Elevate Your Income: Explore These 8 Cutting-Edge Online Business Models Today!

8 Online Business Models To Try in 2023 and Make Your First $100k

Are you ready to dive into your entrepreneurial journey and build your first online business? Getting started can feel overwhelming with so many options available, but fear not - these 8 business models are perfect for beginners to try in 2024. With the right strategy and consistency, any of these businesses could help you reach $100k in annual revenue or more. The key is choosing one that fits your strengths and lifestyle goals.

 

Explore these cutting-edge online business models to elevate your income.

In this blog post, I'll break down each model, including how to get started with little to no money, expected difficulty level, and tips for long-term success. I've also included relevant links to free education resources to help launch your venture.

Let's dive into the top business models to consider!

1. Create and Sell Digital Products

Digital products like ebooks, online courses, planners and more are a perfect starting point. What's great about them is you only need to design the product once, yet can sell and generate passive income from it for years to come with the right marketing.

There are so many types of digital products you could create based on your expertise or passions. Some popular examples include:

• Cooking ebooks and recipe templates
• Exercise guides and workout plans
• Online courses on a skill like photography, coding or financial literacy
• Design templates like logos, social media kits or printable planners
• Getting started is easy and low risk since you don't need to worry about inventory or shipping costs. Selling digital products also allows you the flexibility to work remotely from anywhere.

I'd rate the difficulty as "Easy" since you can learn digital product creation skills relatively quickly. Check out this free course for a step-by-step guide on designing, pricing and marketing your first digital product.

2. Grow Income Through User Generated Content (UGC)

Brands are always on the hunt for fresh, real user generated images and videos to feature in their social media ads and on website pages. That's where UGC specialists come in.

As a UGC pro, you'd test products like clothing, food items, tech gadgets and more, then share photo/video reviews on your public social profiles. Brands pay creators directly for media rights to feature this user generated content in their marketing campaigns.

The best part? You don't need a huge following to get started or make money. Brands value authentic perspectives from everyday people over big influencers. UGC is also perfect for visual learners since you're demonstrating products versus only writing.

I'd rate this a "Easy" difficulty to get your first brand deals. Check out this free UGC course to learn the basics of finding brand clients and getting paid.

3. Automate YouTube Content With No Following

Did you know some YouTube channels earn millions without ever showing their faces? It's possible through content automation strategies. Channels focused on topics like motivation, education, travel and more use stock footage, public domain clips and computerized narration to create highly shareable videos.

Examples of automated channels include Top 5s and Top 15s on different topics. As these channels automate more videos, their view counts and earnings grow significantly over time with zero human involvement.

If you have the right automation strategies, your channel could also start small but scale massively over months and years. I'd rate difficulty as a "Moderate" since it involves video editing skills but many free online courses exist to learn. Check out this automation course to get started.

4. Earn Commissions As An Affiliate Marketer

An affiliate marketing side hustle allows you to earn income by promoting and recommending other companies' products and services, like Amazon products or online courses. Each time a visitor to your affiliate link makes a purchase, you receive a commission - often around 5-10% of the sale amount.

There's no inventory or product fulfillment required on your end. You can get started simply by sharing recommendations for things you genuinely like through your existing blogs and social profiles. Over time, build niche sites and YouTube channels focused on recommended affiliate products.

I'd rate affiliate marketing difficulty as "Easy" to get a basic site launching and generating some early income. For a more in-depth training, check out my affiliate marketing course covering strategies, popular niches and more.

5. Try Dropshipping With Third-Party Vendors

Dropshipping provides an incredible opportunity to run an ecommerce business with $0 upfront inventory costs. As a dropshipper, you promote products from wholesale suppliers and manufacturers. When a sale occurs, you instantly purchase the item from your supplier and have them ship directly to the customer.

This model allows complete business startups with little risk. Popular items to dropship include accessories, artwork, home goods, apparel and more. Market your store through Facebook/Google ads, work to steadily improve ad targeting and catalogs over time.

I'd rate dropshipping difficulty "Moderate" since it requires navigation of multiple moving parts like website/product/ad set-up. But new tools make the process much smoother. Learn all the dropshipping basics in my free beginner course.

6. Create Unique Designs For Print On Demand Products

Print on demand allows artists and creators to sell clothing, home goods, phone cases and more using third-party fulfillment services like Printful and Merch by Amazon. This means you design awesome templates for products like t-shirts, mugs and phone cases - but outsource printing/shipping as orders come in.

As a print on demand entrepreneur, you could focus on lifestyle niches like travel, hobbies, quotes and more. Create design templates for popular on-trend topics and watch profits roll in passively. This model is perfect if you love design work but don't want inventory risks.

I'd rate print on demand a "Moderate" difficulty to get a basic design portfolio launched.

7. Consider An Inventory-Based Ecommerce Store

For passionate entrepreneurs who don't mind inventory risks, starting your own ecommerce brand with unique products is a worthwhile endeavor. This model allows full control over the customer experience, from product sourcing to shipping logistics.

Build real community by offering top-notch customer service, package branding/extras and social content featuring your products in action. Case studies show consistent social brand engagement yields higher sales per visitor over time.

8. Leverage Your Passions Through Content Creation

Everyone has expertise and knowledge about something they deeply care for. Why not shine online by sharing your niche interests as a content creator? This could involve launching YouTube channels, Instagram/TikTok accounts, blogs and more focused on passions like cooking, fitness, travel, hobbies and your local community.

Consistency is key here - publishing your authentic perspective through photos, videos, blog posts and online courses in a highly shareable style. With patience and smart hashtag/caption strategies, you'll steadily grow followers into loyal brand affiliates.

Once you hit a few thousand followers, partners will approach you with sponsorships, product test collaboration deals and more money-making opportunities. While difficult to gain initial popularity, content creation offers incredible flexibility and future potential through channels like affiliate marketing and online course launches.