The Best Online Business For Beginners To Start In 2024

Summary

The video script emphasizes the importance of business ownership for achieving financial freedom, debunking the myth that starting a business is inherently risky and complicated. It highlights the current digital revolution as an unprecedented opportunity for online business growth, facilitated by emerging technologies like no-code tools, free software, and AI. The speaker, having experience with multiple business models, introduces the 'business model matrix' to evaluate the best model based on startup capital, profit margin, and difficulty. The agency model is identified as the most suitable for beginners, offering high profit margins with low startup costs and ease of operation. The script further narrows down to 'acquisition agencies' as the ideal type of agency for beginners, due to their profitability, fulfillment ease, and perpetual demand. The speaker shares their success with this model and offers a free guide and a dedicated YouTube channel to assist viewers in starting their own profitable acquisition agency.

Takeaways

• 💰 **Financial Freedom**: Owning a part of a business is crucial for financial freedom, not just renting out your time.
• 🚀 **Starting a Business**: The fastest and easiest way to become wealthy is by starting a business and taking control of your financial destiny.
• 🌐 **Digital Revolution**: Post-2020, the demand for online businesses has exploded, offering a once-in-a-lifetime opportunity for digital entrepreneurship.
• 📈 **No-Code Tools**: Emerging technologies like no-code tools, free software, and AI have made it possible for anyone to start a profitable online business with minimal investment.
• 📦 **Dropshipping**: A low startup cost model where products are shipped directly from suppliers to customers, but with low profit margins and difficulty scaling.
• 🛍️ **Amazon FBA**: Similar to dropshipping, but with higher initial costs and competition, requiring significant effort to be successful.
• 💼 **Software Business**: High profit margins but requires substantial initial investment and expertise, making it challenging for beginners.
• 🔍 **Agency Model**: Offers high profit margins with low startup costs and is service-based, avoiding the complexities of physical products.
• ✅ **Acquisition Agency**: A special type of agency that focuses on delivering measurable results, is highly profitable, easy to fulfill, and always in demand.
• 📈 **High Profit, Easy Fulfillment**: The key to a successful agency model is finding one that is both profitable and easy to deliver without significant ongoing costs.
• 📚 **Educational Resources**: The speaker offers a guide and a YouTube channel dedicated to helping beginners start and scale a successful acquisition agency.

Q & A

What is the key to achieving financial freedom according to the speaker?

The key to achieving financial freedom is to own part of a business, which allows one to take control of their financial destiny and unlock the potential for unlimited income and total freedom.

Why do most people not achieve financial freedom through business ownership?

Most people do not achieve financial freedom through business ownership because they have been told a huge lie their entire lives that starting a business is risky, complicated, and dangerous.

What is the speaker's view on the current state of starting a business?

The speaker believes that there has never been a better time in history to start a business due to the digital revolution, increased demand for online businesses, and the availability of emerging technologies.

What are the three important metrics used to determine the best business model in the business model matrix?

The three important metrics used to determine the best business model are startup capital (how much money is needed to get the business running), profit margin (how much you actually get to keep from revenue), and difficulty (how hard it is to get the business up and running).

Why is the agency model considered the best business model for beginners?

The agency model is considered the best for beginners because it requires little to no startup capital, has high profit margins, and is relatively easy to start. It also does not involve dealing with physical products, inventory costs, and shipping.

What are some of the challenges associated with starting a software business?

Challenges associated with starting a software business include the high startup capital required to hire top developers, the difficulty in scaling due to increased competition, and the need to manage client expectations effectively.

What is an acquisition agency and why is it considered highly profitable and easy to fulfill?

An acquisition agency is a type of agency that focuses on delivering results for its clients. It is considered highly profitable and easy to fulfill because it requires low or no fulfillment costs, can automate most processes, and is always in high demand due to its focus on providing measurable results.

Why is the agency model preferable to drop shipping or Amazon FBA for a beginner?

The agency model is preferable to drop shipping or Amazon FBA for a beginner because it does not require dealing with physical inventory or shipping logistics. It also has higher profit margins and does not involve the same level of competition that can quickly erode profit margins in drop shipping or Amazon FBA.

What is the speaker's advice for someone who wants to start an agency in 2024?

The speaker advises starting an acquisition agency in 2024, which is a type of agency that focuses on delivering measurable results for clients. This model is recommended because it is easy to fulfill, has high profit potential, and is always in high demand.

What are some of the services that an agency can provide?

An agency can provide a wide range of services such as advertising, branding, creative services, web design, AI and automation services, and software as a service (SaaS). The type of agency depends on the specific services it offers to clients.

How does the speaker suggest someone can learn more about starting an acquisition agency?

The speaker suggests that interested individuals can learn more about starting an acquisition agency by accessing a 40-minute guide that walks them through the process of building a successful agency. They can also check out a new YouTube channel dedicated to helping people start and scale an acquisition agency.