A lot of young adults are looking into entrepreneurship opportunities. It is understandable as it is now as easy as ever to launch a small online venture. And college is a good time to try out different possibilities.
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If you are considering starting an online business in college, here are the most successful business models that will serve as an inspiration.
Online education is on the rise. It is flexible, convenient, accessible, and budget-friendly. That’s why training and courses are very popular. Think about platforms like Coursera, EdX, and Udemy. These are just three successful cases that offer different services to people all over the world.
A lot of individuals create their own courses and seminars. They promote them on personal websites, social media platforms, and learning sites. If you have a specific competency and knowledge to share, creating such a course can be a good opportunity. A good idea would be to start a membership-based website or online community with referral programs.
Other opportunities in this field include learning apps and particular software solutions that make online education easier. In this case, you do not offer your expertise but rather create a platform for learners and professionals to meet and collaborate.
Another incredibly profitable sphere is eCommerce. Selling products online is an amazing opportunity. With a clever pricing strategy and convenient delivery, one can launch a successful business.
Some of the most successful examples are:
- Home Depot.
Also, a lot of traditional businesses use online retail efficiently, for instance, Samsung, Target, Nike, H$M, and Zara.
The opportunities here are almost limitless. Students can sell their own products on platforms like Etsy. They also can resell products online on Amazon, for instance. Or one can build an eCommerce site from scratch to create an online shop.
Besides selling physical objects or services online, one can offer digital ones to clients. It is an extremely profitable niche with a variety of options. Digital products can range from WordPress plugins to ebooks and gaming apps. For instance, a gaming app can bring significant revenue with a well-built strategy.
The main benefit of selling online products is that you do not need to take care of shipping and logistics. The business is handled through the Internet fully. At the same time, to create and build such a product, one usually needs a good level of expertise in Computer Science.
The success here depends on market research and figuring out the target audience for the product. It needs to solve a particular issue people struggle with.
However, if you have a great idea and relevant skills, building and selling a digital product is an amazing opportunity to start a venture.
Affiliate marketing is a decent option to earn extra money. It doesn’t offer the same level of success as previous ones. But it also requires much less effort and time investment. Basically, you are selling other people’s products by posting marketing materials on your platforms.
For instance, if you run a blog, you can write an article about various travel products and include affiliate links to Amazon where people can buy those. This sphere is easy to start with and accessible to almost anyone. However, success is not guaranteed. You’ll need to build a platform, research the target audience, and create compelling promotional content.
Another advantage is that if you decide to build your platform (website or blog), it can be monetized in several ways. So affiliate marketing becomes just one of the revenue streams.
Reselling is another lucrative opportunity. In this model, you buy the right to resell products from a producer. After that, you can offer it to customers directly for the full price without any cuts for the producer. It is a legitimate business model that can bring a decent earning.
However, it comes with a downside. Buying reselling rights can be expensive. So there has to be an upfront investment, which might not be accessible for many students. But if you have such an opportunity, you can buy a digital product and resell it.
This is a popular model of earning money quickly. However, it is not a way to build a genuine business. It can be useful for students that need an additional financial source but do not have much time or desire to become entrepreneurs. With dropshipping, you can still focus on college and your assignments while earning money online. Still, dropshipping has negative connotations around it, as a lot of people consider it not ethical.
Here is how it works and why not everyone is a fan of it. You advertise a product on your platform (website or social media), and the customer receives it directly from a manufacturer. A lot of people use Aliexpress for that and offer products that are sold there for a higher price. When a client buys a product on your platform, you order it from the manufacturer.
Online businesses can be incredibly successful. They come in many shapes and forms, so a lot of young entrepreneurs can find their niche. Some might sell products or services; others might build a new solution for others to enjoy.