The world is heading towards digitization, and it seems like there is no shortage of online business ideas; after all, everyone wants to become their own “boss.” Before the pandemic, retailers and manufacturers were not active in the digitization process, but the year 2020 has compelled them to realize the power of moving online. Another truth is wide access to the Internet has also made it easy to create a business; it seems like stepping into the “online business world” has become a sweet spot for emerging entrepreneurs.
All you need to create a website and application so that you can sell and promote your products in any location of the world. Target the right people with the right offerings, and you will start getting orders in no time. Another major benefit of running an online business is that you can eliminate certain kinds of fixed costs such as rent and other maintenance expenses, increasing savings and flexibility. So it is a universal truth that setting up an online business is easier than running a physical shop on the high streets.
Suppose you are one of those aspiring entrepreneurs who want to commence an online business. In that case, this is the right time to join the bandwagon because Statista has revealed that e-retail revenue is estimated to reach $6.5 trillion before 2022.
There are multiple online business ideas; how do you choose best for you? How do you get started? Which business idea you should choose that actually generates profit. If you want to commence your own online business with low investments, here we have come up with a list of the five best options you can choose from. But before moving to the list, let’s discuss why to start an online business.
Why Online Businesses are Very Appealing
Time is changing, people’s habits and preferences keep evolving, and technological advancements have left no stone untouched when it comes to increasing sensation towards online businesses. Entrepreneurs are always in the hut for better business opportunities; some come up with new concepts while others constantly seek new ideas.
Increasing penetration of smartphones and broad access to the Internet has encouraged entrepreneurs to commence online business. Further, people’s affinity towards digital shopping and ordering is constantly increasing, be it clothes, medicines, grocery, food, or even flowers, the trend of doorstep delivery increasing by leaps and bounds.
Moreover, online businesses are appealing because they don’t have to face certain hurdles, unlike traditional businesses such as space, maintenance, etc. The following are major reasons why online businesses are appealing in 2021 and beyond,
- Offers scalability
- The Internet has become a modern gold rush
- Low investment
- Access to a global market
- Run business round the clock
To avail the above benefits, more and more entrepreneurs are thinking of investing in online businesses. Moreover, Govt. also offers incentives and many benefits to business owners regarding tax reliefs, loans, etc. So choose the best online business idea, and with the use of digital technology, you can target the global audience as your market. There are a plethora of online business ideas, facing the dilemma of what to choose? Which idea has huge potential? Here are some best business ideas.
Best Online Business Ideas to Consider
Time is changing; what may have been lucrative in the last decade may not necessarily be a profitable business idea to step into 2021. For instance, promotion on Facebook and Instagram was just in its infancy but has now become a prime social media marketing tool for businesses.
Make sure whatever business you choose, the key to getting success in the next decade is to cater to the wants and needs of two powerful generations, Millennials and GenZ. Let’s make it easy for you here. We have come up with a list of the best five online business ideas that reap your exclusive benefits in the years to come.
Online Delivery Business
The online delivery business is getting huge attention across the globe. Be it food, grocery, medicine, or any fresh produce, people’s inclination towards online ordering is increasing, creating a billion-dollar market for entrepreneurs. Whether you are engaged with the restaurant business or retail, provide digital ordering service to your customers, it will automate your business and generate additional sales opportunities.
You might have overhead how apps like Grofers, BigBasket, Instacart, etc., during the pandemic became popular as these apps allow consumers to order and get essentials at their doorsteps. Indeed, a pandemic has left a positive impact on the online delivery business as there is a surge in an app for supermarket among retailers. If you want to check the potential in this sector, check out the following statistics,
- Online food delivery business will soon cross $200billion, Forbes stated.
- BusinessWire has forecasted that the online grocery delivery market will keep growing and reach $631.84 billion by 2020-2024.
- According to Fortune Business Insights, the online medicine delivery market is set to reach $177,749.9 million by 2026.
The above statistics clearly show that stepping into an online delivery business could be the wisest decision anyone can make right now.
Sell Online Course on eLearning Portals
Students are confined inside their homes due to the ongoing pandemic, so their reliance on online learning portals is increasing; after all, that is the only option they are left with to enhance their learning capabilities. You might have heard about the eLearning portals such as Khan Academy, Udemy, Coursera, etc. There are millions of students registered on these platforms to learn different courses.
You can find an extensive range of courses on these platforms, from arts to artificial Intelligence to machine learning to programming; you will find everything. If you think you are expert enough to sell something online by sharing your knowledge with others, you should start selling on these portals.
For instance, on Udemy, search name Nick Walter, he is an iOS developer and made $66,533 within one month by selling his course on Udemy regarding iOS app development. Before you start publishing the course, make sure to check the course quality checklist issued by Udemy.
Usually, signing up is free on these portals; upload the course, students will purchase the course and start earning in double digits.
Dropshipping Business- Don’t Worry About Inventory
If you want to dip your toes into the eCommerce business but are worried about spending huge money on inventory and warehousing, welcome to the world of dropshipping. Yes, dropshipping is considered the best online business idea to start with. Instead of worrying about purchasing and storing goods before sales, dropshipping lets you sell to customers directly items bought from suppliers.
You can easily get started with the dropshipping business in any niche if you are interested in any specific product and find it profitable, find a trusted vendor, and start selling right away. Commencing a dropshipping business is as simple as:
- Choose a specific product
- Connect with supplier
- Setting up website
- Market your products to the target audience
- Make sales and directly ship products to customers
From clothing to jewelry to one-product stores, dropshipping works best and allows entrepreneurs to earn maximum profit with minimum investment. Getting into the dropshipping business is easy but if you have no clue, check out this guide and grab the opportunity.
Become a Freelancer
There is a constant rise in the gig economy; many people, especially techno lovers, consider freelancing the best option to earn a side income. Websites like Upwork, Fiverr, People Per Hour, etc., allow individuals to sell services.
More than 75% of freelancers claimed that their income is considerably increased after doing freelance along with 9-5 jobs. Freelancing actually gives you the freedom to work at your convenience. You can start offering services such as SEO, content writing, video editing, graphic designing, translating books, app development, etc.
All you need to get started with this business is experience. If your profile and portfolio are strong enough, you won’t face much trouble getting projects. Freelanced usually creates a landing page to promote their services online. You can also create a profile on Behance, Dribble, or LinkedIn to enhance your profile visibility.
Domain Flipping Business
This business is new but generating buzz these days as you don’t need technical or marketing skills to earn a decent income. In this online business model, you only need to buy a cheap and unique domain name and then resale it to get higher prices.
However, if you want to get maximum profits, you need to do some research before buying any domain. Sites like GoDaddy, Hostgator, etc., enable you to find a domain name and rates of different domains. Sometimes, simple domains help you get impressive prices, and the best example is Marijuana.
Yes, TechCrunch has reported that Marijuana.com was sold for $4.2 million. Isn’t it crazy and amazing? Indeed.
Which Online Business Idea is Ideal for You?
Here we have gone through the best five online business ideas. To make the right decision, choose the best that suits your skill set and gives you favorable results. Once you pick the best business idea, all you need to create a user-friendly website and app. Find a skilled technology partner; your online business will be in safe hands.
Brijesh is the tech activist, blogger, and internet marketing officer of Elluminati Inc for more than three years. My major concern is to educate people who are interested in technology. I am passionate about helping people in all aspects of SaaS solutions, online delivery business, digital marketing and other related topics that make tomorrow’s world better. I am fond of writing useful and informative content that helps brands to grow their business.