Ready to start making money online but not sure what sort of business to launch?
It’s essential, of course, to do your homework.
A clever idea is not a wealth-generating idea unless there’s a market for your product or service.
But, if you need some inspiration to get you started, here are three recent online business success stories from around the world to demonstrate that the online market remains extremely lucrative no matter where you live or what expertise you have.
1. $4 Million-a-Year Online Bike Parts Company
Jean-Francois Lapointe, of Gatineau, Ontario, Canada took over his father’s retail bike shop in 2006.
So, he was familiar with the business — and the lack of business a bike shop generated in the cold winters.
He didn’t want to repeat his father’s experience of collecting unemployment checks between Christmas and Easter so looked for a way to develop revenue during the typically slow season.
His idea to sell parts online quickly grew into a $4 million-dollar-a-year money machine, according to an October article in the “Canada.com” For bike shop owner, path to sales is online”
LaPointe’s idea made it possible for him to buy the business from his father in 4 years instead of 10, open a second retail store in the Ottawa area , triple the size of his staff and earn an Entrepreneur of the Year award from eBay, where he sells most of his bike parts online.
2. Online Model Agency Gains MTV as Client, Shows Profit in First Year
Daniel Rolph, of Leiston, England, opened an online casting business in 2009, when he was 20, and today has a business worth £150,000 (about $242,000 U.S.), according to an article posted on the EADT24 website.
At Stomp Models, Rolph manages a talent pool of 600 performers and his clients include MTV.
The young entrepreneur told EADT24 that he wasn’t academically inclined in high school and owes his fast success in the online market to three factors: hard work, focus and research.
Rolph recently added a clothes line to his entrepreneurial efforts and now has 300 garments in his collection.
3. Online Horse Betting
Gambling websites enjoy a great online market, but Congress has passed laws that make entering this market a legal minefield.
But an enterprising mind found a way around the laws: online horse betting.
Federal laws permit interstate gambling on horse races, according to an article in the “The Courier-Journal.”
Luckity.com, for example, relies on horses to determine winning bets, but its market is wider than fans of horse racing.
If you want to bet a lucky number you don’t win based on the spin of a wheel, but on how well a horse places in a race. It’s a legal (for now) numbers racket because horses are the gambling device.
The target audience is women older than 35 whose primary gambling interests are slot machines, social networking games and the lottery, Ted Gay, president of Churchill Downs Interactive told Gregory A. Hall, a “Courier-Journal” reporter.
What’s Stopping You?
All three of these stories were reported within the past couple of years.
Despite the economy, despite the crowded Internet market, despite every real and imagined negative, people everywhere, every day are creating wealth online.
So, there’s unlimited opportunity to write your own online business success story.
Start today with these three tips.
1. Go Digital
A product that you can create and distribute online demands much lower start-up costs than physical goods. And the digital product can serve as a catalyst for your offline venture.
Let’s say you’ve always wanted to open a bakery, but you don’t have the capital.
Try offering online cake decorating classes or publish an ebook of recipes.
Use the sales — and the audience you develop — to help fund your dream bake shop.
Your efforts may impress investors as well as lenders.
2. Get Social
It costs nothing but time to grow your market online. You don’t need to buy expensive ads or hire a marketing company.
Post detailed profiles of yourself and your company on the major social media sites such as Twitter, Facebook, Google+ and Pinterest. And get active on them.
Follow people and companies who share common interests and goals.
Thank everyone who follows you and, initially at least, revolve conversations around them, not you.
You can get more mileage — followers and fans — out of a single, heartfelt response to something someone else said than you can with posting 100 links to your website.
3. Keep Going
If your new venture is important to you, you will find the energy you need to go the distance with your business.
Few success stories happen by accident. Get the advice and support you need to start writing your own success story.
Being successful sometimes requires a little bit of craziness.
Who will know what will be the next Big Thing on the internet.
May be your idea!
Do you have some particular projects?
Please share it in the comments below, thanks!
Hi Erik,
How are you today? 🙂
Nowadays, many people try starting an online business but eventually fail and I have seen this. One of my Twitter friend who started his online business a couple of weeks ago wanted to see quick results and shut down his business of marketing because he was unable to get clients.
The success stories you presented here are examples of business success on Internet. They are interesting to read but at the same time we need to remember that they did the right things and were clear about their ideas and most importantly believed that they will succeed. For me that online model agency was the most inspiring story.
You mentioned a nice point that we should not neglect that its Social Media which is fostering businesses online so we need to be social and focus on building connections with people rather just advertising our brands.
I am glad that I found this post on Aha!Now ABC community. That was insightful!
Have a good day!
Regards,
Rohan Chaubey.
Hi Erik
Very motivating post especially for those who have yet to decide what they can do the best for earning money online.
Just like offline world now in online world also only those can do greater who believes in specialization and instead of selling a wide range of products just focus at one range and then put themselves into it to make big success.
Your second case study an online model agency is quite workable and one can open an online freelance bloggers agency to sell their services to businesses.
Thanks a lot for sharing this quite informative post.
Hi Erik,
That was a wonderful post indeed 🙂
I loved reading the three inspiring stories, and they all are where they are because of their hard work. Being online is a must nowadays, so even if you have an offline business, going digital is the key as it opens so many more opportunities for you.
Being social and having your business profiles set up well is required too so that people know about your business and can reach or connect with you. I’ve seen my social profiles grow with time, ever since I joined online too, and they all keep getting stronger by the day.
Oh yes…never stop…just keep going! Whether you come across the low phases or down times, you need to rise, and keep proceeding further. Learn from your mistakes and start small, just my two cents to it.
Thanks for sharing. Have a nice weekend 🙂
Hi Erik,
Great peace of knowledge you’ve shared with us. I appreciate your work. It’s such a worthy post for me and for most of the newbie bloggers.
Every newbie wants to earn money from their blog. But what? Every time fail to get success in. Because of lack of knowledge. But this post is a blessing in disguse for them. It’s difficult to find the post like this for newbies.
Thanks for sharing such an awesome post!
Wow Erik, very motivating and inspiring stories that you have shared! I have no doubt that their success is due to their hard work as much as it is through their dedication. It has proven to me that having a dream, a goal and key strategies are what will take anyone to the top..
The sky is not the limit is some have led others to believe. There is no limit to a man’s dream or his potential as long as he mixes all of that with faith – not in himself but faith and belief the power of the Divine who makes all things possible!
Being social and having a strong network of supporters will also go a long way. The road may not be easy at first but the idea is to keep going no matter what.
Great job! Thanks for sharing. Blessings and have a great weekend 🙂
Hi Erik
These stories are inspirational and teach us that we really can be successful online if only we can work hard and provide value to customers..
I am amazed today how people feel that they can create an online business and without doing any work hope that the profits would just be rolling to them.
I believe that just like online business, you can create ideas to make money online but the 1% of businesses that thrive online are does who have are hardworking, consistent, have a plan and system.
Thanks for an awesome post.
I love the first example. I like businesses like that so I model businesses I launch like that.
I’ve been in the horse betting market in the past, it’s pretty awesome but I stooped because I dealt with a lot of great black hatters.
I have to agree with your tips especially #3. A lot of people can start something but it takes real winners to actually stick with it and make it successful.
Hope you are having a great weekend Erik
Hi Erik,
Amazing stories indeed! All the 3 are inspiring ones. I liked the #1 most. Online shopping is quite trending now and made our life easier too.
My husband is also having a Car Accessories shop and after reading this post, I am thinking to start selling his products online.
Thanks for sharing these inspiring stories with us. Have an amazing Sunday!
Hi Erik,
Thanks for sharing wonderful stories !!!, all success will only come out with the hard work behind it.
Loved reading it
Thank you !!!
Siva
Selling bikes parts online is a good idea. Nowadays, everything is going online and there is a huge potential to start online business.
Many guys are nowadays starting online business but due to a wish of getting quicker results, they end up with nothing.
I think first you should have some back up money so that you can invest in your business for some longer time so that even it is not profitable in early months, you can even run it with your back up money.
Good post Erik!
Erik,
Now, that’s what I call idea – selling bike parts. I like your response above especially with the business plan.
Every business, including blogging requires one. Don’t EVER leave home without it. Hah!
Nice write man. Keep it up!
I used to work setting up Squidoo pages way back, and i always find a great potential to earn in a blog-like inter phase and It’s really fun to see a lot of people earnign with Squidoo pages these days.
You have to try it. Squidoo is a lot of fun.
Very good article….Blogging and affiliate marketing are best options for making money online…But one must keep patience and put your best efforts to make your online business successful and earn money…Thank you..
Thanks for sharing, bro..!
I have gone through Enstine’s blog and I found you comment over there. I interested in the title and arrived here.
Bro, this is another amazing post as usually you did. Thanks for sharing the above wonderful three stories, actually they are the most value information for starting a successful online.
Well, I don’t have any offline business but I own a blog.
I use my blog to earn some money from Google Advertising and sponsored post. I love to make money with affiliate marketing, but I am not able to earn much from the affiliate.
I have read some bloggers’blogs and I found to create some kind of own product such as ebook and training are great for bloggers to earn online.
I plan to do that, but I feel like not enough authority. Now, I am working on building community and authorship.
Thanks for sharing, nice tips to me…