It would be surprising if you hadn’t heard this from someone or someone you know. Working from home has become so popular that 4.7 million Americans do so, whether it’s for an online business, a normal 9-5 job, or as a freelancer. E-commerce stores make around $3.453 billion in sales in 2019. There is a lot of money to be made online, and as customers continue to prefer buying online and relying on subscription services, these figures will continue to rise.
But the big question is: which internet business is the best to start? Because a successful online business requires a combination of talents and experience, there is no black and white answer. Here is a list of seven internet businesses you can start right now based on our study.
1. Affiliate marketing.
For the majority of people, affiliate marketing is the most effective approach to begin earning money online. The concept is straightforward. Through an affiliate site, you offer other people’s products or services and earn a commission if someone buys as a result of your marketing efforts. Depending on your chosen area and the effort you put into promoting it, you can earn anywhere from a few hundred dollars to tens of thousands of dollars every month as an affiliate.
Building a specialty affiliate site, selecting items to advertise, and, most crucially, getting enough visitors to your site to make a meaningful revenue will be your key responsibilities. This strategy is simple, but don’t expect to make quick sales or money with it.
2. An online store.
E-commerce is the process of purchasing and selling goods and services through the internet. It includes money transfers as well as the data needed to complete these transactions. The majority of people think of it as the online sale of tangible goods. According to estimates, e-commerce will account for about 95% of all purchases, thus now is the optimum moment to start leaving a digital imprint.
The first step is to investigate and identify a niche in the eCommerce space that interests you. To stay in good standing with the IRS, choose a business name, legal structure, and apply for an EIN. You’ll require business permits and licenses much like a traditional brick-and-mortar establishment. After that, pick an e-commerce platform and start building your website. You can either source or produce things, but once they’re in your store, it’s up to you to sell them and drive traffic to attract buyers.
3. Purchase an online company.
We understand. Starting a business from the ground up is difficult, but if you already have the expertise and the funds, buying one may be a good choice. Buying allows you to bypass all of the steps of setup, which include putting in long hours setting up systems, establishing traffic, sourcing merchandise, and attracting clients. You can jump right into the building and growing your business by purchasing a pre-established one.
However, you must exercise caution because purchasing an online business is not as simple as conducting a fast Google search and walking away. Finding the appropriate online business can take time, and even if you find one, the seller may withhold crucial information from you. Make sure you have legal representation on your team to oversee the transaction and protect you from bad judgments.
4. Online research.
Online research is a type of research that involves gathering data from the internet. Traditional pen-and-paper research methodologies have taken a backseat to online research since the internet’s introduction.
Because of the ease of access and cost savings, online survey research is far more effective than traditional methods. Because respondents are certain that their identity would be secured, response rates for online research are substantially greater than for other types of research.
With the advancements in the fields of the internet and social media, there is ongoing improvement in the field of online survey research. In terms of database access and experiments that may be conducted on this platform, social media has been a catalyst in the entire process of online research.
Online surveys, polls, questionnaires, forms, and focus groups are just a few of the online research instruments that are critical for acquiring data for market research. The internet has opened up incredible opportunities for small and large enterprises to perform market research with little or no expenditure. Product testing, audience targeting, database mining, customer happiness, and other purposes can all benefit from online research.
The job market is transforming. Full-time jobs are disappearing as higher-paying positions remain scarce. Consulting, on the other hand, continues to be more profitable, with annual revenue of $100 billion. There has never been a better time to sell what you already know.
You can start by deciding on a target niche, or you can broaden your scope now and narrow it down later as you gain expertise. However, you must first choose a specific problem to fix and conduct market research to assure that people are prepared to pay for the answer. If your plan doesn’t work out right away, go back to the drawing board. Scale if they do.
5. Dropshipping.
Dropshipping is a fulfillment method where a store doesn’t keep the products it sells in stock. Instead, the store purchases the item from a third-party supplier and has it shipped directly to the customer. As a result, the seller doesn’t have to handle the product directly.
The biggest difference between dropshipping and the standard retail model is that the selling merchant doesn’t stock or own inventory. Instead, the seller purchases inventory as needed from a third party—usually a wholesaler or manufacturer—to fulfill orders.
The creation of an e-commerce store is a massive job. You have a mountain of paperwork to complete, and you need enough cash to buy, store, and send things. Dropshipping is your best option if you want to avoid all of them yet still sell actual things. Dropshipping allows you to set up a website and sell things without having to stock or ship them yourself. Instead, consumer purchases and pays for a product on your website. After that, you place an order with a third-party vendor, pay them, and have the things delivered to your consumer. The most difficult tasks will be selecting the goods, locating clients, and managing the sale.
The most significant benefit of dropshipping is that it allows you to open an eCommerce store without having to invest thousands of dollars in inventory upfront. Historically, retailers have had to lock up large sums of money to purchase inventory.
You don’t have to buy a product if you’ve already made a transaction and been paid by the consumer with the dropshipping model. It’s possible to start sourcing products and create a successful dropshipping business with very little money if you don’t have a lot of inventory upfront. And, unlike a traditional retail firm, there’s less risk involved in beginning a dropshipping store or trying out a new product line because you’re not committed to selling through any inventory you buy upfront.
6. E-book publishing and information marketing.
Self-publishing an ebook is fast — so fast it can be dangerous. An impatient writer can turn a draft into a bona fide ebook in under an hour and see it go up for sale the next day. This greased-lightning pace is exactly why so many indie authors prefer digital releases. But the convenience of ebook publishing has a downside: it’s all too easy to send your work out into the world before it’s ready.
Don’t jump the gun and publish as soon as you type out the last sentence, or even as soon as you finish a thorough round of edits. Instead, put your manuscript away for a while, so you can come back refreshed enough to spot mistakes you missed on the last pass. Then bring in another pair of eyes — ideally, a trained editor who will leave your manuscript spotless.
Amazon has made publishing books more accessible and affordable, but people have been making and selling e-books and other content online long before that. You can package and sell any content now that more people use the internet to investigate, seek guidance, and so much more. However, much like other online businesses, you’ll need to pick a niche for your book and be willing to market it.
7. Managing social media.
As more firms target netizens, internet marketing services are in high demand. Your responsibilities will include driving traffic to the company’s website, creating active and engaging communities around the company’s services and products, and promoting the brand online. You may also be required to provide customer support by responding to questions and resolving issues, as well as analyze the competition, research the target market, and evaluate and optimize the results.
Making a job online is indeed viable, and the internet will continue to open up new opportunities such as influencer marketing. These are not, however, automated or get-rich-quick scams. You must be willing to investigate or seek out a mentor to gain the skills. Regardless of which choice you choose, find a product or service that you are passionate about, establish market demand, and then develop mechanisms to reach out to your clients.