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Today we’re going to discuss one of the most exciting ways to make money. The topic is “starting an online business at home”.
Let’s get started!
Why start an online business?
If you’re new to the online business world, you’ll probably wonder about the benefits of starting an online business over a conventional business. So, here they are:
- Most online businesses can be started with a low upfront cost.
- The scalability of online businesses is much higher than many conventional businesses.
- Since online business takes place through the internet, you have the freedom to choose a location you like.
- Many online businesses are passive income opportunities.
- You can target a higher number of audiences to sell your products.
- Since online businesses take place on the internet, they run 24/7. Unlike a physical store or business, you don’t have to close it during the night hours. More importantly, you don’t have to work 24/7 to keep your business up running. This means that you can make money even when sleeping. Awesomeee!
What are the best online businesses to start? How to start an online business at home?
Now we’ve arrived at the primary topic of the blog. Instead of just explaining how to start an online business at home, I’ve also made a list of the best online businesses to start.
For each business, I’ve quickly explained the method of starting them. This will offer you a better idea of how things work. Let’s get on the list!
Note: All the businesses listed below can be started at your home without the need for an office space.
If you like writing and want to make passive income through it, you can give blogging a try.
You can start a blog with a very low investment. Besides the primary requirements of a computer and an internet connection, you just need a website. Due to the increasing popularity of Content Management Systems (CMS) like WordPress, building the website has become pretty easy and affordable.
Various hosting platforms like HostGator offer quality hosting services and a free domain name (for one year) at less than $100 for the first year. Beginners can make use of this fantastic opportunity!
Besides blogging on your own website, you can also work as a freelancer for an established company. This can yield you an additional income.
2. Affiliate marketing
Affiliate marketing is performance-based marketing, where products are sold for a commission. The more products you sell, the higher commission you’ll receive from the company with whom you’re affiliated with.
Similar to many of the businesses in this list, affiliate marketing is also a passive income business model. Blogs, social media posts, YouTube videos, email, etc., are some of the best places to promote your affiliate products.
If you’re a blogger, you should definitely consider monetizing your website with affiliate links. By doing so, you can utilize your blogging skills to promote the affiliate products as well.
E-commerce has been around us for several years, and during recent years, it gained a lot of popularity. The demand for purchasing the products online was increased further during the pandemic. Beginners should make use of this opportunity.
I personally suggest starting a niche-based e-commerce store over general stores like Amazon. Niche-based e-commerce stores can be started with low investment, and it’s easier to scale. However, if you have hundreds of millions of dollars or even billions of dollars to invest, you can consider starting a massive general e-commerce store like Amazon.
Here’s how you should choose the niche and start your e-commerce store.
- Research the e-commerce market space and get an outline of various profitable niches.
- Select products that have potential scaling opportunities.
Discuss with a supplier who manufactures a similar product.
- Choose an e-commerce platform like Shopify to build your store.
- Sign a contract with fulfillment companies like ShipBob to stock your products. The storage costs depend on the size and the product quantity. If your product is something like phone cases, you may pay around $40/month as a storage fee.
- Ask your supplier to ship the products to the warehouse.
- Add the products to your e-commerce store.
- The product shipping will be taken care of by the fulfillment company. The shipping fee depends on the product and the delivery location.
You may feel that some of the steps mentioned above are complicated. But, trust me, they aren’t as difficult as you think. Moreover, all the steps can be completed from the comfort of your home. So, starting an e-commerce store is a lot easier than starting a physical retail store.
Ok! Now some people might feel difficult to manage the product’s stock and ship it to customers. If you’re one among them, you can give Amazon FBA (Fulfillment by Amazon) a try. In this model, your products will be stored in the warehouse of Amazon, and when someone orders your product from Amazon’s products listing, Amazon will ship the product to that person (customer).
4. Digital courses
If you’re an expert in a particular topic, you can make a lot of money by creating a course on that topic and marketing it to people.
There is no need for professional cameras to shoot your course. All you need is a decent smartphone and an external mic. Next, you should have a computer to edit your course. To be honest, nowadays, almost everyone owns things such as a computer, smartphone, and an external mic. So, you can start shooting your course without spending a dime.
As for the marketing part, you can use channels like blogs, email marketing, social media marketing, PPC campaigns, etc. Once people start to know about your course, trust me, you can make a lot of money.
If you don’t want to face the difficulties of starting your own business, you can give freelancing a try. Also, if you want to start a secondary business and get paid for your talent, freelancing can be the right option for you.
Here’s a detailed explanation of how to become a freelancer.
Say you have a particular skill, and you want to make money through it. In this case, you can sign up for popular freelancing platforms like Upwork, Fiverr, etc. Once you finish signing up, you’ll find many jobs related to your interest.
Submit a proposal for a job that suits you the best. If the client is satisfied with your proposal, he will invite you for an interview, where you need to perform your best. If the client is satisfied with your interview performance, you’ll be hired for the job.
If you’re an expert in a particular area, you can start a consulting business targeting startups in your niche.
Some might imagine that having an office is essential for consulting business. Yes, that’s true. But, for online consulting, an office isn’t required. Apart from the primary requirements such as internet, computer, etc., all you need is a professional business website.
Besides starting a consulting business, you can also look out for consulting jobs for additional income. You can find many consulting jobs on sites like Flexjobs, Upwork, Fiverr, etc.
As for profitability, experienced consultants earn a lot. Also, many consulting agencies charge their clients thousands of dollars for a month.
When starting, I suggest you offer your consulting services at an affordable rate. If your service is of high quality, you’ll attract a lot of clients. When the number of clients starts rising, gradually increase the price of your services.
7. Software business
If you’ve good coding skills and marketing capabilities, you can give software businesses a try. For many people, including myself, the software business is the most difficult to start among other businesses mentioned in this list.
However, hard work never fails! If you have the skill to develop the software, trust me, you can make a lot of money through it.
PPC campaigns, email marketing, blogs, social media marketing, etc., are some of the best places to promote your software. If you aren’t much into digital marketing, don’t worry! Hire some expert freelancers to do the marketing job for you.
8. Develop apps
If you have the coding skills to develop apps for smartphones, great! You can make a massive amount of passive income through it.
The app you create should have an optimized interface, and it should provide value to the people.
As you all know, Android and iOS are two of the popular operating systems for smartphones. The application store for each of the popular operating systems is as follows:
Android – Google Play
iOS – App Store
If you want to develop apps for Android (Google Play), you can do it through Android Studio. Similarly, if you want to develop an app for iOS (App Store), you can do it through SwiftUI. However, be noted that SwiftUI is only available for Mac users.
Bonus tip: There are several ways through which money can be made through an app. However, I suggest making the app paid and earning money through it. If your app is unique and of premium quality, many people will surely pay for the app. Also, I don’t recommend earning through ads because that will negatively affect the user experience.
9. SEO Consultation
Search Engine Optimization (SEO) is one of the best forms of digital marketing. Starting from small startups to billion-dollar companies, many use SEO to market their products and services.
But why is SEO so effective and essential? Here’s why.
Unlike advertising, SEO is cost-effective, and the solution is long-term.
Say you have an online course and you want to promote it. If you run PPC campaigns (advertisements) on social media platforms like Facebook, Google, etc., for promoting your course, you have to pay for the ads to continue running. So, it’s a short-term solution, and the income can’t be considered passive.
However, you aren’t going to pay a dime for SEO. Your success with SEO depends on your skill. If you’re a complete beginner, you may require about 6 months to learn SEO. The time you spend will be absolutely worth it! Besides helping you succeed in your SEO consulting business, you can use your SEO skills for succeeding in other online businesses like blogging, affiliate marketing, etc. Moreover, as mentioned above, SEO is a long-term solution.
SEO doesn’t bring in quick sales. But, in the long run, you’ll be making more profit, and the sales will be consistent. The same isn’t the case if you solely depend on PPC advertisements.
Now I hope that you’ve clearly understood the importance of SEO for a business.
Fortunately, we are in the booming digital marketing era, and you can make use of this opportunity to start an SEO consulting business from your home. Initially, offer SEO services at an affordable rate. If possible, you can even offer it for free. Provide excellent service to your clients to get positive feedback from them.
Once your business starts attracting more clients, start increasing your fees gradually.
10. Publish an E-book
If you’re interested in writing books and explaining concepts to people, you can convert your passion into a great passive income business.
Consider that you’ve immense knowledge about entrepreneurship. In this case, you can write a long detailed book with some graphical and statistical elements. These elements will prevent the readers from getting bored.
Once you finish writing the book, you can market it through your personal website, social media accounts, email list, PPC campaigns, etc.
If you want to grow faster, make sure to publish your e-book at a competitive price.
Also, if you find that your book is selling well, expand your business by publishing more books. In general, the higher your reputation as an author, the better will be the sales.
Starting an online business is a fantastic idea. I hope this blog gave you a clear idea about starting an online business from home. Also, I hope that you got an overview of some of the popular types of online businesses.
I would like to end this blog by mentioning an important point. Some people believe online businesses are get-rich-quick schemes. If you have read this blog, you would know that their statement is not at all true!
If you want to succeed in an online business, you will need to put in the same hard work and dedication required to build a conventional business. By starting an online business, you can yield profits that are higher compared to many conventional businesses. But, reaching that level takes time, and it doesn’t happen in a single night.
In conclusion, if you’re ready to work hard with patience and dedication, you can become super-rich by starting an online business. I wish you ALL THE BEST!