The internet has forever transformed how we buy and sell things. Aspiring entrepreneurs have fewer barriers to entry and an endless amount of opportunity to leverage their skills in an online marketplace. Services such as a digital home phone, high-speed internet, a TV, and a powerful long distance plan are key parts of an online business. Don’t forget to strike while the iron is hot.
You might also be interested to view our other side hustle ideas.
Here are five online business ideas that you can start today:
1. Sell Your Knowledge
Find a way to put your knowledge into an online product, such as a webinar, newsletter, or e-book. It doesn’t take a lot of personal investment to see short-and-long-term growth with these ideas. Start out small and scale the business with little overhead while building your online brand.
2. Sell Arts and Crafts on Etsy
Etsy brought in a massive $669.7 million gross merchandising during the second quarter of 2016, and the website only continues to grow. If you’ve got some crafting skills, then Etsy is a great place to work at home on your own time and make some money selling your wares. ThreeBirdNest is a business that sells socks, scarves, and headbands through Etsy, and they quickly became a success story for the website; generating over $80,000 a month.
3. Skip the Shipping
You should focus on the front-end of the business. Try dropshipping and team up with a distributor to avoid the headaches of storage and shipping. This model means that your revenue is the difference between the selling price and the wholesale price of an item, meaning you can save money on the costs of shipping and operating the business.
4. Affiliate Marketing
Do you have your own blog or some other kind of online writing platform? If so, you could promote products and services for other companies and get a commission on sales. The more people you have following you, the more you stand to gain. Affiliate marketing is also a huge market, expected to grow upwards of $6.5 billion by 2021.
5. Sell Designs and Patterns
You can sell designs such as construction designs, sewing patterns, prefabricated kits, and blueprints to consumers to build themselves. Liberty Jane Clothing is a pattern maker for dolls clothes, and they currently pull in $50k a month.
With e-commerce sales growing 16% in 2017, it’s obvious that now may be the time to start an online business; assuming that you haven’t yet.
If you’re interested in starting an online business, then take a look at this infographic from Distributel. It outlines five online business archetypes everyone looking to start a side hustle should know.