Niall Doherty's Blog, page 175
August 27, 2020
Social Network Business – 5 Things To Know
What is a social network business?
With a social network business you’d provide an online platform that people would use to build social connections with others who share similar interests, goals, backgrounds, whatever.
You’d have several monetization options with this kind of business.
Social Network is one of 19 types of online business and considered a Level 5 online business, according to our framework.
6 Levels and 19 Types of Online Business
Level 1 = Novice
Okay for side income or beer money, but hard to earn a living.
GetPaidTo
Contests
Level 2 = Intermediate
Best for earning a living online when you’re starting out, but hard to scale.
Remote Job
Freelance
Level 3 = Advanced
Easier to scale and higher income potential, but you usually need significant investment of time and/or money upfront.
Agency
Referral
Resale
Level 4 = Superior
Even more scalable and even higher income potential, but also more complex / difficult / expensive.
Authority
Digital Product
Level 5 = Distinguished
Most complex / difficult / expensive, but the rewards here can be massive.
Physical Product
Cloud Service
Marketplace
Social Network
Level X = Wildcard
These are the misfits. Many aren’t even considered businesses in the traditional sense, but they are all ways to make money online. You typically need a lot of time, money, or luck to succeed with anything here.
Trading
Investing
Esports
Betting
Gambling
Multi-Level Marketing
How can you make money online with a social network business?
Here are the legit ways I’ve found to make money online with a social network business…
Create a Free Online Forum
Most of the well-known social networks are essentially big message boards monetized with ads.
Reddit is a prime example, co-founded by Alexis Ohanian in 2005…
Alexis OhanianCo-founder of Reddit $8.3+ million Reddit monthly revenueStart a Paid Community
Dan Andrews co-founded the Dynamite Circle, a private community for established entrepreneurs…
Dan AndrewsSerial Entrepreneur $50,000 Dynamite Circle estimated monthly revenueMembers of the DC pay a quarterly or yearly fee.
Start a Facebook Group
Colin Theriot grew his own social networks (Facebook Groups) within an existing social network (Facebook) and has monetized them in various ways…
Colin TheriotFounder, Cult of Copy Facebook Groups $20,000+ monthly revenue
Online Marketplace Business – 5 Things To Know
What is an online marketplace business?
Think of a marketplace business as the evolution of a referral business. You’d own an app or website that makes it easy for “buyers” and “sellers” to meet each other.
Many marketplaces monetize by taking a cut of each transaction or by charging for membership or listings.
Marketplace is one of 19 types of online business and considered a Level 5 online business, according to our framework.
6 Levels and 19 Types of Online Business
Level 1 = Novice
Okay for side income or beer money, but hard to earn a living.
GetPaidTo
Contests
Level 2 = Intermediate
Best for earning a living online when you’re starting out, but hard to scale.
Remote Job
Freelance
Level 3 = Advanced
Easier to scale and higher income potential, but you usually need significant investment of time and/or money upfront.
Agency
Referral
Resale
Level 4 = Superior
Even more scalable and even higher income potential, but also more complex / difficult / expensive.
Authority
Digital Product
Level 5 = Distinguished
Most complex / difficult / expensive, but the rewards here can be massive.
Physical Product
Cloud Service
Marketplace
Social Network
Level X = Wildcard
These are the misfits. Many aren’t even considered businesses in the traditional sense, but they are all ways to make money online. You typically need a lot of time, money, or luck to succeed with anything here.
Trading
Investing
Esports
Betting
Gambling
Multi-Level Marketing
How can you make money online with a marketplace?
Here are the legit ways I’ve found to make money online with a marketplace business…
Start a Physical Products Marketplace
John Sillings co-founded Art in Res, an online marketplace that connects artists with art buyers…
John SillingsCo-founder of Art in Res $16,000 Art in Res monthly revenueBuild a Digital Products Marketplace
Joe Magnotti co-founded Empire Flippers, a marketplace for people to buy and sell online businesses (mainly websites)…
Joe MagnottiCo-founder of Empire Flippers $2.47 million Empire Flippers monthly revenueStart a Services Marketplace
BJ Wright started Funnel Rolodex, a marketplace for freelancers who offer services related to building and optimizing funnels…
BJ WrightFounder of Funnel Rolodex $58,000 Funnel Rolodex monthly revenue
Cloud Service Business – 5 Things To Know
What is a cloud service business?
With this kind of online business you would own some software, infrastructure or platform and give people continuous access to it via the cloud.
You’d monetize by charging an access fee, selling ad space, selling user data, that kind of thing.
Software as a Service (SaaS) seems to be the most popular and, I’d argue, by far the most accessible kind of Cloud Service business, so I’ll mainly share SaaS examples on this page.
Cloud Service is one of 19 types of online business and considered a Level 5 online business, according to our framework.
6 Levels and 19 Types of Online Business
Level 1 = Novice
Okay for side income or beer money, but hard to earn a living.
GetPaidTo
Contests
Level 2 = Intermediate
Best for earning a living online when you’re starting out, but hard to scale.
Remote Job
Freelance
Level 3 = Advanced
Easier to scale and higher income potential, but you usually need significant investment of time and/or money upfront.
Agency
Referral
Resale
Level 4 = Superior
Even more scalable and even higher income potential, but also more complex / difficult / expensive.
Authority
Digital Product
Level 5 = Distinguished
Most complex / difficult / expensive, but the rewards here can be massive.
Physical Product
Cloud Service
Marketplace
Social Network
Level X = Wildcard
These are the misfits. Many aren’t even considered businesses in the traditional sense, but they are all ways to make money online. You typically need a lot of time, money, or luck to succeed with anything here.
Trading
Investing
Esports
Betting
Gambling
Multi-Level Marketing
How can you make money online with a cloud service business?
Here are the legit ways I’ve found to make money online with a cloud service business…
Build Marketing Software
Nathan Barry built and grew ConvertKit into a popular email marketing solution…
Nathan BarryFounder of ConvertKit $2+ million ConvertKit monthly revenueBuild a Hosting Business
Traditional web hosting companies fit here, but a more relatable example would be Matt Basta’s podcast hosting service…
Matt BastaFounder of Pinecast $13,000 Pinecast monthly revenueBuild Collaboration Software
Ryan Badger apparently built v1 of his Dropbox-like software in a weekend from a beach in Thailand…
Ryan BadgerSerial Entrepreneur $19,500 peak monthly revenue for Uploadfiles.ioBuild Project Management Software
Renato Marinho’s PM software started off as a side project while working for another startup…
Renato MarinhoFounder of GitScrum $50,000 GitScrum monthly revenueBuild Freemium Software
Curtis Herbert built an app that helps skiers and snowboarders track their runs. You can use a free version or pay a subscription for premium features.
Curtis HerbertFounder of Slopes App $25,000 monthly revenue from appBuild Niche Software
How’s this for niche: Preetam Nath’s software enables online store owners to communicate with visitors and customers via WhatsApp…
Preetam NathCo-founder of SuperLemon $29,000 SuperLemon monthly revenue
Physical Products – 5 Things To Know (2020)
What is a physical product business?
With this kind of business you would produce physical goods – or get them produced to spec – then sell them via an online store or marketplace.
Of course, most physical product businesses are not 100% online, but the ideas and examples on this page all have a significant online component.
Physical Products are one of 19 types of online business and considered a Level 5 online business, according to our framework.
6 Levels and 19 Types of Online Business
Level 1 = Novice
Okay for side income or beer money, but hard to earn a living.
GetPaidTo
Contests
Level 2 = Intermediate
Best for earning a living online when you’re starting out, but hard to scale.
Remote Job
Freelance
Level 3 = Advanced
Easier to scale and higher income potential, but you usually need significant investment of time and/or money upfront.
Agency
Referral
Resale
Level 4 = Superior
Even more scalable and even higher income potential, but also more complex / difficult / expensive.
Authority
Digital Product
Level 5 = Distinguished
Most complex / difficult / expensive, but the rewards here can be massive.
Physical Product
Cloud Service
Marketplace
Social Network
Level X = Wildcard
These are the misfits. Many aren’t even considered businesses in the traditional sense, but they are all ways to make money online. You typically need a lot of time, money, or luck to succeed with anything here.
Trading
Investing
Esports
Betting
Gambling
Multi-Level Marketing
How can you make money online with physical products?
Here are the legit ways I’ve found to make money online with physical products…
Start a Print On Demand Business
This is something of a hybrid of physical and digital products. You would create the design or artwork that would be printed onto physical goods – t-shirts, mugs, whatever – before being shipped to the customer.
A third-party service like Printful or Merch by Amazon would handle the printing, packing and shipping.
Sarah Chrisp has achieved impressive success with this kind of business…
Sarah ChrispFounder of Wholesale Ted $60,000 monthly revenue from print on demand storeCreate and Sell a Private Label Product
To create a private label product you would find a manufacturer who already produces something similar, and have them produce a slight variation for you.
Add some good branding and marketing to the mix, and you’re off to the races.
For example, Michael Schneider’s private label product is a phone wallet that sells well on Amazon…
Michael SchneiderCo-founder of Gecko Travel Tech $88,000 monthly e-commerce revenueSell Your Arts and Crafts Online
Courtney Bleier and her sister teamed up to create and sell handmade jewelry via Etsy…
Courtney BleierCo-founder at Ann + Joy $4,000 monthly e-commerce revenueMass Produce Your Own Physical Product
At only 16 years of age, Kartik Gurmule got some luxury shoes designed in the UK, found a manufacturer in Italy, then started selling the shoes online and shipping worldwide…
Kartik GurmuleFounder of KASA, Co-founder of Dropshyp $80,000 monthly KASA revenueCreate and Sell Customized Physical Products
90% of Dane Jensen’s e-commerce sock business comes from designs submitted by customers…
Dane JensenFounder of Sock Club $1 million sock club monthly revenueCrowdfund Your Physical Product
Charles Harris is a pro at this, having run multiple successful crowdfunding campaigns, including one for a tangle-free charging cable that raised almost $4 million…
Charles HarrisFounder of SuperCalla Technology $3.7+ million crowdfunded for one productLicense an Idea for a Physical Product
Licensing an idea effectively makes you a silent partner in a business; you come up with the concept and the licensee does everything else.
Back in 2005, Nate Dallas was able to sell an idea for a board game to Mattel and earn $300,000 in passive income over the next ten years…
Nate DallasSerial Entrepreneur $2,500 monthly royalties for one product idea
Nate admits that the Mattel deal was exceptional; his subsequent licensing deals weren’t nearly as lucrative.
August 21, 2020
eBiz Weekly #85
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August 14, 2020
eBiz Weekly #84
eBiz Weekly is a free newsletter packed with tips, insights and opportunities to build your online business. We send it out every Friday to 6,404 legendary subscribers. We also post the content of each email here on the website.
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August 7, 2020
eBiz Weekly #83
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July 31, 2020
eBiz Weekly #82
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July 24, 2020
eBiz Weekly #81
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July 17, 2020
eBiz Weekly #80
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