If you are interested in starting your own online business, there is no time like the present. We are living in a golden age of wealth. As much as the media tries to glorify the perils of our society, we actually live in a time full of opportunity and the potential for monumental business growth on a scale never before experienced. Thanks to the internet and smartphones, the amount of commerce taking place online has seen explosive growth.
If you are worried about scarcity, it is important to understand how much abundance exists today. Considering that virtually every brick-and-mortar store has made the transition to an online business, there is certainly no shortage of competition. But there is also plenty of so-called blue ocean. While it might seem to most that Amazon is the only company reaping the benefits of the e-commerce boom here, the growth is widespread and across every business sector.
According to the National Retail Federation (NRF), retail businesses are estimated to keep pace with a growth rate of 3.7 percent to 4.2 percent. However, the NRF expects non-store sales to be three to four times higher than that growth rate. Yet even though physical sales still account for the majority of consumer spending, they are only expected to grow by about 2.8%. Clearly, what is driving much of our current e-commerce growth is the smartphone market.
However, this only further illuminates the exponential rise of online business today. Considering that the internet is still in its infancy, as modern conveniences give way to near-instant delivery of products via drones, 3D printing, and other means, and as virtual and augmented reality help improve the online shopping experience, nearly all of our commerce will eventually be conducted through online channels rather than offline channels.
The question then is: how can you take advantage of this massive surge of spending happening every second of every day online? The truth? Whether you are looking to start a simple online business as a side hustle, or you are literally looking to get rich and earn an exorbitant amount of money online , there are 7 businesses that simply cannot be overlooked.
How to start an online business
Starting an online business requires some groundwork. There are legal and financial hoops you will need to jump through. It is important that you consult with a lawyer or your accountant before taking the leap. But, once you are ready, starting an online business, even with little money, is not just a possibility, it is a stark reality.
The beauty of the internet is that you can literally launch a business and make money online with very little or no capital. If you understand the mechanics of online marketing , or if you are great at social media, you will clearly find it easier. But you do not need to be a professional to start your online business.
Like anything else in this world, you will need either a lot of time or a lot of money. If you have both, then clearly, you are ahead of the game. But most people have more of the former rather than the latter. But considering that time is limited and we only have a certain amount of it, using your time wisely and managing your time properly is crucial to ensuring your success.
1. Chatbot business
The rise of the chatbot has been extraordinary to witness. Thanks to the ubiquity that chat gives us on platforms like Facebook, we have grown accustomed to chatting with friends and family across all our social networks. That is why chatbots powered by artificial intelligence present a new digital frontier for businesses looking to automate and forgo much of the manpower needed to converse with their customers.
This is very clear when it comes to customer service. However, its powerful value in commerce has also become quite obvious, and companies across every spectrum are now taking advantage of this. Platforms like Manychat , ChattyPeople and several others have emerged to remove much of the confusion and complexity of building a chatbot.
A proverbial gold rush is taking place today, with people trying to launch chatbots for their businesses to help automate some of their sales and marketing efforts that are necessary to properly grow and scale in today’s market. However, similar to the California gold rush, those who will likely get rich are the ones selling the picks and shovels. For that reason, why not launch your own chatbot business? Sure, there is some effort involved here, but it is definitely worth the steep learning curve.
2. Subscription box business
The box subscription business has exploded. While it is nothing new, and has been around for ages, the overwhelming rise of the internet has breathed new life into this online business idea. What exactly is a box subscription? If you think for a moment about one of the most viral box subscription businesses, you will clearly remember the Dollar Shave Club .
Founded by Michael Dubin in 2011, the concept was ingenious in its use of a video that quickly went viral . The company sold for a billion dollars, and when you look at it from the perspective of the sales funnel , what Dubin did was brilliant. Like other box subscription businesses, there is a basic tier of items you can order.
When you place your order, you are directed into a sales funnel with numerous upsells in the form of add-ons. Dubin’s understanding of market forces and his ability to have fun and create a business that was primed for explosive growth have made him an icon.
However, you do not need to go viral to enjoy growth in box subscription businesses. You will even discover websites like CrateJoy , which was created primarily to help connect potential subscribers with box subscription businesses, giving you a platform where you can spread the word about your business.
Companies like Graze , Blue Apron , FabFitFun , LeTote and many others are on the rise. In 2016, Shorr Packaging estimated that there were 21.3 million box subscription websites, compared to just 700,000 in 2013, an increase of roughly 3,000 percent. The most interesting thing here is the consumer demographics. The typical visitor to a box subscription website earns approximately $78,436 a year and is in their early forties.
3. Ad management business
In today’s competitive marketplace, if you do not understand how to drive paid traffic and optimize your conversions , you need to turn to a company that does. The truth is that paid ads can become incredibly complex. Things like retargeting and custom audience definitions, along with understanding the ebb and flow of everything with a sales funnel, are complex and confusing to most.
However, if you understand the mechanics of paid advertising, you could easily start an ad management business. Considering that ads are driving the growth of tech giants like Facebook, Instagram, Google and YouTube, with plenty of others entering the mix, understanding and navigating the murky waters of paid advertising could set you up to reap massive riches.
Why? Let’s take a look at the numbers for a moment. Consider this: according to a report by eMarketer , digital ad spending in the U.S. will surpass traditional ad spending for the first time this year. By 2023, digital will exceed two-thirds of total media spending. Total digital ad spending in the U.S. will grow 19% to $129.34 billion this year, 54.2% of estimated total ad spending in the U.S.
The simple facts point to continued explosive growth of online ads. And we are still in the infancy of the internet. The sooner you capitalize on this industry, the faster you can turn it into a formidable online business. Study and learn all the intricacies of advertising on platforms like Facebook and Google. Find courses, or use the free material available on a multitude of platforms to become a seasoned professional.
4. SEO business
Search engine optimization is a topic I have been writing about for years. The truth is that, while paid ads are growing at a staggering rate, the ability to appear organically and relevantly on search engines like Google is not only becoming more competitive, but also more lucrative.
When it comes to organic search keywords, there is sheer value at the top. Considering that roughly 40 percent of people click on the first search results and that the first page accounts for around 91 percent of the search share, appearing organically at the top of Google’s search engine results pages (SERPs) is something that is coveted and sought after by the world’s foremost online marketers.
As the internet grows and expands, SEO will not only become more competitive, but it will also become more lucrative. You could easily capitalize on this industry if you know what you are doing. This works not only for doing client work, but also for yourself. You can launch any number of online businesses, niche websites, and blogs with the right amount of SEO skills .
5. Vacation rental business
The vacation rental business is booming. While the mere mention of it might make you think of billion-dollar titans like AirBnB or HomeAway, there are niche businesses like Michael Joseph’s InvitedHome and Joe Poulin’s Luxury Retreats and many others that are carved out across a variety of markets. When it comes to vacation rental homes and vacation rental management, companies are earning anywhere from 10 to 40 percent on top of the gross rental rate, depending on the location and the level of management.
Launching and building a vacation rental business may require a bit of equity along with the right turnkey software solution to help you keep things organized as bookings increase, but if you have keen attention to detail, this is by far one of the best businesses you can start online. Of course, this operates in the real world, but your web presence and marketing skills are what really define this business and help it succeed.
If you are interested in the hospitality industry and live in a tourist destination, this is an excellent business that can make money quickly . Companies like Lodgix , Lodgify and 365 Villas offer excellent turnkey solutions for quickly building and managing your own vacation rental management business.
6. Webinar business
I know what you are thinking. How do you start a webinar business? Well, webinars are quite possibly one of the best ways to sell anything online. Best part? You do not even need your own product. Webinar guru Jason Fladlien, co-founder of Rapid Crush , has grossed more than $100 million in sales through webinars , which demonstrates the sheer power of this medium for selling.
The webinar delivers an engaged audience that is ready and willing to buy whatever it is you are offering. As a fervent student of this medium, I have found explosive results within a properly structured webinar. People like Liz Benny , Neil Patel and Russ Ruffino have been crushing it with webinars.
The best way to start a webinar business is to find a product you can promote and get behind. Then, build an excellent webinar. The perfect webinar is a formula originally developed by Fladlien, but later brought to the mass market by Russell Brunson. Brunson also created a piece of software with Jim Edwards called Funnell Scripts , which is an incredible piece of software that helps you build your entire webinar, including the ad copy and swipes.
Whichever way you approach it – whether you have an existing business or simply want to sell as an affiliate – some of the best webinar platforms you can use in the world are GoToWebinar and Andy Jenkins’ WebinarJam .
7. Business coaching
Business coaching is a lucrative online business that can tap into the massive market of entrepreneurs and business owners trying to find their way in the world of commerce. If you are a business expert or have a deep understanding of the market forces behind what drives purchases, becoming a business coach could mean financial freedom.
People like Frank Kern and Anthony Robbins absolutely dominate the business coaching world, while others are leading the charge as well. The best approach you can take in this industry is to offer an incredible amount of value upfront, and then have people pay you for execution.
Oliver Talamayan , another highly successful business coach, uses this approach as his primary strategy for winning clients and customers. First, you analyze the business and understand where it is today, then you find out where they want to be in the future, and then you figure out an approach to get there.
Understanding and successfully executing an effective strategy is key here. You want to instill confidence in yourself, and to do that, you often need a good amount of social proof. For that reason, if you want to launch a successful business coaching business, first, get a few clients and help them succeed. Then, get their powerful testimonials, and only then can you position yourself to charge high fees.
Brunson also talks about doing this before he started his Inner Circle. He helped Drew Canole successfully launch Organifi into a global powerhouse by helping to consult, advise, and deploy powerful strategies that helped Canole’s company generate tens of millions of dollars from a single funnel. After that, he could easily charge the big bucks.
originally published entrepreneur
RL Adams
