Getting Started: Popular Types of Online Businesses

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Every business starts with an opportunity. Your online or cyber business idea has to be rooted to a real-world problem that a group of people are dealing with. In short, you’re selling a solution. You have to think about a particular problem, and then figure out what type of business you’re in.

Broadly speaking, there are 3 categories of online businesses: service-based, knowledge-based, and product-based. Here’s a video we’ve prepared to give you a short introduction:

Service-based online business

This is the easiest type of online business to launch. Just by being online, you can reach out to potential customers – people or other small businesses – who need your service. There are many job sites where you can get projects from. Or you can even just promote your service right on social media, maybe a friend of a friend has an urgent requirement for your skill.

Writing, designing, and coding are some of the most in demand skills that you can offer via the Web. Selling your services is also a good way for building the skills and experience that you need if you plan to transition to a new career.

Knowledge-based online business

The key is establishing your credibility, and reaching out to potential audiences.

If you have expertise or a unique perspective on a specific domain, you can leverage your knowledge to earn money. This is usually a content-centric business. You can start by simply putting up a website or blog on a niche topic, and then serving ads or affiliate marketing for earning passive income. Other delivery modes are through e-coaching, webinars, online courses, or e-books. The key is establishing your credibility, and reaching out to potential audiences.

Product-based online business

There are many niche players into online reselling that are just using social media such as Instagram or Facebook to sell goods. You can sell just about anything, but the more successful online shops usually focus on a particular product line or type. If you have the technical skills, you can also create a full-blown e-commerce system complete with payment, shipping, and customer support integration.

Another way to go the product-centric route is if you develop the products themselves – as cyberpreneurs, it could take digital forms such as apps, plugins, graphics, and the like. There are many marketplaces for these products. For app-makers, Google PlayStore and Apple iTunes are no-brainers – either sell or serve ads on your app to cash in.

Whatever cyber business you’re starting, the important thing is to focus on the unique value that you’re offering. It’s what would propel you to success!

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