Research the need for your potential online business
It’s important for aspiring founders to make sure the product or service is needed in the marketplace, says Cynthia Franklin, a professor of entrepreneurship at New York University.
When deciding what type of business to start, “looking at where the societal forces are going and seeing if you can stay ahead of the trend” is a good place to start, she said.
“Start scratching your own itch,” Franklin suggests for aspiring online business owners.“Whatever you do, find something you care about because you’re going to have to put in a lot of time and energy to make it work.”
Here are 5 of the easiest online businesses to start in 2023.
2.Coaching
Online coaching has grown in recent years, whether entrepreneurs are offering virtual training classes, leadership advice, or guidance on how to start a business.
For example, Amy Lee is a life coach.She posted nearly $60,000 in earnings in her first 10 months in business, documents verified by Insider show.
There are no required credentials for life coaches, Lee said.While this may make some coaching communities seem like the Wild West, it also creates a low barrier to entry for professionals looking to enter the space.
Other types of coaches, like Jessica Hawks, try to help their clients build startups.
Business coaching is an option for those who want to share their expertise in a particular area.Hawks began her online career as a virtual assistant, and when she realized her community was looking for advice on starting their own VA agencies, she launched her coaching program, the Digital Creatives Academy.
Hawks posts seven figures in annual sales, documents verified by Insider show.
3.
Blogging
Blogging is another popular business avenue, especially for those who can share knowledge on a particular topic.
For example, Lisa Andrea, the creator of The Financial Cookbook, started her blog in 2021 as a side job.
She shares tips on how to become financially independent and on investing, along with other money guidance.“The Financial Cookbook is a guide to everything they should have taught us in school,” she previously told Insider.
Her revenue streams include affiliate marketing and brand partnerships.She recommends other bloggers and digital founders take advantage of companies’ affiliate programs by signing up online to be a part of them, as she did.
But it’s also important to stay authentic and only partner with companies that align with your brand message, she added.
That way, your community will stay engaged and more interested in the links you promote, helping you earn more money.
Andrea regularly posts $8,000 in monthly earnings, documents verified by Insider show.
4.Virtual assist
Vivian Purcell is a virtual assistant living in Canada.She started her online career as a freelance writer in 2016, looking for flexibility to travel and live wherever she wanted, she said.
“I made the switch to virtual assistant because I wanted to use more of my business experience and training in freelancing to offer something of higher value,” she said.
Purcell earned more than $132,000 in sales in 2022 from her work as a virtual assistant, documents verified by Insider show.
Virtual assistants can work with small business clients as well as large companies looking for contract or one-time employees, said Arun Sundararajan, a professor of entrepreneurship and technology, operations and statistics at New York University’s Stern School of Business.
“It’s getting harder and harder to hire full-time employees for anything,” says Sundararajan, who is also the author of “The Sharing Economy.” “So more and more companies that weren’t considering gig work are now considering gig or freelancers as an option.”
5.Marketing
Cody May is a digital nomad founder who built his business entirely online.He runs SheridanSt., a marketing company for real estate agents.
Sheridan St.assists agents with tasks such as lead generation and call and email marketing.
In 2017, he left his corporate role and applied his marketing experience to found StudioPTBO, the predecessor of SheridanSt.Then, in 2021, he got in touch with his current business partner, who worked in real estate, to relaunch the company within the real estate niche, he said.
He has recruited most of his workforce by offering a completely remote, travel-friendly workplace, he added.Plus, online real estate is a hot industry: The National Association of Realtors’ 2022 Profile of Home Buyers and Sellers report found that 51% of this year’s buyers found the home they bought online..