8 Business Models to Start Making Money Now



So you want to start a business, but you don't know where to start. You have a passion and a set of talents within your field but you don't know how to translate that into a profit. There are many ways to sell both products and services; with a little imagination and hard work you can figure out how to convert your talents into a multitude of income streams. In this post I'll be covering the most common ways that you can convert your talents into something profitable. These are the eight business models that I am most familiar with, though there are more. Research what others in your industry are doing to help you come up with a plan that works best for you and your business.

Drop-shipping

I'm sure you've been seeing this business model starting-up left and right. Though, drop-shipping is a great idea to make tons of money (even in your sleep), you must work hard and do you research in order to make yours successful. The drop-shipping model is great for entrepreneurs who don't have a lot of money to startup their business and don't have a ton of space for inventory, though would like to sell products. This model is simple, here's how it works:

  • You select a niche or target group

  • You select a list of items you can sell that the niche frequently buys or would like to buy

  • You create an online store to sell the products, to collect customer shipping information and payments

  • You purchase the requested item from a third party vendor such as Alibaba or Cafepress and they ship the item directly to the customer

The cool part about this model is that it can work almost completely on autopilot with plug-ins such as Oberlo, you don't have to ship or store anything and your profit is made upfront! The bad part is that, everyone is doing it! Don't let the flooded market discourage you from drop-shipping though, just be sure to set your business up to win. There are two things that are important when starting a drop-shipping business. Make sure it is a strong target group. Too broad of a market will becoming overwhelming, it will be difficult to figure out what to list for sell. Too small of a market will not bring in enough sales. The second factor is marketing! Being that there are so many competitors, your marketing and advertising plan definitely matter, so be consistent and make it a line item in your budget.

Subscription model

This model is great for service based companies who either are interested in working remotely or just would like to expand their current services to generate more income. Customers sign-up to pay automatic monthly payments to have access to your platform. There are a variety of things that you can share with your customers on your platform, videos, checklists, insider information and more. With a subscription model you can also send a physical product to your members every month that is related to your industry. For example, if you are in the hair industry and you operate as a hairstylist you could make a subscription service for upcoming stylists or for your clients seeking to learn how to better care for their hair. You could upload videos teaching healthy hair tips, fun styles for the season and more. You could have a monthly physical gift element that include things such as brushes, sample size products, rollers, etc. With this model you can offer multiple membership tiers to appeal to different consumers and their needs.

This business model is one that offers endless earning potential and requires very little time and effort out of the entrepreneur. Creation of content and marketing the business will take the most time, but if organized correctly can be done in just a few hours every week. There are tons of options of how you can create your platform. You can store and distribute all your content from your website, many of the major platforms offer membership portals that can be easily setup. I use Wix for my site and for most of my clients and it is really easy to operate. You can also add third party options to work alongside the primary platform, such as a private Facebook or LinkedIn group. If you're interested in this model, start planning and creating your content now, the more you have upfront, the better.

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