Have you ever wanted to start a business of your own?
Depending on your location, there are numerous documents you need to fill in and requirements you need to satisfy in order to set up even just a small store business. You would be fortunate enough if your local town has a set up for taking business registration applications online. But in most cases, especially for poor and far-flung areas, that is not the case. One still needs to labor lining up in queues in government offices, not to mention the amount of time wasted on travel alone. It does not even help that lockdowns have restricted people’s travels.
The best way to establish business then these days is through the internet. All one needs to have is a laptop and a good internet connection. `Surely there are still tax requirements you need to fulfill such as filling up online tax forms but the internet provides various means of helping people earn a good amount of money without the hassle of lining up for business registrations and all.
There are four business models of E-commerce that one can actually choose from. And they are as follows:
- Private labeling – this is done by buying materials, repackaging them, slapping your brand name, and selling them online. There are websites that offer tools so people can make designs for t-shirts, tumblers, and all sorts of products. After then you can sell those products on Amazon or any online market of your choice. You can even create a website of your own to sell your online products One of those websites is Teespring. You may check out the website and create your own account for free.
- Dropshipping – this business model is where a person makes arrangements for a product to reach a customer that wants that product. If for example, I want a chocolate bar and I am on an isolated island somewhere in the Pacific, and then you find out and say that you will buy me a chocolate bar. You then go to the market, buy a chocolate bar for about a dollar and then go back to me to sell it at a higher price which includes your profit. Either you are the one who minds the shipping or let the store do the shipping.
- Retail arbitrage – this business model focuses on using economies of scale. You buy a certain product in bulk and sell them at a higher price. Here, you might need to have good negotiating skills as you convince your potential supplier to sell you the products at a lower price.
- Affiliate marketing – this is where all a person does is to lead people to a certain product with which he is an affiliate. All he needs to do is to promote the product. If by leading people to that product they make a successful purchase, he gets a commission. The affiliate marketer doesn’t need to mind the product price, the design of the product, and its shipment to the customer. All he has to do is to promote it.
Of all the business models, affiliate marketing is the cheapest. All that a person needs to do is to focus on how he can drive traffic to a specific product that he endorses. With the internet, one only needs to have is a website of his own. One does not need huge capital, unlike the other business models.
Remember this: it is important that we think big but start small. We need to widen our vision but we should take small steps so that if we fail, it would not hurt us that much, especially our finances. If you want to start small, I suggest you start with affiliate marketing.
Start leveraging the internet. You don’t want to work forever, do you?
We do not know how much the pandemic will reshape our world. But definitely, we have already seen changes. A mighty industry of today can be gone tomorrow. There is nothing we can do with the things happening around but we can do something about ourselves. And that is deciding not to be left behind.
Dream big but start small.
Be blessed and be a blessing!