If you are an aspiring entrepreneur and want to start your own business without spending a lot of money, upfront, opting for the Internet-based business model can be an option worth exploring. Here we take a look at eight business ideas that can be explored over the World Wide Web.
Of late, many entrepreneurs are exploring the option of setting up Internet-based businesses because of the obvious benefits that this business model offers. Not only does it enable them to launch their venture in a short span of time, but also allows companies to save infrastructure costs and can even be a profitable venture right from Day One. In most cases, all you’ll need is your team of employees, a reliable Internet connection and a few laptops, and your business set-up is ready. Depending on the nature of your work, your team members can even work from any location, eliminating the cost of renting office space.
Here are a few careers that are ideally suited for the Internet-based business model.
1. ConsultingWhether you are a chartered account, lawyer, architect, astrologer or someone with expertise in any other line of trade, you can start offering consulting services by building a purely online business set-up, using a website. Similarly, an online consulting firm would be a good business model for professionals in finance, photography or wedding planning. In such a set up, your customers can reach you via your website, email or the phone. Personal meetings with clients can be set up at the client’s office or at hotels or restaurants. Some restaurants even offer a meeting lounge, if you are a regular customer, or are meeting with a larger crowd. This entirely eliminates the need for a brick and mortar office.
2. Online training
If you are part of a team with expertise in a particular subject, you can sell online training sessions to other businesses. For example, you can train employees such as the accountants or managers of companies on how to use a specific software tool. It could be something as common as using Microsoft’s Excel spreadsheet or a tool that has been custom built for the company, like ERP software. Similarly, front-office employees who need to interact with customers on a regular basis — like receptionists, customer service executives, etc, can be trained on personal grooming, how to take phone calls, how to interact with clients visiting the office, etc. The training sessions can either be offered as a live audio/visual experience, using tools like Skype or you can prepare pre-recorded sessions using tools like Adobe Captivate, etc. Though live sessions are interactive and generally more effective, some of you may prefer recorded sessions since they are relatively cheaper and can be reused every time the same training session needs to be repeated for some other client.
If you are part of a team with expertise in a particular subject, you can sell online training sessions to other businesses. For example, you can train employees such as the accountants or managers of companies on how to use a specific software tool. It could be something as common as using Microsoft’s Excel spreadsheet or a tool that has been custom built for the company, like ERP software. Similarly, front-office employees who need to interact with customers on a regular basis — like receptionists, customer service executives, etc, can be trained on personal grooming, how to take phone calls, how to interact with clients visiting the office, etc. The training sessions can either be offered as a live audio/visual experience, using tools like Skype or you can prepare pre-recorded sessions using tools like Adobe Captivate, etc. Though live sessions are interactive and generally more effective, some of you may prefer recorded sessions since they are relatively cheaper and can be reused every time the same training session needs to be repeated for some other client.
3. Online marketing
Nowadays, several companies have realised the importance of tapping the Internet as a marketing tool, but lack the expertise on how to go about it. Your company can help such firms establish an online presence and use the Internet to grow their business. You can run online advertising campaigns, search engine optimised marketing and email campaigns to generate leads which will ultimately result in more sales. You can charge your client either on a per-lead/per-sale basis, or take a one-time consolidated payment. Social media channels like YouTube, Facebook and Twitter can also be used effectively to get a broader, yet more targeted audience for your client. Reviewing and blogging about your client’s products can also help drive up sales.
Nowadays, several companies have realised the importance of tapping the Internet as a marketing tool, but lack the expertise on how to go about it. Your company can help such firms establish an online presence and use the Internet to grow their business. You can run online advertising campaigns, search engine optimised marketing and email campaigns to generate leads which will ultimately result in more sales. You can charge your client either on a per-lead/per-sale basis, or take a one-time consolidated payment. Social media channels like YouTube, Facebook and Twitter can also be used effectively to get a broader, yet more targeted audience for your client. Reviewing and blogging about your client’s products can also help drive up sales.
4. Online commerce
If you have a product to sell, you no longer need a shop or showroom to generate sales. You can set up an online shopping store on your own website or use an existing marketplace like eBay to list and sell all your products. Even simple things like printed T-shirts or handicraft items are easily sold on these platforms. If you don’t manufacture any product of your own, you can become a reseller and help other businesses sell their products online and earn a commission in the process. Even online classifieds websites like Sulekha.com and OLX.in can help.
If you have a product to sell, you no longer need a shop or showroom to generate sales. You can set up an online shopping store on your own website or use an existing marketplace like eBay to list and sell all your products. Even simple things like printed T-shirts or handicraft items are easily sold on these platforms. If you don’t manufacture any product of your own, you can become a reseller and help other businesses sell their products online and earn a commission in the process. Even online classifieds websites like Sulekha.com and OLX.in can help.
5. Recruitment
Helping companies find suitable candidates to hire and job-seekers find their ideal job has always been a business opportunity. All you need is a small team of people who are good at relationship building and networking with job seekers as well as HR managers. Whenever a job vacancy is listed, your company can post it to job listing websites, run online campaigns, send out targeted emails to prospective candidates and help find a good match for the position. The commissions earned on each successful placement will drive your business’ growth. As your get more and more successful at this, and you build a good reputation, your clientele will increase.
Helping companies find suitable candidates to hire and job-seekers find their ideal job has always been a business opportunity. All you need is a small team of people who are good at relationship building and networking with job seekers as well as HR managers. Whenever a job vacancy is listed, your company can post it to job listing websites, run online campaigns, send out targeted emails to prospective candidates and help find a good match for the position. The commissions earned on each successful placement will drive your business’ growth. As your get more and more successful at this, and you build a good reputation, your clientele will increase.
6. Online market research
Businesses are constantly on the lookout for market research data, which they can use for better decision making and subsequently build better products which are more in tune with the current market’s needs. With a large section of the population having access to the Internet, conducting market research on the Internet is a growing trend. You can set up an online panel of users who have agreed to respond to marketing research questionnaires and sell the generated data and an analysis of it to businesses. A large number of respondents can be tapped within a short period of time. You can obtain data from anywhere since there are no geographical barriers on the Internet. Moreover, the process is relatively inexpensive.
Businesses are constantly on the lookout for market research data, which they can use for better decision making and subsequently build better products which are more in tune with the current market’s needs. With a large section of the population having access to the Internet, conducting market research on the Internet is a growing trend. You can set up an online panel of users who have agreed to respond to marketing research questionnaires and sell the generated data and an analysis of it to businesses. A large number of respondents can be tapped within a short period of time. You can obtain data from anywhere since there are no geographical barriers on the Internet. Moreover, the process is relatively inexpensive.
7. An online product or service
If high-risk or high-gain ventures are your forte, starting an online business which solves a specific user problem is a great opportunity to consider. For example, an online social networking website like Facebook, an image hosting company like Flickr, a restaurant review site like Yelp.com, an e-ticketing service like BookMyShow.com or any other business idea you are willing to experiment with. You may start with something entirely new or take an existing idea and improvise on it. Moreover, unlike the 90s, users no longer consider the Internet only for ‘free’ resources and are ready to pay for services they are likely to use. So, developing a business model around your idea and making money from it is not as hard as it used to be. 8. Online content writing and publishing If you have a knack for writing and a passion for sharing knowledge, you can try the online publishing domain. You can start off by writing blogs on any topic of your interest, and gradually move on to writing whitepapers or entire books and publishing them online. You can encourage other bloggers in your domain to write for you as guest authors and you can write for them in return, to get maximum visibility for your content. Once your blog is popular and develops a fan following, you can convert that traffic to real income by displaying advertisements on your site. If you are writing more focused research papers or books, you can charge your readers on a per-view or per-download basis. Some services on the Internet like Lulu.com can help you get your book printed on-demand (i.e, the book is printed only when a customer orders it online). The book can then be sold for a profit. With Lulu, since the book is printed and shipped to customers only after it has been ordered and paid for, you are not left holding a vast expensive inventory of books.
If high-risk or high-gain ventures are your forte, starting an online business which solves a specific user problem is a great opportunity to consider. For example, an online social networking website like Facebook, an image hosting company like Flickr, a restaurant review site like Yelp.com, an e-ticketing service like BookMyShow.com or any other business idea you are willing to experiment with. You may start with something entirely new or take an existing idea and improvise on it. Moreover, unlike the 90s, users no longer consider the Internet only for ‘free’ resources and are ready to pay for services they are likely to use. So, developing a business model around your idea and making money from it is not as hard as it used to be. 8. Online content writing and publishing If you have a knack for writing and a passion for sharing knowledge, you can try the online publishing domain. You can start off by writing blogs on any topic of your interest, and gradually move on to writing whitepapers or entire books and publishing them online. You can encourage other bloggers in your domain to write for you as guest authors and you can write for them in return, to get maximum visibility for your content. Once your blog is popular and develops a fan following, you can convert that traffic to real income by displaying advertisements on your site. If you are writing more focused research papers or books, you can charge your readers on a per-view or per-download basis. Some services on the Internet like Lulu.com can help you get your book printed on-demand (i.e, the book is printed only when a customer orders it online). The book can then be sold for a profit. With Lulu, since the book is printed and shipped to customers only after it has been ordered and paid for, you are not left holding a vast expensive inventory of books.
Once your business idea is proven and you start tasting success, you can pour in more resources and scale up the business, infinitely. With all of these benefits, along with access to a very large number of potential customers, Internet-based businesses definitely offer a great opportunity.
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