Starting my first online business is probably the most difficult thing I have done in life. From shortlisting industry to making monetary investment, nothing qualifies as easy. Being in web services industry for more than a decade, I have come across thousands of entrepreneurs that face the similar hurdle. This post is meant to help young beginners trying to establish their online business for regular or side income.
To keep it relevant for entrepreneurs taking their first steps in internet world, I have only covered businesses ideas that have witnessed huge demand in last couple of years. Let’s start with my personal favourite!
Simplify Hiring Freelance Writers:
I have been observing growth of web for many years now, and demand of no other service has exploded like content. That’s the reason why searches for freelancer writers and content planners have gone through the roof. Therefore, launching a marketplace to hire freelance writers can turn out to be a profitable venture.
Target a particular breed of writers to distinguish your lifestyle start-up from others. A platform to find and hire academic, creative or web writers will be a good idea indeed.
To get started in this industry, you need a website that can act as a common platform for authors and clients. This means search will play a crucial role. Paperweight and Flexiwriters are two popular turnkey solutions for launching similar portals.
Deal in Custom Clothing:
Enter into women clothing, ethnic, wedding clothes or anything else that appeals your market insights. Online customs clothing is only going to grow bigger over time, and trust me, there are big profits to grab.
There are multiple ways to get started online. Partner with tailors to take care of every detail on your own or just act as a marketplace. Obviously there are ready solutions in the market; Stitch custom tailoring platform is quite impressive for that matter. Visit here to check stitch features and pricing:
Sell Deals Online:
Most people think the time of daily deals is long gone. I think the idea of pitching hot local deals at highly targeted audience can still churn money. That’s because the group of people who want to explore new places at deep discounts will always exist.
The business model is quite popular but take a minute to let me throw light on it for newbies. The website hosts discount coupons from local businesses and interested people purchase it on a group discount. Add the product selling functionality, and you are ready to generate more income.
Earn from Services Marketplace:
Heard of Fiverr and Taskrabbit? They are two of the biggest players of service marketplace model. For those who don’t know, such websites connect service seekers with providers. The task may require physical presence (cleaning, babysitting, etc.) or can be delivered virtually (logo design, voiceover, etc.)
Go for highly focused marketplace or capture everything, this industry has serious money making potential.
Make Money by Renting Products:
Remember the time when we used to rent movie DVDs from a local store? Such stores rarely exist nowadays but their digital counterparts are flourishing. There are many products that can be rented out to earn income without making a big investment in product stocks.
Renting-based partnerships with businesses can also turn out to be profitable. All you need is a powerful website to list products and manage the technical details.
Monetise Car Search and Listing:
Just like many other challenging tasks, search for the best car in one’s budget has also moved online. Web has made it easy to find new car models, compare features, and discover best deals. The same holds true for buying used cars. This is why new generation entrepreneurs are showing interest in car search and comparison portals.
Such websites are usually not global in nature. So, I suggest targeting a country or region that doesn’t presently have quality car dealership sites.
Start Multivendor Store:
Selling products online is considered the easiest way to get rich online, and to some extent it is true as well. But there is a catch. Selling products can generate income but a regular online store belongs to the past. The future belongs to multivendor stores.
Multivendor stores or online megastores allow thousands of merchants to set up shop and charge a small percentage of profit from all. Revenue also pours in from advertisements and exclusive sales. In short, setting a highly targeted multivendor store is the recipe of future profitability.
Whether you launch a new venture in above listed industries or go for something else, make sure you choose the right technology. Study the features of turnkey solution in detail to ensure that you get the best deal.
Hiring a team to create something from scratch? Confirm industry experience, technology proficiency, and market reputation.
Ankush Mahajan, SEO Professional, FatBit