Recent
data published by Internet Retailer
reveals that online sales totaled $304.91 billion in 2014, a 15.4%
increase from 2013, and that an estimated $350 billion will be spent
online at the end of this year (2015). This is in the US alone.
While we’re all obsessed with the Mark Zuckerbergs, Jeff Bezos, Larry
Pages and Sergey Brins of this world, the fact remains that there are a
lot of average people making a difference, and ensuring a comfortable
living for themselves without necessarily having to create the next big
thing.
If you are yet to start an online business, all data and indications
show that now is the right time to start. If you’re confused about what
to start, don’t worry, I’ll show you seven practical and proven business
models, with relevant examples, that you can implement immediately.
Business Model #1. The Ecommerce Business Model
While we all know Amazon.com to be the giant in the ecommerce space,
very few people know that you can start a profitable ecommerce business
that is barely a fraction of Amazon’s gigantic size.
A very notable success story that proves the efficacy of this business model is Steve Chou, of
MyWifeQuitHerJob.com.
Steve’s wife wanted to quit her job so she could take care of their
newborn child full time, and Steve was becoming increasingly concerned
with financial security as his family grew.
Steve and his wife decided to start Bumblebee Linens, an
ecommerce store that specializes on handkerchiefs and linens, and they
were quickly able to replace his wife’s salary of $100k within a year of
starting the store.
Key Lessons
- You don’t have to start big; Yes, Amazon’s success
is massive but unrealistic for everybody