Do you want to be your own boss? Do you prefer to have complete control over your work schedule? Do you need location-independent work?
And of course, do you have salable skills that can help other businesses?
Did these questions grab your attention? Why not try out your journey as an independent online business owner?
Online entrepreneurship offers perks that you can never expect in a regular day job. You can begin with very minimal capital and enjoy limitless freedom.
Put an end to the daily workload taking a toll on your mental health. You decide who you are comfortable working with. You will see a high-profit margin as you don’t need a fancy office or bear other such overhead burdens. Plus, you get access to the worldwide market and meet a diverse range of people on the way.
Yes, it’s quite natural to feel at a loss right now, not knowing where to start from.
In this article, we have drafted for you five extremely lucrative and in-demand online business ideas to be considered in 2021.
So, let’s jump right in, shall we?
e-Commerce Business – Amazon FBA
Setting up an e-Commerce store tops our suggestion list for multiple reasons. Today you can build a highly profitable and scalable business by selling products on the world’s largest e-retail company, Amazon FBA.
Amazon has reached 300 million active customers across 180 countries. If you sign up for an Amazon Seller account, you get access to this huge number of potential customers.
You may choose to become an authorized distributor for a merchant or create your own brand to sell products that you manufacture.
5 Steps to Start Selling on Amazon FBA
Want to have your own eCommerce success story? Here is how you could make it big with Amazon FBA.
Creating Your Amazon Account
Head over Amazon Seller Page and register. At this point, you have to choose if you want to Sell as an Individual ($0.99/sale) or Sell as a Professional ($39.99/month). You can either log in with your buyer account credentials or create a new seller account.
Now fill out the required information:
– Name, address, phone number
– Select your preferred marketplace (UK, US, or so on)
– Enter your credit card details
– Give your brand name
– Address proof and bank statement
Once approved, you will become an official seller on Amazon FBA.
How Much Money You Need as Capital
Let’s discuss the estimated start-up costs.
– Purchasing initial inventory can cost $150 – $1000 depending on your product selection
– Creating a seller account on Amazon will cost $1 – $39.99
– Shipping charges depend on the shipping address and if it’s via air or sea
– Advertising on Amazon Pay Per Click may cost approximately $5/day
– Creating your brand, logo, and packaging will cost around $25
There are a few factors you should keep in mind while you are looking for the right product. Give preference to lightweight products as it will minimize storage and shipping cost. Try to stay away from seasonal or fragile products.
Make sure your selling price is somewhere between $12-$50, which will give you a substantial profit margin, and manufacturing costs will be limited within your budget.
The best way to find your ideal product is to look for the top 10 products based on your keyword in Amazon and analyze them based on customer reviews. Amazon Bestseller Ranking is also a vital aspect of product selection. You can utilize the free Amazon Sales Estimator Tool to check the average sales rate of each of these ten products. Anything up to 30 is good to go!
Successfully converting a lead and completing a sale depends on this step to a large extent. This is more like a sales pitch where you try to convince the customer about the utilities and worth of your product.
You have the option to search for the existing listings from your Seller account dashboard. However, it’s better to find a relevant category for your product and create a listing from scratch.
You will need to fill up the necessary information about your product and brand, and that’s about it.
– Product title, brand name
– Product description and bullet points
– SKU barcodes
– Relevant keywords
Finally, draw a shipping plan from the Manage Inventory section. Shipping can be classified into two types – Local and International. You will need to provide the following information:
– Address from where you are shipping
– Whether there will be one or multiple different types of products in the box
– Number of units
– Shipping charges depend on if it’s a standard or oversized product
It’s not brand new information that blogging and vlogging are two of the most popular business ideas, right next to eCommerce.
Do you think you have your way with words? You can offer your services as a freelance content writer, copywriter, start guest posting on acknowledged blogs in your niche, and, of course, launch a personal blog. If you enjoy vlogging or are comfortable in front of the camera, YouTube is the right place for you.
Even though it may seem a bit overwhelming initially, monetizing and driving traffic to your blog is not rocket science. As Google’s algorithm partially favors YouTube, it’s much easier to rank with video content.
Ways to Monetize Your Blog
– Begin with an affiliate program. Create content and promote products relevant to your niche.
– After you have built a significant audience, sponsorships will come flowing. Meanwhile, link your AdSense account to your blog and start running ads.
– Are you running a fitness blog? Create an online course on How to lose stomach fat in a month. Sell your course; set up a limited-time offer price to attract more subscribers.
– Sign up for any email marketing services like GetResponse, GrooveMail, to create an email list. Directly reach out to your audience to sell and promote products and earn an affiliate commission.
– Writing and selling an eBook on the topics of your interest is another way to earn money through your blog. Create promotional content to attract more people to your book.
– You can present your blog as a portfolio to show it off to your client for freelance gigs.
– Last but not least, you may sell coaching services or digital products through your blog.
Basic Steps to Earn Money from Your YouTube Channel
– Become a part of the YouTube Partner Program and earn money from advertisements
– Create content sponsored by well-known brands and share your referral link
– Promote and sell your products and merchandise
– Fan funding is a process where your subscribers can directly pay and support your work via membership platforms like Patreon
– Crowdfunding can be beneficial in the execution of a creative idea. You may appeal to your audience to pitch in your project
– License viral content and earn money when media houses try to buy right of your video
Don’t want to go through all the hassle of selling your own products? No problem, you can recommend products by other merchants and bring in a cash flow.
Whenever a product is clicked through your affiliate link, a cookie identifying your affiliate ID is saved in that buyer’s computer. If it converts into a sale, the merchant spots you through that cookie and earns a commission.
Affiliate marketing is also a great source of passive income alongside your eCommerce store.
How Affiliate Marketing Business Works – In 5 Steps
Choose Your Niche
First thing’s first, find your product niche. Ask yourself a few questions to land on a definite answer about what you want to promote.
What are some fields you are passionate about? Fashion? Health and fitness? Art? Being passionate will make it easier to research and create daily content on a particular niche of products.
Now decide if you want to promote products you have already used or you wish to explore new options? However, before you review any product, you better try that on your own for the sake of the authenticity of your business.
Does your product have enough demand in the market? If it’s an outdated product, you will strive to draw a large audience to your website or channel.
Finally, is there any good affiliate program in your niche? Because everything else will go in vain if you don’t earn a sustainable commission rate at the end of the day.
Find Affiliate Programs
You have passed the initial hurdle. Now don’t make the mistake of being hasty and put ample time in researching thoroughly for a lucrative and reliable affiliate program in your niche.
Before signing up as an affiliate, do a cross-check to measure the success rate of other affiliates in that program and the kind of commission rate they offer.
Amazon has one of the most extensive affiliate programs that we all know about. Depending on the product category (digital or physical), you can earn up to a 10% advertising rate. However, they have qualifying criteria to be a part of this program. If you are already an established social media influencer, you may be interested in Amazon’s Influencer Program.
Alternatively, for an amateur in the business, ClickBank is an ideal choice. ClickBank broadly specializes in digital products. With a customized hoplink, vendors can promote products and select a commission rate from 1%-75%.
Build Website and Create Content
Now it’s time to display your recommendations before the target audience. Whether you build a website or start a YouTube channel, try to sound as honest and confident as possible in your content. Show that you believe in the product you are promoting.
You can set up your blog for free with WordPress. Finding a domain name can be tricky at this point. There are domain providers like GoDaddy or Hogstater if you want to purchase a domain name.
See what kind of content you can create:
– Product reviews
– Solutions to general issues your audience is facing
– Suggestions like 5 Cruelty-free Products You Should Try For A Healthier Skin
– Live demo of a product if it’s a video content
– Unboxing and tutorial videos
Drive Traffic and Build Audience
With Facebook, Twitter, Instagram at our fingertips, social media is the most extensive opportunity to drive traffic to your site.
Starting an email campaign is another way to keep in touch with your audience. Many digital marketing tools will help you build a behavioral-based email list depending on the actions of your target leads.
Whether running a paid advertisement is an option, it’s not effective in the long run. You need steady and organic traffic to achieve page-one ranking in Google. Learn the basics of SEO and optimize your content to boost visibility in search engine results.
Promote Referral Link and Convert
Finally, the last step is about promoting your offers and getting the click to your product page to complete a conversion.
Note – Rather than sharing the long and obscure affiliate link, make it shorter and eye-catching. This is easily doable by WordPress plugins like Pretty Links.
Social Media Management
In the 21st century, we all have a social media presence. But did you know that you can make a career out of it with the right skills and strategies?
If you want to stay a free bird, you can offer freelance service to multiple clients or become the ‘voice’ of a company.
Responsibilities of a Social Media Manager
– Generate innovative ideas and engaging content regularly
– Research and constantly stay updated with current trends
– Create and handle promotional posts
– Run marketing campaigns and advertisements for brands
– Communicate and respond to followers’ comments and queries
– Create a schedule for putting up daily posts
– Manage social media analytics
– Develop and implement social media strategies
– Study algorithms and SEO tricks to expand the reach of your content
– Collaborate with other brands and influencers
– Monitor and report on ROI (Return of Investment)
Skills You Need to Get Started as a Social Media Manager
Copywriting and Editing
Different media sites demand different tones and styles of writing. As a social media manager, your copywriting and copyediting skills have to be on the spot.
Research and Adaptiveness
Social media is a highly volatile space. Trends come and go like a flash. Platforms like MySpace and Orkut became obsolete eventually. It’s all about how quickly you can change your outlook and how flexible you are with change.
Hiring an SEO expert is an option at hand. But as a social media manager, you should know how SEO works in driving organic traffic to your account and enhancing your ranking in SERPs (Search Engine Result Pages).
Communication and Time management skills
Customer service is a part of this job profile. And social media managers don’t always get to avail of a specific 9 to 5 work hour. You may have to stay online at odd hours to respond to customer queries. Excellent multi-tasking and time management skills are very crucial.
Knowledge of Tools and Technologies
To track analytics and post insights, knowledge of different social media marketing software is important. Go for the free trials and explore the tools until you get the hang of it.
Degree in Marketing
While it’s not a hard and fast criterion, a degree in Marketing can go a long way.
Last on our list of online business ideas, but certainly not least, you may consider working as a Virtual Assistant.
In the ongoing digital age, personal assistants are being replaced by VAs. Virtual Assistant businesses provide services to other business owners and agencies. The responsibilities of a VA cover a wide range depending on their niche and skillset.
VAs are currently in high demand, and your yearly income can reach up to 6 digits without spending a fortune in setting up as a beginner.
Perks of a VA Business
– Have you got a laptop and a fast internet connection? You are halfway there to start your VA business.
– To shine as a virtual assistant, you don’t need any traditional college degree. Be it tech, marketing, or general niche, you probably already have some of the required skill set. If not, it’s never too late to learn.
– Enjoy pure freedom in choosing who you want to work for and picking your suitable service niche.
– Decide your schedule on your own terms. Even if your client is from a different time zone, you are not always required to adjust your timing as long as the task is done.
– Your job is entirely location independent!
5 Steps to Start A Virtual Assistant Business
Decide the Services You Want to Offer
Are you a techie? Or always up on your toes about every social media trend and algorithm? Well, you already know what you enjoy doing. It’s time to offer your passion as a service.
As a beginner, keep an open mind. Do your research and learn what services people look for from a VA – social media or calendar management, bookkeeping, writing and emailing, content creation, data entry, designing or coding, website maintenance, and much more.
With growing experience, you may focus on being a specialized VA and polish up your skill regarding that particular industry.
Choose the Right Name
What’s in a name? Trust me, a lot of factors. You are trying to build a brand here. So it’s necessary to spend some time on what you will call your business.
There are VAs who opt for their own name. You can go ahead and brainstorm a cool name and catchphrase. Try to keep it short, easy to spell, and appealing to a bigger crowd.
Note – Be sure to find a domain name with a .com extension, preferably, because you can’t grow a business without a website.
Develop a Business Plan and Structure
The next step is to draft a business plan; it doesn’t need to be very elaborate, though. Outline your services and potential clients, a client contract, finances and fundings, and how your brand stands out in the market.
Once done, figure out a business structure. Do you want to run as a sole proprietor individually or go for a partnership? Every structure has its own set of drawbacks. Opting for a Limited Liability Company (LLC) would be a wise choice if you are trying to increase scalability as it does not risk your personal properties.
When it comes to registering your business, you may take legal help to file all the documentation and permits as per the rules of your city or country.
Create Your Rate Chart
Hey, you are the boss, right? So you decide how much you earn – per hour basis, or depending on the skills and time you invest on a project. Consider how much you are left with after covering business overheads, technical charges, and living costs. You can always consult a CPA to discuss taxes.
Network and Find Potential Clients
All set? Now comes the hard part – cracking your first gig!
If you are absolutely starting from scratch, make a list of potential clients and business owners in your niche and contact them.
There are a few tricks you can try:
– Create your LinkedIn portfolio
– Hop in different freelance websites such as Upwork, Fiverr, Freelancer
– Join Facebook groups to get job postings and network with like-minded people
Once you work with your first client, the ball keeps rolling itself.
I hope our analysis on the most effective online business ideas someone has offered you.
Everybody knows that Amazon FBA is the future of the eCommerce business. Putting in some serious effort and time might return in 7 figure revenues if you use the right marketing tools and techniques. We highly recommend the Amazon FBA business Mastery Course by e-Selling Academy for every aspiring seller.
This course got you covered on pretty much everything about Amazon FBA – secret formula by successful marketers, product research tactics, world-class expertise, ways to increase sales, and constant help and support system. You will get full access to their membership at $795. How about considering it as an investment in an affluent future?