A New Era of Earning Money
Having said the above, let’s review some of the industries by profitability, and then I will review some of the possible small businesses that you can open. The goal, of course, is to help you figure out what business you should open, and this article will be an excellent starting point.
I am also very aware that we are post-COVID, and that the business landscape has changed, and in fact, if you’ve now found yourself without a job, or, are looking to create some financial independence in your life, then there’s no better time than the present to open a new business.
There’s no better time to start a business because we’re at the cusp of what will become some entirely new industries and unique business ideas that will span as a result of the virus, which has created havoc for some industries and created a real boom for others.
In addition, some costs, like advertising, for example, and some other startup costs could be lower today than they would have a year ago. Also, a video ad maker is a good choice to search for a target audience.
On this note, it’s essential to start with a business plan. You need to communicate a strategy to start your business. Having a business plan gives insight into actions to be taken, the tools needed to accomplish your company priorities, and a timetable of predicted results.
5 Most Profitable Online Businesses
I took several factors like the influence of globalization, capitalism, and also some various technological trends to determine what online businesses are booming and will boom further considering the next few years.
Increasingly, they recognize that training in specific fields of interest gives them a decent living and is superior to traditional education, which has remained unchanged for centuries. Even, the degree for dignity trend is falling.
If you are a regular reader of my blog, you may know that I’m also a digital marketing trainer (currently doing 1-to-1 mentoring sessions), and I’ll start creating online courses and perhaps membership sites in the future.
People are quickly realizing that life is too short to learn everything on their own. They are willing to shell out a huge amount of money on getting training from someone else’s experience.
Till now, I haven’t seen any business that can offer training better than the internet. Once you know your niche well and have developed a course in it, there will be people from all over the world who will pay for your expertise.
In early 2016, Inc reported that the eLearning industry is worth $107 billion and still booming. The domain experts have a great scope when it comes to leveraging online courses and membership sites to take a larger pie off the industry.
These platforms already have hundreds of thousands of highly motivated learners and marketing your product will be very easy – provided you tap into the right niche using their Market Insights tools.
2. Selling Digital Products
While creating any product first off, 70% of your success depends upon how you research your market and your competitors. Once you are 100% sure that there’ll be hungry buyers for your product, then start creating a product.
You can design any Shopify-related themes where there is less competition than that of WordPress theme marketplaces. There is a whole lot of opportunities for theme developers in Shopify.
The best part about blogging is, unlike creating digital products, blogging requires little investment. You just need to get a web hosting account, get a domain and install free WordPress on it. You are good to go.
However, depending upon whether you outsource the content, the investment may differ. If you personally ask me, as I’m running multiple niche blogs I usually outsource all my content to Filipino, US, or Indian writers.
In order to succeed in blogging, you also need some skills like SEO, content creation, and promotion. Although you can learn all these skills by your own, this will take years to learn and implement them.
In order for blogging to give you sustainable income, patience and consistency matter. Finding a perfect niche that’s a sweet spot between your passion and profit is highly essential.
4. Freelance writing and other freelancing
In a world where people live in different time zones and do not have to commute for office work, there has been an increase in freelance writers. It’s no surprise that this industry will only grow more during our digital era!
The network with popular bloggers will also be a great way to get a headstart to your freelancing career as they’ll be in need of content more often. If you are willing to learn more about freelancing, follow Elna Cain. She is damn good at what she does.
Freelancers like virtual assistants, social media managers, SEO freelancers, graphic designers, programmers, and video editors have a great future. But the thing is that you need to be exceptional at what you do.
Due to fierce competition in the freelancing industry, you need to stand out with unique niche expertise. You need to strive for perfection rather than running towards shiny objects and get-rich-quick schemes.
5. Amazon FBA
I think this business is more sustainable than drop shipping. In the case of drop shipping, there are certain risks like product damage issues or shipping issues. In the case of FBA, the challenging part of your business is handled by Amazon.
Top 5 Stable Passive Income Generation Streams
I have seen bloggers, who were devastated when their AdSense account got banned. Why? It’s because they monetized all their blogs with AdSense. Many bloggers still think that Google AdSense and displaying ads is the only way to monetize their blogs. That’s wrong.
1. Start a micro-niche blog
I categorize it as a passive income source as micro-niches typically need less content as topical relevance will be high and also you can schedule the content ahead of time by hiring niche writers.
Micro niche blogs rank higher for good keywords quickly. Many think micro-niche blogs need only 4-5 pages of content. Building an authority micro-niche blog for the long term can be a stable income stream, and is recommended.
Monetization methods for your micro-niche blog depend upon the content and the audience you are getting. If you are targeting more high CPC keywords and decent U.S traffic, Google AdSense would be the viable option for monetizing your blog.
2. Start a YouTube channel around a niche
YouTube is the third-most-visited site next to Facebook as per Alexa. Videos have the potential to create a bond with the audience. Choose a particular niche like Tech, or gadgets review, like that.
Research for some potential keywords in your YouTube niche. The keywords should have good traffic. Just Google the keyword, and make sure that the top 10 results won’t contain a single video result. By this, you can determine the best keyword to create a video upon. Here keyword research is crucial.
Update your channel regularly with fresh videos. include your keywords in the video description, tags, and even subtitles. That’s YouTube SEO. Submit for AdSense for YouTube. After approval, ads begin showing up on your videos.
Many reports suggest that video marketing is the future, as it involves almost all the senses of your audience and deeply involves them. The video content is also easier to digest because of the cognitive ease it provides you when compared to the text-based content – where you need to put in some effort to develop that “inner voice” for comprehension.
As you can see from the above statistics, the YouTube content creation has almost doubled during the period of 2016 – 2018. The average logged-in user of YouTube spends atleast an hour a day watching videos, Techcrunch reports.
3. Start Amazon affiliate niche sites
I would advise you to try out the product before you start your blog. Treat it as an investment. By using the product beforehand, you gain an insightful view and knowledge about the product.
4. Start a review blog
For the time being, I’ll suggest you head over to Google Trends; put your main broad keyword and click the ’Explore topics’ tab from above the graph. It will show you all related keywords that are trending. Those topics should also be underserved.
5. Publish informational products
You simply share your valuable knowledge with people in the form of books, papers, CDs, DVDs, and audiobooks. With the prevalence of the Kindle publishing platform, you can now easily market your ebooks to a wide range of audiences.
You can create an email list by providing value to your existing readers on your blog and ask them to sign up for it. After they get used to getting valuable content from you, you can start sending promotional emails with links to buy your e-books in exchange for their contact information.
6. Domain investing
Many well-informed domain investors banked big time during the crypto period by investing huge money in buying good domain names. Because, they anticipated the emergence of thousands of ICOs all over the world.
5 Lucrative Business Ideas to Consider
Rent, payrolls, consulting fees and other costs used to keep many would-be-owners from trying. Today, the ubiquity of smart devices and online connectivity have lessened overhead costs for many businesses.
This industry encompasses a category of businesses that are physically mobile, meaning they’ll travel to their clients’ locations to render services rather than having customers come to them.
These businesses offer a common value proposition to customers: convenience. Today, the average consumer seeks convenience and speed when hiring professional services. If you own a vehicle, you can transport yourself to the customer’s home and render the services there. In doing so, you take a major headache out of the experience for the customer.
Aspiring entrepreneurs should note that some states require mobile vendors to apply for licenses and permits . Even then, these mobile enterprises can become one of the most profitable self-employed businesses you can get involved in.
Business-to-business (B2B) freelancers offer unique value to small and mid-sized businesses that could use workers with specialized skills but might not have the need or the budget to keep someone on the payroll full-time. As a freelancer, you can take on as many or as few clients as you can reasonably handle. Much of this work can be conducted virtually, which means you can find business well beyond your current geography.
In the knowledge economy, an increasing number of aspiring experts are eager to advance their skills by learning from those at the top. For established experts, virtual instruction is one of the most profitable online business ideas you’ll stumble upon. Many of the most successful small businesses, such as Udemy, are online education companies. They help you develop and manage online courses and it can be a highly profitable small business option.
Childcare opens the door to plenty of profitable small business ideas. With so many families needing both parents to work full-time, there’s both a need and an opportunity for small business owners to cater to and accommodate busy caregivers.
As we learned earlier, professional services like attorneys, real estate agents and bookkeepers are some of the most profitable businesses you could start in 2021. One of the reasons for this is because these entrepreneurs have often honed their skills in other businesses, affording them plenty of time to sharpen their skills before venturing out on their own.
While there can be significant costs associated with getting a professional services business up and running (especially outpatient care), these businesses offer things people need. The expertise to do them right the first time commands a premium, leaving you, as the business owner, to profit.
Small Business Success: Margins Over Scale
Remember, the most profitable small businesses to start are those that can capture high margins. Unlike industries that thrive at scale, the most profitable businesses are those that focus on keeping the share of profits on every sale high (i.e., above 15%). This way, you can support yourself and the business even with modest sales.
Starting a new venture doesn’t have to be an all-or-nothing endeavor from the start. If, for financial or personal reasons, your new business can’t be your full-time job in its early days, start small and tip-toe into the project on weekends and evenings. Profitable small businesses are those that often capitalize on a niche in the market, or an underserved market, and strategically jump into the action.