Building an online business can be the most liberating thing you ever do, and gives entrepreneurs the freedom to make money from anywhere in the world. The idea is enticing, and more possible than ever, but many entrepreneurs don’t know where to start, or how to start. In addition, many get turned off by the startup capital often needed to build an online business that can become profitable. However, times have changed, and for you to build an online business, even generate passive income, there are more and more options without the need for a cash investment.
Whether you are looking to become a full-time entrepreneur with an online business or just a part-time gig to generate passive income, your product or service should fulfill a specific need that others want to consume. To do that, the most important step in s tarting a profitable online business is to find an online business idea that matches your skills and strengths. It is not easy to find that online business idea, so we decided to compile a series of profitable need-based businesses, with no or minimal startup costs, that you can start today.
1. Content creation
Social media and the 24-hour news cycle have created the perfect storm of opportunity for creative professionals like writers and graphic designers, who can use their talents to create high-quality, shareable content for businesses and media outlets. Thanks to a growing gig economy of freelance and contract workers, it’s easier than ever to market yourself as a professional service provider.
2. Professional reviewer
Yes, this is really a thing. The importance of good reviews has not been lost on companies large and small. Many companies provide products and services to individuals so they can write a review of the company. They want a good review but, more importantly, an honest one. They pay for your time or by the review, and you get to try new things, read new books, experiment with the latest technology and much more, all while getting paid.
3. Personal or virtual assistant
Along those same lines, those who have good organizational skills are in high demand for other entrepreneurs who are growing their businesses and want to focus on high-return tasks. A personal or virtual assistant performs many of those secretarial or front-desk functions without being onsite. These individuals often work from home for many different clients, keeping track of calendars, making flight arrangements and doing clerical work.
4. Etsy
Etsy is a popular online marketplace that supports thousands of at-home retailers and larger productions, like the highly rated Wildflower + Co., selling jewelry, patches and DIY merchandise. Starting an Etsy shop is incredibly affordable. It’s free to join the site and start a shop, though there are three selling fees: the listing, transaction and payment processing fees.
5. Online courses and tutoring
What are you passionate about? Yoga? Baking? Web design? If you know something inside and out, you can help others enrich their lives by offering virtual classes. Create downloadable instructional packets and videos, or schedule real-time Skype lessons with clients. Another option for aspiring educators is to start a virtual or home-based tutoring service.
6. Translation service
If you’re fluent in a second language, you can find work converting written and spoken words from one language to another. Broadening international ties and an increase in the number of non-English speakers in the U.S. make this a fast-growing field, with the Bureau of Labor Statistics predicting 19% growth by 2028. You can start your own independent service and market yourself to businesses, schools, hospitals, courtrooms and conference centers.
7. Affiliate marketing
Affiliate marketing is easy and cheap to start, but it takes dedication and a long-term vision to be successful. Essentially, affiliate marketing involves you promoting other companies’ products and services, earning a commission on generated leads. All you need to get started is a blog or website and a specific product or service you would like to promote. However, to be successful in affiliate marketing, you have to attract a lot of visitors to your website and get them to purchase products or services from your affiliate partners.
8. eBay seller and flipper
An eBay seller is sometimes referred to as an eBay assistant, and the job’s primary function is to sell other people’s products on eBay for a small commission. Becoming an eBay seller is simple and affordable, but the platform is riddled with scammers, so you have to be very careful who you work with, as you could be held responsible for packages your customers don’t receive. When selling on eBay, be overcautious and never share any personal data, such as credit card or banking information.
An eBay flipper is someone that buys items on eBay with the sole purpose of “flip it”, by selling at a higher price.
9. Vlogger or blogger
If you’re passionate about one specific topic or field and love to write or be in front of a camera, consider starting a professional blog or vlog. For a blog, all you need is a computer and website to get started. Vloggers, on the other hand, should invest in a high-quality camera, video-editing software and various AV equipment as needed. To make money, you can offer advertising space on your website, find video sponsors, or create an account on a funding platform, such as Patreon or Indiegogo.
10. Video producer and editor
There are many companies, influencers, and potential YouTube celebrities who want to take their videos to the next level but don’t have the skills or equipment to produce high-quality videos. If you have experience as a video producer, a solid portfolio, and the desire to help individuals and businesses create stunning videos, becoming a freelance producer is an excellent career move.
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