For thousands of people, the unprecedented events of the past 12 months have served as the impetus they needed to make the leap from the world of salaried employment into entrepreneurship.
More are following with every passing week, and while there are dozens of different possibilities out there, the vast majority have one common theme.
The most sensible, practical, and accessible place to locate your business right now is in cyberspace.
Without further ado, let’s take a look at our delectable dozen top ideas for your new online business launch.
Blogging/affiliate marketing
Blogging is simple, risk-free and demands little in the way of start-up costs. In fact, to get started, all you need is a simple WordPress site. There are various ways to monetize a blog, but affiliate marketing is both elegant and effective.
More than 80 percent of advertisers have some form of an affiliate program, so finding partners should not be difficult, regardless of your niche. Just be ready for the fact that it takes time and effort to start generating significant returns.
Run a class
Online tuition was a growth area before 2020 but has absolutely exploded since. If you have expertise in anything from language to music to Pilates, it’s worth getting a professional qualification and setting up some online classes.
A wider portfolio will bring more interest, so look to offer group sessions, one on ones, and even written guides.
Open your own casino
In the physical world, this would be a huge undertaking, but online, you can buy an off-the-shelf platform, complete with payment functionality, and it’s just a case of adding your own branding and applying for the appropriate licenses.
Obviously, it’s a crowded market so you’ll need to stand out from the crowd. Check out this list of the best online casino sites in Canada that will give you a good idea of what a good online casino looks like.
IT outsourcing
If you have expertise in IT, there will always be someone in need of your services. In fact, there are record numbers of “someones” right now, as more businesses than ever outsource IT.
It’s an industry worth around $350 billion and to claim a slice, you’ll need the right supply network to meet diverse business demands.
Buy a going concern
The problem with starting from scratch is all the work it takes to actually start turning a profit. One way to circumnavigate that is to buy an existing business.
A quick web search will show you there are dozens out there, but buying the right one at the right price needs expertise. Ask for advice if you’re unsure, and follow every step of due diligence before you sign anything.
Become a consultant
Knowledge and expertise are valuable resources, and not just in IT. If you are experienced in a business area, whether it is marketing, project management, HR, risk, or something else, it’s likely something you can commoditize.
Remember, though, word of mouth only gets you so far. Get certified to prove you are what you claim to be.
Start a podcast
A little like blogging, podcasting can be a fun way to share your knowledge or passion on a particular topic with like-minded people.
If you do it well and start attracting significant audience numbers, it can also be a lucrative money-spinner through sponsorship and advertising.
Online stock trading
Here’s something that has been gathering momentum as a side hustle for some years as a way to make a few extra dollars. Could you step it up and make it your main income source?
Make no mistake, you need to know what you are doing, despite the claims of those robot platforms that claim they can make money for you while you sleep.
Still, there’s enough genuine community support out there to make a go of it, and many have done so with success.
Sell your photos
Every day, there are an incredible 7.5 million new blog posts published online. Every one of them needs at least one image, sometimes more.
There’s an insatiable appetite for pictures of literally anything and everything, so if you’re fond of taking snaps on your phone, let them start earning you some money.
You can either use an established site like Pixabay or set up your own gallery with eCommerce functionality.
Conduct consumer research
Remember the old phrase “knowledge is power?” Businesses want to know more and more about their consumers and will pay handsomely for it.
As a researcher, you need to reach out to people and use their responses to create detailed personas that can be used in a B2C company’s marketing efforts.
Digital events
Businesses are still struggling to come to terms with the “new normal” and nowhere is this more evident than in the area of conferences and events.
If you have event management experience and a little IT acumen, you need only to market yourself effectively and you’ll have businesses beating down your virtual doors
Trade domain names
Finally, another online money-spinner that you can launch straight away with minimal investment and that will soon start generating returns. It’s important to understand the market.
However, in order to get a feel for what is and isn’t in demand. For this reason, it’s worth starting out small as a side hustle until you have gained the necessary experience.
