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Starting a business the right way
Before starting a business, you should take the time to think about the structure of your business.
Should you start a sole proprietorship, a limited liability company, or another type of entity?
Each type of business entity has numerous advantages and disadvantages, so it is important to get the necessary help.
What are the best business ideas?
Here is a list of the best business ideas for potential business owners who want to get started.
1. E-commerce business.
With COVID accelerating e-commerce by 4 to 6 years, retailers are going online faster than ever. With e-commerce, you can take several paths: Amazon FBA, dropshipping, or completely manufacturing your own products and selling them on your own website.
Dropshipping is a good option for beginners because you don't need toexecute commands, to ship them yourself or to have a real store.
Dropshipping is one of the most profitable business ideas. It is a process by which online retailers display products from wholesalers, but the dropshipping suppliers manage the entire expedition. The retailer simply needs to generate online orders and send the shipping information to the wholesaler.
Here you go How does dropshipping work :
To get a list of dropshipping business ideas, you first need to do market research and identify the products that are most in demand. You can also check out the top-selling products on sites like Amazon and Google Shopping for ideas.
You can find out more about dropshipping in my The ultimate guide to dropshipping.
If you want to create a website for this purpose, there are several paths you can take. If you're starting from scratch, I recommend creating a Wix site first.
It's about the e-commerce platform the easiest to use and comes with all the marketing tools you need.
Selling products online is a simple process:
- Choose your e-commerce platform.
- Download or add information about products in your store.
- Choose a theme and design your web pages.
- Configure tax and shipping settings.
- Test the functionality of your shopping cart and carry out the latest quality checks.
- Launch your e-commerce site.
- Starting a business (it really is that easy)
While launching an e-commerce site is easy, the challenge is getting traffic to the site.
I've written a comprehensive guide to e-commerce marketing, which includes the eight main strategies for generating traffic and sales.
Overall, you can launch a Shopify e-commerce site today for only 13 to 22 dollars a month.
Try Shopify
2. Blog.
When you start a low-cost online business, you're most likely selling one of the following three things:
- Your time (coaching or advice)
- Your own products (e-commerce or SaaS).
- Someone else's products (affiliate marketing or ads)
With a blog, you can sell all of these products from a single website and make as much money as possible with any inexpensive online business idea.
For example, when I started my blog in 2019, I was selling high-end SEO consulting services. Once I had more traffic, I added a few digital assets and sold them to my email list.
Today, I'm in over 200 affiliate programs and earning over $100,000/month thanks to this blog that promotes SaaS software with an 88% profit margin.
So how do you get started?
First, you need to dismiss the usual blogging advice and learn to blog like a business from day one.
Successful bloggers (all of whom started 5 or 10 years ago) often advise writing about their passions so that they can earn a decent side income in a few years.
I never liked these generic tips. I always felt that they were written to appeal to as many people as possible and that they never gave tactical step-by-step advice on how to grow from scratch.
The whole reason I started this blog in 2019 was to prove that most blogging advice is out of date and that you can absolutely make life-changing money in months, not years.
You just need to scale up and treat it like a business.
If you want to learn how to start a blog and follow the exact formula that allowed me to make a living from it, check out my ultimate guide to learning To create a blog.
Here are some of the steps I cover in my 15,000+ word guide to blogging:
- Choosing your blog niche based on four primary business factors, not your passions.
- How to choose your domain name and set up a web hosting for as low as $2.95/month with a company like Bluehost.
- How to install a simple WordPress theme as well as all the plugins necessary for bloggers.
- Getting to know the SEO tools and conduct keyword research to generate traffic to your site.
- Become familiar with writing for search engine optimization (SEO) to promote the ranking of your content.
- Develop your guest blogging and link building strategies to strengthen domain authority.
- Monetize your blog with the right tactics at the right time as your blog grows.
Blogging is the ultimate low-risk, high-return business idea, and it's my top choice.
3. Online courses and coaching.
It has become easier to share knowledge or expertise via online course platforms. If you are an expert in the field or if you are passionate about something, you can convert it into a substantial income.
Business owners can offer online coaching courses to students and create a community to help them grow their online coaching business. You can create a Facebook page or even a podcast where you can reach people who are looking for online coaching courses. All of these business models based on coaching and training can be carried out at low cost and at home.
There are also several online platforms, including Thinkific and Teachable, which will help you get started quickly. You can register on these platforms and start coaching right away.
You can start today with a free 1-month trial of the Thinkific Pro plan with my link below.
Try Thinkific
4. Start a podcast.
Podcasting is one of those big business ideas that are experiencing a meteoric rise. In 2006, only 22% of adults in the United States listened to podcasts. Today, this figure exceeds 75%.
You can also make a lot of money. Take Joe Rogan, for example, who received $100 million to transfer his podcast exclusively to Spotify.
So how do you start your business?
The first step is to plan your podcast episodes and get your podcast software and equipment.
Then you need to sign up for a service podcast hosting. A podcast host is a service that stores your audio files and distributes them to major podcast networks like iTunes, Stitcher, TuneIn, Spotify, etc.
You can find information about the equipment you need to get started and the best podcast hosts in my guide to podcast hosting.
For starters, you can sign up for Buzzsprout and get a free $20 Amazon gift card.
Try Buzzsprout
5. Selling custom printed products.
Another option for e-commerce is to create a brand and sell personalized products such as t-shirts, mugs, stickers, bags, etc.
There are numerous websites that deal with logistics for you.
For example, this is how the process works with a company like Printify :
- Choose one of the 200 products you want to sell.
- Use a model builder to apply designs to your products based on images and graphics.
- Order samples to ensure your products have the quality and feel you're looking for.
- Publish your products and automatically sync them with an e-commerce platform like Shopify.
- When you make a sale, your product goes into production and you don't have to manage manufacturing or shipping.
To succeed with a custom printed products business, you need to have great designs, a strong brand, and good marketing skills to generate sales.
6. Graphic design
Businesses are always looking for graphic designers to help them improve their brand image.
From designing marketing materials like banners, posters, and logos to designing landing pages and websites, the possibilities are vast.
You can put your design skills to work for businesses owned by individuals who don't pay due attention to the appearance of their products. Graphic designers can also register on freelance websites like Flexjobs to find relevant work.
If you have previous knowledge in this area, it should be relatively easy to get new customers. However, it's also easy to learn the basics of graphic design from scratch, thanks to the numerous online courses and tutorials available.
First of all, you operate graphic design software like Adobe InDesign or Photoshop to learn the basics of graphic design.
You can also use other user-friendly online tools like Visme to refine your graphic design skills.
Here are some amazing graphic design courses that will get you off to a good start in this career:
- Basic principles of graphic design (Coursera) - in English
- Graphic Design Basics: Get Started (Creative Live) - in English
7. Instagram influencer.
With the rise of social media channels like Instagram, consumers are increasingly turning to niche influencers for product advice.
The truth is that most influencers have a hard time actually influencing buying decisions. Sure, we love looking at their photos, but are we really going to buy a product that they recommend? Most of the time, no.
That's why you need to reach out to a small, committed community. It's not just about the number of followers, it's about the engagement.
First of all, you need to choose your niche. This could range from tech gadgets and marketing to beauty or fitness. Make sure you select a niche that you are passionate about and that you can create a lot of content for.
Then, you need to build a solid following on Instagram by posting interesting content and discussing useful things that are relevant to your target audience.
There are numerous social media marketing tools that allow you to schedule messages in advance, so you don't always have to struggle to find new messages.
Once you've built a strong reputation, you can get paid to promote products through sponsored content.
It takes a lot of energy and not everyone can succeed as an influencer.
But people with the right marketing skills, the right know-how (and thousands of Instagram followers) can earn between $500 and $6,000 per post. And if she can publish a few sponsored posts per week, it can become a profitable business.
You can check out my complete guide for make money on Instagram for more advice
8. Affiliate marketing.
It's been a buzzword in the marketing arena for quite some time.
When someone asks how to make passive money online, a lot of people automatically think of affiliate marketing.
Brands that want to sell products online are creating new affiliate programs and allowing affiliates (publishers and bloggers) to promote their products and earn commissions.
According to a blog revenue study, bloggers earning between $7,500 and $25,000 per month get 38% of their revenue from affiliate marketing.
Simply put, it's a proven business model in which bloggers and influencers recommend services or products that they like or find useful and earn a percentage of profit for each sale that follows. It's a great form of passive income and the perfect business model for bloggers.
Here is an overview of the How affiliate marketing works :
To get started, sign up for networks like ShareASale, Awin, Rakuten, Clickbank, or Skimlinks to start earning money from the type of content posted on the website. Revenue will gradually increase as your website grows — the sky is the limit here.
For more detailed information, check out my blog post on the best affiliate programs to join this year.
9. Virtual assistant.
You can use your excellent organizational skills to launch your business and create an additional revenue stream as a virtual assistant. Virtual assistants (VA) are in high demand by corporations, freelancers, and all types of businesses.
It's also a great opportunity to get to know influential and successful people in different areas of work, in order to build your professional network and learn from experts. At the same time, it offers you the opportunity to work from anywhere in the world while developing your professional skills.
While it's generally a lower-paying home-based business, it can refine your digital skills and be the first step in a more lucrative freelance career.
People are always looking for virtual assistants on freelance job sites like Flexjobs.
10. Social media manager.
Billions of people have a presence on social media - it's natural that jobs and businesses are born from Facebook, Instagram, and Twitter. If you have experience in social media marketing and are familiar with how advertising networks work, you can start a social media consulting business.
Small businesses and large corporations alike need help getting their message across on social media.
There are a multitude of different responsibilities and services that a social media manager can provide:
Create content for brands.
Create personalized advertising campaigns and track the return on investment.
Integrate content with other email marketing and CPP strategies.
Analyze the results, Perform A/B tests and edit the campaigns.
You also need to stay on top of trends in this ever-changing landscape. For example, TikTok currently represents a huge opportunity for big brands, and many don't even have accounts or post regularly.
LinkedIn is also a growing platform for digital business marketing and connecting with new customers.
If you are looking for a job to gain experience in the social media field, Flexjobs, CareerBuilder, and Fiverr offer numerous opportunities related to social media management.
Once you have acquired the necessary skills, you can start your own consulting business and charge for your work either by performance or in the form of monthly fees.
Disclaimer: Please note that some of the links in this post are affiliate links, which allow me to earn a small commission at no cost to you. They're just good business tools to use in tandem with these business ideas. You can read my affiliate statement in my privacy policy at the bottom of the page.
11. Application developer.
There's an app for anything and everything — and it might seem like a saturated market to enter.
However, there are still plenty of ways to create ideas for new applications or to improve the user experience of an existing application.
One of the benefits is that you don't need to have very advanced coding skills to create certain types of applications.
Numerous market studies must be carried out in order to have an application that is really visible in the application store.
Research the most popular apps in your niche, look at their marketing strategies, and all the other details — their description, coverage, reviews, etc. You may be able to find a unique app idea that people are looking for.
12. Data analysis.
Online businesses need to rely on data to make more informed decisions. Talented data analysts who can make sense of big data and develop actionable insights are in high demand. If you are good at processing numbers and have sufficient knowledge in digital marketing, this job is for you.
Familiarize yourself with analytics tools like Google Analytics and data visualization tools like Tableau to improve your resume.
The data analytics sector also offers good pay for full-time jobs. On average, a data analyst earns about 60,000 dollars per year.
You can learn more about data analysis by taking online courses at edX and Coursera. Once you have acquired your expertise in data analysis, you will be able to find remote jobs in this field on platforms like Flexjobs. Develop your skills and then you can start a profitable data consulting business.
13. Wellness coach/personal training company.
The profession of personal trainer is always in great demand. If you love fitness and know the technical details of workouts and diets, you can make a bit of money helping people get in shape.
Once you've found the right customers and built a great reputation, that work is beneficial both physically and financially. Given the numerous temporary gym closures and social distancing, it may be beneficial to start a home fitness business, where you travel to your clients' homes or work out outside.
You can also start your own fitness blog to share your tips with a wider audience and position yourself as an authority in your field.
Strive to learn more about fitness training and get certifications to give your profession more credibility. You can also choose to become a wellness or mental health coach.
14. Creator on YouTube.
With the rise of live streaming and from video on demand, YouTube has gone from being a simple video platform to being a powerhouse for on-demand content.
Although the market has become saturated, there are still plenty of opportunities to start a YouTube channel and make money on YouTube.
First, choose a niche you're passionate about to create unique and engaging videos. And of course, the more entertaining content you post, the more views and subscribers you'll gain over time.
A lot of extremely popular YouTubers are making millions by posting videos. However, an average YouTuber Earn about 3 to 5 dollars for 1,000 views.
Before starting your YouTube channel, learn about YouTube guidelines so you can monetize your content. Also, invest in a good camera and microphone so you can shoot quality videos and earn more money.
15. Stock photographers.
From websites to banners to social media and marketing, stock images are used everywhere. If you have a DSLR and a good knowledge of Photoshop, you can easily sell your images on stock photo sites, including Pexels, Unsplash and Shutterstock, among others.
Each time a customer uses your photo, you get paid with a mark-up. You can then create your own website to get better business projects.
Before considering this profession, find out what type of equipment and initial investment you'll need to get started with stock photography. I recently put together a list of best photo editing software for photographers, which you may find useful when setting up your stock photography business.
16. DJ-ing.
If you know the art of mixing beats and have a taste for music, you can become the DJ at your next local concert. Celebrity DJs typically earn thousands of dollars a month doing a bunch of gigs.
However, it is not that simple. You should learn the basics of sound mixing, designing, and producing music before moving on to the professional stage.
I suggest that you first follow a DJ online course in order to understand the nuances of the art of building a successful career as a DJ.
17. Freelance in Content Marketing.
Startups, small businesses, and influencers are always looking to increase their online presence by promoting quality and engaging content.
Your expertise in content marketing strategies very effective can help you get important customers. Once you start building a portfolio of established customers, you'll have a chance to win thousands of dollars per project.
You can start by consulting your existing network to find out which businesses are looking for content marketers to build their brands.
Content marketing is a dynamic skill set, and as technology keeps evolving, you need to be on the alert to stay up to date. Follow the best content marketing blogs to keep up with the times.
18. Ebook writer.
Access to cheaper, or even free, self-publishing tools has made it easier to write and publish a book. With approximately 89 millionAmericans who read e-books, this is a lucrative opportunity.
However, you should not take up this profession full-time, as only established authors earn more than $10,000 per year. thanks to e-books. Start small, keep writing for others to make a name for yourself, and then probably move on to writing your own e-books.
You can make it your side business to get extra income until you find the right business. In the meantime, keep looking for the right strategies for writing an eBook.
19. Invest your money.
If your money is sitting unused in banks and earning you only minimal interest, you should consider investing in more lucrative projects. Warren Buffet is the most striking example of a smart investor who has made a fortune thanks to his smart investment habits.
You can start with short-term trading while learning the ropes of the stock market. Invest intelligently in valuable stocks to regularly increase your wealth.
You can also follow stock prices online to better understand other financial investment options like cryptocurrencies and blockchain or retirement vehicles like Roth IRAs, index funds, or gold IRAs.
20. Computer repair.
Given the high repair costs at authorized service stations, you have a great opportunity to make money by offering cost-effective repair services. If you're a jack of all trades, you can start by approaching small businesses and nearby homes to get computer repair projects. Gradually, you can expand your team to take larger orders from medium to large businesses.
Whether it's learning how to fix network problems or replacing a faulty hard drive, the possibilities are huge in this area.
There are moreOne billion computers in use right now - no wonder the market for credible computer repair services is huge. And according to surveys, the computer repair industry earned $24 billion in 2021.
Speaking of surveys, here are the latest small business statistics you might want to check out.
21. Real estate broker.
The real estate market is booming. And people want to avoid taking care of red tape and all legal requirements themselves. This is where the real estate broker comes in.
As a broker, you facilitate real estate transactions by helping buyers and sellers connect and process transactions. It takes a lot of work, but you can build a healthy customer base by helping them buy and sell commercial and residential properties. Over time, you can even build a small sales team to approach customers more effectively.
First, do the necessary research to find out how to become a real estate broker, take the required real estate courses, take the exam with good grades, and start making yourself known to start your career in real estate.
Disclaimer: Please note that some of the links in this post are affiliate links, which allow me to receive a small commission at no cost to you. They are simply good business tools to use in tandem with these home business ideas. You can read my affiliate statement in my privacy policy at the bottom of the page.
22. Handmade jewelry business.
Handmade jewelry is the new fashion. Adolescent entrepreneurs, including Maddie Bradshaw from M3 Girl Designs and Bella Weems by Origami Owl, have earned a lot of money selling handmade jewelry.
The sector offers huge opportunities, with growth expected 5 to 6% per year. Since there are no big companies in this area, entering this segment is also easy.
You can start selling online to make a name for yourself, and if you end up becoming a household name, you can even open a bric and junk store.
Earn a degree or opt for online courses to understand the nuances of jewelry design and manufacturing.
23. T-shirt printing business.
T-shirts with exciting graphics and funky logos are in high demand. In fact, the T-shirt retail business is worth millions of dollars and relies on efficient T-shirt printers to meet the ever-increasing supply.
Several suppliers are already present in the sector, but there is enough room for new players. You can take orders from multinational brands or local businesses or even launch your own line. In addition, this sector allows you to work on your terms, that is to say, you can choose to work in a small room or to start with a large amount of factory production.
Take a print production course from LinkedIn Learning to understand the dynamics of dyes and printing technology.
The importance of understanding customer needs
Starting an online business is a great idea, but starting a business without knowing your customers is doomed to disaster.
A lack of understanding can lead to missing key aspects, such as whether or not they have money to spend on the product you offer them.
Understanding your customers is essential, but how do you go about it?
After all, they're unlikely to approach you on the street to tell you what's stopping them from buying your product.
To better understand their customers, many people use surveys.
Les survey software are easily available online, and some companies even offer top-quality free software.
Research is absolutely critical to finding out what your customers want, but remember to ask them the right questions at the right times.
If your survey is too long, you'll start losing customers because they'll get tired of answering the same question over and over again.
Start with one or two questions and see what kind of response you get.
Take an interest in what the people you are interviewing are interested in and remember that even if you don't think the product is right for them, they may know someone else who would be interested - so ask them to recommend you.
FAQs
What business can I start without money?
If you don't have seed capital, there are still plenty of business opportunities out there. Most of them are ways to make money online by offering digital services. Here are some of the best of them:
1. Create a blog and earn money with affiliate programs, ads, online courses, and digital products.
2. Become a freelance writer.
3. Join a platform like Fiverr and offer graphic design services.
4. If you have coding skills, start a business and develop websites and applications.
5. Become an online business coach and sell 1:1 coaching.
6. Join a high-end freelancing site like Upwork and become a social media marketing consultant.
7. Offer other digital services such as SEO advice, PPC management, or content marketing services.
What are the best startup ideas?
If you want to start a startup this year, there are plenty of options available to you. While close to 70% of entrepreneurs Starting a home business, here are some of the best startup ideas:
1. Start a business of dropshipping to sell products online.
2. Build a SaaS application and create monthly recurring customers.
3. Investing in real estate and co-working spaces.
4. Create a blog and earn money with ads, online courses, and affiliate programs.
5. Start a podcast and sell advertising space online after developing your audience.
6. Create a digital agency and sell everything from web development and site management to social media and SEO consulting.
7. Start a food truck business and find a great location to generate sales.
How can I be my own boss?
If you want to be your own boss, follow these steps:
1. Figure out what you want to do and what business ideas are best for you.
2. Evaluate the market and the competition.
3. Make sure you have enough money to start your new business and set aside capital.
4. Create a business and marketing plan.
5. Choose your business name and create your brand identity.
6. Start your business officially by choosing the best service to create the right type of company.
7. Get your finances in order by hiring an accountant or using a accounting software for small businesses.
8. Open a business bank account.
9. Start marketing your business online by creating a website and by ensuring a presence on social networks.
How do I make money fast?
If you need to make money fast and don't have time to wait for profits, there are plenty of options. Here are some of your best options:
1. Refinance your debt to get a lump sum in cash.
2. Sign up for an online survey site like Survey Junkie to earn money by completing surveys.
3. Use investment applications that report to you every month.
4. Use a e-commerce platform to sell products online and quickly get traffic using Google and Facebook ads.
5. Sign up for a market economy application like Fiverr and sell digital services online.
6. Create an account with an app like Turo or Spinlister to rent your stuff.
7. Writing and publishing an ebook for make money on Amazon.
8. Call your bank and see what types of account bonuses you can get.
9. Create a online courses and sell your knowledge to students.
10. Become a freelance writer.
11. Host a podcast and earn money by selling advertising space.
What type of business should I start?
1. Find a business that is not overly saturated.
2. Start an online business. They are only growing in popularity. You can start an Etsy online store, do virtual consulting, or write as a freelancer - the options are endless, but you need to create the business that you can actually do.
3. An idea based on a trend. Every sector is experiencing emerging trends. It is therefore essential to find a business idea that follows an upward trend.
Summary.
All of the business ideas mentioned above can help you earn a decent income, even with low start-up costs.
Ultimately, I recommend that you start something online, like a blog, an e-commerce business, or a consulting firm, as these activities are less sensitive to market changes like Covid-19.
Further reading: To dig deeper into some of the best business ideas, check out my free guides on MYM, Onlyfans Or on the How to create a blog And of Start a podcast.
If you want to ease the process of starting your own business by taking over an already successful business, a business broker can help.
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