Searching for the best online business ideas can be quite a task, so we have brought you a token. Read on to find out about the most profitable business ideas, along with tips for small business owners.
The continuous growth of the internet has seen the creation of new occupations through which people earn a living. Launching a lucrative business idea and making money via the internet is now easy with many available opportunities. It is possible to expand your online business ideas into a successful business with negligible startup costs.
Are you aware that 2.05 billion people worldwide will buy goods and services online in 2020? Interestingly, the figure is set for a surge in the coming years, owing to the rise in popularity of social media marketing.
Several online business ideas have blossomed on the world wide web, and that is proof enough that your small business can thrive as well only if you take that bold step.
Why Start Your Own Business?
Starting your own online business comes with benefits. First of all, unlike land-based companies that require logistics and huge startup costs, an online business requires minimal investment and is most affordable.
Secondly, you get to control your time; you work as much as you deem fit. Also, you do not have to face the hustle and bustle of the city as you can work from anywhere. You can maintain an online store, manage your social media and your own website, and enjoy your profitable online business.
Lastly, it is your shot at building something of your own: a brand. You create jobs and build a team while making more money by building a lucrative business.
6 Profitable Business Ideas With Low Investment
Below is a list of the top online business ideas that can provide you with excellent revenue without putting a lot at stake.
Affiliate marketing is an online business idea that entails simply executing strategies to drive sales of a brand’s goods and services. It is a model whereby a company rewards a third party for every successful purchase made through its link.
All you require to become an affiliate or digital marketer is a laptop/smartphone and internet access.
However, to improve your chances of getting a job, we advise taking paid certification courses from any reputable institution. There you will learn how affiliate marketers drive sales with strategies like search engine optimization, email marketing, social media, and more.
Statista predicts that money spent on affiliate marketing in the United States will peak at $8.2 billion by 2022. Also, a report by 99firms shows that a 71% majority of affiliate marketers work with at least three companies. These statistics prove that you will not run out of jobs, as brands now rely heavily on affiliate marketing to drive online business ideas.
According to Hubspot Academy, an Amazon affiliate earns an average of $100-$20,000 monthly. Of course, it depends on how many sales your link generates through your online presence, especially on social media. In addition, you can merge other online business ideas and take your venture to the next level.
For the second online business idea, digital marketing promotes a brand, product, or service through all the possible online marketing channels. The various online marketing channels include affiliate marketing, content marketing, email marketing, inbound marketing, MMS, social media marketing, website advertisements, etc. These channels are all means by which marketers reach a large audience of millions of people at a time.
It relies on a great deal of social media campaigns and content creation, a means by which marketers influence people’s buying decisions through various content. Content creation is the art of building and formalizing a strategy around a particular topic. Content comes in multiple forms, such as videos, graphic designs, blog articles, social media posts, etc.
Now, you are probably curious to know the difference between affiliate marketing and digital marketing. The former seeks to bring products closer to buyers, and the affiliate’s sole aim is to earn a commission. While the latter borders on creating awareness about brands, products, and promotions.
Affiliate marketing is only an aspect of digital marketing. Plus, it allows you to bring many other online business ideas to life.
Just as the name suggests, app development is an online business idea that deals with creating and developing mobile phone applications. This online business requires more learning and time; it is quite a task. As a matter of fact, you will need at least one year of dedicated study to master the nitty-gritty.
Several platforms offer online courses to help you along your journey. These platforms include BitDegree, Codecademy, Coursera, edX, Treehouse, Udacity, Udemy, and more.
The good news is that brands will constantly need the services of app developers to create better software for them. As it stands, there are over 3.4 million apps on the Google Play Store and 2.2 million apps on the Apple App Store. In 2020, the mobile application industry’s worth peaked at $581 billion. According to the same source, the market will reach $935 billion in 2023.
According to Tekrevol, a mobile app developer in the United States earns an average of $97,500.
If you have experience or happen to be an expert in a particular field, consultation is one of the most successful business ideas you can work with. A consultant is anyone trained in a specific discipline who gives professional, objective advice to individuals or organizations when their services are demanded.
To become a consultant, you need to first obtain a certification or license, depending on your chosen field. Before you begin to post content across social media, you must ensure you have what it takes to offer consultation. For some aspects of consulting, you do not need special training or licensing. For example, fundraising and gardening consultancy. But if you wish to have a consulting business for auditing, marketing, computer programming, or insurance, you will need some prior training in the particular field. Fortunately, there are several online courses you can opt for to get the hang of things.
A recent survey by Indeed, a popular job site, found that the average yearly income of consultants in the United States is $72 thousand.
Due to the ever-increasing number of internet users and internet buyers, running an online store has become a proven online business model. What product are you most interested in? Electronics? Fashion? Food? Online platforms such as Amazon and Shopify have made the creation of online stores as easy as possible. Other e-commerce platforms include eBay, Etsy, etc.
You do not need any certification or degree to open and run an online store. All you need is your business name, a business idea, and high-quality images or videos of your products, plus a subscription fee. You should consider opening a virtual store even if you already have a physical one.
According to Statista, $3.5 trillion was spent on online shopping globally in 2019. Also, in a recent survey, US online shoppers spent an average of $86.3 per time. The best part is that this can help you incorporate a few small business ideas into the main thing, such as dropshipping or affiliate marketing.
Execute Your Business Idea — Here’s How
Have a Solid Online Business Plan
A solid business plan is crucial to the success of any business. A plan helps you identify and map out objectives and strategies to drive a successful business. It also enables you to make sure you take your business idea along the right trajectory.
Run a Market Research for Your Business Idea
By running a market survey, it becomes easy to identify the strengths and weaknesses of your chosen online business. Market research also helps you know the competitors of your business idea and what strategies they have in place. Lastly, you get to understand your potential customers even before launching your business idea. This is especially useful for small business ideas, as it allows you to have a niche-specific approach from the get-go.
Identify your Target Market
It doesn’t matter if you’re aiming high or if small business ideas are more your style. Knowing your target market is essential to the success of your business. Identifying your customers will help you focus your attention and effort in the right place. A target market comprises all your potential customers, and identifying them involves knowing what age group, gender, or class of people needs your product.
Create a Social Media/Online Presence
In the current day and age, online businesses thrive on social media. As a result, creating a solid social media presence is crucial to the success of your online business. Strategies to boost your business’s online presence include creating and posting regularly on your YouTube channel, social media accounts, and your own website. Also, do not leave out the email marketing business.
The above list of the most profitable online businesses with low investment has proven to be the most successful business ideas. Other high-demand and profitable business ideas include career coaching businesses, dropshipping businesses, virtual assistants, social media accounts management, etc.
First, however, you must do your homework and carve out a niche for yourself. For this purpose, make sure you offer quality products and provide excellent customer service that makes you stand out from other online businesses.
Though it might take some time to build a customer base, especially with a unique business idea, your consistency is what will make the difference.