In successful business models, all you need is exclusive value creation proposal, diverse streams of revenue and creativity to stand out from the crowd. As in America, there are approx. 23 million online businesses and 543,000 are opening every month.
I have rounded up 5 successful online business models that you must consider if you have got a business idea and want to start your own business.
- Online Education & Training
Online education & training is a great substitute for students and some families who want customization, flexibility, and self-directed education.
Skill share, Zen Habits, Jeff Walker’s product launch formula are some of the successful online education and training businesses.
The three essential components that you need to consider if you are thinking to start this business are:
Teaching of expertise- from experts to enrolled students
Mean of teaching- a reputable format that creates a closet experience
The audience who want to learn-enrolled students.
The most important thing in online education & training is someone with expertise in a field. Like I mentioned above about Jeff Walker’s product launch formula. It is a video based training course in using email lists to launch successful web products. So, Jeff Walker is an expert at internet marketing while Leo Babauta (owner of Zen Habits) is an expert in positive habit change. As they are experts so due to their in-depth training nature, choosing videos as valuable format, providing extensive free material they are commanding higher prices than other web products.
- Online Retailing-An E-Commerce Store
Selling and buying products/things online is one of the common and flourishing businesses these days. The core components of business model of this thriving industry are:
Customize selling platform like Shopify and etc.
Manufacturing or selling your product is your choice in starting this business.
Fulfilling customers’ demands by having complete knowledge of the market and consider your customer as King.
Wow factor of your product
- Building Different Web And Mobile Apps
There is a drastic increase in demand for creative and new apps. As Smartphones- Apple’s IPhone or Samsung’s Android, there is a usage of uncountable apps daily like Facebook, Basecamp, dribble, free agent and etc. The three important points to consider in business model are:
A market with a problem that is addressable
Solution of that problem by developing APP
Way to reach your chosen market
- Blogging & Self-Publishing
Blogging and self-publishing are also one of the common businesses that are earning a lot these days. Amanda Hocking is a renowned example of a writer making heaps in the industry of self-publishing. The essential components to consider in this business model are:
High-quality content, SEO and related factors.
Marketplace to sell the blogs or eBooks like Amazon or etc. is the best option.
- Brokerage And Advertising
Advertising and brokerage are also one of the successful online businesses. Brokerage online companies like Charles Schwab is an example for those who wants to start their online brokerage company. The core components of their business model are:
Bring consumers and vendors together and by enabling their dealings you can start brokerage business.
Services like IM, email and etc. mixed with communications in ads format is the helpful component in the business model of online advertising companies.
Making money online is one of the great opportunities for you. The above mentioned successful business models can be helpful for you to start your own business. You need to spend some time in learning their business models in detail. So the trick to being one of the successful business models is to select the right one or blend of business models.
Kate Alex works as a Business Analyst at My Assignment Help Deal. With this profound knowledge and illustrious experience in business research, she helps entrepreneurs establish startups and launch new products. For years, she helped many businessmen launch successful enterprises. Join her on Facebook, Twitter and Google Plus.