Article Contributed by Ashly Jacob
Just when we thought that online businesses were only a fad some years ago then we were very wrong about it. Online businesses continue to bloom and thrive up to this day and this platform has even become the frontrunner for some major corporations and enterprises. Aside from major businesses, there are also a lot of small businesses that have flourished due to people falling in love with the online platform. If you happened to be one of those entrepreneurs who are looking forward to invest on an online business there here are business models that you should check out.
- Try holding a reverse auction.
For those of you who does not know how reverse auction works, it is a process wherein consumers set a certain price for a particular service or product and if the seller will commit to the said price then the buyer must then commit to the terms and conditions set by the seller. Reverse auctions are very attractive towards buyers who are willing to go low just to be able to take advantage of a service or product that they want. The most common niche on reverse auctions are hotel accommodations and trip packages.
- Set up a website that acts as a middleman for transactions.
Ever wondered why websites such as eBay and Amazon are very popular despite charging less money from people who visit their website? This is because they are the ones who orchestrate demand aggregation. Even if they do not make that much out of transactions, they are able to gather sellers and consumers at a single virtual location, which is very attractive for third-party websites who are in dire need of advertising.
- Acquire a modern franchise business.
Much like how it happens with traditional businesses, online entrepreneurships also have franchises of their own as well. Pick a business model that you are really interested with so that you will have stock knowledge of it and you won’t easily get bored with your new business. Since the business concept is already provided then just focus on the staffing process and be able to hire the right people who will share your business vision and goal. Not all franchise businesses are mainstream because there are also concepts such as the wine cooler merchandise which is very popular among young online entrepreneurs these days.
- Offer a product at the most expensive price.
This business model is very risky but as long as you do extensive research on this then it can assure you a very profitable business outfit. Look for a product that has an exclusive market and try to personalize the product so that you can be able to market it at its highest possible price. You do not have to resort to dirty tactics such as false advertising because you just have to be confident of your product and everything else will follow.
- Set up man-to-man transactions.
The secret to this is to take advantage of privileges that are not used. For example, there is this company who has unused cars in the garage. Instead of just letting it sit there without any use then might as well have it for rent by people who do not have their own car yet. This way, both sides mutually benefit from the deal while your website acts as the middleman for the transactions. This type of service has a very wide scope and as long as you have a lot of connections then it would be very easy to let your service be known to others. You also do not need much of a capital to get this going because the concept is fairly simple.