The world seems to be brimming with an influx of online business ideas. Every day, entrepreneurs are minting money online by monetizing their skills or selling products or services on the internet. The United States alone recorded 4.5 million new online businesses in 2020. Interestingly, according to a recent KPMG report, 55% of potential customers today look at a business’ reviews and recommendations online before making a purchase.
Even more interesting is that 47% of such customers prefer to visit the business website as opposed to 26% who wind up checking out the physical store/shop. In short, consumers are dependent on online purchases now more than ever. As a young entrepreneur, you could consider legitimate, easy to run profitable online business ideas to supplement your income. This guide shares the 10 easy to start online business ideas.
Top 10 Easy to Start Online Business Ideas
You may develop some skills or monetize your existing skillset. The following are some ideas for an online business:
1. Selling Digital Products
Your biggest investment in this line of business is time, internet access, and a dependable computer.
Digital products are intangible items that can be downloaded online. These include audiobooks, online courses, e-books, music, software, document templates, videos, apps, logos, recipes, and more.
To sell digital products, you will need to pick a niche and set up an online store where consumers can access the products. The products you sell may either be your own or other peoples’ creations. The beauty of these kinds of goods is that you hardly need any capital to generate them. They are also fairly cheap, and once uploaded, their sale can be replicated among different clients.
2. Affiliate Marketing
Affiliate marketing is yet another small business idea online with huge growth potential. It is a set-up where you collaborate with brands with the aim of helping them boost web traffic and purchase of the brand’s goods. To achieve this, the marketer asks their audience to purchase the merchant brand’s goods through an affiliate link.
Typically, affiliate marketers have an online presence and audience. That may be through a website, blog, YouTube channel, or other social media accounts. As a content creator, the marketer then partners with brands whose products resonate with the kind of content their online channel produces. Under the partnership, the marketer is supplied with an affiliate link by the brand. Any purchase done via that link yields a commission for the marketer.
In the course of delivering content, the marketer makes mention of the brand’s product and sells it to their online audience. Any purchase of the product through the link results in a percentage of the sale revenue for the marketer.
3. Online Research and Writing
If you are proficient in the written word, you may try your hand at online research and writing. Unlike some other online business ideas, writing covers a wide scope and may either result in passive or active income.
Among the active revenue ventures that come from writing is the penning of articles, recipes, and other pieces of literature, which result in a one-off sale. That means you sell the piece once and get paid for it.
However, writing may also be converted into a passive revenue stream. For instance, you may write an e-book or online course. Once published, these become digital assets that may be a recurring source of revenue with every purchase/ download. No matter the type of writing you opt to venture into, it is imperative that it is well researched, fresh, and informative to your audience.
4. Freelance Designer
Design apps and software such as Adobe Photoshop have revolutionized the world of design. If you are a designer who wishes to work remotely and independently, joining the world of freelance design has never been easier. Set your daily work hours and area of specialization within the digital space.
You may consider marketing your skills through online marketplaces such as Upwork, or Fiverr where potential clients within your niche come to source for talent. Based on the platform you pick, the terms of the agreement are laid out, and the platform may act as an arbitrator in case of a dispute.
Once you have a client at hand, you can get to work on their design and deliver it within the agreed timeframe. Your pool of clients might grow further depending on the number of positive reviews you receive from past clients on the platform.
5. Arts, Crafts, and Photography
Artists, craftspeople, and photographers also have an opportunity to market their skills or products digitally. You may do this directly on your own website or through secondary marketing platforms. For example, as an artist, photographer or craftsperson, you may choose to have your paintings, carvings, photos, and other forms of arts and crafts listed on Etsy or Squarespace.
These are two examples of online platforms that allow you to operate an online shop on their domain in exchange for a small commission. These platforms provide you with the web builder tools and templates you need and save you from the hassle of having to build a website from scratch. Also, for beginners, sites such as Etsy promise plenty of online traffic, thus making your products easily visible.
Photographers may also consider placing their curated and compelling photos on a stock photos platform which then sells them to users and pays the photographer on a commission basis.
6. Accounting Services
People and businesses are always searching for a CPA to handle their taxes and bookkeeping.
If this is your forte, you could consider rendering those services to clients online. Virtual accounting services may have the potential of becoming a profitable online business idea if handled by a well-qualified professional.
It is thus necessary for you to ascertain the certification credentials required within your target jurisdiction.
Consider starting it as a small business idea online by targeting firms and businesses you are familiar with and then take it on from there.
7. Creating YouTube content
The creation of a YouTube channel and enriching it with entertaining and informative content is yet another idea for an online business. More than 2.3 billion people access YouTube each month with some channels with +500k subscribers averaging $3857 payment per video. While some focus on video content, some YouTube content creators also carry podcast content on their channels.
To start a YouTube channel, you may need a dependable camera, decent videography skills, and useful content. However, for a channel that stands out and generates a decent income, you might want to do some in-depth research into which niches attract the most Ad revenue. Some influencers also partner with brands and offer affiliate marketing within their content. Where possible, consider engaging the services of an expert videographer and editor for a sleeker, more professional look.
The versatility offered by the platform makes it easy to package content on a broad range of subjects.
Depending on your message and audience, you may choose to have animated videos or real-life shots. Also, you may elect whether you wish to be in the video as a narrator or not. There is a whole lot of creative freedom to express your ideas.
8. Tutoring and Coaching
If you are proficient in a given subject, you may choose to offer tutoring and coaching services online. As is the case with writing and generation of content, tutoring and coaching can also cover an array of areas.
You may, for instance, be an English teacher to grade school kids in China. You may also choose to be an online yoga instructor.
If you are gifted in the culinary arts, you may consider running an online cookery class where you take learners through a step-by-step practical process to mouthwatering cuisines. While at it, consider the affiliate marketing options you could explore. As a culinary expert, that may include marketing the flour you are using, or the yoga mat brand you find most dependable as a yogi.
9. Create and Sell an Online Course
In the same spirit, you may decide to formulate an online course on pottery, painting, and writing, (pretty much any skill under the sun). Examples of such offerings are those run on the Skillshare platform.
No matter your area of focus, the most important elements are your level of knowledge, how you package/ deliver it, and the level of demand such content has within the marketplace.
Besides selling it on Skillshare, entrepreneurs with a large online presence and audience also offer a Masterclass where people pay an agreed premium to learn from the expert. Alicia Keys is an example of a celebrity who leveraged this.
10. Social Media Management
Although social media has not been seen as a business opportunity in the past, it has recently shed some of that flippant image to emerge as one of the profitable online business ideas today. As most businesses and brands embrace digital presence as part of their PR, sales, and marketing strategy, the need for social media consultants continues to grow.
These are experts who handle the structuring and tone of a business brand online. Social media management may include developing and fine-tuning a brand’s marketing, handling the brand’s online content presentation, catering to clients’ queries online, etc.
Some seasoned social media gurus even handle their client’s sponsorship management and the growth of their online profiles. For this kind of role, some working knowledge of PR, marketing and social media optimization tools would be useful.
Thanks to the multitude of platforms available online today, coming up with a viable online business idea is now easier for most industries and professions. In addition, people with unique yet marketable skills who traditionally found minimal monetization avenues can now have their share of the pie.
As with all work setups, setting yourself apart from the competition still remains as vital as having a product that caters to the needs of the market. Nonetheless, with focus, consistency, and discipline, you might elevate your small-scale online business to a formidable enterprise.