Are you looking to make some extra money aside from your monthly salary? Or are you contemplating quitting your mundane job and do something on your own? Wouldn’t it be great if you could find a source of passive income without investing a lot of time, capital, and effort?
If you’ve answered “yes” to any of the above questions, it’s high time you consider launching your online business. Unlike traditional business, most online business ventures involve lower barriers to entry. If you’re lucky, all you’ll need is a computer and a high-speed internet connection to get started.
With the pandemic influencing modern consumers’ shopping habits, this might be the ideal time to launch an online business. But with many brick and mortar businesses going digital, the internet is becoming a competitive landscape.
So, it’s no longer enough for you to create an online store and sell a few niche products. If you want to build a successful online business in 2021, you must have a concrete plan. Also, you should assess your strengths and preferences to choose a venture that you’re passionate about.
In this blog, we’ll discuss a few profitable online business ideas to help you realize your dream of becoming an entrepreneur. Let’s get started.
1. Become a Blogger
This is one of the most effective ways of making money online without spending a fortune to set up your business. All you have to do is find a niche that appeals to you. Then, create top-notch content to build a loyal and engaged audience. Next, you need to devise a monetization strategy for your blog.
When it comes to blog monetization, you can utilize a diverse array of techniques, such as:
- Display advertising
- Affiliate marketing
- Sponsored posts
You could also develop a range of digital products, such as e-books, templates, printables, etc., and sell those on your website. As your audience grows, you can even launch your own merchandise. Likewise, you could offer consultation services to your audience.
2. Launch an Amazon FBA Business
When you think of starting an online business, e-commerce is likely the first idea that’ll pop into your head. With global retail e-commerce sales projected to reach $6 trillion by 2023, this is the best time to take the plunge.
But running an online store isn’t as simple as designing a website with awesome product photos and descriptions. You need to manage your inventory, ship orders on time, and keep track of returns. Also, you need to provide round-the-clock customer support to deal with queries and complaints.
An effective way of bypassing this hassle is to start an Amazon FBA business. Short for “Fulfillment by Amazon”, it refers to a business model in which Amazon handles the entire process of order fulfillment.
All you have to do is sign-up for a “Seller” account on Amazon, source the right products, and ship those to an Amazon warehouse. Thereafter, the e-commerce giant takes care of everything, from warehousing and customer service to shipping and returns.
But this doesn’t mean you can count on Amazon to amplify sales and revenue. You still have to promote your products across various channels. Also, you need to invest time in market research and identify products that’ll generate sales.
Likewise, you have to reach out to customers and ask them to review your products on Amazon. This is essential considering that reviews play a key role in reinforcing brand trust and credibility in the e-commerce landscape. It’s a good idea to check out various business broker reviews and consult a reliable professional for more insight into growing your Amazon FBA business.
3. Start a Podcast Series
If blogging isn’t your cup of tea, you could consider launching your own podcast series to earn passive income. Of course, you’ll need to build a huge army of devoted listeners before you can start monetizing your content. But once you make a name as a podcaster, the opportunities are endless.
To begin with, you could sell ad space on your podcast episodes to relevant products from various brands. Also, you can promote your own products, such as e-books and merchandise, to your audience. You could even strike a sponsorship deal with another brand to launch a branded podcast series.
4. Self-Publish a Book
No. You don’t have to make multiple visits to a publisher’s office to become a published author in 2021. If you’ve got a knack for the written word, you can use self-publishing platforms, such as Kindle Direct Publishing and iBooks, to publish your manuscript.
You will, however, need to develop a marketing strategy to promote your book before its launch. Use social media, email marketing, and other digital channels to create a buzz. On the plus side, once your book generates a few hundred sales, platforms, such as Amazon, would be willing to promote it.
Have you tried your hands at any other online business ventures? Share your suggestions in the comments section below.