Are you ready to become you own boss? Whether you are ready to leave the traditional workforce for good or just need to supplement your income, it can be difficult to know what online business ideas are available out there. Depending on your level of experience, the amount of money you have to invest, and how much time you need to build your business, there is definitely a business out there for your needs. In this article, we discuss the top four types of online businesses so that you can decide which one works best for your needs.
Turnkey or Franchise Businesses
A turnkey business, often called a franchise, is a complete business package that you buy all in one piece. As its name implies, all you have to do is turn the key, and you can start your business. In the past, turnkey applied mostly to brick and mortar businesses. Indeed, some of the most popular companies in the world are franchise businesses, such as 7-11, Subway, and McDonalds. But with the surging success of online businesses, you can buy turnkeys that are online businesses only. All marketing, advertising, and templates are already accomplished for you, all you need to do is run the daily affairs of the business.
Turnkeys are the most expensive home businesses to purchase. You will need to provide proof of financial stability and offer a considerable investment to purchase one. They also require a great deal of personal commitment, as you are responsible for running all aspects of the business you purchase.
Multi-level marketing, also known as MLM, requires you to sell a product for a company and recruit others to do the same. You will earn a percentage of your recruits’ income, building what’s known over time as a downline of residual income. There is some financial investment required of people who start in MLM, but it’s not nearly as hefty as a turnkey or franchise business.
MLM can be difficult for people who dislike sales or feel guilty about recruiting others to join a company. The process of building a downline takes time and your income will take a hit until you do have a healthy amount of residual income coming in. While many MLM companies provide training, others do not, which can make it very hard to get the training you need to be successful.
With direct sales, you basically work for one company selling their products, or you can market your own products to an audience. This requires a great deal of financial commitment, as you will need to invest in your own stock. If you opt for direct sales, you will also need to be comfortable with making sales to others.
Unless you have something you are selling that you really feel passionate about or enjoy, making a good living can be difficult with direct sales. Some direct sales companies have also developed a bad reputation for selling subpar products, so make sure you are working for a company that offers quality products before you sign on.
Affiliate marketing allows you to make income online without the commitment required of MLM and turnkey businesses. In fact, many entrepreneurs start with affiliate marketing as a way of making passive or additional income, and then find their businesses grow to the point where they can quit their day jobs. Affiliate marketing is also a great choice for people who don’t have a great deal of money to start up a business, as very little financial investment is required. There is no stock to carry or business to purchase, so you can start up for almost nothing.
Top rated affiliate programs will give you the training you need to make your business a success. Many people opt for affiliate programs because the training is so comprehensive and because selling and recruitment is generally not required.