The onset of COVID-19 brought about a major paradigm shift in the world of business, with organizations being compelled to move their operations online to survive. Additionally, this transition has made it much easier for new entrepreneurs to pursue their dreams as starting an online business is affordable, simple to manage, and provides various other benefits in a post-pandemic world. In this article by CloudVO, we’ll discuss the best business ideas to consider and how to get them off the ground.
3 Best Online Businesses To Consider
First, let’s explore three business ideas that are easy to set up, scalable, and perfect for new entrepreneurs.
1) Drop shipping
According to research by Findstack, e-commerce sales are projected to reach $6.388 billion a year by 2024. Selling goods online is one of the best ways to make money in 2022, mainly because you do not need to manufacture, store or deliver the goods yourself. As a drop shipper, your role is to promote products online and drive sales, while inventory and order fulfillment will be managed by your supplier. Drop shipping’s low set-up costs and high growth potential makes it an option worth exploring.
2) Freelance writing
One of the main goals of all online businesses is to rank higher on Google’s SERP as it provides greater exposure and competitive advantage. To help them achieve this goal, companies actively hire freelance writers to write SEO-optimized content for their blogs. As reported by Indeed, writers earn an average of $22/hr, which can significantly increase based on experience and the creation of a strong portfolio.
3) Social media marketing
Many traditional businesses who have made the transition online lack the expertise to create a strong social media presence which is essential to survive in a modern marketplace. Running a social media marketing business will provide you with a vast market of clients to cater to and sell numerous types of services such as growth marketing, email marketing, website design, and more.
Benefits of an online business
While being an entrepreneur always involves undertaking risks, these can be significantly reduced when running an online business, based on the following factors:
- Affordability: Online businesses have low start-up costs and won’t require undertaking debt or spending your savings to buy equipment, manufacturing goods, etc. If you ever feel the need to have an office space, consider using flexible office spaces as they are affordable, provide the best amenities and give discounts to new members. Do some research into providers who offer different services from drop-in open coworking to virtual office plans and access to meeting rooms.
- Hiring Expertise: Compared to ever before, it is now easier to hire experienced professionals for your business at a reasonable cost through freelance marketplaces such as Upwork, Fiverr, and more.
- Using Technology: Whether it be marketing, IT, sales, etc., there are various software solutions online to help manage all major projects of the business with ease. Additionally, using technology significantly increases productivity allowing you to enjoy a better work-life balance.
Starting an online business
Here are 4 tried and tested steps you should follow to launch a successful online business:
- Write a Business Plan: This will be the founding document which includes details regarding your niche, product offerings, financial projections, and goals.
- Design a Website: A website is an all-in-one platform through which you’ll promote the business and make sales. Additionally, remember to include your business address, customer service email, and contact information in the footer, as it helps to develop trust and credibility. To find the best website-building apps on the market – click here!
- Set up a Business Account: Keeping business finances separate makes it easier to handle cash flow, create projections and calculate taxes. Additionally, link the account to online payment apps such as PayPal, which you should incorporate on your website.
- Advertise on Facebook: While creating a free business account and posting regularly is a given, utilize performance marketing to increase your engagements and reach more customers. Here’s a Facebook ad template for you to use.
There has never been a better time to launch an online business than the present. The keys to being a successful entrepreneur in a post-pandemic world will be to adopt a digital-first approach and invest in creating a strong brand image online on platforms such as Facebook through a combination of organic posting and advertising.
Written by Julie Morris (juliemorris.org)
Check out the flexible office space services we provide startups and entrepreneurs at CloudVO.