The Best Online Business For Beginners To Start In 2024

you're not going to get rich renting out your time you must own part of a business to gain your Financial Freedom nval ravan there's no way around it if you want to get rich you have to become a business owner and the fastest and easiest way to do that start one by starting a business you can take complete control of your financial destiny and unlock the potential for unlimited income and total freedom but sadly most people will never achieve either of those not because they don't want to but because they've been told a huge lie they're entire lives and so they believe that starting a business is risky complicated and dangerous but that is simply not true if you have the right business model starting a business can be safe simple and wildly profitable and the fact is that there has never been a better time in history to start a business than right now because after 2020 the already growing demand for online businesses exploded tfold almost overnight experts are calling it the digital Revolution and they're saying that this is a once-in-a-lifetime opportunity people just like you are getting rich in this digital Revolution by by leveraging the internet and technology and Global connectivity to start a business that'll give them complete Financial time and location freedom and thanks to the rise of emerging Technologies like no code tools and free software and AI anyone with a laptop and an internet connection can start a $10,000 per month business in 2024 and I mean anyone as we speak there are currently 14-year-olds making over $100,000 a month online it's insane but even though this is the best time in history to start a business 9 % of all businesses will still fail not because they didn't work hard enough not because they didn't have the right tools and not because they were unlucky most of these businesses will fail because of one simple reason they didn't pick the right business model Warren Buffett put it this way what boat you're in matters much more than how hard you rot Buffett knows that the key to making a ton of money fast is to pick the right business model a business model that is easy to start is in high demand and is wildly profitable but if you pick the wrong business model you'll be overwhelmed stuck and better off staying in a 9-5 job that's why the most important business decision you will ever make is deciding which business model to start but that's why I'm making this video for you I've started multiple businesses in the last 10 years with three of them reaching High seven figure run rates I've tried almost every business model Under the Sun and in today's video I'm going to break down the most popular online business models so that you can pick the right one for you and start making money fast in this short video I'm going to go over the pitfall business models businesses that look good on the outside but in reality they suck all of the time money and life right out of you and to make things worse only about 0.02% of them actually succeed the Bolder business models these businesses work well once you get them rolling but in order to get them there it requires years of effort and money and sacrifice and if you don't have millions of dollars to start with then these are just never going to work and the best online Business for Beginners to start in 2024 starting this business will allow you to maximize your profits fast without needing any money or prior business experience in order to get started this truly is the golden opportunity of this decade so let's dive in let me introduce you to the business model Matrix we're going to use this tool to determine the best business model based on three important metrics first is startup Capital how much money you need to get the business running then profit margin how much you actually get to keep from revenue and third difficulty how hard is it to get the business up and going so the goal is to find a business model that requires little to no startup Capital has high profit margins and is very easy to start so let's take a look at the most popular business models now first we have Drop Shipping this is where you set up an online store choose products from A supplier and then when you make a sale the product is shipped directly from the supplier to your customer without you ever needing to take physical possession or delivery or ownership of anything the startup Capital here is nice and low maybe around $100 to $200 if you really keep your expenses low all you really need is an online storefront and some basic software unfortunately the profit margins are also really low as you're selling physical products which cost money to make and to stock and to ship the average Drop Shipping profit margin is between 15% to 20% Which means if you sell $10,000 of product a month you're only getting to keep somewhere between $1,500 and $2,000 for yourself as for difficulty well it's easy to get started but next to impossible to scale profitably due to increases in competition and the fact that as soon as a product becomes popular everybody swarms to it which destroys your profit margins even more next is Amazon FBA which is similar to drop shipping but instead of shipping your products directly from A supplier to your customers with fulfillment by Amazon FBA for short instead you store your products in Amazon's fulfillment centers and then they pick and pack and ship and provide customer service for those products this means your startup Capital can often end up in the $2,500 to $5,000 range and sometimes much higher depending on what you're selling the profit margins are similar to drop shipping except you're dipping into them a little bit more by paying Amazon for their services good services but still not cheap as for difficulty all of the top Amazon sellers that I've ever met have one thing in common they're in love with this business model they go to all the conferences they spend hours each day in their analytics and they hustle and grind to eek out every last conversion point and sale the point is this field is competitive and the second a product becomes successful a dozen or more copycats seem to pop up out of nowhere making life even more difficult okay next is software where you would build and then Market a piece of software to the market as a solution to some kind of problem they currently have now personally I really do like this model but it comes with a unique set of challenges that make it the wrong choice for most people especially if you're just getting started in business and haven't yet built a six or seven figure business the first problem is the startup Capital required building software ain't cheap top developers cost hundreds of thousands a year and this really is one of of those Industries where you get what you pay for so trying to scrape the bottom of the barrel for new and inexperienced software developers is possibly the worst business decision that you can make as for profit margin this is where software really shines for most pieces of software it simply doesn't cost that much to provide service to another customer which means that once your software is up and running your focus can switch to customer acquisition as additional users are almost pure profit but sadly this is where things turn as the difficulty for this one is off the chart s many of my friends have successful software companies but when I asked them if they would recommend this model to a beginner their answers were no no don't do it definitely not and no which leads us to the agency model this is where you provide services to clients in exchange for a fee now what kind of services depends on what kind of agency you start but we'll talk more about that in just a minute first the startup Capital required here is next to nothing depending on how quickly you want to get started and how big you want your agency to grow on the low end you can pretty much just start right now with nothing more than a social media account which is free a way to accept payments like PayPal or stripe which is also free and then maybe if you're feeling really fancy getting yourself a custom domain like your agency name.com which is like 15 bucks for the entire year now of course if your goal is to do this right then you're probably going to want to get some basic software to help but that can still be done for a couple hundred bucks and definitely not thousands or tens of thousands profit margins here are very high with an agency and you're providing a service that costs little to nothing on your end to fulfill for example helping a business rank their website higher on search engines takes just a little bit of time and energy yet allows you to charge thousands of dollars for it the same thing goes for setting up advertising campaigns or email marketing and all kinds of other services that take little to no time to deliver but provide just an absolute ton of value to your clients which allows you to charge top dollar for now the difficulty here is mixed depending on what kind of agency model you pursue some are fast easy and fun others not so much so assuming you want to make this as fun and fast and easy as possible we're going to mark this with a check and I'm going to show you what that looks like in just a second so as you can see the best business model for beginners is clearly the agency model you don't have to deal with products inventory costs and shipping you don't have to make hundreds or thousands of sales to make decent money and you don't have to invest thousands or even tens of thousands of dollars in order to get the business running now this doesn't mean that the other business model models don't work it's just that they're terrible for beginners so you might be wondering what is an agency well the official definition is a business or organization established to provide a particular service typically one that involves organizing transactions between two other parties but to put it more simply think of an agency as a business that provides a service and connects one party to another so in the case of a marketing agency this would be connecting your business owner clients with potential customers who are likely to buy from them if it was a matchmaking Agency on the other hand You' connect two people looking for a relationship if you were a recruitment agency you'd connect employers with potential employees and if you were a travel agency you would connect Travelers with awesome destinations and travel packages but what makes the marketing agency angle so attractive and so profitable is that the result you're delivering is objective trackable and highly valuable by helping business owners generate more leads more customers and more sales you're actually making them more money and therefore it makes it incredibly easy for them to pay for your service so now that you know that an agency is the best business model for you to start in 2024 the next thing you may be wondering is where do I even begin well like any other business model there are many different types of agencies to choose from for example there are advertising agencies and branding agencies and creative agencies and web design agencies and AI agencies and SAS agencies and just a whole ton more so the real question then becomes which agency is the best one to start and the key to that is to find an agency model that is highly profitable while being easy to fulfill so let's do that now here's another Matrix we can use to find high-profit easy to fulfill agencies advertising agencies for example are a mix between low and high profit depending on how much your clients are spending on ads and your pricing structure but what's not up for debate is that top level advertising services are very hard to fulfill branding agencies are high-profit as there typically aren't a ton of expenses associated with them but they're also hard to fulfill and branding is very subjective which means it can be tough to manage client expectations creative agencies are another high-profit service but they take a ton of time and energy to fulfill as you're going to need to be creating lots of content web design agencies similar as well high-profit but hard to fulfill and unless you've got a templated approach you can quickly find yourself heading down a path of NeverEnding changes and updates and a long list of nightmare clients Ai and automation agencies are still relatively new and are attractive because they use a combination of AI and automations to deliver services to clients clients and while they are relatively easy to fulfill this also leads to increased competition which eats away at your profits and makes it hard to stand out from all of the other AI agencies around you SAS agencies are another example of this and very similar to the AI agency model in that they're typically very easy to fulfill but deliver much lower profit which means you're constantly going to need to be out there working and hustling to try to get as many clients as possible just to keep the lights on so as you can see got a bit of a problem here and this is the same problem I had for a very long time I couldn't find an agency model that was easy to fulfill highly profitable and in high demand but a few years ago that all changed and I discovered a special type of agency known as an acquisition agency acquisition agencies are wildly profitable easy to fulfill and always in high demand which makes it very easy to attract and sign an almost endless stream of new clients so here's how it works first acquisition agencies are irresistible to your clients because it gives them exactly what they want and nothing they don't this is because they focus on the only thing that clients actually care about results acquisition agencies are also what we call mvas which stand for minimum viable agencies you don't need a fancy website you don't need paid ads and you certainly don't need to spend all day on social media posting content they're also easy to deliver you can automate most of the processes and they have low or no fulfillment which frees up your time in ways you could have previously only ever dreamed of there's also an unlimited profit potential here making 10K per month with an acquisition agency should be your minimum goal as you can tell I'm pretty passionate about this agency model and the reason that I'm so excited about it cuz I know that it works I've seen multiple beginners start an acquisition agency and sign their very first client within 7 Days in fact the last agency I started was an acquisition agency and we hit 100K a month in the first 30 days and I want you to experience similar results this is a truly rare opportunity to set yourself up for life and that's exactly why I've put together a 40-minute guide walking you through through exactly what you need to do to build a six or seven figure acquisition agency in fact I'm so committed to this new business model that I've actually started a brand new YouTube channel dedicated and devoted specifically to helping you build start and scale an acquisition agency of your very own so if that sounds interesting to you you can tap on this video right here which is going to take you to that free guide and show you step by step on exactly what's required to build a very profitable acquisition agency of your own or feel free to check out the link down in the descriptions below this video which which is going to take you to the brand new channel dedicated and devoted to helping you build an incredibly successful and wildly profitable agency so make sure to do that now and I'll see you there in just a second

Channel: Adam Erhart

Views: 247,906

Keywords: adam erhart, marketing show, digital marketing, what is digital marketing, marketing 101, marketing, how to advertise your business, instagram ads, marketing strategies for small business, marketing strategies, social media marketing, marketing funnel, marketing analytics, sms marketing, linkedin marketing, email marketing platforms, b2b lead generation, lead generation, email marketing, online advertising, content marketing strategy

Id: u8rJoyrrif8

Length: 13min 40sec (820 seconds)

Published: Fri Dec 08 2023