We are all getting old and tired with our daily routine jobs. Traffic irritation, Boss’s nepotism, heavy work schedule, low/average pay-offs are daily part of our lives.
It’s almost 6 years of time since my graduation cap and still finding ways to make money online. Every technique i try online demands me more time, investment. Of course nothing comes free and without hard work.
Everyone wants to setup such business or do job that offers us enough money to lead a comfortable life, to pay medical, phone bills, home expenses, blah blah blah! Of course travelling too..
“Showing off your startup won’t generate you the money. Attending business events, conferences, have millions of followers on social media is not an indicator of success. The small tea shop/food shop near your office is not a startup firm, didn’t raised funding, still able to generate 10 times more revenue than you do, has more repeated customers and most importantly zero followers on social media. It probably has higher success rate too because their business owners are more focused on generating revenue rather than starting the business which is already in the market with bored audience.”
To help you understand in simple way, there are four business models that can be used to generate income. Some of these led you to earn lot of money, some not quite as much. Let’s talk about it.
1. Selling Physical Goods
Having a physical store is always good thing. Your customer can touch and feel the value of product. Forget about discounts, Customer would love to have a feel of product before buying.
All you need to worry about is wholesale supply, marketing, profit margins.
Delivery is the first thing you should be concerned about. You may not have to worry about the delivery, since you can rely on logistics companies to do that for you. However, you still have to figure out how to make enough profit margins to cover the cost of delivery.
2. Selling A Service
Services like Tutoring, Telecom services, web design and hosting services, language translation services, mechanical, house keeping, decoration, security, interior designing services, content writing are few famous ones these days.
It’s good idea that we personally do not deliver the service, still we get paid for it.
For example, If a person has need for website you can sell him email, hosting, graphics, SMS, content for him.
The profit margins can be good, if you know how to play with competition.
Due to it, you will need to justify the service delivery as well as tech support for so little returns.
Service businesses are easy to start, hard to position yourself in the competition. Time consuming model.
3. Selling Information
You may call it as service selling, but it is not. Thanks to Internet, information is non-physical.
Mainly it includes blogging, the latest and sensational career in the world. No boss, no travel. All you need is very minimal investment and start making money within very less span of time.
How to start a blog and make money online?
Also you can start a site of business/product listings for free. Once you keep getting more visitors you can run ads to make money. Bloggers are making a minimum of 100$ a day depends on their niche.
Finding your passion and executing the strategy for the same takes patience and smart mind.
You can eventually work less, but until you have made decent subscribers you will have to face a battle to build your niche audience.
4. Software selling
If you want to sell a software, first you need to have such knowledge of designing, coding a software. If not, simply selling the software based on features and benefits won’t make you expert and gets you more pay.
Every online tool is a software today. Google is filled up with software today.
Each and every field has software requirement. You can make huge money out of it and even change the world with amazing software that is well executed.
If you are not software engineer, then finding software engineers and paying them needs more capital. Even just basic featured software can run up lakhs of rupees in development stage itself.
Outsourcing might be the good idea, but you have to be careful about the quality for the money you pay.
Constant bug fixing is tough job too.
Reading successful startup stories might make you feel fancy, but requires huge passion, commitment, capital and team. Make sure you have confidence in your idea.
Of course at the end of the day everyone needs a good pay. To make it happen, make sure you have guts to take risk and make things happen.
Learn from your experiences, mistakes. Read stories and books about entrepreneurs, meet people, observe things. The learning process never stops of course.
A blog can be more than place to share ideas, it can become your source of income. Every real idea has execution and every execution leads you to money.
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