If there is one thing we can say about online gaming, it is that the market is growing at an alarming rate. A lot of this growth can be attributed to the popularity of mobile gaming and the rise of countries like China and India as major gaming markets. However, numerous other factors are at play as well.
One of them is the sheer versatility of the market. Today, you can enjoy video games or play casino games based on the reviews of the top casino sites at wageringadvisors.co.uk to win some real money. You can make a big casino win, but the bottom line is that gambling is just another form of gaming.
One of the most important aspects of online gaming is its effect on the national economy. This is a topic that is often debated, with some people arguing that online gaming promotes economic growth while others claim that it has a moderate impact. Let’s take a closer look at this amazing subject!
The video game industry is a global phenomenon, with billions of dollars in revenue generated each year. This money doesn’t just disappear into the ether – it goes towards supporting the economies of countries all over the world.
For example, many analysts believe that the video game industry is responsible for directly employing over 100 thousand people in the United States alone. But this is just the tip of the iceberg – when you factor in indirect employment, the number jumps to over 2 million. That’s a significant contribution to the US economy!
And it’s not just the United States that benefits – countries like Japan, Canada, and South Korea are also home to booming video game industries with similar economic benefits. It’s clear that the video game industry is a major force in the global economy, and one that is only going to grow in importance in the years to come.
But how does it contribute to national economies in practical terms? Let’s check it out here:
1.It generates additional tax income
First of all, the video game industry generates a significant amount of tax revenue for governments all over the world. This is because most digital products – including video games – are subject to value-added tax (VAT) or goods and services tax (GST).
This means that when a company sells a video game, the government gets a cut in the form of taxes. And when you consider that the video game industry is worth billions of dollars, it’s easy to see how this can add up to a significant amount of money for governments.
For instance, video games generated approximately$50 billion in revenue in the US last year. It’s a staggering figure, and it’s estimated that the government collected around $3 billion in taxes from these sales. That’s a significant amount of money that can be used to fund public services or invest in infrastructure projects. And it’s not just the US – governments all over the world are benefitting from the taxes generated by the video game industry.
2.It creates new jobs
Another way that the video game industry benefits national economies is by creating new jobs. As we mentioned earlier, the industry directly employs millions of people all over the world and this number is only going to grow in the future.
But it’s not just traditional jobs that are being created – the video game industry is also responsible for the creation of new types of jobs, such as game designers, developers, and programmers. These are high-paying jobs that require specialized skills, and they’re in high demand all over the world.
The video game industry is also indirectly responsible for the creation of jobs in other industries. For instance, the popularity of eSports has created a whole new industry, with jobs for commentators, analysts, and tournament organizers. And as the industry continues to grow, we can expect to see even more new job types being created.
3.It creates jobs in other fields as well
As we just mentioned, the video game industry isn’t just responsible for jobs in the gaming sector – it also creates jobs in other industries as well. For example, it supports tourism by attracting people to visit locations that have been featured in popular games.
It also creates jobs in the retail sector, as people need to buy consoles, games, and other gaming equipment. And let’s not forget about the job created by people who make snacks and drinks to keep gamers fueled during their marathon gaming sessions!
4.It boosts tourism
Another way that the video game industry benefits national economies is by boosting tourism. This might seem like a strange concept but bear with us – it makes perfect sense when you think about it.
You see, many video games are set in real-world locations, and this often leads players to develop an interest in visiting these places in real life. For instance, games like Assassin’s Creed and Call of Duty often feature iconic locations like Paris and New York City, and it’s not uncommon for players to want to visit these places after playing the game.
This desire to visit real-world locations featured in video games is known as “game-induced tourism,” and it’s a growing phenomenon all over the world. In fact, a recent study found that game-induced tourism is responsible for generating billions of dollars of revenue every year.
So, there you have it – three ways that the video game industry benefits national economies. It’s clear that the industry is a major force in the global economy and one that is only going to grow in importance in the years to come.
Alternative gaming branches make an impact
The gaming business is not just about video games. On the contrary, it is about online casino gambling as well. Modern casino features are so powerful that they managed to recreate the gambling experience and make it digital. One of the main casino life hacks you should know is that this transformation had a few major benefits.
The most important one is that casinos are now able to reach out to a much larger audience. Namely, everybody with an internet connection can gamble without having to leave their homes. It turns gambling platforms perfect for every player and gamer who wants to place a bet or simply enjoy playing casino games.
One of many casino tips is that you can also gamble without hazard or risk by sticking to demo versions. This type of gameplay is not connected with any real-money transactions. Players can test their skills, strategies, and knowledge without having to invest a single dime. In other words, they can have fun and learn something new without any financial risks.
The gaming industry logic also encourages casinos to offer players various bonuses and promotions. These are perfect for those who want to get the most out of their gambling experience by spending less money. In other words, casino platforms help players save up and have more fun at the same time.
Finally, let’s not forget the role of sports betting in the gaming business. It is one of the most popular gambling activities in the world, and it perfectly represents the gaming industry’s potential. The best thing about sports betting is that it can be done online as well. So, there you have it – another example of how the gaming industry benefits national economies.
The bottom line
All things considered; it is evident that the gaming business has a tremendous impact on the economy. This impact can be seen in different ways, such as job creation, boosted tourism, and the development of alternative gaming branches.
What’s more, the industry is only going to grow in importance in the years to come. So, if you’re looking for a way to make a positive impact on your national economy, you might want to consider investing in the video game industry.
To start, you may register as a Kindle publisher and start selling fiction or non-fiction works.
Making your website specifically sell your ebooks is an additional choice.
Because you can charge more for your ebooks and retain all the earnings, this option is preferred by most individuals.
Even though it’s a simple method to earn money, writing the ebook is often the most difficult aspect.
Yes, a minor expenditure will be needed, but it will only be necessary once.
There are no more fees after that, and that one ebook will continue to generate income while you sleep.
Become a personal trainer
If you know about fitness, you may work as a personal trainer.
People are prepared to pay extra for them even if a personal trainer is only there to keep them focused on their goals.
You may be able to help yourself out financially while also helping other people.
Diversifying into nutrition is also feasible, assisting them with meal preparation and other associated issues.
You may attempt to attract customers to the gym in your area, but depending on where you live, you might need to be certified.
Do research projects
People make money online by doing research for companies on platforms that are available online.
The research projects involve:
Recommending products or services.
Figuring out how they stack up against the competition.
Doing market research.
To join, you fill out an application, and then they give you a quiz and a test project. If you pass, you can review project requests and get paid to do research.
Strat a e-commerce site
Every time someone buys anything from your online business, you get paid for the transaction.
Your earnings, which you may either take home or reinvest in your firm, are left over after paying your suppliers, carriers, and other costs like marketing and taxes.
The time it takes to generate money with e-commerce relies on various variables, including the trending development of your niche, the intensity and scope of the competition in the market, and the time and resources you devote to starting the firm.
You have your manufacturers, inventories, storage facilities, carrier networks, and logistics system set up.
An online business will provide you with the freedom to work from home or anywhere else in the world.
If you value the freedom to travel then know that this is what an online business can provide for you.
Travel While You Work
Also known as the laptop lifestyle, traveling while you work requires discipline.
However, the lifestyle provides a freedom working in a desk will never provide.
Notice I said travel while you work not work while you travel.
That’s because life changes when you get your freedom back.
You’re technically working all the time while enjoying your surrounding freedom.
The first taste I got from the laptop lifestyle is when I went on vacation to Rocky Point while working a sales commission job.
And even though I was on vacation, I still had obligations for my clients.
We were in this beautiful luxury apartment with a stunning view of the resort and ocean.
That day we arrived I had emails to answer and clients to call back.
Keep in mind at that time I was managing my clients from an office.
That’s when I first discovered this freedom.
Here’s a picture of my son Frankie chillin as we unpacked food in the apartment.
I knew that if I wanted a life like this, I would need my online businesses to out-earn my salary.
That’s not how it happened though, I took the leap and eventually went all in.
More on that later!
Scalability Skyrockets Your Income
So not only do you get your time back but you have the advantage of earning a ton of money with an online business.
The reason being is that most online businesses can be scaled MASSIVELY.
Online businesses can all be scaled very differently.
Some are easier and quicker than others while a few businesses do take more time.
Now, just because some online businesses are easier and quicker to scale, it doesn’t mean they don’t require a lot of hard work and attention to detail.
An online business is still a very real business.
Your new business will require you to put your real life skills to work in order to manifest your career goals and that dream life.
Online businesses are the reason why you see and hear about a lot of younger people earning 6-figures per year just from their laptop.
I’ll get more in depth on how you can scale your online business a little later.
Here’s how you start.
How Do You Start an Online Business?
How do you start an online business, right? Where can you start an online business?
These questions usually leave beginners a little mind boggled.
How exactly do you turn nothing into something?
The answer is actually quite simple.
You’ll need a website or online platform to use depending on your niche and type of business you’d like to create.
Your website will be your foundation to your entire online business model.
It doesn’t matter what type of online business you create, but you’ll need either a website or platform to begin.
I would personally avoid a free website like WIX only because it will not provide you with the tools necessary to scale.
The purpose of an online business is to scale it enough to provide you with the financial freedom you deserve.
So, for starters, I recommend building your own site using Bluehost.
It’s very easy to use but if you don’t want to spend the time personalizing your own site you can always pay a few hundred to thousand dollars to a professional who will use the same platform.
What type of online business models require either a website or platform to begin?
If you are interested in the following, you will need a website:
Providing online services and consultation
If you prefer the following, you’ll need a platform:
Selling a product
Visually informing or training
It may not seem like a ton of options but believe me there are many niches within each of these categories.
How does an online business work?
An online business provides value online, and you get compensated online.
Your online business will earn money depending on what type of service you provide.
You will get paid depending on how your online business is monetized.
I’m going to go over this more in detail down below.
What Online Business should I start?
The online business you start is going to depend on these 5 major key points.
Would you rather provide a service, provide information, or sell a product?
Are you looking for a more hands-on experience or more virtual experience?
Do you want to earn money per project or passively?
Will your startup require a lot of capital, or very little to no capital?
How important is mass scalability to you?
By answering these 5 questions, you’ll have a grasp on what type of online business you’d like to create.
Below you will find a number of online business ideas that will help you identify which model aligns with your needs.
Online Business ideas for beginners
I’m going to break down all the things you can do with these online business models.
Your personality and intuition will naturally gravitate towards a specific idea.
This is a writer lovers paradise.
Blogging allows you to share your experience, knowledge, and stories at massive scale.
What makes blogging an attractive online business model is that just about anyone can provide value to an audience based on a particular niche or subject.
Entrepreneurs are blogging about really just everything!
Here are some blogging topic ideas:
Write about your experience in ‘X Industry’. Maybe you love the industry you work in or are an expert in it. Write about it and answer questions people might have on a variety of subjects pertaining to your industry.
As long as there’s a real interest in it, you can blog about pretty much anything. People are earning money blogging about travel, teacher life, mom or dad life, pet life, college life, automotive, tech, and so much more!
How Do Bloggers Earn Money?
Bloggers earn money through a number of ways.
One is through display advertisements, like the ones you see on my website. T
he second way bloggers earn money is through affiliate programs.
Bloggers can earn a commission for making a sale of certain products or services.
Bloggers may even sell their own products or services online.
How Much Money Do Bloggers Make?
Bloggers can earn 3 to 6-figures per month depending on how you monetize your website.
My website currently earns 5-figures per month.
Scaling your audience is key to scaling your online business.
If starting a blog interests you be sure to read the beginners guide below.
It will walk you step by step on how to start using a self-building website platform called Bluehost.
The process is very easy and only takes minutes to set up.
Most people start an online business as a side hustle to earn an extra income. Whether you’re aiming to provide a service, sell a product, or earn passive income, you can do it all online!
Welcome to Franknez.com – the blog where you can digest content on personal finance, side hustle ideas, entrepreneurship, and trending investing topics.
Lets get started!
So, What’s The Difference Between an Online Business and a Tangible Business?
An online businessdoes not require tangible assets such as a building, inventory, or team to do business. A tangible business on the other hand usually requires an office, warehouse, team, physical supplies, and overall a much bigger overhead.
With an online business you can earn money online no matter where you are in the world oppose to a tangible business. Most tangible businesses require that you oversee all operations to ensure everyone in your company is doing their part.
Though an online business takes longer to pick up from inception, the long term rewards can be abundant. The upside to this is that you can build a one-man empire. Yup, no overhead meaning higher profit margins!
Can anyone start an online business?
Anyone can start an online business. All you need is the entrepreneurial spirit to spark a startup and begin earning money with your ideas.
Here’s how to do it.
#1. Find Your Niche
First, identify what your online business will be about.
Your niche is the center of it all. Combine your strengths with your interests to see what you can offer to the online world. Your niche should be something you can enjoy doing. If you love to write, publish a blog. If you love apparel, sell it online using eCommerce!
Many entrepreneurs are finding ways to monetize their talents and skills online.
Find what you’re good at and share it with the marketplace.
Before you start an online business you’ll need to identify your value.
What value will you be providing to the consumer? Are you looking to solve a problem by offering a unique and effective service? Will your product change the way the consumer feels about themselves? How will you improve their lives?
Or, are you looking to entertain or to educate and inform? Identify and understand what value you will be providing to your target market.
Whether you run a tangible business or an online business, you’ll need to provide value to your customers. Learn to identify what it is they need and how to provide an amazing experience.
How can I provide value to my customers?
To provide value means to make a difference in someone else’s life. Some ways you can impact a customer and provide value include:
Providing exceptional communication skills
Delivering quality work
Instilling and emotional drive for the product or service
Creating lasting partnerships
Everyone values different things but these are just some of the most effective ways you can provide value to your customers so your online business can reap the rewards.
When you provide value to your customers your online business will begin to thrive.
So now that you’ve figured out your niche and have a pretty well rounded idea of how to provide your customers with value, let’s talk about how to actually set up your online business.
Here’s the fun part.
#3. Build A Website For Your Online Business
Every business should have a website, especially in todays world; however, an online business must have a professional website.
You can use a free web hosting service like WIX if you’re just starting out. This will help you get a feel for what it is to have your service or product displayed online. However, if you’re ready to get serious about your online business you’ll have to purchase your domain for a more professional presentation.
Purchasing your domain is going to be the very first investment you’re going to make in your online business. A thriving online business needs a great webhost provider. For this, we recommend building a website with Bluehost.
Bluehost is the #1 suggested web hosting service by WordPress. They power over 2 million websites worldwide and offer a free domain name for your first year. A professional website is essential for an online business to thrive in the marketplace.
How easy is it to use Bluehost?
Bluehost is super easy to use.
You’ll be surprised to find out that everything you need to run an online business takes very little time to learn with their services. Bluehost’s layout is easy to navigate and the tools become second nature in no time.
Keep in mind that this initial investment is going to be the foundation to your online business empire.
I’ve purchased my domain, what’s next?
Congratulations on achieving your first steps as an entrepreneur. As a marketing and branding expert, this next step is one of my personal favorite parts.
Because Bluehost makes it very easy to build a really cool website, personalizing it to cater to the publics needs is also very easy and fun.
Spend time updating images on your website and really making your platform stand out. Your website should easily demonstrate to its visitors what you have to offer to them.
This is the step where you really get to make your website stand out so get creative!
What if I haven’t branded?
If you haven’t branded yet don’t worry. Focus on your content and on really putting your services out there first. Let people know what you’re doing and what your online business has to offer.
You can brand once you have a clear mindset on where you want to take your online business and have a vision on how it will impact people.
Be sure to check out my network tab to see how your online business can benefit from using other businesses services to grow. Maldonado Graphic Design works with you to create your logo so you can brand your online business.
#4. Promote Your Online Business Using Social Media
So you’ve set up your online business and have an amazing website to showcase your services or products. Now it’s time to market your business to the right people using the best social media outlets for your new business.
If you’re providing music services make yourself known to artists on Twitter. If you’re selling amazing branded apparel, show off your line on Instagram.
Do you have a service catering to a specific industry? Network with people on LinkedIn. You should learn to identify which social media puts your business in front of the right people. You might already be thinking of a specific platform that could work well for you. And if you don’t, figure out what works and what doesn’t.
Use at least two great means of social media and grow those platforms to simultaneously increase your online businesses presence. It’s not necessary but it helps you with your brand awareness.
How can I thrive online?
Social media is a great platform to get your content out to the right people.
It is necessary for you to understand who your target audience is. Once you figure out who your potential customers are, you’ll be able to present your online services to them at scale.
This will require you to be consistent which brings us to the next topic. How to really thrive online.
Use social media marketing
Publish links to your website and products and services on social media. Distribute some piece of content every day and remain consistent.
Your business must remain active online to stay relevant. Your business will look fresh if you’re actively engaging people online and producing content or sharing links.
This is a crucial part of the process when starting your online business. Get seen.
#5. Always Pitch
Every post, every email, everything you do to catch attention online is your pitch to sell your service or product. So, always pitch.
The moment you stop posting, emailing, engaging, and networking, is the moment you stop taking action to ensure your online business builds momentum and starts earning revenue.
Your business cannot thrive if you stop getting better. Your online business should look and operate way different than when you first started. You won’t find out what changes are necessary to scale until you put in the work every day. Day in, day out.
You’re really going to have to sell yourself. Build your network through social media and grab peoples attention. They must gravitate towards your services through the relationships your online business creates.
Remember when we talked about identifying your value?
Now is the time to demonstrate that value you identified earlier. The marketplace must see this from your online business.
Ask yourself, how can I connect with my audience? How can I excite my online followers so that they give my services or products a chance? How can I attract them to my website?
You will find yourself learning a variety of strategies to earn revenue. Don’t feel discouraged if things are moving slowly. Find out what works for you and keep on keeping on.
Keep pitching until you make your first sale or learn how to monetize your online business. One of the most fulfilling moments is when someone finds the value in your product or service and pays you for it; so be consistent.
#6. Advertise Your Online Business
Advertising is a great way for people to see your business whether it be online or in person. This is one of those other investments that you’ll eventually come across when looking for ways to grow your online business.
You may advertise by paying for Facebook Ads or running Google Ads. A thriving business should always be looking for ways to be seen.
Advertising provides you with an edge over any competition.
Another form of advertising is through the use of decorated apparel.
Companies like Easy Marketing elevate your brand by decorating your logo on hats, shirts, jackets, and all sort of other apparel. You can use this marketing strategy to market to your customers online.
What’s are the benefits of advertising my business?
Imagine going out to a crowded or public place wearing your business logo on a simple cap or shirt. It’s that easy. How about creating a video that generates a ton of views every month? If you’re wearing promotional apparel in your video, your brand awareness is sure to spike.
Exposure is the key to a growing a successful online business.
#7. Get Involved in a Community
Establish an authority in your niche topic or industry by getting involved with an online community.
When you become an authority, or leader in your niche, you will be able to scale your business much quicker. Being part of a community is going to attract both customers and viewers to your website.
I used to see this tip everywhere before my blog blew up. I didn’t understand or know how to get involved in a community though. What happened is that I eventually become involved in a sub community that needed my support and guidance. When I provided value to this niche community, my traffic skyrocketed and I was able to scale my blog.
Believe me, you need to find a community you can provide value to.
#8. Register Your Company
Now, most online businesses are just a side hustle. If your online business is expanding rapidly or you’re really looking at the long term goal, you might want to consider registering it through your state; especially if you’re operating full-time and have some sort of tangible items ex: packaging, boxes, etc.
Incorporate for tax benefits and for maximum profits. By registering your online business, you make a bold statement of legitimacy and are able to legally register yourself as a business owner.
Again, this is not total necessary though. You can have a thriving online business without registering it through your state and county.
Never stop setting goals for your startup
Starting and online business is a lot of fun, and believe me it’s a lot of work. I can personally say starting my online businesses have been the best decisions I’ve made in my life.
They’ve taught me what it is to really stick to something when most people would have quit. It really does teach us a lot about ourselves as entrepreneurs.
If you enjoyed this post please be sure to join our newsletter to stay up-to-date on new posts. Keep working towards your dreams and aspirations and remember, never stop setting goals for your online business.