Looking for a way to build a business from the comfort of your home or simply supplement your income? Online business ideas are being born every day, especially after the outbreak of the pandemic, giving many workers the opportunity to realize their potential and create a flexible work environment.
Starting even a small business is challenging, especially in an age of many options and competition. A good idea and a perfect business plan are the first and most important steps to creating a functional and profitable business.
Below we will take a look at innovative online businesses ideas and give you tips on how you can take your first steps.
8 online business ideas
- Dropshipping
- Copywriting
- E-commerce
- Affiliate Marketing
- Podcast
- Online teaching
- Web design
- Domain flipping
- Online business ideas: how to get started
1. Dropshipping
Can a trading business be set up with 0 stock? And yet, the answer is yes! Dropshipping is a good opportunity to start a business on a low budget.
Essentially it is an e-commerce model where the seller does not keep stock of the products they sell. Instead, when they receive an order, they buy the product from a supplier, who ships it directly to the customer. Thus, the seller does not deal with the inventory management nor the shipping process.
But how do you start a dropshipping business? First things first, you need to create an e-shop using platforms such as Shopify, WooCommerce or Wix. There you display your products with photos, descriptions and prices.
Why start a dropshipping business?
- Zero inventory: Say goodbye to warehouses and inventories! With this particular business model, you avoid the cost of buying and storing products.
- Easy to manage: You don’t need to manage warehouses or keep track of inventory, which simplifies the operation of the business.
- Scaling: You can expand the business easily by adding new products or categories.
- Focus on marketing: With dropshipping you can deal more with the promotion of your products, by creating a targeted strategy and creating the appropriate content (through SEO optimized websites or social media) to attract your target audience.
2. Copywriting
Every blog post and text you read on a website is the work of a copywriter. A copywriter aims to create text with specific guidelines and attractive content in the context of content marketing, in order to enhance the impact of a brand on the market. If you have a talent for writing and are fascinated by the field of marketing, copywriting is the ideal job for you!
As a copywriter you can write blog posts and content for websites, so you need to be in good touch with SEO practices and trends . You can also take courses on platforms like Udemy and Coursera to further educate yourself.
Your freelance career can start by creating your own blog to attract prospective clients or by signing up in professional freelancing platforms such as Upwork.
Why get into copywriting?
- Flexibility: You can work from any part of the world you want and create your own working schedule.
- Variety of services: As a copywriter you have flexibility in terms of the type of content you produce (newsletters, articles, blog posts, landing page content, etc.), but also in terms of the type of businesses you serve.
- Development of skills: With constant engagement and training in copywriting, you have the possibility to improve your skills, develop and claim greater opportunities in the future.
- Client selection: You can choose projects that align with your interests and can leverage your potential.
3. E-commerce
How many of us have not connected online entrepreneurship with e-shops? E-commerce is growing at a rapid pace as consumers can buy anything they want with a single click from the comfort of their homes. Local stores are evolving into a new model that covers a wider network of customers on a local or global level.
To create an online store, you first need a website with photos, prices and descriptions of your products. In addition, you handle payment processing, shipping, and inventory management.
In order to attract potential customers to your e-shop, it is important to proceed with the corresponding marketing actions: SEO optimization, email campaigns, social media marketing and Google ads. To achieve this, you need SEO tools (for keyword research, competition analysis and site audits), a platform for sending newsletters and advertising control tools.
Why open an e-shop?
- Saving resources: An online store does not have the same needs as a physical store (display space, staff, electricity, etc.).
- Customer Analytics: By leveraging inbound marketing, you can get insights and statistics about your customers and adjust your strategy to attract more people from your target audience.
- Convenience of shopping: The convenience of making online purchases often leads to more impulse purchases on the part of consumers, which benefits the online store.
4. Affiliate Marketing
The innovation that has made its appearance in recent years in the field of Digital Marketing, is Affiliate Marketing. But how does this particular model work and how can it be a profitable business?
The advertiser (affiliate) presents an ad or link for a specific store on their site, blog or social media channels. If the customer clicks on the ad or link and makes a purchase, the affiliate network records the transaction details, and the advertiser receives their commission.
To start Affiliate Marketing, you must first have a website, blog or social media accounts with a significant number of followers and create attractive content, where you will advertise the products you want. Some big companies that offer affiliate marketing capabilities are Amazon, Etsy, and Buzzfeed.
Why Get Affiliate Marketing?
- Low risk income: This model is an efficient way to earn extra income and has low risk as you do not manage products and stocks.
- Low start-up costs: The small investment required to set up an Affiliate Marketing platform makes it an ideal online business idea.
- Scaling: By expanding your affiliate network and introducing more products to your platform, you can gradually gain a larger audience and earn more profit through commissions.
💡Learn all about Affiliate Marketing in our expert guide!
5. Podcasts
Every day, millions of listeners choose to be entertained or informed through podcasts. If you are an expert on a subject and want to share your knowledge or experiences, you can create your own podcast series.
All you need is to choose the right topic and target audience and invest in the right equipment to produce your content, such as a high-quality microphone and audio recording software.
In order to make your podcast profitable, you can secure sponsorships to advertise products or provide it as a subscription.
Why create your own podcast series?
- Growing popularity: Podcasts are becoming more and more popular and opening up new opportunities for content creators.
- Countless possibilities: By creating a podcast, you unlock a wealth of possibilities. You can turn your episodes into a blog, gain sponsors, participate in campaigns or even get in touch with influencers.
- Multi-channel presence: You can promote your podcast on different channels like Youtube or platforms like Spotify to reach a wider audience.
6. Online teaching
If you have expertise in a specific subject (sciences, marketing, foreign languages, etc.) and want to get involved in teaching, you can share your knowledge through online courses.
As an online tutor you can create and share video tutorials on platforms like Udemy, or join tutor search platforms like Preply, connect with students, and conduct live tutoring sessions. You can even create your own online seminar series.
Why work as an online tutor?
- Flexibility in location: As an online tutor you can work from wherever you want, without worrying about travel costs and strict working hours.
- Freedom to organize the course: As freelance teachers you can organize your course as you deem necessary and implement a teaching program tailored to you.
- Specialization: You have the ability to create a series of courses with very specific subject matter to meet specialized educational needs.
7. Web design
The online presence of brands is becoming more and more imperative in the modern digital world. If you are creative and have knowledge of programming and developing, you can get involved in web design.
In the context of web design, you can either work as a freelancer, or integrate into a team with more experts, such as graphic designers, or collaborate with a digital agency. Ideally, a web designer needs to have knowledge of coding, UI/UX, prototyping tools and good familiarity with design programs such as Photoshop, Illustrator, Adobe XD or Figma.
Why get into web design?
- Creativity: With web design you can nurture your creativity and develop your own design style.
- Skill development: While working in web development, you have the opportunity to significantly improve your skills, build a strong portfolio and upgrade yourself as a professional.
- Diversity: As a web designer you will have the opportunity to work with people from different industries and businesses, creating new interesting projects every time.
8. Domain flipping
Have you heard of domain flipping? As you may know, when a brand creates a website, the first step it takes is to buy the corresponding domain.
Domain resellers buy domains and resell them to interested parties for profit. Many people start domain flipping as a means to earn extra income, however with the right actions you can turn it into a profitable business.
Why resell domains?
- High profit potential: A well-chosen domain can be resold at a much higher price than its original value.
- Passive Income: Domain flipping offers you profit without putting in much effort or providing any kind of service.
- Low initial investment: Domains have a relatively low initial purchase price, especially if you spot them early or target a less competitive market.
Online business ideas: how to get started
An online business offers flexibility and a lot of potential for growth, however proper research is required in order to lay a solid foundation and develop your vision.
What are the basic steps to actively enter online entrepreneurship?
Choose your expertise: It is important to discover an innovative idea, a gap in the market that you can fill with your knowledge and expertise. Do your research, identify what sets you apart from the competition, who your target group is and what needs you are expected to satisfy.
Create a strong digital presence: Marketing, marketing and marketing again. Can an online business exist without a strong online presence? Whether it is a website, targeted campaigns, online advertising or social media, digital marketing is what will initially attract prospective customers and connect you with your target audience.
Invest in the right tools: For a thorough professional job and depending on the field in which you want to operate, you need the right equipment, tools and know-how to bring your vision to life. Get informed and trained on tools related to your business and stay updated on new trends or innovations in your industry.
Keep your customers happy: Don’t forget that your customers keep your business alive, so you need to keep them happy. In addition to providing products or services, it is important to maintain excellent service and organization for your clientele. A CRM system will help you organize and automate communication with your customers, while with a multi-channel communication system (email, social media, chat platforms) you can ensure proper service from wherever you are.
Build your own successful online business with the help of NUS Solutions!
At NUS Solutions we are next to every new entrepreneur or business that wants to improve the organization of its daily operations. We offer specialized solutions to businesses that want to strengthen their digital presence and automate both communication with their customers and their internal processes.
Trust us to take your business off the ground and turn your vision into reality!
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