Searching for a simple and effective Business idea? These ideas will help you to move from the inception stage to the growth stage.
- Choose a business idea that you are most passionate about.
- Determine the Business model and revenue streams
- This blog post is for anyone who is looking to get an idea for Business.
1. Online Coaching
Knowledge shared is knowledge squared. Having expertise in one particular domain is one thing, but having the ability to communicate and teach that expertise is not everybody’s skill. This skill brings unmatchable satisfaction. Covid has shifted everything to online space. The lockdown scenario and concerns about the contagious disease have led to a whopping surge in online tutors‘ demand. Students are now relying on online tutoring not just to supplement their school education but also to reinforce classroom learning and for preparation for competitive exams.
The dynamics have changed so much that the e-learning market is expected to grow at a CAGR of 10.85% from FY20-25. All this essentially means that you can also utilize your teaching skills to provide online tutoring and fetch yourself money. You can partner with online tutoring platforms to find clients. You can even do some self-promotion on your accounts on social media platforms and find yourself, clients, from your contacts. Please make sure you have adequate expertise, and you keep it updated. Also, ensure a proper repository of your knowledge in a presentable manner for your students’ benefit.
2. Dropshipping business
E-commerce is one of the most intriguing and profitable domains to enter. If you want to join the same but avoid the hassles of handling inventory, you can rely on the Dropshipping business. The Dropshipping business has highly untapped potential and is expected to grow at a whopping CAGR of 29% from FY20-25. In FY19, the top decile of the eBay drop shippers made a profit of around $92K per annum.
In the dropshipping business, online retailers create online stores, generate orders, and then dropshipping suppliers take it from there. If you can handle the inventory, you can then move a step forward and source products wholesale. The secret to being fortunate in this business is to tap hot-selling products. Identifying and tapping into a profitable niche is crucial, and yielding highly responsive customer service is also essential to ensure success in this domain.
3. Graphic designing
Graphic designers always command a significant demand because they have a knack for unleashing wonders via graphics. Corporates, small businesses, etc., are still on the lookout for such people because they can trust them for strong promotion content. In recent times everything has been shifted to the virtual realms, and thus graphics for digital ads, posters, etc., have become even more imperative. This business idea has a good return on investment because benefits are aplenty, and the investment required isn’t much.
4. Online bookkeeping
With this new wave of work from home revolution, activities like bookkeeping have also been shifted only. If you check all the boxes on the checklist of requisites for a bookkeeper, then you can leverage technology and start your bookkeeping business online.
5. Website flipping
Website flipping bears a resemblance to real estate flipping. How houses are bought, improved, and sold later at higher prices, when the same process is applied to the website, is known as website flipping. The key to success in this business would be to acquire websites at low rates, acquire profitable niche domains, improve the content, fetch new backlinks, and drive more traffic to quote a lucrative price. Considering the WFH scenario, website flipping can be one of the most profitable business options you can pick up. Primarily because it requires meager investment, you get to be your boss, and besides that, you get to generate revenue from the sites even before you sell it.
6. Selling art online
FY19-20 brought significant disruptions due to which people were forced to engage in online transactions for almost everything. This compulsion has now turned into a chosen choice. The market for art and collectibles also got affected by these changes, and the pandemic rather has acted as a catalyst in the art world. You’re only required to unleash your artistic creativity on canvas and seller creativity over the web. You can take your art pieces to auction websites, online marketplaces, e-art galleries, or even social networks. Selling online is more comfortable than getting an agent and selling via the gallery. The online place brings you exposure to a wider audience translating into a better conversion rate and online marketplace, no one else other than you decide the limits for pieces to be put up for sale.
7. Virtual Assistant
A virtual assistant is essentially a skilled asset that brings the organization into your disorder. Recruiting virtual assistants is one of the recurring trends in the latest remote work trends of 2020. The most wonderful thing about this business is that you can start with no or minimal costs, and no specific degrees are required. It comes with flexible schedules and the autonomy to set your rates, provided you deliver the quality.
It would be surprising, but more than half of the books at traditional publishing houses were written by a ghostwriter. In fact, over 90% of books written by renowned people were completed with the help of ghostwriters. And it’s not just the publishing house but even giant corporates and businesses who make space for ghostwriters to toss their hats into the ring. This business’s obvious pros are minimal startup costs, lucrative freelancing fee, flexibility, a good relationship with influencers that can be your potential repeat customers.
9. Stock photography
When everything is going online, it only makes sense for photographers to leverage the web world. If you’re an aspiring photographer, you can think of starting up a stock photography business in 2021. You can partner with these photograph platforms to get a royalty for each download that happens via their platform. You can even have your websites or social media accounts, be your marketer and sell your photographs directly to customers.
10. Virtual dance studio
COVID 19 left dance studios with only two choices: either to get closed or to go virtual. The latter was seen through a skeptical lens, but we later saw it worthy. If you are a passionate dancer and aspire to share your grace with the world, then a virtual dance studio can be one of the most exciting and profitable business to start. Minimal investments in video-conferencing software and internet connection would be required, but it comes with colossal benefits like limitless enrollments and ease of recording and publishing at your discretion.
11. Instagram consultant
Post-COVID Instagram has witnessed higher traffic than ever before, mostly concentrated during weekday working hours. After FB, Instagram is one of the most sought options for businesses to market themselves. If you master the tactics of garnering engagement on Instagram, then Instagram consulting can be the right choice for you. You can charge a hefty fee for projects where you would be required to create posts, craft captions, respond to users, and a lot of related tasks.
12. Online resellers
Increasing purchasing power and internet penetration has fueled the fire of eCommerce. COVID 19 has brought push to online companies, which has made online reselling even more lucrative than ever before. Online reselling is a high-paying business idea because it involves minimal financial commitments. Your money doesn’t get tied up in warehouses or bulk purchases. There’s no limit to experimentation, and you can sell as many products as you want.
13. Freelance app developments
You name a need; you can find an app for it. That’s how extensive this concept has become. Recent times have seen a surge in app usage hours, app downloads, and even app creations. If you have the requisite technical skill, then app developments for business houses or individuals can channelize huge sums of passive income for you. You can even use a freemium model to charge for the premium version of your app and even make more money by including in-app purchases.
14. Home-based catering
Surging demand for healthy items on the menu is one of the most witnessed trends post-Covid. In fact, the catering market is anticipated to progress at a CAGR of 6%. If you possess impressive culinary skills, then a home-based catering business can be the best-suited idea for you. The investment will have a positive correlation with the size you would want to start with.
15. Online consulting
As per the seasoned industry experts, 2020 witnessed freelancers entering the consulting domain and gaining traction. If flexibility and changes are a norm for you, and if you have a wide breadth of knowledge, you can utilize your skills to leverage the disruptions brought by 2020 for the consultancy arena and mint money.
16. Online Tailoring Business
Covid has plumbed a lot of businesses and tailoring is one of them. Tailoring has crossed the barriers and went to the online platform making online tailoring the new norm. You can either find platforms that help you take off your online tailoring business or create your high-ended customized website. This is a thriving business idea, as the investment required is really low.
17. Online cake delivery business
The demand for delights never debilitates, explaining why the cake market is anticipated to witness a substantial CAGR of 3.5%. Online cake delivery can fetch you attractive returns as it can be started with meager investment; it requires less money to be expensed on human resources, and cake is a product with evergreen demand. With the emergence of creative tech, high ended premium cakes have also occupied a fair share in the market demand.
18. Print-on-demand business
Even if more and more sales are conducted online, that doesn’t change the shopping habits of customers, and their demanding quirk is what fuels the personalization trends, and that’s why POD: Print on Demand is here to stay for a long time as new age e-entrepreneurs find new ways to stand on a differentiated footing. The POD has emerged as an eCommerce tool and disruptor as well. The customized tee market alone is anticipated to cross as high as 10 billion dollars by FY25. You can easily take up this business and sell custom-made clothes, phone cases, mugs, etc. For more ease, you can get connected with suppliers who would print for you and shoulder the logistics‘ responsibility. You are only required to be the bridge between suppliers and customers and make money out of it.
19. Online translator
If you possess fluency in more than one language, you can earn a hefty fee by translating for your clients online. You can do self-promotion via social media or even partner with websites specially dedicated to such services. You can even partner with other translators to enhance your offerings.
20. Online personal trainer
2019 brought immense opportunities for online personal trainers. In the US alone, the online personal training business is expected to grow at a whopping 10% leading to the creation of over 3 lakh jobs by 2026. This is a lucrative business option as a personal trainer can command a median income as high as 58k$ per annum
21. Online astrology
The unprecedented happening in the previous year has brought good fortunes for online astrologers. The astrologers have seen an over 40% increase in their revenues. The fee charged can be as high as Rs 400 per minute. If you know how to decode cosmos, then you can get into this business and make a great deal of money.
22. Online phone case delivery
The phone cover market is anticipated to grow at a CAGR of 7.5%, fueled by smartphones’ bolstered penetration. The taste for personalization and creativity warrants differentiated accessories, and the more the differentiation, the more the charges. Thus, online phone case delivery can prove to be a high moneymaking affair.
23. Online travel consultancy
Despite Covid, the travel industry still remains attractive. Now travel agents are also sought by people for overseeing their Airbnb listings and fetching more rental income from these properties dedicated for vacations. Thus, by creating an apt online marketplace for travel consultancy, you can leverage these trends and mint money.
24. Interior designing online marketplace
With each passing day, customers cultivate a refined taste, and they are looking for more and more interior designing services that can breathe life into their infrastructure by bringing lovely aesthetic value. If you’ve got the skills, then leverage them to create an online interior designing marketplace and design wonders!
25. Online rental place
A study has found that over 70% of people prefer renting stuff to buying it. This preference for renting is changing the face of the e-commerce industry. In recent times, sums amounting to over a billion dollars have been online rental startups, which only speaks volumes for the aforementioned stats. You can create an online marketplace for rentals for any product, be it movies, auto, apparel, games, books, appliances, and even furniture.
26. Online Coding Classes
The post-Covid coding Bootcamp market is set to grow at a CAGR of 15%. As more and more students are spending time with technology and showing inclinations towards coding, starting online coding classes is the need of the market.
The Road Ahead
Agility should be at the core of your processes. Challenges might be thrown at you now and then, some expected, and some might be unexpected, but it is on you to not falter and find opportunities hidden in those challenges. If gravel impedes your way, take the gravel and your shell and make pearls! So, pick the business ideas that make you feel alive and start working on them. For your online marketplace can contribute to bettering so many things.
We assure you to steer you through the entire course of your journey. Get connected with us and find yourselves covered for all troublesome issues.
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