What do you think of any of these business ideas? Do you think you could make any of them work?
Selling digital products on your own website.
Pros: future proof because of the following; Cons: takes a while to set up.
Selling digital products using affiliates.
Pros: low set-up costs; Cons: dependent on relationships with affiliates and requires continual launching.
Selling physical products through Amazon (Amazon FBA).
Pros: leverages the benefits of the Amazon platform; Cons: competitive, dependent on Amazon, needs capital.
Selling physical products through a Shopify website (Dropshipping).
Pros: low set-up costs; Cons: dependent upon paid traffic and search engine optimization (SEO).
Affiliate sites (creating websites that recommend products and receive a commission if products are sold through clicks from the site): Pros: low set-up costs; Cons: dependent upon paid traffic and SEO (search engine optimization).
Software as a Service (SaaS – selling software through a site):
Pros: potential for regular monthly income and growth; Cons: high developing and marketing set up costs.
Consulting/freelancing:
Pros: Easy to get; Cons: Active income and therefore not scalable.