Over the last decade, online business models have disrupted industries and changed the way in which we do commerce. As such, many innovative online businesses have emerged which most remote startups have adopted. It has also given individuals a tremendous opportunity to break free of the day-to-day grind by allowing them to create their own income streams.
The internet has changed the lives of many! This article should serve as your starting point for exploring various ideas for starting your next online business.
What is an online business?
Simply put, if you have an offering (product or service), marketing and finances (revenue and costs) that work in a particular system, you have a business.
An extension of this is an online business model which has become more popular with the internet. Unlike a traditional brick and mortar business, an online business uses the internet and a website/app as its storefront.
For any online business model to work, you need to integrate ALL 3 components mentioned above through digital platforms/tools. For instance, if you have an eCommerce store that offers “Cash on Delivery” as a payment option, your finances will have to be managed physically which defies the definition of an online business model.
Why start an online business?
Online business models are designed to help you start with far less capital than you would with a physical business. The barrier to entry is also far less and if done right, the return on your investment can exponentially increase.
Besides, since it’s all based online, it means that you can work out of anywhere as long as you have a laptop/smartphone and a good internet connection.
Starting an online business is a great way to bring in freedom and flexibility in to your life in addition to diversifying your income.
Keep reading to learn about online businesses and how to choose which model is right for you.