If you’re looking to start an online business, you could be wondering which online business model you should go for – blog, eCommerce or affiliate?
Here, we’ll dive into all three online business models and look at how you can also go about monetizing with all three models.
To start, it’s important to answer what exactly a blog is. Essentially, a blog is an online platform where you write and create content around a series of topics. Regularly sharing high-quality content attracts traffic to your website, allowing you to build an audience.
– If you’re happy to write the content on your own, it won’t cost you too much from a financial perspective.
– It’s easy to set up, and you can host a blog with a minimal amount of money
– You can write articles from anywhere around the world
– The success of the blog depends on SEO-optimised content
– It takes a good amount of work to ensure that your blog becomes an authority resource
– It does take some technical capabilities to set up a blog that’s working well.
Online Store (Ecommerce)
An online store is a platform where you’re selling a certain product or service. While an online store is relatively easy to set up, its success does depend on a few factors such as whether or not you’ve got a great product if you’ve got an effective marketing strategy, a credible website and more.
– It can be affordable; depending on your business model.
– You can build a customer base through word-of-mouth marketing.
– You won’t need a whole lot of products to get started.
– You’ll be able to build a customer base and easily benefit from repeat customers.
– It can cost a lot to have stock on file for your online store.
– You’ll constantly need to maintain your eCommerce store by optimising and working on the store’s user experience.
This particular model is the riskiest of the three, but it can also work well if the website is done properly. With the affiliate site model, however, it can take time before you’ll be able to start reaping the financial rewards. You’re also very much at the mercy of the affiliate program, and it’s not unheard of for certain affiliate programs to get shut down.
– You won’t have to worry about shipping products or dealing with customer returns.
– There are minimal costs involved with setting up an affiliate site. The biggest cost is just creating the site itself and figuring out the price of blog hosting.
– Competition can be fierce, and if you’re not familiar with the topic or can’t find an obscure topic to write about, it’s best not to waste your time.
– You’ll need to update your website with content constantly.
– You can be at the mercy of your affiliate program.
Getting started with your online business model
As seen from the above, each business model has its own pros and cons. The most important thing is to ensure that you’re doing your business research and finding a business model that most suits your needs.