Introduction
Starting an online business is a smart way to grow your income and achieve financial independence. However, it’s not always as easy as it sounds. Where do you start? What do you need to know? How do you know which are the best online businesses?
That’s why we’ve put together a list of the best online businesses to start in 2023. These are growing industries and platforms set to continue impacting our economy as more of us live, work, and play online. You don’t need to be an expert in all things online – just a willingness to learn and work hard to achieve your online business goals.
E-Commerce
If you’re looking to start an online business, e-commerce is a great choice. It’s easy to set up and maintain, and it offers the opportunity to earn passive income—which means that your business will eventually run itself while you focus on other things.
The best part about starting an e-commerce business is that it can be as simple or complex as you want it to be. You could start by selling just a few products on Etsy or you could launch a full-scale online store with hundreds of products and multiple payment options. Tools like Shopify, a popular e-commerce platform, make it easy for just about anyone to start marketing, selling, and shipping to customers.
You might need to study how to use the latest e-commerce tech tools, but all in all, this industry is growing in leaps and bounds as more and more people prefer to shop online.
Self- Publishing
Do you have great ideas and a knack for writing you’d like to share with others? Become a self-published author by using a variety of online platforms to easily create, publish, and sell your books.
Self-published authors can make as much as 40% – 60% royalties on their books – that’s much more than you’d make with traditional publishers.
Of course, first, you need a great book. You can write, edit, and design it yourself, although for a more polished product – you may want to work with freelancers on platforms like Upwork and Fiverr.
Next – you are ready to publish. Big-name companies like Amazon make it easy for authors to get their work to market. It takes less than 5 minutes to complete the publishing process and see your book listed. Now you’re ready to start selling – which could actually be a lot easier than you think if you already have a strong audience on social media. It’s also wise to look at establishing a robust marketing strategy that also includes creating a website, content strategy, and ads.
The best part about self-publishing is that you are in control – not a publishing house. That level of autonomy is what’s so appealing about so many online businesses like this.
Content Marketing
Content marketing is a form of marketing that involves creating and distributing relevant and valuable content to attract and retain a clearly defined audience – with the objective of driving profitable customer action.
Content marketers are responsible for creating content that educates customers, builds brand awareness, and ultimately improves sales. You could do this on behalf of another business, or you could build your own audience and monetize it through ads, affiliate marketing, and sponsorships.
Here are some of the skills you need to start a Content Marketing business :
- Writing – you need to be able to write clearly and persuasively to be able to get customers to take action on a piece of content, be it a blog or social media post. There are many AI-enabled writing tools to assist with this. (Copy.ai, Jasper, etc)
- Social Media – you need to build a robust social media audience on platforms like Instagram, Facebook, or Twitter. Either a large audience or a highly engaged audience is critical to your success as a content marketer.
- Graphic Design- Certain platforms like Instagram and Facebook require compelling imagery and text to build an audience. Familiarity with tools like Canva and Adobe InDesign can help you build your audience this way.
- Communication and Presentation Skills – Your audience will want to see you to connect with you. It helps when you’re confident enough to interact with your audience via pre-recorded videos, live chats, and social media stories.
The best place to start is researching what types of content you’re interested in and potential companies and audiences for which you could provide content. Look for any gaps that you could help to fill. The great thing about starting a content marketing business is that it’s as easy as starting your own free social media account, website, or blog. Start creating content, learn as you go, and build your audience – from there, the pieces will start to come together.
Affiliate Marketing
Closely related industry to content marketing – affiliate marketing is a method of earning money by promoting products via an affiliate link. Someone first creates a website or social media page, then they promote the company’s products on that site and earn commissions when someone buys the product through their site. To do this, you must find companies willing to pay commissions for sales made through your site. According to Shopify, 80% of brands run some kind of affiliate program. Here’s an idea: think of some of the companies you buy from or interact with regularly, and look at whether they have an affiliate program.
Once you’ve found an affiliate program to join, it’s time to set up your own account with them so they can track how many sales you make and be paid out accordingly. If setting up an affiliate program seems overwhelming, find an affiliate platform like Commission Junction (CJ) that will help connect you with brands interested in paying for referrals from your website or social media accounts. You can browse their website until you find a topic interesting to both you and your audience. Start with a few options and as you grow your income, you can grow the number of affiliate programs you join.
As with all online businesses, it takes time to grow. However, the payoff as you grow your audience is very scalable and unlimited.
Graphic Design
As businesses of all sizes market and operate online, graphics are an important tool in their arsenal. The industry is ranked #9 among all business activities, so there’s no shortage of opportunity.
If you don’t already have an existing knowledge of graphic design tools like Adobe Photoshop, Illustrator, or InDesign, just start somewhere. Beginner-friendly tools like Canva would allow you to hone your skills and learn effective design principles. You could even sell some of these designs on platforms like Etsy. When you’re ready, there are many places you can teach yourself how to use more sophisticated software to create stunning designs.
As you grow your skills, consider listing your graphic design services on platforms like Upwork and Fiverr to grow your client base. You should also create your own website and portfolio of work.
Because there are so many graphic designers, find a way to set yourself apart. For example, if you happen to have existing knowledge of web3 and crypto industries, you could even consider designing NFTs as part of your business.
All that to say – graphic design is still a growing industry and a solid bet for starting an online business.
Virtual Assistance
If you’re digitally savvy and organized, starting a virtual assistant business might be for you.
A virtual assistant is someone who provides administrative, technical, or creative services to clients remotely. They can be hired by individuals, startups, and even businesses. In fact, there are several companies that only hire virtual assistants because they don’t have the space in their offices for a full-time team. In 2020, the number of offshore agencies that hired virtual assistants increased by 41%. Not surprising considering virtual assistants can save a business up to 78% in operating costs (a great way to sell your services to clients by the way!).
Virtual assistants do everything from bookkeeping to social media management and graphic design. The average hourly rate for a virtual assistant ranges from $15-$30 USD per hour depending on their experience level and expertise. As long as you have enough clients to keep your business afloat this can be a great opportunity that allows you to control your schedule while earning money from home.
Flip and Sell Websites
Flipping websites is an online business where individuals purchase existing websites, improve them and then resell them for a profit. This can be a great business idea in 2023 as it has low start-up costs and can yield high returns.
To start, you need to find websites for sale, assess their potential for improvement and then make the necessary changes. The cost of buying a website varies, but it’s generally a few hundred dollars to a few thousand dollars. To be successful in flipping websites, one needs a basic understanding of website development and design, as well as some knowledge of SEO and digital marketing.
Tools that can be helpful include website builders such as WordPress, website design software such as Adobe Photoshop, and SEO tools such as Ahrefs and SEMrush. Websites can be found for sale on online marketplaces like Flippa and Empire Flippers or through online classifieds and forums.
Once a website is purchased, the next step is to improve it by redesigning, adding new features and optimizing it for search engines. After improvements, the website can be sold on a marketplace or directly to a buyer.
It is important to have a clear understanding of the target audience and to identify websites with growth potential to be successful in this business. With the right skills and effort, flipping websites can be a full-time income source.
Dropshipping
Dropshipping is a business model where businesses don’t hold any inventory, but instead, fulfill orders that customers have placed. This means that businesses don’t need to purchase inventory upfront, nor do they have to worry about the costs associated with storing and transporting the items themselves. This business model is becoming more popular among entrepreneurs as it allows them to test out different products without having to invest too much money upfront.
The process of drop shipping is simple: businesses find a supplier who has the product they want to sell, and then get them to ship it directly to the customer when they buy it from the store. The supplier will handle the entire process of packaging and shipping the product to the customer, and the business will only have to pay for the cost of the product and shipping, if any. This way the business can test out different products and market trends without having to invest in large quantities of inventory.
Popular websites used by businesses that use drop shipping include AliExpress, Oberlo, SaleHoo, and Spocket. These websites provide a platform for businesses to find suppliers, import products, and manage orders. Additionally, businesses also use e-commerce platforms such as Shopify, BigCommerce, and WooCommerce to set up their online stores and integrate with these drop shipping platforms for easy order fulfillment.
With the right tools and knowledge, drop shipping can be a profitable and scalable business model.
Conclusion
These are ideas to get you started as you explore starting your own online business – however, there are many others that will allow you to make money from your desk.
If you have an entrepreneurial attitude, work ethic, and creativity – starting an online business in 2023 just might be the right step for you.