WRITTEN BY: aWUJOOla olUmide peter
Updated JANUARY 12, 2024
At this point, we've all had to come to terms with covid-19's
"new normal" - wearing face masks in indoor public places, physical
distancing, spending (more) time outdoors, working remotely, and, of course,
online shopping.
To protect ourselves from the coronavirus, many of us have
started shopping more online, which has created great business opportunities for
entrepreneurs from all over the world.
Don't
want your online business to include selling physical products? No problem
– I have plenty of other great ideas. Read on to get inspired.
Top 10 Online Business Ideas to Explore in
2024
1. Start
a Dropshipping Store
2. Start
a Print-on-Demand Business
3. Sell
your crafts online
4. Become
a freelance WordPress Developer
5. Start
a food blog focusing on Air Fryer recipes
6. Start
a podcast
7. Sell
digital products on Gumroad
8. Become
a freelance SEO consultant
9. Become
an influencer
10.
Buy and sell domains
1. Start a Dropshipping Store
According to some of the latest forecasts, global e-commerce
sales will reach $5.4 trillion this
year, showing that online
shopping has become one of the most popular online activities in
the world.
Lucky for all of us on a tight budget, launching and running a
dropshipping store doesn't
require a lot of resources.
This online business model is quite simple: you, the retailer, buy
the goods you sell on your website from a third-party manufacturer/supplier and
have it handle the ordering process.
Your main job is to generate online orders by promoting your
dropshipping store with everything you have (Facebook ads, Tick Tac ads, influencer marketing,
SEO blog content, etc.).
When it comes to dropshipping stores, choosing a good product is key. This
is where you need to do extensive research: analyze the latest trends and check
out popular websites in your niche.
If you want to play it safe, you might choose one
of Shopify's online product suggestions: toys, shoes, bras, decorative bottles, tablets, GPS navigation systems, digital works of art, and
many other ideas.
Other notable dropshipping business ideas include selling bamboo
cutlery, sustainable packaging, polymer
clay earrings, and vitamin C serum and stick Bags.
It goes without saying that your retail price must be higher than the wholesale
price you pay for your dropshipping business to be
profitable.
Reasons to start a dropshipping store:
·
It's a low-cost, low-risk online business idea;
·
You don't need to buy products in advance and store them in a
warehouse;
·
You don't have to worry about making, packing, and shipping your
orders;
·
You are not responsible for handling returns and incoming
shipments; and
·
You can work wherever you want.
If you want to learn how to create an online store, you can read
my Shopify review. After
all, Shopify is the most popular e-commerce platform right now, powering over
1,700,000 businesses in 175 countries worldwide.
2. Start a Print-on-Demand Business
Launching a print-on-demand online store is another
low-cost, low-risk, high-profit business idea. That's
because here you work with a supplier
of while-label products who customizes these products
with your own
designs and charges
you after you make a sale.
If you sell
your specially branded products (usually t-shirts, baseball hats, Toto bags, mugs, decals, Etc.) per order (which
explains the name).
Print-on-demand services allow you to try your hand at e-commerce without
having to worry about fulfilling orders because that is
the responsibility of your supplier.
Apart from beginners,
the print-on-demand model is also suitable for experienced entrepreneurs who
want to test a
new business idea or product line minus the risks
associated with purchasing inventory.
Last but not least, famous
graphic designers can take advantage of print-on-demand
services to monetize their audience without having to spend less time creating.
When it comes to listing your custom products, you have two basic options to
choose from:
1. Create
an online store using Shopify, Wix,, or Squarespace Or another free
e-commerce website builder; Or
2. Sell
on an online marketplace like Etsy and Amazon.
There are many print-on-demand services for creating unique
products, but the most popular is undoubtedly Printful (best
for clothing), gotten (collaborates
with international suppliers and drop shippers to print on products), and Printify (
offers more than 300 products to press).
Reasons to start a print-on-demand business:
·
The value of the global custom t-shirt printing market is
expected to reach $3.1 billion by 2025 ;
·
You don't need to buy products in bulk or keep any inventory;
·
You don't pay your supplier until after you've sold the
product; and
·
Your supplier takes care of everything that comes after the
sale, including digital printing, order fulfillment, and shipping.
3. Sell your crafts online
The
coronavirus pandemic and all the restrictions it brought into our everyday
lives have given time and space for many of us to explore our creativity and
(re)discover the activities that bring us joy.
If you are one of these people and want to make money from your crafting
skills and passion, it might be best to sell your
creations online.
Handmade clothes, accessories, jewelry, soaps, light a candle, photo frames, and furniture — these
are just some of the many
things you can sell online. You can create your own online store on
a reliable website-building platform such as Shopify, Wix, or Squarespace.
If you don't want to bother designing a website for your crafts,
you can sell
them on online marketplaces like Etsy, Amazon
Handmade, Storenvy, eBay, and iCraftGifts. Another great
option is to wholesale
your handmade products to other businesses.
When setting
your prices (retail or wholesale,
depending on your business model), you need to look more closely at your
numbers, i.e. your costs. Your prices must be high enough to cover all your costs (variable
and fixed) and profit factors.
Don't
worry, you can always change your prices to increase your sales or increase
your profit margins.
Reasons to sell your crafts online:
·
You get the chance to turn your craft into a money-making
business;
·
You will be able to work as much or as little as you want
(depending on your goals);
·
You will have the opportunity to charge high prices for your
unique creations.
4. Become a freelance WordPress Developer
Nowadays, more and more companies and organizations are
realizing that not
having an online presence in the 21st century is practically suicide.
However,
not many entrepreneurs and managers have the technical knowledge that the
design and operation of a beautiful and functional website requires. This
is where you step in.
Assuming you are an experienced
web developer, you can start a web design studio specializing in
WordPress* websites. Why only WordPress Sites?
Well, simply because WordPress is a CMS (content management
system) that powers 43%
of the web.
Although there is a huge collection of fast WordPress
themes and free WordPress plugins, many companies and organizations seek professional
help to customize their sites.
If investing in reliable web hosting isn't an option for you
just yet, you can offer your services on freelance marketplace sites like Upwork Fiverr and
PeoplePerHour
Reasons to become a freelance WordPress developer:
·
43% of all websites are WordPress-powered, which means you have
a wide target audience;
·
Freelancing allows you to choose your projects according to your
schedule and work from home;
·
Freelancing is a great way to build your portfolio and hone your
skills.
*Hosted WordPress.org, not WordPress. Com.
5. Start a food blog focusing on Air Fryer recipes
As you may have already noticed, air fryers have taken the world by
storm
This cooking equipment allows us to enjoy our favorite meals
without using any oils, so it's no wonder that there are over 2 million per month Google
searches for ' fryer ' and more than half a million per month
Google searches for ' fryer
recipes ' in the US
If you are a professional
chef or recipe developer starting a food blog focusing
on air fryer recipes may be perfect for you. You will experiment with the
oil-free stove and help your readers eat more healthily.
Okay, this all sounds great, but how do I make money You
can monetize your food blog through affiliate marketing, Google ads, and sponsored content. If
your blog grows to be a huge success, you have the chance to generate revenue
by implementing a paid subscription model.
Reasons to start a food blog focusing on air fryer recipes:
·
"Air fryer" and "air fryer recipe" are
hugely popular topics in the US, with over 2 million and more than 500,000
monthly Google searches respectively;
·
A successful blog allows you to expand into other
online businesses, including e-commerce, courses, and, of course, affiliate
marketing; and
·
Blogging helps you improve your writing, which is a skill that
can come in handy in various business and everyday situations.
To avoid making costly mistakes, read my step-by-step
beginner's guide on how to start a blog
6. Start a podcast
Podcasts have become one of the most popular types of web content, especially among young people. Experts predict that there will be 140 million podcast listeners in the US by 2023. Unsurprisingly, that number is expected to grow shortly hitting 164 million by 2025
If you are confident in your communication, audio editing, and
social media management, starting a podcast might be
perfect for you.
To increase your chances of success, you need to invest in high-quality audio equipment,
recording software, and podcast
hosting as well as develop
a micro-niche concept
Why not try marketing to everyone Simply
because general podcast topics won't help you build a following because you
won't be able to reach many people through all the noise on the web.
Finding the
right topic for your podcast is no easy task as it needs
to be narrow enough to draw people in, but broad enough to allow you to record many
episodes.
If you can't come up with any good ideas, you might want
to start with a
general list and then pick your favorite topics and narrow them down to
micro-niches
DIY tutorials tech reviews, video game reviews nutrition and specific diets hosted workouts guided meditations book recommendations and critiques, and alternative
living ( van life tiny homes, living off the grid,
etc.) are just a few of the countless podcast topics you can consider to
specialize in.
Okay, but how am I going to make money? Well,
until you earn the trust of your listeners, affiliate marketing will
be the surest way to monetize your podcast. When your audience reaches
thousands of listeners, you will be able to make money by creating a Patreon
page
Reasons to launch a podcast:
·
According to Statista, 57% of Americans have listened
to an audio podcast;
·
When done right, podcasting creates several great online
business opportunities, including getting sponsors and advertisers, turning
episodes into blog posts, selling your own products/services, making
valuable connections; and
·
Your podcast audience will not hear messages from your
competitors (podcast exclusivity).
7. Sell digital products on Gumroad
As some of you may already know, Gumroad is an online
platform that allows its users to
sell courses and other digital products, including icons emojis C4D scenes Create brush packs comics cookbooks plugins templates top 10 lists, and crypto tips
If you are a subject matter expert of some sort, you can turn your knowledge and experience
into a substantial income by offering online courses to
students and anyone else who wants to learn. Gumroad allows you to set up
an online store
for your digital products on its platform and embed it on your website
In addition, Gumroad allows its customers to sell and get paid quickly Gumroad
has a flexible
page editor that helps you build a beautiful storefront in
just a few minutes
When it comes to accepting payments, Gumroad lets you
create simple
memberships (your customers will have access to your
content as long as they subscribe), create
subscriptions (monthly, quarterly, yearly, etc.),
and give your
audience the chance to mention their price
Reasons to sell digital
products on Gumroad or on any other:
·
Gumroad offers a free
plan for creators of all kinds (transaction fees are not
considered);
·
Gumroad allows you to accept payments in different currencies,
as well as PayPal and credit card payments;
·
Gumroad allows you to create discount codes for your
products; and
·
Gumroad gives you the chance to grow your audience by posting
updates, sending emails, and using automated workflows (similar to Zapier)
Gumroad doesn't seem like the right platform for your online
course? No worries, there are many other options at your
disposal. You can start your teaching journey on Teachable, SkillShare,
Udemy, ClickBank, and JVZoo.
8. Become a freelance SEO consultant
SEO (Search Engine Optimization) is the key to success for online
businesses Good SEO practices help improve a
brand's visibility on the web, and higher visibility means more website visits
and more opportunities to convert potential customers into loyal customers.
If you're passionate about SEO and don't mind learning new
things all the time (Google is constantly changing its search algorithms), you
should consider
offering SEO consulting services on freelance
marketplaces like Upwork, Toptal, Fiverr ,
and PeoplePerHour.
According to Upwork, the SEO specialists on their platform earn
between $15 and $35 per hour, which isn't bad
at all. If you are successful in building and maintaining strong client
relationships, you will be able to increase
your hourly rate to $75-$100 per hour or adjust to a monthly retainer.
And who knows, one day you might start an SEO agency and
offer your services to many more companies and organizations.
Reasons to become a freelance SEO consultant:
·
It is a career choice with great financial reward potential;
·
You can work as much and as often as you want; and
·
You can work wherever you want.
9. Become an influencer
Do
you enjoy creating content for your social media accounts? Do your posts
tend to steal the limelight? Are you a human being? If you answered
"yes" to all of these questions, trying to become an influencer might
be an idea worth considering.
According to Statista, the market value of global influencer
marketing reached $13.8 billion in 2021, which
shows that influencer
marketing has become one of the most popular forms of online marketing.
As you may already know, you need a large following on social media to
be considered an influencer or expert in a certain niche. To get there,
you may want to
start as a micro-influencer or an expert among your friends and peers.
Next, develop
a content strategy (author's tone and voice, post
frequency, content elements, etc.), choose
your channels, create a website or blog, network within your industry, respond to comments, follow other influencers,
and stay
authentic.
Not surprisingly, Instagram
is the leading social media platform for influencer marketing, but Youtube and Tick Thank are
also widely used, so you may want to focus on these three.
Reasons to become an influencer:
·
Collaborating with brands is extremely profitable;
·
Marketing brands and their products or services is a great way
to learn the basics of marketing, giving you the chance to start another career
or business;
·
Influencing is quite easy; and
·
Being an influencer gives you the chance to discover and work
with great brands and companies.
10. Buy and sell domains
I know I know, trading domain names is so 2009. But
this ancient business model for many people is not dead yet. There are
still companies and entrepreneurs looking
to buy specific domain names.
Domain names are extremely important because they increase brand awareness and
attract customers, which explains why many businesses and
individuals are willing
to pay top dollar for the domain they want.
The process of flipping domains is very simple: you just buy domains and sell them at a
profit. The surest way to succeed is to buy shorter domain names that have
the potential to sell later with cheap
hosting plans. The
best domain registrars to buy domain names are from our Kör
pPappaor Namecheap.
GoDaddy domain name prices start from $0.01 for .com domains for the first
year if you make a 2-year purchase ( you'll be charged
$18.99 for the second year).
NameCheap, on the other hand, has a special promotion for new
customers — they can get
a .com domain for $5.98 for the first year of registration (the regular
price is $8.98 per year).
When it comes to selling
domains, you can:
1. List
your domains for sale on platforms like Flippa (they
will keep a percentage of the sale); or
2. Sell
your domains privately by creating
landing pages with your contact details and the
price of the domain in question (this can be tricky if you don't have
connections).
Reasons to buy and sell domains:
·
Domain use is a low-stress business;
·
Flipping domain is relatively easy; and
·
Getting started with domain trading can cost less than $10 per
year.
Note: Although an interesting online business idea, domain
trading can be risky, especially if you buy hundreds of domain names in a short
period.
Which industries will flourish in 2024
The Covid-19 pandemic has changed how many people work and how
employees view their work lives. As a result, there was talk of "major resignations" coming. With
so many people laid off or leaving their jobs for whatever reason, there may be
more aspiring entrepreneurs looking to earn an income on their own terms.
There
are plenty of industries and types of businesses that will thrive in 2024. Many
of these businesses will be digital and allow entrepreneurs to work remotely
and control their hours.
Virtual events and webinars
During
the covid-19 pandemic, hosting online events or meetings with colleagues over
Zoom became the norm. There are certain advantages to holding an event
online instead of in real life.
Thanks to this, hosting virtual events (such as webinars) and
conferences has an entire industry on its own. There is definitely a
chance that virtual events will remain, even when things "return to
normal".
With
virtual events, more people will be able to attend them. If you find a
virtual event and live in New York, you can attend an event in London or
Beijing. Without apps like Zoom, Microsoft Teams, and so on, fewer people
would attend any events.
You now have the opportunity Coburn Lawrence, co-founder of
Twine, stated that attendance for virtual events was four or five times
more than in-person events. There are job opportunities to plan, host and
execute these high-attendance virtual conferences and events.
Health and exercise
The health and wellness industry was already well-established
before the covid-19 pandemic. According to McKinsey & Company, the
health industry was worth more than 1.5 trillion dollars, still
growing.
But the covid-19 pandemic changed the way people think about
their health and well-being. This change was reported by Bloomberg in
January 2021. People began to focus on more than just
their "beach body".
People had to find new ways to stay healthy while at
home. The Washington Post reported that people saw the benefit
of working out at home.
Acumen Research and Consulting stated that the home
exercise industry will grow by 4.7% through 2027. This potential growth is an
estimated $14.8 billion by then.
This possible growth has created an opportunity for health and
fitness apps. The World Economic Forum reported that in the
first half of 2020, downloads of health and fitness apps increased by almost
50%.
There
has also been a growing trend for people to enjoy physical outings and
activities that are not primarily for exercise. These will include
climbing, hiking, and martial arts.
Freelance business
There
used to be a time when a Monday to Friday, 9-5 job was the norm. But with
the advancement of online connectivity and the pandemic forcing everyone to
work from home, people's view of work has changed.
A Forbes article reported that workers have realized
that companies need them more than they need them. This realization has
led to more and more people resisting their dream jobs or even striking out
independently.
This change had led to an increase in freelancing. In
2020, NPR reported that "millions" turned to freelance
work. You now have the opportunity Upwork Freelance Forward stated
that 59 million Americans had freelance work.
With millions of Americans becoming freelancers, some companies
are helping workers settle into their new work environment. There are
platforms such as Upwork where freelancers can create a portfolio and
profile that advertises their services.
With
more and more people becoming freelancers, there will be an increased demand
for websites to manage their portfolios and help freelancers find
work. These portfolio websites need to stand out in a highly competitive
market.
Home renovation and interior design
In 2021, Statista found that many Americans bought new
homes. Buying new homes led to a drastic increase in the interior design
and home renovation industry. Even when people have not bought a new home,
this industry has strengthened by renovating their homes.
There was an increase in home improvement sales between
May and June 2020. There are plenty of services to help customers with their
home renovations and DIY projects.
In 2021, a Houzz & Home study found that spending
on home improvement increased by 15%. There was also an increase in
patio renovation. This increase was a result of people wanting to spend
more time outdoors.
There
are plenty of opportunities for you and other aspiring entrepreneurs to create
an online platform to sell home improvement equipment or even provide services
to customers. There is potential to provide online tutorials in interior
design and home improvement.
Pet care
The pandemic forced many people into isolation and more time on
their hands. Loneliness led to more Americans adopting pets in the past
year. According to the ASPCA, one in five people adopted a dog
or cat between May 2020 and May 2021.
An increase in pet adoption led to a drastic increase in pet-related
spending. The American Pet Products Association (APPA) found
that spending on pets increased from $97.1 billion to $103.6 billion over
the same period.
There
was a drastic need for pet care services such as grooming, walking, training
and even feeding. This need provides great opportunities for new
entrepreneurs to enter the pet business online.
There are online stores specifically for pets, such as Tuft
and Paw, and Chewy. Even online platforms such as Watchdog
Labs help pet parents find the best pet food for their furry companions.
There is even something to help those who have lost their
comrades. Some websites can direct grieving pet parents to counseling
and therapy services. Companies like Eterneva can make lab-made
diamonds from your late pet's ashes.
Sustainability products and services
NYU Stern conducted market research that showed that "sustainability-marketed products grew 7.1
times faster than products not marketed as sustainable." Today, more
people are aware that their actions will affect the environment, which has
changed their shopping patterns.
GWI's market research found that more than 50% of customers
wanted (and still want) recycled or reduced packaging with their goods. It
also found that 48% wanted more affordable eco-friendly
goods. Additionally, 44% of customers wanted their products to be more
natural.
Entrepreneurs
can provide green services online. For example, digital marketing or advertising
agencies focus on environmentally friendly industries and the green
economy. New entrepreneurs can create an environmentally friendly online
store.
Just
consider that new companies flooded the sustainability industry, making it
difficult for customers to find the right one. New business owners can use
this to create training services to help these customers.
Baby and Parenting
Another booming online business sector is the parenting and baby
industry. The NPD found that parents spend a lot of money on
goods for their children. In 2020, the organization found that this
industry generated $7.35 billion.
In
2020, parents spent $587.5 million on safety products for their
children. This amount was a 35% increase from 2019. These products
included baby gates and other health and grooming products.
There
was also a 17% increase from 2019 ($952.1 million) in sales of baby and
children's furniture. Best sellers included baby furniture, toddler beds, and cribs.
Parents
also spent $963.6 million on products to entertain their children. These
included swings and seats/pants.
Beauty products for men
The
beauty industry has always been a booming industry. Most people will think
that the industry's main customers would be women. But the industry's most
significant growing revenue comes from products aimed at male customers.
Allied Market Research found that the men's grooming industry
had "grown exponentially over the past decade and should hit $166
billion by 2022. "
According to a CBS News report, global research firm
Mintel found that most Gen Z men in the United States want gender-neutral
beauty products. They are also not interested in products packaged in the
usual masculine colors.
The
report stated that “9% of Gen Z men say they use some form of lighter makeup
without makeup, whether it's tinted moisturizer, BB cream, or CC (color
correcting) cream.
There is a growing demand for safer and non-toxic beauty
products. According to a Brand Essence report, the
"pure" beauty industry is expected to grow from $5.4 billion in 2020
to $11.6 billion in 2027.
This
trend means that there are gaps in the market that can be exploited by new
entrepreneurs. Online beauty businesses may include an online store that
specializes in men's beauty and grooming products or pure beauty
products.
Food
If
you have always had a passion for good food but found it too expensive to start
a restaurant, I recommend creating a food truck or ghost business (virtual
kitchens).
A
ghost kitchen or virtual kitchen can be seen as a separate kitchen that
companies use only for delivery orders. While the pandemic forced many
restaurants to close their doors, these kitchens profited. Their advantage
is that these kitchens can offer food delivery and takeout to customers.
An article in QSR Magazine pointed out that ghost kitchens
can work without the cost of being in "premium locations".
Home renovation and interior design
Since
the covid-19 pandemic, more people have been working from home. More
people working from home may have led them to want to improve their
surroundings.
According to the NPD Group, in 2020 workers used the money
to upgrade their bathrooms and kitchens. The group also found that paint
sales increased by 16% and revenue from home improvement sales increased by
22%.
The
increased sales allow new entrepreneurs to create unique online stores or
online service platforms to help consumers. Since telecommuting is here to
stay with or without the pandemic, online stores and services that help
consumers in this industry will be in demand for a while.
toys
The toy industry is another promising industry for new online
entrepreneurs. According to NPD, toy sales have continued to
grow. In 2020, toy sales generated $25.1 billion in revenue. A
majority of these sales were made online, which increased by 75% between 2019
and 2020.
The best-selling toys were building sets (+26%), games
(+29%), fashion dolls and accessories (+56%), sports toys that have
scooters, skateboards, and skates (+31%), and summer toys (+24%).
The
NPD has recommended that toy retailers offer a buy-online, pick-up-in-store
(BOPIS), or curbside pickup as this would be more convenient for parents in a
hurry.
Summary
The Internet is a place full of business opportunities and online
side hustle ideas. You don't need to spend a small fortune to start
an online business and start making money. You just need to do your
research, find an idea that fits your skills and lifestyle, and play smart.
Most
of the online business ideas mentioned above give you the chance to start small
and scale up once you have established a strong brand identity.
Remember: lasting success
online takes time, which is why patience is a crucial virtue for all
entrepreneurs.
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