Last Updated on September 26, 2022 by Kel Ashley
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Whether you are looking for a side hustle or dream of quitting your 9-to-5 job, starting your own business and embracing financial freedom, you are in the right place. We scoured the web to give you the 10 best online business ideas and some tips to help you get started.
1. Start a dropshipping business
Dropshipping is one of the best ways to make money online without having to invest or purchase products ahead of time. If you’re concerned about where to store inventory or run your business, dropshipping could be the solution.
Pros:
• No need for a physical storefront or warehouse. Dropshipping nixes the need for a physical storefront — which means no lease, no mortgage, no construction costs, no upkeep.
• Create passive income. With dropshipping, you can work on other aspects of your business (or even be asleep!) while orders are automatically placed and fulfilled.
Cons:
• Highly competitive. Because very little capital is required to start a dropshipping business, that low barrier to entry means a lot of fierce competition, with the most popular markets suffering more than others. You’ll have to find other ways to stand out in order to compete.
• Race to the bottom. Differentiating your store can be difficult. Many stores try to compete on price but, with so much competition, find themselves setting lower and lower prices. If you’re not careful, you’ll sell lots of inventory but at prices so low that you end up losing money.
Dropshipping success begins with selecting the right products and vendors. Poor packaging or late delivery reflects poorly on you. Spend the extra time thoroughly screening all of your potential vendors.
Here’s how to decide which products to dropship.
2. SEO consulting
If you are knowledgeable about SEO (Search Engine Optimization), you may want to consider starting a consulting business for businesses that have websites.
Pro: The demand is high. With the rise of online business, many companies and brands are obsessed with ranking high and converting searchers into customers to stay ahead of their competitors.
Con: Expertise is required. You’ll need to have an in-depth knowledge of SEO, schema, link building, and other digital marketing methods.
Learn how to deliver SEO services here.
3. Online course creation
The pandemic demonstrated to everyone, including the education sector, that learning does not have to stop even in times of crisis. By 2020, many people had to study online, offline institutions moved online, and people with specific skill sets translated their knowledge into online courses and training.
Pros:
• Earn money, either on the side or (eventually) as your primary source of income
• Work on things that you’re passionate about, rather than things that are assigned to you
• Very low startup costs compared to other online businesses
Cons:
• You have to learn how to create effective course content that delivers results
• You need to study how to market and sell your course to an audience
• Although startup costs are low, you still need to invest time into building your course
Here’s one resource for creating and selling online courses: Teachable, which makes it possible for anyone to profit from their knowledge and experience by creating an online program.
4. Become a freelance web designer
If you are creative and interested in coding, HTML, CSS, and other aspects of web design, then being a freelance web designer could be one of the best online business ideas for you.
Pro: If you have the technical know-how, content and web development can give you a steady income. In this digital age, the demand for web development services is very high.
Con: This is not easy, and doing this will require you to have the proper technical knowledge.
Some resources include WordPress, Weebly and Joomla.
5. Freelance graphic designer
If you have a talent for graphic design, you can showcase your work while also catering to the needs of small and large businesses. A designer is required by almost every online brand to create infographics, logos, posters, and other visual designs.
Pros:
• You set your schedule. While keeping somewhat standard work hours is still a good idea, it’s certainly nice knowing you’re not tied to the daily routine of waking up early, fighting traffic and pushing through a full day if you’re not feeling up for it.
• You determine the value of your work. As a freelance graphic designer, you have the opportunity to name your price for every project you take on. You have the power to negotiate your worth every time you take on a new client as a freelancer.
Cons:
• You might be working way more than a 9 to 5. Particularly early in your career, be prepared to put in more work time than you might in a conventional workplace. Building a client base takes hard work, reliability, and open lines of communication no matter your other obligations.
• You are responsible for ALL client expectations. When working freelance, you alone are responsible for managing client needs, providing a rationale for design decisions and navigating any of the challenging (or even unreasonable) requests a client may have. While frustrating client feedback is a fact of life for creative professionals, having a support network of coworkers helps.
Interested in learning more about graphic design? Learn more about the role with this article, “What I Wish Someone Told me BEFORE Becoming a Graphic Designer“.
6. DIY craft seller
Do you enjoy design and crafts, as well as art and aesthetics? If you have lovely handcrafted items that you make at home, you can sell them on an e-commerce site. If you cannot manufacture the goods yourself, you can find a supplier and sell them online.
Pros:
• Being able to (eventually!) leave a job you aren’t enjoying to build your crafty empire full-time.
• Flexible working hours to fit around existing jobs and freedom to run your business however you choose
Cons:
• It can be expensive to start up, particularly if you have to buy equipment and materials
• It may take a while to become established and start getting orders
If you’re still not sure whether or not a craft business is right for you, check out these essential questions to ask yourself before starting a craft business.
7. Affiliate marketing
Affiliate marketing involves recommending a product or service by sharing a referral link on your blog, social media, email, or other platforms. You will be paid a commission each time someone clicks on your referral link or orders through it.
Pros:
• Low-Cost Business Idea. All you have to do is create an affiliate marketing website (but you can also become an affiliate marketer without a website), choose a compelling niche and finally, a particular product or products (goods) that are relevant for you to market. Then you sign up for a selected affiliate marketing program, and you’re ready to start.
• No Expertise Needed. You don’t need to be a marketing expert right away to become an affiliate. The great thing about affiliate marketing is that you can learn along the way, testing various organic or paid campaigns.
• Passive Income. Earn Money While You Sleep. Wouldn’t it be great to wake up in the morning, open your laptop and discover additional revenue in your account? The fruits of your hard work.
Cons:
• You Don’t Control Your Competition. Competition varies depending on the industry. As there are substantial benefits of joining an affiliate business, such as low costs of investments, high-profit opportunities and no expertise needed, many people try their hand at affiliate marketing. Practically anyone can join and be successful.
• You Can’t Establish Your Customer Base. The truth is, once a referral is made, a repeating customer won’t ever purchase from you again. Of course, he will do it directly to the affiliate vendor to repeat the purchase. That’s the nature of affiliate business. You commit to driving new leads again and again unless you engage in marketing affiliate programs that provide recurring commissions.
• No Guarantee of Revenue. Pay-per-performance can be a tremendous opportunity as well as a significant risk.No one promises that working as an affiliate marketer will be easy and that you are going to earn the expected revenue right away.
Check out this great post on how to succeed in affiliate marketing.
If you’re ready to start your affiliate marketing business in a super simple way (seriously, if you can order a pizza, you can follow this system!) check it out here.
8. Become an influencer
Influencers are compensated through brand sponsorships. They make money by assisting brands in promoting their products or services on their page.
Pros:
• You can become famous as an influencer. Since you will share your videos on YouTube and various other social media channels, chances are that people will recognize you in public sooner or later and want to take pictures with you.
• You can make money with the things you are interested in. While most other people out there are just in the game for the money and don’t like their jobs, you can promote the products you like and talk about the topics that are most important to you.
Cons:
• Your income will depend on your level of popularity. The more people you reach with your posts and videos, the more companies are willing to pay you for that since they will get a higher return. Consequently, if you lose your level of popularity due to various popular reasons, chances are that you will also lose a significant part of your income.
• Your influencer account may get closed. You may have behaved against the rules on the respective platform, and getting banned is just the natural consequence of your behavior. While this may not be that bad for private persons, it will be detrimental to you since you will no longer be able to monetize your audience on your respective social media account.
Check out this great post on how to become a social media influencer.
9. Social media management
It’s safe to say that every brand now recognizes the value of social media marketing for promoting their products or services. Social media is an essential component of online marketing, so it’s no surprise that many businesses are investing in it.
Pros:
• You’ll get paid to spend time on your favorite social media platforms. Part of your standard day-to-day responsibilities may involve work that will make your friends envious—like keeping an eye on popular influencers and brands to see what content is trending and how fans engage with it.
• Your work has the potential to go viral or have a positive impact. Something is thrilling about knowing that whatever you’re working on has the potential to go viral or otherwise make an impact—whether it’s receiving a private message of kind words about a post or having your work featured on a “Best Brands in Social Media” list.
Cons:
• There is such a thing as too much of a good thing. Studies have linked excess social media use to lower self-esteem, social isolation, lack of sleep and concentration, unhappiness, and mental health problems like anxiety and depression. If possible, you must find ways to spend as little time on social media as possible when you’re not working.
• Mistakes can go viral, too. While the dream may be to get recognized as one of the best brands in social media, the highly visible work of social media can go both ways. One careless or insensitive post and your work could end up being called out as one of the “biggest social media fails.”
Check out this great post on how to become a social media manager.
10. Niche market retailer
There are buyers for almost anything, whether it’s clothing, furniture, or pet supplies. If you lack expertise in social media management, affiliate marketing, or other online business ideas, you can set up an e-commerce store to sell specific products.
Pros:
• Less Competition. When you serve a limited or specific audience, significantly fewer competitors provide the same offering. However, there would also be fewer consumers looking for your offerings. So, it becomes imperative that you target the right customers.
• Brand Loyalty. With a niche market, you engage with a smaller audience. So, you can focus on the quality of customer service and nurture your relationship with them. As you cater to the customers’ specific needs, you are not just acting like a supplier but more like a right partner.
Cons:
• Limited Growth. The very definition of niche marketing says it is limited to a niche. This can affect the opportunities that a business requires to grow. Depending on the specific business niche, reaching target customers or audiences can be limited. This affects business growth.
• Marketing. Marketing is imperative for niche businesses, as it is unknown. The business may fail or succeed in making relations with target customers. Thus, marketing is critical.
Check out this great post on finding a niche market and making it your own.
If you’re eager to break free by starting your own profitable business but don’t know how, our plan will show you – get it here now!
Hey! If you liked this article you might also be interested in these other popular related posts:
• Beginners Guide To Affiliate Marketing
• Beginners Guide To A Profitable Online Course Business
• 12 Minute Affiliate