Ideal Business Models for Beginners in 2024
TLDR; The video discusses various business models like freelance, agency, day trading, e-commerce, Amazon, sales, YouTube, and Drop Shipping, emphasizing the importance of finding the right business for beginners in 2024.
💡 Importance of Doing the Right Thing
The speaker emphasizes that doing the right thing is more important than the number of hours spent on a task.
Stresses the need to start a business that's right for the individual, considering individual strengths and weaknesses.
Highlights the importance of leveraging AI to make businesses easier in the evolving landscape.
📈 Video Editing Business
Pros: Tons of available work, low start-up cost, and low risk.
Cons: Time-consuming, requires exceptional skills to stand out, and challenging to scale.
Suitable for people with low money and a lot of time seeking less risky income.
✍️ Copywriting Business
Offers immediate work opportunities and the potential to make a substantial income.
Requires exceptional talent to stand out and is difficult to scale.
Suited for individuals with low money, low time, and a need for immediate income.
📊 Service-Based Agency
Pros: Low starting cost, huge industry, and moderate difficulty.
Cons: Involves a lot of work, finding and managing quality team members, and inconsistent income.
Ideal for individuals with low money and a lot of time seeking to turn their current skills into a business.
💹 Day Trading Business
Zero product and service-related issues, simple business model, and potential for high earnings.
Challenges include unpredictability, high risk, and the need for a significant starting capital.
Recommended for individuals with consistent income, money savings, and a desire to learn a valuable skill.
📦 Amazon Business
Benefits from fulfillment and logistics support, global reach, and consistent sales.
Challenges include high startup capital, intense competition, and limited brand control and scalability.
Considered suitable for individuals with ample money and time to invest.
🤝 Sales Business
Pros: Low cost to start and low learning curve.
Challenges include the need for a significant time commitment, difficulty in scaling, and the requirement to interact with people.
Recommended for individuals with low money, a lot of time, and the need for immediate income.
🎥 YouTube Business
High payouts, snowball effect for growth, and a free start.
Requires a lot of time and creative effort, and involves significant experimentation.
Suited for individuals with ample time to invest and a high level of creativity.
🛒 Drop Shipping Business
Free to start, beginner-friendly, rapidly growing, and provides valuable skills.
Challenges include the business's notoriety, but it offers high scalability and replicability.
Considered ideal for individuals with low money, a lot of time, and the need for potential high earnings.
📊 Ideal Business Model
The ideal business model for beginners in 2024 involves a combination of low starting capital, low risk, manageable time requirements, and moderate difficulty.
The speaker highlights Drop Shipping and e-commerce as the most favorable business models for beginners.
Explains the revolutionary impact of TikTok on the Drop Shipping business, making it the ideal choice for beginners.
⭐ TikTok's Influence
TikTok's platform made going viral easy, leading to organic marketing and revolutionary sales for Drop Shipping.
TikTok ads targeted a new, young demographic, making them more effective than traditional platforms like Facebook.
The launch of TikTok Shop allows influencers to sell products directly, making it easier for businesses to reach a wider audience.
💼 Ecommerce Accessibility
TikTok's features, including AI, influencer marketing, and discounted ad spending, have made Drop Shipping more competitive and accessible than ever before.
Partnerships and promotions, such as the $110,000 competition, have further incentivized entrepreneurs to venture into ecommerce.
🏆 Ecom Odyssey Competition
The Ecom Odyssey competition offers lottery prizes and grand prizes, with a total of $110,000 to be given away over 90 days.
Participants can win money by generating sales and submitting their results, making it a lucrative opportunity for those entering Drop Shipping.
💰 Encouragement to Start
The speaker encourages viewers to take advantage of the current accessibility and resources available, emphasizing the potential for success in ecommerce.
The success of previous competition winners serves as a testament to the opportunities presented in the current ecommerce landscape.