In this blog we are going to discuss some of the different online businesses; more so the top five that people are doing and are becoming extremely successful, the differences between the platforms, and the number one business we recommend for you to start with whether you are brand new or experience with online businesses.
So, let us begin with Shopify. Shopify is a great business model except what most Shopify experts or people who are successful selling on Shopify do not tell you, especially if they are selling courses is that it takes a lot of time and a lot of money other than to pay for your education and selling on Shopify. More specifically, we are talking about the money spent on advertising and learning how to market and selling a product through your Shopify store.
It depends how much of a budget you have for advertising. Unfortunately, as mentioned before, most of the time you will not be informed that you will need an advertising budget. You are going to need an advertising budget when you cannot get a product to sell on your Shopify store without paying for Google ads or Facebook ads or any other type of ads.
This is one of the reasons why we do not recommend Shopify as a number one business, especially if you are brand new or if you have little to no budget. You can strike a ‘lucky’ product or social media ad, but without the right education you miss out learning how to find trends, product research, sustainable growth, understanding advertising and not to mention sometimes you would have to get separate courses just to learn Facebook, Google and Bing ads. You would need a minimum of a few thousand dollars as a budget to successfully run a Shopify store, selling products and making a profit. Many people take Shopify courses but can still fail. These are just a couple more reasons why we do not recommend Shopify for beginners. We recommend that you have a few years of eCommerce experience and a few thousand dollars, or alternatively, to scale with zero ad cost methods that we teach in Legacy.
Next up we have network marketing or MLM. You are probably thinking, seriously? MLM? If you are with the right company it can be a great business. You can make some great money with the network marketing or MLM method. However, the first 30 days or so can be very time consuming when you are trying to get your first sale especially if you are brand new to this. That is if you are working every single day by promoting on Facebook, messaging people, posting in groups, or using any forms of social media to reach out to audiences. Some spend months of time, money, and can end up disappointed when there is no success.
This is due to the industry lacking training and education. A good indication that there is no education or training is when you sign up directly with that network, especially when that company boasts that they have all the necessary tools and resources for you to succeed, yet do not give you any of those tools and resources. They fail to give you the marketing materials, they fail to give you the education and training, or even how to convert sales. We would not suggest starting with network marketing or MLM because you must work extremely hard and every day, pay for ads, and it is time consuming. It is still possible, but you must understand and make the decision to be consistent and dedicated to this method of business.
Believe it or not, blogging is another form of an online business. It takes an exceptionally long time to build organic traffic even with SEO. You could pay a top SEO expert to make sure your blog is full of SEO. For you to be able to make your first dollar most bloggers it takes at least 90 days or more and the methods of making money with a blog is doing affiliate marketing. Essentially, you are promoting products on your blog page that is related to what you are writing about, so an affiliate link to an Amazon product or doing Google AdSense and allowing people to advertise on your blog page. As mentioned earlier it does take time to build organic traffic to your website, and your website needs to be slightly aged to build authority and it is well established. It is a great and fun business model however it is time consuming; it can take a while to build, and there is no guaranteed success.
Being a freelancer is another online business you can also do. Let us say you start a job on Fiverr or UpWork, you could maybe land your first gig anywhere between 20 days to 40 days. You land your first gig it might only be $5, $10, or $15. You have an extremely limited earning potential, but it is not your own business when you’re selling on these other platforms, and you are working for other people. However, there are people that can build a big freelance work business, and overtime you can outsource some of the tasks you do for your freelance business to a team member that maybe overseas. It does take a lot of effort, a lot of learning, a lot of training, a lot of trial and error, and a lot of education and time, but can be very fruitful. No business is an overnight success, and all businesses take a long time to build and grow.
Now, what we live by and recommend to anyone starting an online business is eCommerce, and no not Shopify, we are talking about drop shipping Amazon. Reason being is that it has an 85% or more success rate in the online business industry. Out of any business you can start online, Amazon provides the highest chance for you to succeed and to make a large income. Drop shipping on Amazon is the fastest growing business model which requires the least amount of education, training, trial and error, and the least amount of resistance when it comes to doing some of the legwork and getting results from that work you put in. It a great model whether you are brand new or experienced in the eCommerce industry. Want to learn more? Visit our homepage or send us a message on Instagram today!