When you think of starting a business, one thing may pop into your head: risk. Our culture is filled with stories of bootstrap businesses, business success despite early rough starts and businesses going under despite everyone’s best efforts.
If you’re considering starting a small business online, now is the right time – e-retail revenues are projected to grow to $6.5 trillion in 2022.
Keep in mind starting an online business requires plenty of effort and time to succeed.
To increase the chances of success, consider picking an idea that suits your skills and interests. Having some prior knowledge about the field can make for easier business management.
Self-Publish an eBook
- Depending on the platform, you can get 35%-75% of royalties for each eBook sold. Bear in mind that book production expenses can range between $100 and $6000 Thanks to the internet, becoming an author no longer requires sending a manuscript to a publisher. It’s now possible to sell eBooks using a personal website or self-publishing sites, like Amazon KDP.
Launch an Online Store
- Estimated Income: $1000-$100,000+/year, depending on the market size as well as eCommerce store and operational expenses
- Requirements: Business management, digital marketing, and site maintenance skills
Creating an online store is one of the most rewarding internet business ideas you can try. With the right strategy, you can become the next person to launch a multi-million dollar brand.
Try tapping into a micro-niche. It may have low traffic at first, but this also comes with low competition and considerable growth potential.
Launch a Subscription Box
- Estimated Income: Based on Starter Story’s reports, the revenue can range from $6000 to $400,000+/month
- Requirements: Business management, digital marketing, and site maintenance skills A subscription box service is a business model that delivers a package of products periodically to customers, like Dollar Shave Club.
These services have gained more traction in recent years. Reports reveal that 54% of online shoppers are subscribed to at least one subscription box service, usually for reasons like personalized experience and convenience.
A good example is Butcher Box. This subscription service delivers various kinds of meat, a grocery staple for many households. The brand uses its organic sourcing as its unique selling point to provide customers with more value when purchasing their product.
Design Website Themes
- Estimated Income: $5-$200+/theme licence for each theme sold
- Requirements: Other than skills in web design and front-end development, it’s good to be familiar with CMSs, like WordPress
Selling site themes is an excellent online business idea for web designers looking to earn money on the side. As more people launch their own websites, the demand for beautiful and easy-to-use pre-made designs also increases.
To boost a theme’s value, consider including regular updates and priority support into the package. Alternatively, provide a custom theme service. Online businesses are usually willing to pay thousands of dollars for a one-of-a-kind design.
- Estimated Income: According to Codementor, the average salary is $61-$80/hour
- Requirements: Skills in app development, UI/UX design, product management
If you have a concept that can translate well into a mobile or web app, consider this business idea. Nowadays, people turn to apps to solve various problems – from increasing productivity to maintaining mindfulness.
Work as an SEO Consultant
- Estimated Income: According to Ahrefs, the average rate is $68/hour
- Requirements: On-page, off-page, and technical search engine optimization skills
SEO has become one of the most critical success factors for online businesses. It’s a cost-effective way to not only raise brand awareness but also generate high-quality traffic.
SEO consultants advise clients on how to optimize their websites for search engines. Since the job market is competitive, consider choosing a specialization or customer segment to target. Doing so can make you the go-to person for specific services.
How to Start an Online Business
- Now that you have the list of the best online business ideas, it’s time to pick one and get started
- Choose a Product or Service
- Conduct Market Research
- Create a Business Plan
- Legally Register Your Business
- Sign Up for Web Hosting
- Register a Domain Name
- Set Up Your Website or Online Store
- Publish and Promote Your Online Business