The Singapore workforce has evolved over the years.
From speaking to my peers, I realised that money is no longer seen as a top concern for many of them. Yes, wages are still one of the top priorities when it comes to job hunting, but other concerns are rising to the top as well.
One of these is work-life balance, and we are not just speaking about new mothers who want to spend more time with their newborns before hurrying back to work in order to keep their positions.
We are also talking about people who see a need to live a life larger than their occupation, fathers who do not want to miss out on their child’s growing years, or those who appreciate spending more time with their aging parents.
Such aspirations also mean that the traditional workplace – and a 9 to 6 pm job – might become obsolete to this group of people. Many are seeking alternative ways to earn an income.
Obviously, with internet businesses thriving and giving new chances for people to telecommute, more and more are dreaming about the day where they can kiss their bosses goodbye and work from the comfort of their home, at their own time and on their own terms.
The problem comes from a lack of ideas. You might come up an idea but feel that the market for this business is too saturated.
New ideas face a high risk of failure, something we are so averse to. But you need to understand that a saturated market may not mean your idea will fail, you just need to think or a way to thrive or a unique selling point that will give you the edge you need.
Here are 5 proven successful internet businesses you can take a cue from, so that you are one step closer to your dream!
One look at this picture and you can see clearly which business you might want to consider, given your current resources.
Let us start with the most attractive one first.
1) Profit From Online Courses/Coaching
Both are low cost and highly-profitable ideas. Think of your physical tuition services going online.
Many here already know that tuition is a lucrative business, especially if you are able to teach many students at the same time, your per hour rate goes up exponentially compared to teaching on a one-to-one basis.
Same goes for online courses. In fact, with online coaching, the power of the internet allows you to reach a much wider audience at any one time.
You might feel that you do not have any specialised skills to teach others, but look at these examples and you’ll get what I mean:
- The toilet-trained cat: train cats to use toilet. Earns from books and courses.
- Airline schedule planning: conducted by MIT, the courses “explores a variety of models and optimization techniques for the solution of airline schedule planning and operations problems.
- tree climbing: Cornell university teaches you how to “use ropes and technical climbing gear to reach the top of any tree, to move around, and even to climb from tree to tree without returning to the ground”.
Still think you don’t have something worthwhile to teach? Think again.
2) Profit From E-commerce
You can of course go the good old way of selling products, but here’s a tip:
Take it online!
You might feel that the internet is already full of stores selling whatever you can think of under the sun. But look, there’s always a way to gain an edge over competitors.
You can start by thinking about what you have been searching for but can’t find a provider for it yet. For e-commerce, it’s sometimes more about marketing than the product you are selling.
3) Profit From Selling Software/Services
Besides selling a physical product which can incur high costs from buying the product and having to store them, you can also look at selling software or a service.
You’ll probably need some technical skills – say you can consider building a software that automates social media marketing, or perhaps selling your expertise as a user experience consultant.
These are viable business ideas since you do not need to quit your day job to start, allowing you to slowly test the market and take up assignments in your free time before you go full on.