In purely practical terms, the most profitable online business to look at is selling goods. Online shopping has exploded and it continues to expand, to the extent that major retail companies are alarmed and striving to get their presence online ASAP.
For someone looking for fast results I would suggest opening an Amazon FBA account, sourcing good quality products after researching extensively, and presenting these on the Amazon platform, it is just huge, and extremely profitable.
For any venture to be successful, you have to offer a product or service that consumers desire greater than the money they have to pay for your product or service. Once you discover that, you will operate a successful e-business.
Niche selling is unpredictable, e-business takes marketing experience, a strong sales copy and extremely good connections. If you have a market then you are off to a good start. However, take a look at what business tools you will require to sell online, for example a shopping cart, a website and a merchant account are some basic tools to help the online merchant.
Ecommerce retail is a very profitable ebusiness and these days also has a low cost barrier of entry. You need to ensure that the product you wish to sell, has high demand. You need to be creative and engage your customer base through rich content to create value that your competitions do not have. From this find ways to engage the customer base through use of content. Services like shopify create a low cost web platform for you to open an online retail storefront. Try and mix up your supply chain with drop ship suppliers to minimize your inventory risk and warehouse/distribution costs. That's the 30K view. Good luck'
Hi Ebrima! Any business requires effort and making the right decisions, with a well thought out plan and executed with consistency and discipline...before it can be profitable. As to what is the most profitable..you need to look at what the hottest trends are a be able to easliy tap into them, ideally at a low investment..so you can get a fast ROI and then start making profit.
You also need a business that is simple, duplicatable and allows you to leverage your time! THis is key. Any successful business that wants to grow needs to be able to have the ability to leverage. Whether its having a system, online website or people working for you....the power of leverage is critical to long term success and profitability.
e.g McDonalds....simple system, duplicatable..teenagers can work it...and the company makes a small % on billions of Big Macs...Rather than 1 store trying to sell billions.
Not everyone has $2 Million for a franchise system....for a large capital outlay...so my criteria would be as follows: Low startup cost, low overheads, operate from any point - home, mobile etc...no stock, flexible hours and a service or product with a system that is to duplicate. Look for 'franchise alternatives'.
I would also get advice from the top most experienced business people and see where they are investing there time and Money. Lets take the 3 wealthiest people on the planet. Carlos Slim, Bill Gates and Warren Buffet. Carlos Slim is constantly reviewing new technology and made his billion on telecommunications. Bill Gates believes that technology and energy sectors will see the biggest growth trends in the years to come. And Warren Buffet, he owns multipe businesses and is made his millions in investing in the right industries before they hit critical mass. He also stated that the deregulation of telecommunications and energy sectors will see the largest transfer of wealth in history. He also invests hugely in merchant banking.
So if the 3 wealthiest people on the planet all agree that technology, telecommunications, energy and merchant services will provide the biggest opportunity for wealth...I would be heading in that direction.
I can certainly point you in the right direction in MI if you would like to look at these options...as I have connections that may be able to provide you with the right info, resources and opportunity. Best regards, Justin Poor
Ebrima - I can think of few resources you can use. (1) Shirley Tan's book : Ecom Hell: How to Make Money in Ecommerce Without Getting Burned (http://www.amazon.com/Ecom-Hell-Ecommerce-Without-Getting/dp/0615786871/ref=la_B00DPDC7B4_1_1?s=books&ie=UTF8&qid=1396486528&sr=1-1) and (2) http://www.ecommerceuncovered.com/not-sure-where-to-start. - When you have built your business and ready to exit - I can help :)
The most profitable e-business to start is the one you will be pationate about. Passion bring millions
Rather than thinking what to do, begin by answering these questions:
- What can I do / what do I know (capabilities / skills)
- Who do I know (contacts - TALK to the people you know that might have needs)
- What can I afford (risk)
Once you get this clear, you might have a broad idea of what could be your market, what do they might need that you can provide, and how much can you afford to lose without crashing. Then it's just implementation.
Remember, online market for product and services has LOTS of people that is already doing it. It's how to make it different and creating more value to your clients what counts.
The most profitable ebusiness to start is one you have a goal or dream and are passionate about.first of all. It coyuld be a product or service. it does not matter what it is except that it does need to be something others are willing to exchange money for.
It must be something you have such a passionate interest in youo are prepared to spend hours each day with no immediate return purely for the sake of marketing and promoting it. Never giving up and never saying no.
As well as selling either good or services, there is the method one uses to martket them and sell them. It can be directly, through a vendor (such as Amazon for example) or through a MLM system. The MLM system does not give an immediate return but builds up over a period of time. Like writing books, it is an up front investment in time and money before you see a return.
Using SEO is another method that can be fruitful. I have done very well providing educational information on websites for free. Thousands have taken advantage of the information provided and click on the ads on the pages, thereby providing me with an income. Again it is capital (mostly of time doing research and writing and posting the information) up front but the results can be very long lasting.
There is no end to what one can do. It depends on yourself and how determined, how disciplined and how interested in what you are doing that counts.
Ebrima, It's too wide a question.
It's like asking whats the best way to ride a bike. or to learn how to swim. or how do i grow.
Some good comments, relate to passion, focus,
Some people take their hobby and tune that into a business.
Others look for ways of helping people and turn that into a business.
Others see opportunities and turn that into a business.
Some people think, someone should make something to do this or that and turn that into a business.
Some people catch the latest trend / wave and capabilities on that for a short time, then move on to the next big thing.
What do you want to do.?
How long do you want to be doing it?
How much $$$ do you want to make.
If you were to ask me "How do I quickly get some $$$$, I may say "Rob a Bank"
you will get bag fulls of cash very quickly, but there is a cost.
Your question although interesting required more detail, I'm sorry to say buy vague questions can only product very general responses.
Electronic online store is best. Its my opinion. Affiliate business is also good.
It depends on where you live, what that area needs.
If you are going to sell something that people don't want.... it's kinda obvious that things are not going to work out well.
I suggest thinking about what YOU think people need. Ask friends, family, etc.
Then, sit down and think about which one you are most passionate about.
Then... check around for local businesses online and offline. Is there anyone who offers the same? What prices are they offering? What are the margins?
And after all that... and you still want to do it. Then GO DO IT!
Depends on the level of technical complexity. I am in the advice business which is easy to price and reaches the largest market.
1.To me the most profitable business to start would be a venture that stimulates you and gives you the satisfaction. I wouldn't go into a business solely based on how much I can earn from it in financial terms because I dont want to do something I dont enjoy most of the time. You cannot equate financial considerations with being happy doing things you like to do.
2. I am a big fan of Amazon ,Ebay, Drop shipping and the like. But you need to identify what market you want to be in. You need to research the different eMArkets on the web and believe me there are many. Research what people are buying the most(Google Analytics will help) and source the best markets to buy that product from and find a buying market for your products/ services.
3.There are millions of websites doing eBusiness so try to look for the leaders among them and see how they operate. It pays to copy a success story remember.Tread your own path. All the best.
OK, sounds like a joke but consider that people buy what they want and if you focus on the deepest emotional wants (and/or fears) you'll have a ready market.
As for profitable product - information.
Hi Ebrima Very good question!
What Edison say : you need and try 1000 things and make mistake then you will find out.
A profitabel e business is the chimistery between you and the business.
Hear what the peopel say and go with your own feeling.
The most profitabel ebusiness is to start the Gon With The Wind.
I think Eric D. answer sums it up in General.
In particular, things that seems to always have high demand are:
1.Women clothes (women LOVE clothes)
2. Electronic and gadgets
3. Any products that kids want, and that parents feel bad when not buying them for their kids :)
Another option is to look for trends, like popular music bands products for example, but this will last as long as the trend is trendy.
In general, it's a great simple question with a very complex answer :)
The most valuable one I am seeing is Online shopping, travel booking sites. As long as there is potential for scale, the values goes up even though margins may not be sufficient and infrstructure costs keep scaling in step ladder form.
There is no universal answer for you. Any business can be successful, depending upon the experience, marketing skills, market conditions, your perspective and services which are unique and innovative. People have made fortune from business which is unheard. Some people can make profit from the soil. You must know your thoughts and ability to succeed. No one can be better judge than you. Your passion and ability etc. Any good innovative idea, you feel appeal to you, concentrate and be after that, success is in your hand. You know the answer yourself. Pradeep Berry