You'll also need ecommerce software, fulfillment software, worry about warehousing, customer service and refunds. But that's not all. You'll also need traffic. Think search engine optimization, Facebook ads, and other social media campaigns. It is hard work, especially on your own. You could opt for Amazon's platform, which might be the easier route. But, then again, at the end of the day, this is a serious business, which could produce significant profits. So you're either all in or you're not.
Provide numbers for revenue and expenses. To calculate revenue, base a sales forecast on pricing of your product or service and how many customers you plan to serve. Estimate sales over the next 3-5 years. You may need to make an educated guess on this section, as it might be difficult to absolutely say for sure how many units you’ll sell or how many people you’ll serve. It’s best to be somewhat conservative at this point. Expenses will include fixed costs (such as salaries, rent, etc.) and variable costs (such as promotions or advertising). Think about costs to launch the business, operate the business, hire and retain staff, pay advertising, and so on. Also include expenses like fees, licenses, and taxes. Consider too assets and liabilities that you have; assets can include property or equipment, while liabilities might be loans you owe for this business.
So, where are we supposed to turn to make money the legitimate way online? This isn't just about generating passive income; this is also about finding ways and means to create an active income through the conveniences afforded to us by the internet that will not only help us with our debt obligations, but also empower us to save, invest and get really rich in the future.