There are many advantages to starting an online business. Its potential reach is massive, with more than 2 billion people actively shopping online. Experts estimate that e-commerce revenue will continue to increase, passing $8 trillion in three years.
Now is the perfect time to start a small business online. This article explores ten lucrative businesses you can launch immediately.
1. Start a blog
Many wealthy entrepreneurs got their start by blogging about their knowledge and skills to an initially limited audience. To ensure success, you need to produce quality content, look into monetization options, find the right niche, and consider your traffic size.
Producing high-quality, unique content can cultivate a loyal following and improve your ranking in search engine results.
Sponsored content, Google Ads, and affiliate marketing are among the most common methods to earn money with a blog. Combine them to ensure maximal profits.
Your blog will be more effective if it focuses on a specific theme rather than a wide range of topics.
Finally, bloggers with high traffic have better chances of securing partnerships with businesses to sell their products or services.
2. Online Store
Selling items through an e-commerce store is an excellent small business idea to pursue. Tap into a micro niche or research trending products to find online store ideas. At first, segmenting your niche might not draw much traffic, but it will offer impressive growth potential and help reduce competition.
Calculate the startup investment before you start an online store. Among the factors that determine a website’s development cost are the platform and features. You might pay just $200 for a simple small business site, but a large, complex e-commerce site can set you back at least $10,000.
To delve deeper into maximizing your online credibility and to learn more about hiring an agency to enhance your digital presence, consider strategies like consistently updating informative content, engaging with your audience on social media, and showcasing customer reviews.
3. Sell handmade items
You can sell unique items that buyers can’t find anywhere else and make quite a bit of money. Etsy is also an option. The platform has almost 100 million buyers across the globe and helps merchants target ideal buyers and build a following. The competition can be severe.
4. Take up dropshipping
Dropshipping is not high-risk, but it’s lucrative, making it one of the simplest businesses for beginners to start. The model involves selling suppliers’ products on your platform. The supplier deals with storing and shipping. You are only responsible for marketing the goods to potential customers.
The startup costs are low because you don’t have to manage inventory. On average, it costs $150 to launch a dropshipping business site.
5. Sell prints
You can get fans to display your work in their homes and make money. You can create an online store to sell prints as well. This will let you create more works of art and focus on marketing. You partner with a printing service that takes care of shipping and procurement.
6. Consulting firm
A consulting business is a great idea for people with in-depth knowledge in a certain area. Successful businesses help companies across industries solve issues, including HR, operations, and marketing. To get started, generate leads through email pitches and LinkedIn to grow your prospective client pool.
7. Flipping websites
The business of website flipping and reselling starts with buying underperforming websites with growth potential. When you buy one, you must make sure it is SEO-optimized and functions correctly. Then, do market research on the best methods to monetize sites in this niche. Before you resell it, it will ideally generate significant revenue and traffic.
8. Website theme design
If you’re familiar with web design, you might find success selling website themes. More and more people are launching their own websites, and demand for intuitive and beautiful designs is soaring. You create a theme and sell its license on your site or a theme marketplace.
9. Social media marketing
If you have advanced knowledge of influencer marketing, social listening, content creation, social media automation, or another technique, this can be an excellent online business idea. Social media marketing experts can use their personal accounts to attract clients. They can utilize social marketing techniques to improve audience engagement and boost their visibility.
10. App development
A lot of e-commerce businesses deploy a multi-channel strategy. You can make money from ads and in-app purchases. Develop a solid portfolio to find customers more easily.