Running an online business has some advantages, particularly for people who want to work from home or have limited financial resources. Online business can be relatively inexpensive to set up and can provide access to global markets. Currently nearly 77% of Australians purchase products on line.
But, before setting up any business, it’s important to undertake research to ensure there is a need for the type of business you want to run, and that you know exactly how it will work, and that you have the skills and resources to be successful. So, what are the key options for online businesses?
E-commerce store – this is a popular option, particularly for selling fashion items, and can be easily set up using platforms such as Shopify, Amazon, Etsy etc.
Drop shipping – similar to e-commerce but with this option you don’t hold any inventory. You outsource the product fulfillment and shipping to a third party supplier. This enables you to test the market with various niche products.
Digital content – on-line courses, webinars, podcasts, you tube videos and other content creations may be good option for people with a particular skills or expertise that can be shared with others.
On-line services – a low cost option for people with specifically marketable skills such as web design, accounting, consulting, tutoring, etc.
Affiliate marketing – if you have some skills in marketing and promotion and you have followers on your website, blog, social media, data base etc. this model may be ideal. It enables you to earn commissions by recommending products or services to your audience, usually via codes or special referral links.
Need more info? https://business.gov.au/online/buying-and-selling-online
