Online business: all you need to know
We live in the digital age that allows regular people to fulfill their entrepreneur ambitions through creating an online business. In 2018, retail e-commerce sales worldwide amounted to 2.8 trillion US dollars and e-retail revenues are expected to grow to 4.1 trillion US dollars in 2020. And though it’s hard to count the number of freelancers who work from home, some resources assume that it reaches at least 1 million people.
Whether you’re a student who wants to earn some extra money, or you’re unemployed and looking for a new job opportunity, or you want a career switch, there’re various online earning options for everyone. For some of them, you don’t need great experience and a wide set of skills, whereas some of them require having exceptional knowledge in a chosen field. Here’s a list of 5 online business projects that can be launched even buy a beginning entrepreneur.
- Health and wellness
Health and wellness business trends are building a whole industry that now represents 5.3% of global economic output. There’s plenty of business opportunities for everyone. The choice depends on your interests, skills, and the desired lifestyle. But the opportunities can be divided into two groups:
- Providing personal services that include health and wellness coaching, holistic health consulting, yoga teaching, nutrition consulting, weight loss coaching, and others;
- Selling physical wellness products, such as essential oils, dietary supplements, workout clothing, workout gear, healthy food products, vaping devices (you can check vape mod review here) for quitting smoking, and others.
Often, people who start with providing personal services also proceed to sell physical products or vice versa.
Obviously, if you intend to sell physical products, you need to ensure they meet all regulations and that they are of a good standard. The best way to do this is to work alongside an experienced manufacturer, like this Softgel Manufacturer for example.
Another tip is following the latest trends. Vaping seems to be very popular among people who want to stop smoking. Studies show that e-vapor from vape box mod is much safer than tobacco smoke, so struggling smokers make a switch. Vaping business can be successful and profitable if you have a good website with a blog. Selling unique vape mods can be your chance.
- Building applications.
Smartphones are everywhere, and the demand for new unique apps is higher than ever before. App development can be extremely profitable. Indeed, creative and quality apps have the potential to make you super rich. Pokémon GO has made $342 million so far, but that’s nothing compared to the billions in ad revenue. Angry birds is now worth a billion dollars.
This business project is within even a student’s powers. If you’re studying app developing, why wait until graduation? Developing an app may be worth your time and efforts. And it may cost almost nothing. Well-performing apps make thousands in ad revenue each month.
- Give classes via Skype.
In the last few years, the online education industry has grown up to more than 2 trillion dollars. To get into this business, you only need knowledge of some subject, good teaching skills, internet connection, webcam, headset, and microphone. Teaching people via Skype eliminates the barriers of distance, so you can teach people from all over the world. It’s a huge bonus if you’re going to teach foreigners your mother tongue.
Other ideas of online tutoring are to teach mathematics, biology, or other subjects to children and adolescents, to give drawing lessons or teach web development.
Where and how to get clients to your tutoring business? Visit this extensive guide.
You must already have the skills, experience, and expertise in your field of work. All you need is to brand up your services and find the clients willing to pay for them.
From SEO, IT, and finances to more lifestyle-focused health, nutrition and coaching skills, you can consult in just about anything. You might need to gain deeper knowledge into your existing career field, as the quality of your service is vital for success.
This is a type of business you can do offline, too. Some start with face-to-face consultation and after earning a solid reputation and building up a steady customer base they move purely online.
- Food home delivery.
Well, this business is half online and half offline. You will sell food online. For this, it’s best to create an online food home delivery website and application for your local area. To cook food, you don’t have to open a store. All the cooking can be done in your kitchen.
Come up with reasonable prices on products and delivery. Make sure your food match quality standards and is healthy. If you establish your small business as a reliable one, people will love to order from your website and app.
This type of business can be run in your home town or city. But there’s always an opportunity to grow your branches outside.
Advantages & disadvantages of doing business online
There are many benefits of running an online business, and here’re the major ones:
Being your own boss
Some people, like students or mothers with babies, simply can’t have a nine-to-five job. Becoming a freelancer means planning your schedule and making corrections that fit your daily routine.
Launching an online business is cheaper than opening a traditional office-based company. You won’t need to recruit sales staff, as a lot of work in online business (like taking payment) is done automatically. And while you’ll need to invest in a domain, website, and/or an app, these expenses are minimal in comparison to leasing and maintaining physical premises. While you might not plan to build a website immediately when you start operating, you’ll need it if you entrepreneurship starts to develop rapidly.
Managing your business from anywhere in the world
Online entrepreneurs can run their company from any place where they have an Internet connection. If some part of work must be done locally, they hire an assistant.
There’s also a number of points to consider:
There will be a lot of businesses within your industry, and it takes efforts to make your business stand out among the others.
Lack of interaction
In physical shops, staff members can communicate with customers face to face. This helps to impress purchasers, make them buy something, and prompt them to tell other prospective customers about their positive experiences. It can be challenging to develop a meaningful relationship with customers when managing an online business.
Keep in mind that any online business is constantly changing and evolving. Vaping business, for example, offered an e-cigarette about 10 years ago. Today, even the word “e-cig” isn’t used as often as “vape mods”. It’s important to follow trends and offer people the newest products.