When discussing about lifestyle business there are some major approaches to tackle. Some business models are:
Low cost and low profitability:
Ø Affiliate Marketing
High cost and high profitability:
Ø Physical products
Low cost and high profitability:
Ø Online courses
These are all opportunities for you to step in and grab your piece of the media business by publishing your own digital information. If you pick a profitable target market and serve that audience consistently with content it finds valuable or entertaining, you can make good money with low overhead, and have fun doing it, too. There is something special and romantic about owning your own online business, being an entrepreneur, and mastering your destiny.
Top 10 Online Business Models That Pays
1. Affiliate Marketing
This is a type of online marketing that can make you money for each sale that you deliver to a merchant from ads you place on your site or in your emails. Sales commissions can range from a small percentage to hundreds of dollars from each sale depending on the type of product you promote and generally affiliate commissions for digital products vary between 40% and 75%.
As a freelancer you work on a project basis. If you have a particular skill like copywriting, video editing, or web designing, you can offer your expertise and get hired through platforms like Freelancer.com, Guru.com, or through your personal website. By working for others, you can also avoid much of the hassle, responsibility, and administrative requirements of starting a formal business. Freelancing is still trading your hours for dollars but much more on your own terms and schedule than working a real job.
What Is a Blog? A blog is a type of website that features regularly updated short articles. As an online entrepreneur you can use a blog as a publishing tool to share your thoughts online and to create a niche magazine-style business of your own.
4. Creating Video Clips
Video is an increasingly popular business tool online. In today’s world YouTube has become one of the biggest search engines and there are millions of people searching for help and solutions to problems on that platform right now. You can produce short clips to promote products, record a video that can go viral on YouTube, stream live video webcasts using tools like Ustream or Livestream and many more. These tools can help you build your own Web TV. YouTube is the best place for entrepreneurs looking to make money from the massive worldwide audience for online video. Anyone can join YouTube and promote their videos. It is Free!
5. Network Marketing
Network marketing is also known as MLM (multilevel marketing). The MLM industry is good at attracting aspiring sellers with promises of easy earnings and exciting prizes for top sellers. Network marketing companies provide their new recruits with training, professionally produced materials, even camaraderie and fun as part of larger team. Selling MLM products sounds easy because as a new recruit, you are trained to sell detergents, cosmetics, vitamins, etc to your personal network of friends, family, and acquaintances. You can recruit some of those friends to become sub distributors, as the people beneath you in this sales hierarchy start selling, you receive a percentage of their sales as commission. This ability to get paid both for sales you make yourself and to also participate in the sales made by people you recruit is why it’s called Multilevel Marketing “MLM”.
6. Creating and Selling Your Own Digital Products
This type of business model generates high revenues. The most common products sold online include eBooks, audio tracks and online courses. You can sell them on your own website or through other platforms.
7. Online Consulting
If you’re a coach or have a certain type of expertise, you can sell online consulting services over social media systems like Skype, Zoom or even Facebook. However, keep in mind you’re directly trading your time for money but since private consulting is usually well paid, you might not need many clients to make a living.
8. Advertising & Sponsorships
If you can identify companies that have products appealing to your target market, you can pitch them to sponsor your websites or activities. Sponsorship is a type of advertising in which one gives money in exchange for exposure and visibility. Most popular podcasters generate revenues for their show through sponsors. They mention the show sponsors during the episodes and give them increased visibility.
Most forums are free to access, but some are private and require a fee to join. This business model is built around the value of being part of a community. Forums can take a significant amount of time to build and attract enough members to generate considerable income.
If you provide incredible value and have built an audience of real fans, they may agree to contribute to your site by giving a donation. You simply have to add a donation button to your page that visitors can click on and enter to donate a money. To help you set this system up, PayPal.com has a step by step guide for creating such a button.