online entrepreneurs

How Online Entrepreneurs Are Making Their Money

Linkilaw Business Finance, Home-Based Business, Marketing & Social Media, Motivation & Success, Startup Advice & Tips

Does your job require that you rise before the sun or stay in the office long after it has set? Would you rather not be rubbing elbows with strangers during an uncomfortable daily commute? Are you counting the clock down for lunchtime, closing time or pub time?

If your response is “Yes” to any of the above, then it’s likely that you’ve daydreamed about the unrivalled freedom of working remotely. Home – where you can be your own boss, set your own hours, and where the longest commute of the day is to your living room.

Online entrepreneurs have already paved the way for financial success, and their path isn’t a secret. Thanks to the Internet, your vision can be a reality by working really hard (for yourself) and following the groundwork laid out by the web’s ‘founding fathers.’

So, what are the ways to make money online? Let’s take a look at a few of the more tried and true recipes for online success:

E-Commerce

Since the Internet’s inception, electronic commerce (selling products or services online) has shown computer-savvy individuals around the world how to actually make money online. And while the World Wide Web has grown exponentially since then, the formula for running a successful E-C operation has remained the same: products + sales = money!

An online store is the most popular option for an entrepreneur looking to gain financial freedom through e-commerce. Open to customers 24/7, it’s a convenient approach that eliminates big-time overhead fees like employee wages, storefront rent and higher utility and insurance costs.

Some enterprising sellers can even get underway as quickly as it takes them to secure a domain name. But with marketplaces like Ebay and Amazon at your fingertips, even that’s not a requirement.

Ever wonder how to make money at a young age? This is this easiest way! But before you jump in, you should know there’s more competition than ever before. Be sure you have a grasp on your market, goals and finances to maximise profits.

Take a page out of the ASOS playbook for inspiration. Founded in 2000, the online retail store that began as a tiny startup is now the UK’s leading fashion site. With special attention to fast, convenient shopping and easy, no hassle returns – founders Nick Robertson and Quentin Griffiths have expanded their market to include beauty products, maternity wear and children’s clothes in recent years. They now boast an annual revenue of over £1.1 million for their efforts.

Blogging

A blog is a great way to vent, record your thoughts – and make serious money at the same time! Today’s click-crazed businesses are all about driving traffic to their sites and if your words can generate leads, the money comes rolling in.

Often times, successful bloggers don’t even have to mention a sponsor’s name – they just have to be willing to share their page with advertisements. Don’t know what to write? Start with what you’re good at! Whether it’s fitness, health tips, relationship advice, parenting techniques, interior design or more – write from a sincere (and informed) place and the followers will come.

Take Jack Monroe, for example. In her blog, “Cooking On A Bootstrap,” the single mother documented her culinary journey – feeding her son nutritious meals on a skinny budget (around  £10 per week to be exact) during the UK recession. What started as a wholehearted effort to help other moms in similar situations, now boasts around 1 million readers every week! (And that translates into serious cash for the thrifty mum).

With several recipe books, a few charity causes and a flourishing business under her belt, Jack is now living life as a freelance writer, humanitarian and activist from the comforts of her own home!

Niche Marketing

The wonderful thing about having a business online is that practically anything goes! And that anything is best summarised as being a niche market. Similar to a blog, niche market sites highlight (really specialised) goods, services or insights. But unlike blog sites that cast wide nets to reel in their readers, niche sites zero in on a narrow group of consumers and rely on detailed keyword searches to be found.

For example, starting a “virtual assistant business online” may land you somewhere in UK search engine results, but who knows how many pages prospective customers will have to turn before they “see” you? On the other hand, a “virtual assistant for lawtech startups” or “virtual assistant for sports marketing professionals” are two examples of niche variations that are sure to propel you into the foreground of search sites.

Actually, there’s no better way to distinguish yourself from everything else on the Internet than by having a product or service that’s so specialised not just anyone can do it! In fact, some of the most respectable – and profitable – online businesses to date first existed as niche markets. Amazon, Groupon, Etsy, Ebay, and Facebook were all created to answer an obvious need in the online marketplace. They started as niche sites that capitalised on (and then monopolised within) their industries.

Final Words: Online Entrepreneurs And How They’re Making Money

Regardless of which model you choose, the foundation to success is the same: go find a need and fill it. Expand what you already know, to include what people are looking for! This is the only ‘secret’ online entrepreneurs need and if you think you’ve got what it takes then you too can become one.

Startup Legal Session

Comments

comments