Opportunity knocks for any budding entrepreneur.
Ever thought about starting your own online business? If you have, you’re not alone; there are approximately 333 million online companies as of 2021, e-commerce sales as of Q3 this very year hit a staggering $6.3 trillion (a 10.3% increase on Q3 of 2022), with 20.8% of all retail purchases worldwide now conducted online.
Never in the field of human history have we had total market access on such a global scale, simply unprecedented in our or indeed any other time in human civilization. That presents an incredible opportunity for any budding entrepreneur, the market is quite literally wide open for any, all, and every idea you can think of… if there’s a product and/or service you can provide, there’s a guaranteed customer base for it somewhere, whatever it may be, however mundane or exotic!
There literally is no limit to what kind of business you can establish online, and with innovation and initiative, you too can triumph in the e-commerce marketplace. There are many distinct advantages to conducting business online as opposed to a more traditional brick-and-mortar store; for one thing, you can save a substantial amount of money on overhead costs like property rental/purchase, store renovation, interior design, etc.
As your store is a virtual one, it is the product and/or service that will sell itself to the customer but you need to attract them to your online business to begin with. Fortunately, you are not limited by geolocation or normal opening hours, your business is open even when you’re asleep! That inherent flexibility is no small thing, but it needs to be backed up by attractive products and a compelling presentation.
So, if you’re thinking of starting your own online business but aren’t quite sure what kind of business you wish to establish, this article will list 5 trending business ideas for the online sphere that are proving consistently popular and profitable.
1. Copywriter/Editor
For as long as people will write text, there will be a need for copywriters and editors, and a demand to hire them. It can come in many forms; proof-reading, articles, blog posts, manuscripts, technical handbooks, etc.
Having a firm grasp of grammar, spelling, and syntax, plus a captivating prose is all essential to being a successful freelance writer/editor. A big advantage to this online business is minimal startup costs, low overhead, and a potentially long and lucrative professional relationship with clients if they really enjoy working with you.
2. Content Creator
An increasingly popular way to generate revenue, especially on the likes of Youtube, Instagram, and TikTok. Creating content can mean anything from ads, vlogs, tutorials, podcasts or indeed anything video or image-related.
There are approximately 207 million content creators online, generating a combined revenue of some $104 billion annually, and reaching a global audience of 4 billion daily active users. Revenue can be generated through advertising, sponsorships, endorsements, and fan funding, with some of the high-end content creators making up to $50 million a year.
3. Virtual Assistant
Another area of e-commerce with thriving demand is virtual assistance, whereby you are essentially a remote secretary of sorts, handling administrative and clerical tasks online without ever having to leave your home.
Startup costs can be minimal – a good laptop, a strong internet connection, and some administrative software – but salary can be very good depending on the client. Most virtual assistants charge by the hour and can work with a variety of clients at any one time. The job can be demanding at times but can also prove rewarding.
4. Tutoring
One of the most consistently popular e-commerce fields in online tutoring. Teaching remotely from your own home can be both rewarding and highly lucrative, with some tutors charging as much as $35-$60 per hour and making a very comfortable living in the process.
Obviously to be a professional and reputable online tutor, its recommended you have the relevant knowledge and qualifications in the field you wish to teach, and in fact, many digital platforms such as Google will insist on a background check to ensure they are not hosting fraudulent enterprises so be ready to present evidence of your skill set if asked.
5. Virtual Chef
One of the emerging growth areas in e-commerce is, surprisingly, the rise of the virtual chef. With the cost of living increasing year on year, and people’s budgets being ever more squeezed, many folks are staying home to cook instead of eating out. Teaching culinary skills online is becoming increasingly popular as people look for original and interesting dishes to prepare.
Startup costs may vary depending on the range of dishes you wish to make for clients but certainly a roomy kitchen would be a priority in addition to provisions. But those costs can be offset by charging fees by the hour, and some online chefs are making substantial salaries in providing tutelage to some very high-end clients. If you have cooking skills, great communication abilities, and an ample-sized kitchen, this could be an enticing opportunity for you.
Whatever it is you choose as your e-commerce business, make it something you love to do, combining the passion and professional. Good luck!
