Comparing The Top 3 Online Business Ideas and Which One Is Best for You
Will 2020 be the year you will finally create a profitable online business?
We can all agree that 2020 has been a little bit shaky.
We all started with big goals but the pandemic came in with the kick and sent our goals down the toilet.
The world was put on lockdown!
A lot people lost jobs, couldn’t make money and the whole world was placed in a stand still!
The whole world except the internet.
People who run internet based businesses like myself were still and are still able to make steady flow of income because the internet never sleeps and there is no lockdown on the internet.
My Promise to You:
My promise is that this post will not waste your time, at the end of this post, you will know the best online business to start today and I will give you an insider exclusive access to the most lucrative one you can start today!
That being said, its not all internet based businesses that were able to and are able to still make money in times like these, in this post –
I will be going through some of the “best” online business ideas and comparing which one is actually the best in terms of being able to make money passively regardless of any global circumstances.
Please note that I have 8 years experience in the online business world,
I started at the age of 20 in Nigeria and was able to afford to travel for a 3 months vacation in Dubai using money I made running my first online business.
So, I know a thing or two about working online.
The business ideas here are things I have also done myself and I can confidently share the Pros and Cons of them all.
Ready to get started? Lets start with…
Some Advantages of having an online business:
- 1. It’s Easy to Get Started with Little to no Cost Involved.
Most businesses require a lot of time to set up and a lot of start-up capital,
but if you’re starting an online business,
you don’t have to wait days or even weeks to get started.
You could do it right now.
The barrier to entry is very low.
There is so much guidance on information online, both free and paid.
With the right information, you can start your own successful online business within a matter of days.
- 2. There’s Unlimited Income Potential.
Online businesses are built on systems.
After a bit of trial and error,
you’ll be able to figure out what works for you and what doesn’t.
Once you learn how to “work the system” and tweak things appropriately,
you’ll realize what’s earning you money as opposed to what’s costing you money and from there, the sky is just the beginning point.
Learn to work the system and your income can increase substantially.
I can’t promise that you’ll make millions right off the bat, but online businesses really do have unlimited income potential.
It’s possible to earn to a steady income and have a nice life as a result.
- 3. You Can Work from Anywhere in the World
As long as you have a computer and internet access,
it doesn’t matter where you are—
if you run an online business,
you can work from anywhere in the world.
Believe me, because I’m a living proof.
I spend most of my time traveling around,
doing my passion (music) and my online business does not suffer one bit.
If anything, it improved!
- 4. It’s “Recession-Proof”
Like I said earlier,
the whole world might be going through a turmoil but the internet stays winning and that is because even though there might be spike in unemployment all over the world –
US, UK, Nigeria, Ghana, or anywhere, internet businesses still strive.
Its crazy because I’m a living proof of that, I have an online business that made over $10k in a month during the global world crisis.
So, having a online business is recession-proof if you do the right one!
(keyword – the “right one”).
Top Three (3) Online Business Ideas and Which One is Best For You.
(1.) Affiliate Marketing.
Affiliate marketing is basically the process of earning a commission by promoting somebody else’s product.
These products can be both physical and digital products.
As long as people buy a certain product using your referral link or url,
you will get a commission.
Affiliate marketers can earn up to 50% or more in commission.
It has relatively low barriers to entry, and it’s easy to find products to promote.
Pros of Affiliate Marketing:
1. Zero/Minimal Investment.
In affiliate marketing, you can run your business almost with zero costings.
You just need to promote products and you can do that in various ways,
for example through your own blog (or starting one),
by promoting free of charge to your audience on social media and other free methods.
Most importantly, you don’t need to invest in creating and developing products.
2. Easy to Start.
This is probably the most reasonable factor for choosing this platform.
All the amenities of affiliate marketing show that this is the easiest way to start your business.
You just need to perform some basic steps to complete the whole process while starting with the platform.
3. Work From Anywhere As a Digital Nomad.
One of the most important aspects of affiliate marketing is you run your business from anywhere in the world.
You just need to have a laptop and internet connection to run the operation.
It means you can lead a nomadic life with a solid income stream staying here and there.
This will also allow you enormous flexibility and an enhanced capacity to build an income stream.
Pitfalls of Affiliate Marketing:
1. Commission Based Payment.
So, the whole point of affiliate marketing is the fact that you get paid when people buy a product,
this means even if you send 1000 people to a website and none of them buy anything,
you get nothing!
That’s right, nothing! You don’t get compensated for sending traffic,
you only make a commission when someone actually buys.
So, your money inflow depends on the action other people take.
2. Need A Lot Of Patience and Hard Work.
Initially, it needs lots of struggle while starting with affiliate marketing to take you up to the label.
It’s not like a fairy tale where everything will happen with a little effort.
Yes, there are a few exceptions, but exceptions can never be examples.
In affiliate marketing, usually, it takes lots of efforts and dedication to stand out from the crowd.
You need to adopt a set of different strategies and policies while affiliating different sort of products.
3. High Competition.
I know one of the pros of affiliate marketing is that you can start with close to zero or minimal cost but to really get and make money with affiliate marketing,
you cannot rely of FREE traffic,
spamming your friends and family on social media or whatsapp or what have you.
You need to actually run ads and do some serious digital marketing.
If you choose any product to promote using your website,
it has a high chance that there are many others who already are doing the same as you are preparing for.
So, it’s very much difficult to get or achieve the attention of the right people.
(2.) E-Commerce or Dropshipping.
Dropshipping is a business model that allows you to sell and ship products you don’t own and don’t stock.
Your suppliers – wholesalers or manufacturers – produce the goods, warehouse them, and ship them to your customers for you.
The process is simple:
- You receive an order
- You forward the order to your supplier
- Your supplier fulfills the order
While dropshipping has many benefits, it also has many drawbacks.
We’ll explore both in the sections below.
That way, you never have to keep inventory of products, you never have to see or touch the products, your supplier ships it your customers and you just get the profit from the sale.
(You can buy directly from your supplier for $5 and sell retail on your website for $15, you will keep $10)
Pros of Dropshipping:
1. Low Startup Costs.
It requires a lot of capital to stock a warehouse.
You can eliminate the risk of going into debt to start your business by using dropshipping.
Instead of purchasing an extensive inventory and hoping that it sells,
you can start a dropshipping business with zero inventory and immediately start making money.
2. Sell and Test More Products with Less Risk.
Without the constraints of a physical inventory and the costs associated with it,
dropshipping allows you to update your inventory quickly, easily, and cheaply.
If you know a product is doing well for another retailer or reseller, you can immediately offer it to your customers without waiting for it to arrive in your warehouse.
Dropshipping allows you to test new items without the risk of carrying obsolete inventory.
You only pay for what you sell.
Pitfalls of Dropshipping:
1. Less Profit
The hidden “cost” of dropshipping is the lack of bulk pricing.
You will likely pay more for each item you sell as compared to paying less for a large inventory of items – leading to less profit.
If you want to earn a lot of money using dropshipping, then you’ll have to sell more products than you otherwise would have if you owned and warehoused them yourself.
2. Poorer Customer Service
If your supplier delivers products late, damages them, delivers the wrong items, or otherwise screws up your customer’s order, the customer will take it out on you.
You won’t be able to maintain the personal touch that retailers who manage their own inventory can provide customers.
You won’t be able to quickly solve customer issues without overseeing the inventory yourself – you’ll have to deal with your suppliers to solve problems for your customers.
This “man-in-the-middle” way of helping your customers can lead to issues with your suppliers who may take a long time to do what you ask them to do, and with your customers –
who will quickly get tired of waiting a long time for their problems to be solved.
(3.) Learning a Skill, Being a Freelancer!
This was how I started on the internet, this was how I made my first $100, $1,000 and more online.
Being a service provider or freelancer basically requires you learning a digital skill and then providing that skill as a service to people and businesses.
So, examples of skills can be: Web Design, Graphics Design, Social Media Management / Marketing, Copywriting and the likes!
Pros of Freelancing:
1. You work when you want.
Yes, you are your own boss.
You work anytime and where you want to work.
If you work better in the early hours of the morning,
or late into the night,
you have the freedom of adjusting your work schedule to accommodate your best,
most productive working times.
You also have the flexibility to adjust your schedule so that you can live your life more fully.
2. Tackling a variety of projects and clients
One of the fun parts of being a freelancer who provides services to businesses and clients is that you get to work with alot of people from different fields and backgrounds.
I remember back then when I started,
I used to be so excited to speak to and work with people from different countries.
It was fun.
Even till now as I run my company Wealth Ideas which is a service based company,
I am still wowed that I can be in my room and work with people in the other end of the world.
Pitfalls of Freelancing:
1. You have to deal with inconsistent cash flow.
Even being a freelancer is all glorified and fun but we have to face the fact that you have to deal with inconsistent cash flow because your income is basically tied to the amount of clients you get every month.
If you don’t get a client or clients in a certain month, say bye bye to your income.
This is one of the reasons why I hate service based businesses because you really don’t have a steady flow of income and you cannot predict how much you will make the following month.
You are always on your toes.
Bills need to be paid every month and none of them will wait or adjust to your current cash flow.
2. Hustling 24/7 for new gigs
Damn! The hustle! The hunt! You have to always be hustling for new clients, new gigs, new jobs, new projects and new work every time.
Even when you have a project at hand,
you have to think ahead because once your current project is done,
you need to make money and this means you need to get a new client.
I dread the constant hunt and fight for jobs.
This is another thing that makes me hate the freelancing world.
What’s the point of running an online business or being an entrepreneur if you always have to live on the edge,
chase jobs and most times having to take low paying jobs because its better than having no client or gig.
Okay, My Promise:
What is the Best Online Business for YOU?
(Based on Income Potential, Easy to Start and Flexibility)
the final verdict!
I started my journey online since 2012 at the age of 20 and I have almost done it all.
I have done
having a Youtube Channel and
Freelancing by providing services to businesses or clients.
I had some level of success in some of them but what always kept me looking for a better online business are these reasons:
(1) I needed an online business where I don’t always have to trade my time for money.
(E.g Freelancing and providing services)
(2) I needed an online business that doesn’t have A LOT of competition and requires me to spend thousands testing and trying things.
(e.g Affiliate Marketing and Dropshipping)
(3) I needed an online business that does not require of years of creating, posting and building without results
(e.g Blogging and Youtube Channel)
(4) An online business that has predictable income month by month.
(5) Lastly, an online business that is recession proof; which means even in times like Corona or economic hardship, I can always still stack up!
And I finally found it, after 8 years being in the online world, dabbling from ideas to ideas,
I finally just figured out a simple online business that doesn’t require years of learning,
spending thousands to get results,
spending years to build an audience,
Trading my time for money and most importantly always chasing clients!
Do you want to know what this simple online business is?
Its creating “Simple Profitable Digital Products” around what people are looking for online! Simple!
This business idea is so simple and easy to start that it was looking me in the face all these years but because of its simplicity,
I never paid it no mind!
I sincerely just started to pay attention to it and decided to put in action and RESULTS were mind blowing!
I have never made so much easy money in my 8 years of grinding!
I made more money in 1 month than I made in a year doing blogging, affiliate marketing, drop-shipping and the rest!
Just by selling “SIMPLE PROFTIABLE DIGITAL PRODUCTS” that takes less than 24 hours to put together.
The business ticked all my boxes:
doesn’t require years of creating content or building an audience,
doesn’t require spending thousands to test and test,
doesn’t require speaking or chasing any client (they can kiss my ass),
brings in repeat passive predictable monthly income and is recession proof!
I have never done any business that made me $10k in a month! Until I started this!
I slapped myself so many times because of how stupid I was and how much time I wasted following internet “gurus”,
motivational speakers and people who don’t know a thing about actually making money!
You know what?
I have created a short FREE Report that walks you through my simple STEP PROCESS I use to rack in over $1k – $10k/month online on autopilot selling “Simple Digital Products”!
Click the button below to get exclusive access to the Report.
Or Click This Link to Get access to the FREE Report.
I hope you have found this article helpful.
It took me a while to put it together,
the word count now as I round up this post is about 2812 words and the time is 3:20pm on a Tuesday!
If you’ve tried any of the businesses above,
let me know in the comment and what your experiences are!
If you want to cut through the bullshit,
save yourself years of trial and error, pain and stress, click the button above or the link and go read my free report and see for yourself how powerful and mind-blowing the system is.