.svg)
Learn how Growth Hacking combines marketing, data science, and engineering. Discover how it drives growth for startups and established businesses alike.
Starting a new online business doesn't come with the same overhead costs or scalability issues as other businesses. Indeed, you have reduced overheads, high margins, flexibility, freedom and access to a global market.
According to the main statistical database Statista, global e-commerce sales forecasts are expected to reach 4.2 billion euros in 2021, a figure that is expected to rise to 6.1 billion euros in 2023. A huge piece of the pie awaits you if you want it.
With more and more options for e-commerce solutions available, it has never been easier to start, manage, and grow an online business from scratch.
With an online business, you are not tied to your office and you no longer work according to someone else's schedule.
Instead, The entrepreneur can travel the world, choose a lifestyle where you are constantly on the move, and manage your own agenda without external constraints.
There are plenty of low-cost online business opportunities with minimal start-up costs.
After all, digital resources (websites, online marketing, and social media) are significantly cheaper and more flexible to manage than their traditional counterparts.
Here is a brief breakdown of the costs of starting a simple online business for beginners:
Another significant benefit of starting an online business is the earning potential that is virtually unlimited.
Indeed, your income is not determined by your hours of work, but rather by your productivity.
For example, you can devote your resources to value-added activities to significantly reduce the number of working hours needed to earn sustainable income, for example by developing an agile team remotely or standardizing processes.
Here is an excellent (and mythical) book by Tim Ferriss showing how he managed to systematize his processes and efforts to only have to work 4 hours a week:”The 4-hour week“
This can potentially lead to passive income over the long term, too!
In Entrepreneurship, there is better potential for a return on investment because it will not be linked to the same constraints as a physical store. An online business can be marketed to anyone, at any time, through a multitude of digital media and platforms.
If you are a beginner, there are a few online business ideas that should interest you. These ideas have a low start-up cost and therefore minimal risk.
If you answered “yes” to any of these questions, you may be able to start your own online consulting business.
Whether in the field of accounting and taxation, IT, education or even engineering, if you have the required skills, you can offer significant added value to your customers.
All you need to do is focus on marketing and maintaining a quality reputation.
Your skills + Appropriate marketing = your consulting business
Freelancing is considered to be one of the most attractive options if you are looking to start an online business.
It's a great way to get familiar with a sector before engaging in it. Unlike a full-fledged job, you are not attached to an office or even bound by an employment contract.
Instead, you control working days and hours and can stop whenever you want (as long as you fulfill your obligations to your customers).
This flexibility makes being an entrepreneur an attractive choice for those who are unsure of the path they want to follow, as it allows several to be approached. No obligation.
Are you wondering if you have the skills needed to work as a freelancer?
Ask yourself these questions:
Another important point to consider is your financial stability. You can do an analysis of your savings and cash flow before leaving your job and taking the plunge.
There are a number of freelance jobs that you can take on depending on your skills:
Depending on what you are looking for, the details may change, but in general, here are some guidelines on how to start your entrepreneurial business:
With freelancing, you have total control of the type of business you want to manage and the goals you want to achieve. Freelancing can even lead to an unexpected path by trying out a new niche and developing your skills. That's why it's often considered a good idea for newbies looking to start their online business.
READ MORE: How should I charge as a freelancer?
Another good idea for an online business is to create an e-commerce store. Although competition is fierce in this area, the market is huge and there are plenty of opportunities to earn a steady income.
Setting up an e-commerce business has many parallels with setting up a business in real life. It requires a solid business project, marketing and operational strategies, as well as the necessary funds to start the business:
READ MORE: The Best CMS and E-Commerce Platforms
The popularity of online courses has grown rapidly in recent times.
In particular, the pandemic has seen the emergence of many people who now want to regain control of their lives by forging new professional or personal paths.
This is due in part to the thirst for distance learning as well as the desire to be educated on topics by industry leaders as well as by people with tactical tools and techniques that appeal to their audience.
Whether your audience is full-time students or people just looking to expand their skills, there are plenty of opportunities, and many benefits, of starting a business by selling online courses.
First of all, as with most online business ideas, costs are low and profit margins are high. But there are other benefits as well, including:
Depending on your area of knowledge, what you choose to offer your students may vary. But the tools at your disposal remain the same.
Offering tutorials and course videos on YouTube as a marketing tactic is also a widely used strategy in this area.
Although many online courses already exist on the market, if you get creative and identify an offer that is feasible, you will be able to achieve the expected success and have a high chance of success.
READ MORE: The best platforms to launch your school on the web
Now more than ever, consultants, freelancers, and digital products are in high demand - it's a golden opportunity to launch your new online business.
You may have doubts about leaving the safety of a corporate routine to start your own online business, and that's a natural fear.
But if you do it the right way, the benefits will far outweigh the costs. The world is becoming increasingly dependent on and engrossed in digital technology, offering vast opportunities for those who are ready to seize them.
Now it's your turn to play.
