You are searching for ways to start an online business on the side. Chances are that you must have heard a lot of people talk about making money online with affiliate marketing, online course, blogging, e-commerce and Google Adsense.
It’s true that ALL of the above can help you make money online.
But, here’s the problem.
In the case of blogging, affiliate marketing and Google Adsense, it probably takes you months before you start making a little bit of money from it.
For online course, creating a good online course does not take days or weeks. It actually takes months. And there is no guarantee that it would sell well.
If you are thinking about e-commerce, you probably need to spend quite a bit of money buying inventory before you even start selling. You also don’t know for sure that you would make back your initial investment.
So, that’s why selling advice is probably the best online business to start with if you have little money to invest in your business or you want to start making money quick.
(1) It’s Quick to Get Started
If you are selling your advice for money, you can get started quickly even without any website.
How does that work?
You can establish yourself as an expert in certain area by either answering questions on Quora or giving value for free in relevant Facebook groups.
For example, if you know a lot about SEO, you can go to Quora and answer as many SEO related questions as possible.
The more questions you answer, the more exposure you get and the more people you reach.
In your mind, you might be thinking that you are giving advice away for FREE.
That’s where you need to have a change of mindset.
Give first before you get.
It works wonders in business and other aspects of your life as well.
When you give value for free, you gain trust and establish your expert status.
If they ever need to hire help in your area of expertise, you would probably be the first one they reach out to.
(2) Little or No Capital Required
You can start this online business with little or no money. When you are selling your advice, you just need to have a working email address or Skype account to get started.
A website is a good-to-have because you can use your website to build online presence and establish authority in your niche.
An email autoresponder software is good-to-have because you can create powerful email sequence to help you sell your coaching offer and convert subscribers into clients.
Typically, you can get a basic website up with a $5 per month website hosting plan.
For email autoresponder, you can use MailChimp for free until your list of subscribers exceeds 2,000.
(3) Recurring Revenue
When you create an online course to sell or choose an affiliate offer to promote, you are likely to get paid only once.
To make more money, you will need to get new buyers and make new sales.
With online coaching program, you can avoid this problem by using a monthly recurring revenue business model.
Here’s how it works.
You structure your online coaching program in such as way that your clients would pay you on a monthly recurring basis until cancelled by either party.
When you focus on getting recurring clients, you are no longer starting each month with zero revenue.
It can take a lot of pressure off you.
Eve if you are not getting any new clients for the month, you know for sure that you will still have income coming in.
That is the beauty of a recurring revenue business model.
(4) High Ticket Sale
For affiliate programs, the payout percentage for some information products can go up to as high as 75%.
The high percentage is attractive.
But, when you look at it in dollar terms per payout, it is not so much in most cases.
Because the price range for most information products is below $100.
For online courses, it’s not easy to build high ticket online courses. You need a team to help you create, market and sell your online courses. A lot of work need to be done upfront and a lot of time and money are invested right from the start.
However, it is a totally different story when it comes to online coaching program.
You can choose to offer a basic coaching package for a standard rate.
Or, you can put together a premium coaching package to get a high ticket sale.