Thanks to the digital nature of the modern age, all that’s needed is a few mouse clicks and you could be building a new online empire in the blink of an eye.
One thing remains the same, though you still need a good business model to ensure the longevity of your company. In other words, without a good business model, your company will not be making any money.
The question is, how have the rapid technological and digital advances, including the ever-growing influence of the internet and social media, altered business models of our century? And which business models actually work in this time and age?
The New York Times, Netflix, Spotify, meal-kit company Blue Apron, lifestyle box FabFitFun, and many more … besides feeding the mind and body, what do these successful companies and startups have in common? Charging the customer a subscription fee to get access to a service or a product—aka, the subscription business model.
The time when the subscription-based business model was associated with magazines and newspapers is long gone, but it’s now seeing tremendous growth in software, online services, and even service and retail industries.
Drop-shipping and Ecommerce.
If you wanted to sell something back in those days, you’d probably have to acquire a specific set of skills to be able to make a product with your own bare hands, open a shop, and start selling to people directly.
Without a doubt, you can still do that today, too.
However, under the impact of technological advancements, a lot of businesses have moved online, marking the advent of e-commerce and transforming the logistics of entrepreneurship as well. Thanks to drop-shipping, you can build a storefront without needing to focus on the practical side of things like creating the inventory, building a warehouse, or even processing orders.
Computer Repair and Maintenance.
If you have a good technical background and an expert understanding of computers and how they work, a small business as a computer repair and maintenance service could be a great business idea for you.
You can cater your services to one operating system, or support all major platforms. You can also supplement your business income with sales of items such as new hard drives, monitors, mice, and other computer-related items.
Many small businesses don’t have the budget to afford a full-time, in-house technical support team, making outsourced IT support a potentially lucrative business idea.
You can provide network setup and maintenance services, data backup and recovery, and software installation and management.
Social Media Marketing:
Social media is a powerful marketing tool, particularly for small businesses. If you are a social media expert and love helping others create their own social media presence, then you may be an excellent fit for a social media consulting business.
A web design business could be a fun and profitable way for you to follow your dream of being a small business owner, especially if you are a trained or self-taught web designer.
Machine learning, Deep vision, and Data Science(Artificial Intelligence).
I can’t end this post without including this cause the demand keeps increasing from spam detection, to weather analysis, chatbots, big data and so on.