In this chapter, we’ll look at the eight potential opportunity types that you must familiarize yourself with. Understanding these eight product opportunity types are key to helping you identify great product and niche opportunities to sell online.
Selling yoga classes online is a great source of income. There are hundreds of sites like Reflexion Yoga or Yogaia that offer these services but they all have one thing in common – the classes are taught by pros. To capitalise on this huge trend you’ll either have to team up with a great yoga teacher or be one yourself.
One of the best ways to build a strong business is by solving a customer pain point. Products that solve pain points can be lucrative because customers are actively seeking out solutions to these problems. You’ll want to keep in mind that pain points don’t always mean physical pain, it can also can include frustrating, time consuming, or poor experiences.
You have to be able to wear many hats when you go for the online marketing. Write good sales copy, seo, analyze followers, enjoy the process and repeat. It is fun but can be stressful when starting out. Like now for me. Thank you for sharing.
For example, Amazon affiliates can potentially rake in obscene amounts of commission dollars if they work at it. Simply sign up as an affiliate to sell a company’s products using your special referral link, and you can get a commission for each product sold without lifting a finger. Commission ranges from product to product and also goes up in stages according to how many products sales your clicks generate. The top commission tier is 8%. That adds up to some serious amounts of cash each month if you’re promoting products with that high rate of commission ( Home & Garden is one such product area with high commissions).
You can earn anything from 10p to £20 per item, and the earnings can really add up if you have a large collection. Whilst you’re at it, see if your parents have any ‘clutter’ they’d be happy to see the back of.
Put Up Wayfinding Signs: Don’t assume that every prospective buyer will find his or her way to your place via Google Maps or Waze. Put up wayfinding signs in visible locations around your neighborhood, ideally on main roads leading to your street and multiple street corners in your home’s immediate vicinity.
I collected cans in my teens and made a few extra bills for spending money. If this idea is of interest, you might be motivated to hear the true story of Maisie Devore who was able to raise money collecting cans for a community swimming pool. She was able to save $73,000 over three decades and is still collecting. Whoa! Learn more about this idea by reading my collecting aluminum cans for cash post.
These ideas are a little different than the typical hustle – they are more based on entrepreneurship and asset leveraging to make even more money for you. These can lead to passive income over time if done well.
Get paid to shop and share your experience. In short, stores or restaurants hire people to evaluate their services to ensure quality. Obviously, social media can impact a brand when a customer isn’t taken care of well. Mystery shoppers help prevent this from happening. As a mystery shopper, you’re compensated to provide impartial feedback about products and services. Your feedback may very well prevent the next social media rant. We’ve devoted an entire article to Mystery Shopping that you can read about here.
2. Reliability is priceless. Cheaper services might save you $10 per month — until you really need them. Imagine after months of work, you finally score a guest post on Huffington Post, get a ton of traffic to your website, and then your site crashes. Those few bucks just cost you hundreds of subscribers and thousands of dollars in revenue. Pay a little extra and sleep well at night.
It’s a fact. Consumers tend to spend significantly more money to support their passions and habits. Just consider golfers. Golfers are notorious for spending thousands of dollars on gear and gadgets with the hopes and dreams of lowering their score, even by the slightest.
Bing Rewards – One of the big search engines will pay you to search??? That’s amazing! Bing Rewards is Bing’s program that awards you points each time you search. The rate changes and right now it’s 1 credit per 2 searches, up to 15 credits a day on a computer. You get 1 credit for 2 searches up to 10 credits on mobile. You can get an Amazon.com gift card for every 475 points.
Starting a new business online requires much less risk than investing your dollars into a brick-and-mortar storefront or downtown office. Because your business is based online, you can reach more potential customers, work from virtually anywhere and make money online without large overheads. With some basic website and communication skills along with a little maintenance know-how, almost anyone can launch a business online and get it up and running in only days. Think you’re ready to become the next big entrepreneur online?
You don’t have to work in a doctor’s office to use your medical knowledge. Healthcare is a large piece of the American economy and the various medical providers and insurance companies have outsourced the coding and billing process to work-at-home people to minimize administrative costs. If you enjoy coding, Aviacode can help you connect with work remotely for national medical providers.
But, you might be able to earn make money as a kid online as a VA by starting your own freelance business, like my friend Kayla. She earns around $10,000 per month. She even started an online course to teach others to do the same.
15. Become a Virtual Assistant – Do you enjoy writing, social media, and blogging, but don’t want to start your own blog? You can find virtual assistant jobs where you help other people run their sites and social media accounts. Depending on the amount of time you have, this side hustle could even become a full time gig.
Absolutely perfect response, and I must say, I completely agree. It isn’t an example of two different professions so much as it is a mediocre analogy for the purpose of exaggerating how important a profession is.
Hi Halyna, Yes, StartUpLift asks for money if you want to be one of their customers who uses testers, but not for website testers. Use this link for StartUpLift: http://startuplift.com/get-paid-to-provide-feedback/
I think I could have been far more successful in previous endeavors had I known this sage advice. I still battle with being a successful entrepreneur everyday, but every mistake and lesson learned sends me in a better direction.
But some of the most dangerous information comes from the countless blogs that focus on the minutia of starting an online business. The ones that say, “You have to start a podcast! And get on social media! And don’t forget to learn SEO!”
Also known as Multi-Level Marketing (MLM), this is a business model that allows you to generate ongoing income in two ways: by making a commission selling products and by recruiting other members who go on to sell. The later allows you to make money from the sales made by those you have recruited.
#4 is killer important. So, so very. In fact, until I got into Fizzle at the beginning of this year, I hadn’t done the hard work of figuring out the “different” and the “better” as it applied to my business, even though I knew I really, really needed to, and even though I fully knew it was hurting my business not to get this sh*t figured out — in the form of price-shoppers and less than ideal projects and so on.
Advertising. You’ll need to get the word out about your sewing business, and one of the best places to start is with your friends and neighbors. Make sure they are all aware of your services and are willing to pass around your business cards. In addition, you should put up fliers in local fabric stores and get to know the employees so that if someone asks, they’ll be able to refer you. Any business needs a website, and yours will be no exception; you can put up a simple one that outlines what you do, and tells the reader what kinds of prices to expect. Finally, by joining organizations like the American Sewing Guild, you’ll be able to stay in touch with others who are doing the same thing as you.