If you’ve ever thought of opening an online business, there’s really no better time to start than now. Despite the continuing struggles in society, there is still considerable opportunity to start and grown an online-only business — if you are able to play your cards right.
It’s natural to be hesitant when starting something new, but the freedom you may find as an entrepreneur could be very well worth it. Don’t be afraid of the competition, because you can find your niche that sets you apart in your industry. There is so much room for growth when you decide to open an online business — you’ll probably be surprised at how quickly you can turn a profit.
Here are five of the most profitable online businesses, that just about anyone can start:
1. Ad Management Business
Managing ads for your business is a complex and time-consuming job and isn’t easy for everyone to do, so that’s where you come into play. If you know how to generate traffic for a website and increase conversion rates, then consider opening an ad management business. You’ll need to understand concepts like creating custom audiences to target specific audiences and re-targeting for example, on top of understanding the flow of the business.
This isn’t necessarily the easiest business to open, because you need to be knowledgeable beforehand, but it can be extremely profitable if you learn the mechanics of paid advertising. Plus, there are a ton of resources, paid and free, out there to teach you exactly how to start an ad business so it's doable even if you're starting with a clean slate.
Ads are fueling the growth of the biggest social media platforms, such as Facebook, Instagram and YouTube. So, if you are able to navigate paid advertising, then consider opening up your own online business helping others achieve success as well. If you take the time to study different advertising platforms and effective strategies, you'll be able to find paying clients in no time.
2. SEO Business
While paid ads are growing rapidly, search engine optimization tools allow your business to be found organically, which is extremely important to stay relevant in your industry. Organic traffic can produce some of the warmest leads, but you need to know how to get a website on the front page of Google to be effective. Your rank during a search is dependent on many SEO factors such as domain authority, keyword usage, content quality, backlinks and much more.
If you can learn how to be an effective SEO strategist (or if you already are one), you could start your own client-based business to help others become more competitive in their industries. And don’t limit your success by forgetting to utilize these concepts for your own business. With these tools you could end up launching several online businesses or even blogs to help others become profitable.
3. Box Subscription Business
Subscription boxes have become hugely popular just the past few years or so — and every box is specialized to serve a different niche market. Box subscription companies make it easy to acquire long-term customers by offering quality products at an affordable price. Plus, subscription services keep customers paying every single month.
You must offer your goods at a competitive price and have a niche that sets you above the rest. But, once you find that sweet spot, you’re golden. It's also a great business to cross-promote other businesses and partnerships. By starting a box subscription company you will also expand your network exponentially.
Customer relationships are extremely important in this business, because customer retention is more important than acquisition. This is an extremely creative business model to decide to tackle but it could be worth it.
4. Chatbot Business
We’ve all become used to chatting with friends and family over different social media platforms, but businesses are now turning to chatbots to relieve some of the manpower it takes to maintain great customer service. If you have the time to learn how to build a chatbot, then this could prove to be an extremely profitable business. You’ll end up creating a better experience for customers while also helping businesses increase sales.
Consider promoting your chatbot as a digital assistant, rather than a tool that answers questions. Remember, you are creating a business to help the overall customer experience, so you want technology that is helpful to add value to companies. Also, let companies add a “face” to their bot, because many users prefer speaking to an actual person, which will make it seem more personable.
There really is no better time to jump on the chatbot bandwagon, and if you’re willing to deal with the steep learning curve, you could reap serious rewards. This is one of the most profitable online businesses anyone can start.
5. Online Craft Sales
If you're an artsy person or find yourself gravitating towards crafts as hobbies, consider turning it into an online business. With the rise of sites like Etsy and Society6, it's easier than ever to find customers who want to buy your original work. You can promote your art — whatever medium it may be — on social media sites by displaying past projects, items for sale and DIY tutorials.
As with any type of artistic endeavor, your work needs to represent your unique taste and style. But as a business, it's important that the items you spend your time making and selling are in demand. Explore existing listings of any ideas you have to see how well others are able to sell online. And if you can, find ways to take practical items and turn them into art — serving a dual purpose and opening up your potential customer base.
In addition, if you still have doubts on what to do in order to set up your online company properly, we'll share with you these trusted formations services and registered agents services that can answer all your questions and help with starting up or running your online business.
Trusted Business Formation Services
The Nolo website has so many products, services and information that it can be quite a lot to digest if you're only looking for a specific service like LLC formation. Good thing they have an advanced “search” feature and easy-to-access sections to make things easier to find. The Nolo Living Trust removes the need for expensive and time-demanding court attendance, but one single drawback is that Nolo doesn't list a phone number on the website, so there's no way to call them when you need to talk to someone.
There’s a lot to love about Rocket Lawyer. Their Form Builder is simple to use and comes with clever steps to ensure that what you’re doing is valid and legal. Their team is always happy to assist you with your needs, making Rocket Lawyer a fun, customer-friendly, and professional environment. Rocket Lawyer will likely be able to handle any issue that might come up.
Compared to other services, ZenBusiness gives you more value for your money. In such a short amount of time, ZenBusiness is operating like a brand that has decades of experience. They make the entire process straightforward and are not looking to charge you additional services. Also, their ZenBusiness Pay-It-Forward program for women and minority-owned businesses is fantastic.
This company have been responsible for the formation of over a quarter of a million businesses since their inception. IncFile service and professionalism are some of the best in business. The fact that you get a registered agent for a full year at no cost is a huge plus, but being able to form an LLC at no cost (other than your state’s fees) is nothing short of incredible. The free services are included in their starting Silver Package.
The Bottom Line
The sky’s the limit when it comes to opening an online business. Because we live in such a digital world, there’s no better time to start than now. If you already have considerable experience in another area, explore how you can take those skills and use them to make money online. Even if your skills aren't a perfect fit for an online business, you could make money teaching online courses to help others learn from your expertise.