New Business, New Income Stream or Side Hustle?

Looking to Wear a New HAT?

Here are some ideas to consider if you want to start a new business or perhaps add additional income streams to your business. If you are reading this and you are an employee, why not start a side hustle? You might be able to give up your day job one day!

I do not have to tell you that ONLINE has literally exploded since the pandemic and it is continuing to grow month by month!

The global e-commerce market size was valued at USD 9.09 trillion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 14.7% from 2020 to 2027. Increasing penetration of the internet is bolstering the smartphone-using population across the world.

That is it in a nutshell. E-commerce is exploding and you can also have a tiny slice of the USD9.09 trillion pie if you take action NOW!

The world is your oyster—your business can be discovered by potential customers from around the world. And with this unlimited audience comes the unlimited potential for growing your sales.

What can I do to add income streams to my business you ask?

Well, here are some business models to consider.

1. E-commerce Online Store

Sell T-shirts, Mugs, Jewelry, Hoodies, Stationery, Art, Digital Products, Car Seat Covers, etc. to a worldwide audience.

There are a number of business models associated with e-commerce which I will cover in another blog.

In a nutshell they are:

-Business to Customer (B2C)
-Consumer-to-consumer (C2C) or peer-to-peer (P2P)
-Consumer-to-business (C2B)

Top Ecommerce Business Revenue Models

-Print on Demand

-Dropshipping

-Subscriptions

-White labeling

-Wholesale

-Affiliate Marketing

2. Book Publishing

Sell low content books like journals & guides or write your own book and sell it on Amazon.

Decide what type of books you want to sell.

-Create your Amazon seller account.

-Decide how you will fulfill orders. Do you want to handle inventory, packing, and shipping on your own?

-Set your book pricing.

-List your books on Amazon.

-Promote and market your books.

-Pack and ship your books or adopt the print on demand or drop shipping model.

3. Sell Online Courses

The global massive open online course market is expected to reach approximately USD25.33 billion by 2025, at a CAGR (compound annual growth rate) of slightly above 32.09% between 2019 and 2025. The market is primarily driven by growing internet usage and rising adoption of advanced technologies, such as machine learning and artificial intelligence.

We all have skills, knowledge and life experience (school of hard knocks) that we can turn into an online course quickly. You probably have an entire course or two lying around in your office in the form of training guides for your team or business process related to your industry. You also have another couple still in your head that need to be brought to print.

Claim your piece of the USD25.33 billion pie. Why not start today?

4. Affiliate marketing

Who says you only have to sell products and services you have created.

Based on Google Trends data, the worldwide search for the keyword “affiliate marketing'' has steadily increased in the past five years, peaking at 100% in June 2021. The steady increase could be due to the growth of ecommerce, as businesses, including those that solely have physical stores, began to explore how they can promote and sell products and services online.

Based on Statista, the projected expenditure for affiliate marketing in the United States alone could reach $8.2 billion in 2022, which is up from 7.4 billion in 2021

The results of a 2016 survey showed that 90% of merchants and advertisers say that they considered affiliate marketing an essential part of their marketing strategy. Of the respondents polled, more than 80% run an affiliate marketing program to improve website traffic and increase sales. Also, over 80% of the advertisers set aside about 10% of their marketing budget for affiliate marketing.

A slice of the $8.2 billion pie can be yours and the real kicker it does not even have to be something that you have created or bought.

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5. Blogging

Yes, absolutely! Blogging is worth it. Because blogging doesn’t only offer you a platform to express yourself and share your passions with the world, it also helps you improve your writing skills, build your online identity, learn new things and of course, make money online.

Long-form content is the most popular and profitable type of blog content (so aim for 1,500+ words in your articles) If your business isn’t blogging, you’re missing out on a lot of lucrative opportunities and you don't have to be a wordsmith to write a blog. There are hundreds of sites where you can source Private Label Rights (use and re-sell with no copyright restrictions) content and repurpose and sell as your own.

Is Starting a Blog a Good Idea?

Yes, it is. The reason why starting a blog is a good idea is because blogging can be quite profitable. Anyone with some basic computer skills can easily start a blog. It also doesn’t cost a lot of money to maintain a blog and once it is out there you do not need to do anything further and people can find it years later and you can still benefit.

There are approximately 600 million blogs out of over 1.9 billion websites worldwide and over 2 billion blog posts are published every year.

That’s a huge number!

The reason behind such gigantic growth is simple:

Blogging is highly profitable.

Because of its low initial cost and high-profit potential, everyone wants to create a blog and try their luck. The reasons why most people create blogs are as follows:

1. Make money online

2. Promote a business

3. Just for fun

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6. Youtube Channel

When we look at the rankings of the most visited websites, we see that YouTube ranks higher than Reddit or even Facebook, just behind Google! For a website to gain this much growth has been rarely seen in the history of the Internet. We go to google to search for information and read about just about anything you can think of, similarly we turn to Youtube to watch how to do anything you can possibly think of.

That is why starting a Youtube Channel for your business is so CURRENT! It has changed from a world of tell me to becoming a game of show me.

In March 2021 the YouTube shorts statistics, showed that YouTube shorts had been released in America and 26 other countries, and as a result, the daily viewership doubled to 6.5 billion. In July 2021, this feature became available in over 100 countries worldwide and surpassed the 15 billion benchmark for the daily average.

When it comes to video streaming platforms on the Internet, YouTube dominated for a while, but TikTok came along and now Facebook and Instagram are also vying for your watch time.

How do you make money on Youtube?

You can earn money on YouTube by applying for and being accepted to the YouTube Partner Program. You may also qualify to receive Shorts bonuses as part of the YouTube Shorts Fund without being in the YouTube Partner Program.

- Advertising revenue:

Get ad revenue from display, overlay, and video ads.

- Channel memberships:

Your members make recurring monthly payments in exchange for special perks that you offer.

-Merchandise shelf:

Your fans can browse and buy official branded merchandise that’s showcased on your watch pages.

- Super Chat & Super Stickers:

Your fans pay to get their messages highlighted in chat streams.

- YouTube Premium Revenue:

Get part of a YouTube Premium subscriber’s subscription fee when they watch your content.

Erika Williams

I am very curious by nature and love discovering new things. I hate time wasters and I hate wasting time because it is so precious and once lost cannot be recovered.

TIME is the NEW CURRENCY.

I have made it my mission to find easier and faster ways of doing business.