Find out the need of your potential online business
It’s important for would-be founders to make sure the product or service is needed in the marketplace, said Cynthia Franklin, a professor of entrepreneurship at New York University.
When deciding what kind of business to start, “looking at where the social forces are going and seeing if you can get ahead of the trend” is a good start, he said.
“Start by scratching the itch,” Franklin suggests to aspiring online business owners. “Whatever you do, find something that interests you because you will need to put in a lot of time and energy to make it successful.”
Here are 5 of the easiest online businesses to start in 2023.
Online coaching has grown in recent years, whether it’s for entrepreneurs offering virtual exercise classes, leadership advice, or guidance on starting a business.
Amy Lee, for example, is a life coach. She made nearly $60,000 in revenue in her first 10 months in business, documents verified by Insider show.
Credentials are not required for life coaches, Lee said. While this can make some coaching communities seem like the Wild West, it also creates a low barrier to entry for professionals looking to get into the space.
Other types of coaches, like Jessica Hawks, look to help their clients build new businesses.
Business coaching is an option for those who want to share their experience in a certain field. Hawks began his online career as a virtual assistant, and when he realized his community was looking for advice on starting their own VA agencies, he launched his training program, Digital Creatives Academy.
Hawks posts seven figures in sales a year, according to documents verified by Insider.
Blogs are another popular business avenue, especially for those who can share knowledge on a particular topic.
For example, Lisa Andrea, the creator of The Financial Cookbook, started her blog as a side hustle in 2021. She shares tips on becoming financially independent and investing, along with other money guidance. “The Financial Cookbook is a guide to everything we should have been taught in school,” she previously told Insider.
His sources of income include affiliate marketing and brand partnerships. She recommends that other bloggers and digital founders take advantage of the company’s affiliate programs by applying to be a part of them online, like she did.
But it’s also important to stay authentic and only work with companies that align with your brand’s message, he added. That way, your community will stay engaged and more interested in the links you’re promoting, which can help you earn more money.
Andrea regularly posts $8,000 in monthly income, documents verified by Insider show.
4. Virtual assistance
Vivian Purcell is a virtual assistant living in Canada. She began her online career as a freelance writer in 2016, seeking the flexibility to travel and live where she wanted, she said.
“I made the switch to virtual assistant because I wanted to bring more of my corporate experience and educational training to freelancing to deliver something of greater value,” he said.
Purcell made more than $132,000 in sales in 2022 from her work as a virtual assistant, documents verified by Insider show.
Virtual assistants can work with both small business clients and large companies looking to hire one-time or contract employees, said Arun Sundararajan, a professor of entrepreneurship and technology, operations and statistics at the University of California Stern School of Business. NY.
“It’s getting harder and harder to hire full-time employees for anything,” said Sundararajan, who is also the author of “The Sharing Economy.” “So more and more companies that didn’t consider gig work are now considering self-employment as an option.”
Cody May is a digital nomad founder who built his business entirely online. He runs SheridanSt., a real estate agent marketing company.
Sheridan St. assists agents with tasks like lead generation along with email and call marketing. In 2017, he stepped down from his corporate role and applied his marketing experience to start StudioPTBO, the precursor to SheridanSt. Then, in 2021, he connected with his current business partner, who was working in real estate, to relaunch the company within the real estate niche, he said.
It recruited most of its staff by offering a fully remote and travel-friendly workplace, it added. Plus, online real estate is a hot industry: The National Association of Realtors’ 2022 Profile of Home Buyers and Sellers report found that 51% of buyers this year found the home they bought online.