11 Best Online Business Ideas (Based on REAL Experience)

so you'll want to be a nomad capitalist but you're not quite ready because you haven't figured out how to have the income or the wealth that you need to pack your bags and go where you're treated best well in this video I'm gonna give everyone who's a beginner 11 online business ideas from the real world from the hundreds of people that we've helped over the years these are the ideas that they're actually using to make those six and seven-figure incomes let's do it [Music] hey I'm Andrew Henderson so over the last couple years we have helped several hundred people put together holistic plans for going up Shore and what we decided to do recently was go back take a walk down memory lane and figure out what people are doing that actually makes money that would cause them to come and seek our help to reduce their taxes by going up Shore and help them put the whole piece whole puzzle together my perspective here obviously is the tax reduction I understand that there is the the classic 4-hour workweek model build a muse scale it up and obviously for some people maybe their goal is just to scale it up to you know a couple grand a month just so they can live they're not trying to make big money my perspective is what's driving the guys who are making two hundred and fifty thousand dollars a year and above that are coming to us for help and so we came up with eleven different ideas want to share those with you from from that perspective from the perspective of building that six or seven figure earning business number one is straight up freelancing I know this sounds like it's not a business I don't know it sounds like it's pretty common but let me let me tell you what I think about this a lot of times a couple will come to me one person has a business the other person has a has a nine-to-five job and I say well well how do we make this cost benefit for you by you know you guys getting to go up short one of you is going to need to quit your job you know can you do consulting you know one person they were in HR and say can you do HR consulting they said yeah I could probably make more money doing HR consulting by simply calling my own company or calling some of the smaller companies that my company serves and saying hey you know if you want me part-time obviously there are traditional online platforms like the up works of the world what I've found is that there's a growing demand for what I call the fractional c-suite so whether you're an HR whether you're a high-level accountant whether you're a good manager there are businesses they want you know five hours a week dedicated or ten hours a week dedicated of you know your services I don't need a full-time HR person for example but I would possibly want to hire someone who's not just an internet consultant I might want someone who kind of understands the entire scope of my operation around the world or a financial person or a manager or whatever and I think that's a great way to get into freelancing get into consulting is to look at things from the perspective of how do I create more value by being by being around more full-time in a business by being a more integral part of their business rather than doing ad hoc consulting okay the number two things we found a lot of people this is probably the biggest business that people have had success with sort of come to us over the years is the digital product or the digital course there are ways to create digital courses on places like udemy the people who had the most success it seems are the ones who sell their own product or their own course through their own website Nomad capitalist used to sell products and courses we decided to stop doing that because I got frustrated seeing that most people never did anything with them it's just the nature of the digital product of course it really bothered me and so we get away from that but there's certainly money to be made because it's it's somewhat recurring you build a product you put it out there you run paid traffic or organic traffic to it over time and you can sell a product or of course whether it's an e-book I think that again the people who are doing better are charging higher prices for more robust courses that's definitely an option that you have number three another big one here was ecommerce there is the e-commerce of selling things on a Shopify store selling things on your own website there's also drop shipping which I think has become more difficult and we've seen fewer drop shippers as time has gone on ecommerce I think works and what I found is with anything in life the people who put the most energy to something the people who have the best results obviously they're there are guys who do drop shipping who are very dedicated to it you also have people who go and buy these little drop shipping courses and it's just like it's cheap it's easy and it attracts a certain kind of people in some circles and so those people seem to have not had as much success because the people who are trying to build a brand on their own ecommerce store are the ones I mean some of these guys making millions of dollars a year okay and so building a brand seemed to be the element where the closer you were towards really pushing that brand the more successful you are the more money that you make on the same attract Amazon FBA has been very successful for a lot of folks now when you're doing e-commerce when you're doing Amazon FBA you do there's a lot of sensitive tax considerations that are in there because of the whole fact that it's a physical product and how that all works around the world so we're not going to go into that in this video but do be aware if you're gonna do that you need to get proper tax planning because it's not just as easy as setting up a company and just shipping your stuff I see a lot of people doing this wrong but building a brand manufacturing your own product improving something had a lot of guys I've seen some of these Amazon FBA people over the years who are it's really intense they might have worked they put into building these products but some of them have made millions and then they've been done to sell those businesses for many millions of dollars in some cases so that is idea number four three and four ecommerce and Amazon FBA other people who've had success on Amazon we had two people who were Amazon publishers now I wrote a book Nomad capitalist it's on Amazon it's not really a big money maker it was just something that I've wanted to do since I was eight years old when I wrote a book spent two years writing it we sell the book and it's not really our business we have had a few people who come where they're businesses hiring writers I think the most successful one was hiring writers to write romance novels okay because the arbitrage there was that the romance novels are so cheap to have someone write it's like a penny a word there's there's so many people who want to write romance novels that the cost is low and you're gonna sell the romance novels for a buck or two or three bucks or whatever it is but there's such a huge never-ending market you can build a residual base that was them anywhere I've seen people making millions of dollars publishing books on Amazon I have a friend who has written several books on Amazon and has a very nice stream of recurring income writing books about stuff he wanted to learn about anyway so it wasn't about you know beings the number one money-making opportunity but he's just a curious guy he's traveling around the world and now he's making you know several thousand dollars a month just you know every year puts out a new book and it's a lot of fun for him so again because of the whole royalty issue that surrounds books there's definitely some some proper tax planning either with that but that is one where I've seen people have some real success number six app development had several people who come and they build apps for the App Store for the Play Store this is a very interesting one and again there are some sensitive tax considerations depending on where you're selling the apps and how the apps function but pretty typical thing now I think everyone who's worked in apps actually knows how apps work I don't know how to build apps so I think I would based on what I've seen I would be a bad person to start an app development business you need to know actually how it works you need to actually be aware but what these guys have done they started building a few apps themselves then they started building a team seems most of those teams are based in India but some people have had multi-million dollar success selling apps $2.99 at a time number number seven is affiliate marketing there's a lot of different ways people have done this it seems that most the people that we've helped for affiliate marketing have either been in a sensitive space whether it's adult casino would have you that's a very tough area to help people with quite frankly especially the adult industry in fact I generally don't don't take those folks on but I've met some of them over the years who've made a lot of money one thing about offshore is that sensitive areas are a lot harder to plan for if you go to some offshore jurisdiction and tell them you want to open a bank account for your porn business the next sound will be the door hitting your face but if you can step back and be a bit less sensitive than that and find an area a little bit less sensitive then what's interesting is that you know so many people are afraid of anything sensitive you can often carve it a niche for yourself by promoting an offer you know I can nutraceutical even something that area where again it's just a bit more you know hush-hush at times anyway what most people that seems have done is they built blogs and they've done a lot of organic traffic I know we had one guy who had something like you know twenty different people working in search engine optimization all day long to send people to his offers the challenge with these is if they tend to go up and down and you're at the mercy of the person who's paying you right and so some of these affiliate programs don't last forever so you probably want to be diversified but affiliate marketing Amazon is the most well-known affiliate program the fees aren't nearly as high as promoting some of these more sensitive offers but a lot of people make money promoting stuff just on the Amazon affiliate program I tend to like something a bit more robust than four or five percent but there's lots of different opportunities to build websites create valuable content obviously there's some some things like FTC rules that surround affiliate marketing but definitely a way that people have made in some cases multi millions of dollars a year number eight build software software's of service what people love about software as a service or staffs is the idea of this recurring monthly revenue you know what's what's the monthly nut and you get to build that up over time I've had several people making multi millions of dollars every single year and growing someone on autopilot at a certain point by simply making software that they people use again what I would focus on is something where there's a greater need okay I wouldn't be focusing on the seven dollar soft towards the service I'd be focusing on something that you know connects with an enterprise style problem I had one guy who who built soft with it that surrounded Infusionsoft and he had a very high level clientele for his SAS charging hundreds of dollars to the average person per month next up is the traditional service business and I would also put is they be two of them so you're number one is service business number one is coaching and consulting the service business would be you're gonna help someone run their Facebook Ads no it's debatable this could be kind of the freelancer model but I would put service business as a separate one because what I've seen is people build out this is another area where the person who owns the business I think needs to know how it works I think it's always a good idea for any business but especially in this one you know you learn how to do Facebook Ads you get clients you do the freelancer model then you shift to I'm gonna have a bunch of people working for me that actually could be part of a good tax plan by the way it's better to be a business in many cases than it is to be a freelancer if your goal is tax optimization and so how do you scale out that freelancing into a service business you know what product can you offer as a service business whether it's you know SEO whether it's you know whatever to give people some value and go in and get clients and what I think what I think people have have liked about that people that we've helped have liked about that is it's a lot easier to go out and promote with a Facebook ad or a Google ad whatever to offer someone a $3,000 a month service where the average time someone sticks around is five months you know it's a lot easier to get a you know you can pay a lot more to get a fifteen thousand dollar customer with pretty high margins than you can to sell a digital product that's $197 so the next part of that number number 10 is the coaching and consulting now if you're in this coaching and consulting business or if you've found it you know that there's a whole industry now if like coaches who coach coaches on how to be coaches and and you see people I mean I've seen just in this space of kind of business coaching sales coaching where I'll see one person who came up with an idea and then it's just copied and it gets copied so many times by guys who just set up these flimsy businesses running Facebook ads but if you have something you can help people with obviously you know well we help people with is process of going offshore and tax and Immigration and and everything that relates to the nomad capitalist lifestyle and I try and make our business not only about the consultative thing of where do the pieces and parts go but also the coaching of you know what is it that like you actually need to get the work done and in holding your hand and holding you accountable and I think that there's a very interesting opportunity for folks who have talent we've seen people who I mean relatively easy to scale up to six figures in seven figures and even eight figures by offering a service and you know simply having that coaching / consulting model and for the last thing number eleven is trading okay we've had people cryptocurrency has been a big one obviously because some people just buy and hold crypto currencies and they've done very well at many points in time cryptocurrency stocks commodities had a guy who was making it was just starting out and making a little under a hundred thousand bucks on an annualized basis in the Forex business obviously here's what I've learned about these trading businesses there's a certain kind of person who's cut out for them okay I am an entrepreneur I have big ideas I'm a dreamer you know I like doing cuz I'm writing books and I'm pretty analytical but I probably don't the patience to be so analytical every day to track every currency pair or to know exactly what's going on so there's a certain kind of person whom this works for I've seen a lot of people who have success in some kind of trading thing but I like about the trading thing is you can easily do that from wherever you are in the world now and get it get it start it up more easily than any of these ideas perhaps but there's a certain kind of person whom that works for now those are eleven a days you can use let me pause it one other idea that you might consider if you're being held back from going offshore and that is you don't even necessarily need an online business I told this story I had several different businesses in the United States one of the businesses was kind of a consulting slash sales business in the broadcast industry it was basically just you know you have an email you have a phone okay the business was in the United States but they would have still been a lot of tax benefits by me just putting their business overseas in addition I was able to and the reason I'm doing this now is because for most of the time I ran that business I was traveling relatively substantially and eventually a full time and so even though that business entirely piggybacked on the United State they didn't mean I couldn't be somewhere else it didn't mean I couldn't be offshore even when I had on the ground services businesses but we built one of the largest pool companies in in Arizona and I had a manager we had a whole crew and that took a while to build up but havin decided to keep that business rather than selling it for a nice profit I could have certainly had those people just run that business for me I could have saved a little bit of tax it wouldn't have been fully tax optimized but if my goal was to live overseas and take advantage of everything that's overseas there was there's a way that that business could have fit in to that equation and so people think oh I need my laptop business what you really need is a stream of income what you really need is something that is scalable something that is reliable it may or may not even be what people traditionally consider is offshore I've seen a number of people who have on-the-ground businesses who are still able to enjoy tax benefits and lifestyle benefits by letting the business run itself and their offshore so there you have it if you've got an idea I did not mention if you've got a comment or personal experience leave a comment below I don't know what I want to know what you think about these business ideas if you're just getting started what is it that you need to get started leave a comment below hi I'm Andrew Henderson from nomad capitalists I wrote this book which you can find on Amazon to distill a lot of the stuff we talk about in these videos and a lot of the stuff I've learned over the last decade plus traveling all around the world teaching you about how to legally reduce your taxes build your personal freedom and create wealth faster definitely get a copy of this book if you want to learn more now if you want to watch more videos make sure you subscribe to our Channel and make sure you click the notifications bill so you never miss one of our new videos with more tips on how to go where you're treated best and if you're already a six or seven figure entrepreneur and you'd like to put these strategies in place for yourself go to Nomad capitalist calm and learn about how I can help you

Channel: Nomad Capitalist

Views: 140,579

Rating: 4.9228835 out of 5

Keywords: nomad capitalist, go where you're treated best, online business ideas, online business, online business mistakes, business ideas, digital businesses, digital business ideas, digital business opportunities, business opportunities, location independent business, location independent entrepreneur, make money online, make money online fast, digital nomad business, digital nomad business ideas, small business ideas, small business

Id: Ofr1SWnadsU

Length: 18min 6sec (1086 seconds)

Published: Tue Sep 10 2019