5 Business Models Worth Considering in 2022 and 5 to Think Twice About!

5 Businesses Worth Considering

Online courses and Coaching
Absolutely, people are always looking for help in improving their skills. I like this business model, and provided you have a USP, Unique Selling Proposition, in other words you can offer a course and insight that nobody else, or few can, you may have a great opportunity. Keep in mind though, that in a saturated market, to stand out, be heard and seen you may have to spend time and money to gain the stature and trust you need for people to come to you instead of your competitor. As said, if you offer something no-one else does, your chances increase significantly.
Start an E-Commerce Business
Definitely a good avenue, if you are creative, are for instance a digital artist or photographer like me and have something (reasonably unique) to sell. You can create an e-commerce site on Shopify and connect it to Etsy or Amazon. But as with every business plan, you must have a USP that nobody else has, otherwise you are just one of many. As with online courses, unless you offer something no-one else offers, the online marketplace(s) may be very crowded and possibly saturated, making it either impossible or very expensive to do business. But, as we say in Holland, “You never know how a cow catches a hare!”, i.e., you never know how the ball rolls! Think restaurants, who reinvent the “French Fries” or come up with a contemporary version of a cheese-burger….. if you are creative, a photographer, painter or digital artis, you could create something unique that, with a little marketing push, could stand out in the overcrowded online marketplace. Check out what I started a couple of years ago - About Studio40ParkLane - Hans van Putten Founder
Sell Custom Printed Products
The previous point easily dovetails into Custom Printed products…..especially POD, Print On Demand. If you’re a photographer and/or digital artist and go the Print on Demand (POD) route, and your artwork or photography is unique or at least “niche” this could be very lucrative. It’s hard work to distinguish yourself in an overcrowded, saturated marketplace, but the carrot at the end of the stick is undeniable. And here’s my favorite reason to do something like this: you can sit on the beach of the Cote D’Azur or Jamaica and run your niche POD business from there or anywhere else in the world. Pretty good lifestyle, and a serious incentive! Check out Studio40parkLane POD Custom Printed products and their store on Amazon
Phone Case Business
Yes and no. Again, as with all businesses, unless you can stand out, it’s tough to compete in a saturated market even though the market is huge and growing. If you are 100% a dropshipper, selling other people’s, already existing products and designs, I’m not so sure you should become another phone case seller. You would compete on price and advertising dollars, not on USP design. If, however you are a photographer and/or digital artist and have a unique style/design you can definitely create a phone case e-commerce business like I did, check it out here www.studio40parklane.com. It takes time and money to stand out, but once you find and build your niche, a good lifestyle business or more is absolutely possible.
Book-keeping of (Financial) Consultant
Especially during the current pandemic, a lot of people, and businesses, need financial help. Some need financial insight to start with, those who’s financial structure and organization fell victim to other parts and focus of the business. Others need a proper or better financial planning in the form of a 3-5 year financial model or annual budget. If you have the qualifications, you could command a solid retainer for your services. Bookkeeping, budgeting, and financial planning are pillars of any business to survive in the long run. The tough part, especially during the pandemic, where face to face meetings (networking) are limited if not non-existent, is standing out in the crowd. Although all (digital) marketing activity helps, referrals in my opinion are the best.

Business Models I Would Think Twice About

Blogging
Blogging doesn’t hurt, and it’s very easy to do. The barrier of entry to start a blog is as low as it gets. Virtually no capital investment needed, you can do it from your home-office, your bed, the beach, from anywhere in the world. And that’s exactly why I believe that blogging on its own, is not necessarily a good business to start to try to make enough money for a lifestyle. Don’t start a blogging business unless you have a) a true USP, something nobody is yet talking about, plus b) time and money to ride out the 2-3 years before (exceptions make the rule) you start making money. That said, if you use blogging as one part of a much more comprehensive online business like ours (see: Blog - World Wide Local Connect ) it absolutely makes sense. Because of the low barrier of entry, everybody and his aunt is blogging nowadays and making money from the blog itself, through advertising income is difficult. The exceptions are those that have a unique topic that no one else is talking about. The other scenario is as part of a larger business, where the blog is one way to draw traffic while earning advertising income as a side note.
Start a Podcast
Using the same arguments as I did with the Blogging option, I would not start a podcast business on its own. For the same reasons as I find starting a blog is too much work for too little or too late money, I would, more likely than not, start a podcast as part of a larger business strategy. That said, if you have a USP that nobody else has, go for it. Writing a blog or doing a podcast could even move to my “Yes DO” list if it is part of an overall (digital) marketing strategy. In my opinion the ultimate marketing strategy is what I call “cross fertilization”. The best example if Martha Stewart, whereas every part of her business promotes and links to the other parts, creating a multiplier of exposure and opportunities for conversions, and a bigger bang for her buck thus improving her ROI. In such a scenario a podcast (or blog) fits perfectly fine!
Exercise Guru
One of the blogs I read suggested that exercise guru is a good business to get into. I would disagree, again, unless you have something unique, that no-one else has, and is attractive to your chosen target group. With the pandemic still a problem, and many gyms closed or open under restrictions, an online exercise guru with a new “routine” could get a decent following like jane Fonda in the old days. But make no mistake, a new exercise routine is what “Nouvelle – Cuisine” was for food in the 70’s. For a while you may make some money, but if successful, like any food or fashion, people will start copying it and come up with the next best thing. Even with a Trademark people would still be able to come up with something similar, yet different. If, however, as part of this “new rage” you invented a “machine” or “piece of equipment” that you can patent, we’re talking about a whole new business model, that could potentially become very profitable. Something to think about.
Affiliate Marketing
In my opinion too much work for too little return. That said, if you can find a niche that isn’t covered yet by someone else, (theoretically) you could build a reasonable business. In effect the modern “affiliate marketer” is a digital version of the good old “broker”. You will be the one having to knock on (virtual) doors to sell something…..anything, to get, based on “cookies” for a small percentage, sometimes less than 5%, of sales revenue. The good news, overheads can be low, and you can be totally virtual/remote thus manage this type of business from a beach somewhere. It is possible, but because there is a low barrier of entry, your competition will be fierce. Thus, lots of work, for a, potentially, too small piece of the pie. As with blogging and podcasting, if Affiliate marketing is part of a more comprehensive (digital) marketing strategy, it becomes more interesting in my opinion.
E-books
Yes and no. I would not quit your job and dive into the world of e-books overnight. Nothing new in saying that books in general and e-books as part of this is a highly crowded market. But, as we said above, “you never know how a cow catches a hare!”. You never know how the ball rolls. Like with anything and fashion and restaurants, if you create something unique, something different, even if it is a re-incarnation of something that has been done years or decades ago, you may have a shot. Queue the sales and marketing mountain you have to climb to get people to buy your book over others. A good book has a definite opportunity and possibilities but remember the days of “good wine sells itself” are gone. Like I said, don’t quit your job yet!

Disclaimer
The above opinion is based on the premises that we are talking about individuals, startups or small businesses that have limited funding and don’t have the cash like the Amazon’s of this world. With a seemingly unlimited marketing budget there’s no doubt you can generate sales and outgrow your competitors. Whether you can do it profitably, and subsequently consistently profitably is a whole different ball game.

To contact Hans van Putten or any of the WorldWide Local Connect Team, please visit their website www.worldwidelocalconnect.com or click here