going the e-commerce route. It’s important to compare different business models that seem to be popular and successful in order to determine which model is going to work best for your specific niche. Here is a look at some of the more popular choices of business models that a beginner business owner could consider using.
The freelancing model
One popular route is to go with freelancing or consulting. It’s one of the easiest and fastest ways to get started with a business in which you could do part-time or full-time. A freelancer finds work easiest since they are less expensive than a full-time employee for someone needing work done.
They are also less of a commitment than a staff member that would need a contract, a salary and benefits. Consultants can charge a decent amount for their services while the person hiring them sees it as a one-time or regular but low-cost fee to them.
Some consultants simply give advice while others can do more hands on work but either way, a freelancer or consultant business model is a great way to get started and become paid well with various clients. Be careful but to charge too little and spend the most on marketing since it’s hard to find clients.
With the freelancing business model, overhead is very low. You can work from home and outsource important tasks, such as answering incoming calls. If you want to go into business for yourself and you don’t want to put up a large amount of capital, the freelancing model may be right for you.
E-commerce is being talked about a lot lately because it’s such a popular way to sell a product. People love to shop online, choose from tons of options across the web and have something delivered to their door. It’s typically easier to find discounts online than in a store and they can shop at 2am if they’d like.
It’s a great model for a business owner because several orders of a low-priced item will still bring in a great deal of money. You can make money at all hours of the day and it’s easy to find customers through keywords and SEO. Just be ready to bring on customer service for managing orders and helping if the store grows quickly, and understand that the competition is fierce.
If you want to put a lot of information out there, Ebooks are a great way to go. They can be sold on your website or through Amazon Kindle. You can make a living this way and it’s easy to create and sell them on a website. You’ll get 100% of the profit this way but it may take a while to write the book. You’ll need to work hard on getting a lot of traffic and standing out from the competition.
You could also go with a membership site which forces continuity. They are great for generating an ongoing income rather than a one-time sale but you have to have something valuable to keep your members coming back for more.
Your income can only increase with more memberships and it allows you to build a relationship with your customers but your selling price will have to be low enough to get them to sign up. Make sure your content lives up to the membership price and make the time to promote the site rather than just creating ongoing content.
You could also go with blogging, online courses, investing or making a brick & mortar retail store but all of these have their pros and cons like the others. These are all of the best models for a beginner in the business world to choose from.