If you manage to own and maintain a successful online business, it will give you the freedom to make money from anywhere in the world, aka – you’ll be granted the rare opportunity to become a digital nomad. The idea is inciting, and honestly? It’s more possible than ever. However, many people have no idea where to even begin.
The most important step when it comes to finding ways to start an online business is to focus on an idea that matches your skills, along with your strengths. Whether you’re looking for a way to become a full-time entrepreneur, or you’re aiming to start or expand in passive income, you should always make sure you’re aiming to fulfill a particular consumer need.
To help out, we’ve compiled a list of 6 profitable need-based businesses that have minimal startup costs, and that you can start as soon as possible.
1. Dropshipping Business
First on our list, and probably the most profitable, low risk, and low cost – dropshipping businesses. The idea behind online dropshipping businesses is that you don’t have to maintain a large inventory, or in most cases, no inventory whatsoever. Working with the right dropshipping supplier grants you full automation and freedom to focus on the stuff that matters like marketing, and getting your product out there for the world to see.
Fully automated dropshipping businesses eliminate the final costs and risks associated with stuff you might just not sell, and the hassle of arranging to send orders all over the world. In addition to this, you’re also able to offer a wide range of products, meaning that the operating expenses for your dropshipping business will be ultra-low.
To help you get started in dropshipping, we recommend signing up with the experts. They allow you to live the life of a true digital nomad, and open up the world for you as their one-stop drop shipping solution handles everything that grants you financial freedom.
Find out more by visiting www.hyperSKU.com and signing up, or by speaking to one of their friendly team members.
2. Affiliate Marketing
Affiliate marketing can be great when starting your own business. Somewhat similar to running a dropshipping business, but does come with a few key differences. With this online business model, like dropshipping businesses, you don’t have to hold any inventory, and you don’t have to think about shipping out products to your customers.
With affiliate marketing, you decide on a profitable niche for your online business, and then find an affiliate marketing partner who has available products within your chosen niche. Most people use Amazon, however, there are also other options like CJ Affiliate. When combined, you’re able to reap the rewards of just about any digital information product.
If you have the expertise, the passion, or, you have the funds to hire an inexpensive freelancer on platforms like Fiverr, Upwork, and Freelancer; a way to start an online business would be through a blog.
You can create a blog yourself for small monthly fees on websites like Wix.com and Squarespace. Or, once again, you can hire a freelancer to create one for you through the freelancing platforms we just mentioned.
Blogging isn’t just all about writing. Of course, it can be if that’s where your passion lies. But if it doesn’t, then you can send a message to the online business world by posting photos, videos, and a bunch of links to other sites. You can even repost news and other articles. Just make sure you stick to your niche so it all relates.
Wondering what sort of niche? Look for a gap in the market, maybe something that not many people have done. Most importantly, make sure what you’re posting is original and useful to the audience you wish to target. Then, create a posting routine, and stick to it.
4. Create Handmade Goods
If you find yourself to be a crafty person, why not try your hand at selling handmade products like jewelry, precious stones, or picture frames? This online business idea can be great when it comes to monetizing your craft skills and selling your creations online.
You can make use of platforms like Etsy, Shopify, or even Craigslist to start your own store and sell all over the world.
5. Online Video
Do you have charisma? Are you confident in front of a camera? How well can you edit or capture videos? If you have the skills, then you could potentially become a huge hit on Youtube. With 2 billion users watching hundreds of millions of hours of video each and every single day, you may become a star sooner than you think. Although it may not seem like a business per se, it can be an incredible online business as it provides huge streams of income when done correctly.
Your goal shouldn’t exactly be to create a viral video, although, that will obviously help immensely. Instead, your goal should be to create useful content that engages people and to create and follow a proven strategy to maximize your online views on a regular basis.
The world is your oyster with YouTube as it works in many different niches, meaning that you’re able to explore and come to terms with finding what works for you.
6. Become a Virtual Assistant
If you’re super organized and love working behind the scenes, you may be perfect to fill the role of a virtual assistant. And yes, before you question it, this IS an online business.
As a virtual assistant, you can help entrepreneurs, businesses, and executives organize their personal and professional lives. You will undergo a broad spectrum of duties, ranging from appointment scheduling to basic marketing management, and everything else in between.
As this is solely online, it once again gives you the opportunity to travel anywhere, and gain a passive income stream at the same time.
7. Launch a Podcast
Like the sound of your own voice? If so, why not consider recording it to use in a podcast? It’s a great way to start an online business, and it has multiple monetization options – extremely similar to starting a blog.
To get started, you’ll need some items like a decent microphone, audio recording software, a simulcasting app and call recording software. This should all be pretty inexpensive, you can find most items discounted online.
You can also promote your podcast by collaborating with prominent figures as guests on your show. Don’t forget to encourage listeners to leave reviews and share your podcasts with all of their friends and family members.
In order to make a success of starting your own business, the most important thing is to make sure you’re in a profitable niche market. Remember to always keep an eye on current trends, bestseller lists on Amazon, and stay up to date with what people are saying on social media.
You should also remember that you don’t even have to restrict yourself to just one of these online business ideas. Why not start out with one, make a success of it, and then move on to others? After all, the more revenue streams, the better.