We are towards the end of the year 2022. People across the world are taking their business online or starting their online business from scratch. And if you are still thinking about whether to start one for yourself, you might just get too late. Remember,
Early Bird Catches The Worm
However, given the fierce competition in the virtual world, you need to find profitable online business ideas in 2023. And in this blog post, I am not only going to cover the evergreen business ideas, but also the new and emerging online business ideas which are expected to generate huge profits in the coming years.
Let's get straight to the list of the Best Online Business Ideas to start a business right now.
Best Time To Start Online Business
Irrespective of what online business you want to start, it's important for you to have a website. A website is important even for an offline business for that matter.
And what better time to start a website with Black Friday around? During this Black Friday, ChemiCloud is offering their Web Hosting along with a free domain name for just $31.08 for the first year.
Usually, the same plan will cost you upwards of $50 for the first year. So, make sure not to miss out on this awesome offer.
What Are The Most Profitable Business Ideas For 2023?
Below is the list of best and Most Profitable Online Business Ideas for 2023.
1. Start A Blog
Blogging is one of the best online business in 2023 if you don't have any technical skills but have good writing skills. Unlike most people think, you can make a comfortable 5-figure with Blogging, provided you treat it like a business and not as a part-time source of income.
And before you even think that you need to know coding to start a blog, let me clarify, you can start a blog as well as design it without writing a single line of code.
You can succeed in blogging by learning everything from scratch. I started a blog for myself when I had no idea about what a blog is.
And nope, I did not even come from a technical background. I was jobless when I lost my job in the sales and marketing domain in the construction industry
Back then, just like you, I was looking out for various ways of making money online. That's when I stumbled upon blogging. Since then, I've made enough money from my blog to not even consider going back to my 9-5 job.
How Much Does It Cost To Start A Blog?
I have already covered in detail about starting a blog. So, I am not going to dive deep into it. For more information, you can check out my article How To Start A Blog or subscribe to my Free 7-day Blogging Course, which will help you start a profitable blog.
Recommended Hosting For A Blog
As a blogger, you need to keep your costs under check as Blogging can take some time to develop a steady source of income. Therefore, for starting a blog, you should go with affordable yet reliable hosting companies like Dreamhost
How Much Can Your Earn From A Blog
There's virtually no limit to your earnings from Blogging. For instance, you can check this list of top bloggers who publish their income reports. You can see several of them are earning easy 6-digit income.
However, you should not expect reaching to that level. But, if you put in the effort and follow my advice in my 7-day course, you can make a comfortable 5-digit or even 6-digit annual income from your blog.
Why Do I Recommend Blogging?
1. You don't need any technical skills: You don't need to know how to code or design to start a blog. You can easily learn everything as you go along.
2. It's a long-term business: A blog is a long-term business. It takes time and effort to build a successful blog but once you do it, your earning potential is huge.
3. You can make a lot of money: As I mentioned earlier, there's virtually no limit to your earnings from a blog. You can make as much money as you want.
4. You can start for cheap: Starting a blog is not as costly as other methods on this list. Even the overheads of blogging are cheaper than several other online money-making methods on this list.
Other Black Deals You Might Be Interested In
2. Search Engine Optimization (SEO) Business
SEO stands for Search Engine Optimization. As the name suggests, it is a set of techniques that you can use to rank a website high up on the Search Engine Results Page (SERP)
As more businesses are moving online, the competition to rank at the top of the SERP, especially Google SERP, is getting tougher.
To rank higher on Google SERP, businesses are willing to pay a lot of money to SEO experts who can help them achieve their ranking goals.
As an SEO Consultant, you will be responsible for helping businesses improve their organic search rankings. You will have to do keyword research, competitor analysis, on-page optimization, and link building to help businesses rank higher on SERPs.
Skills Required To Become A Good SEO Consultant
To become a great SEO Consultant, you need to have the following skills:
1. Knowledge Of SEO Basics: This is kind of obvious. To be a great SEO expert you must know how search engines work, what are various SEO techniques, and how you can use them to rank a website.
2. Understanding Of Google Algorithm: Google's algorithm is very complex and the fact that they don't reveal what factors their algorithm takes into account only makes things worse. To be a great SEO, you should be able to understand how the Google algorithm works and what factors it might be taking into account for ranking websites.
3. Analytical Skills: You need to be good at analyzing data to understand what's working and what's not. This will help you take the right actions to improve the organic search ranking of your client's website.
4. Communication Skills: Most clients don't understand how SEO works. So, you need great communication skills to make them understand how SEO works, what things are you planning to make their website rank and why is it a slow process to rank a website.
Recommended Websites For Finding SEO Clients
You can find SEO consulting jobs on websites like Upwork and Freelancer as well as through your contacts on LinkedIn
How Much Do SEO Consultants Earn?
Like Social Media Managers, SEO freelancers can too earn in the range of $25 to $40 per hour. However, some advanced SEO experts on Upwork charge as high as $200/hour.
Why Do I Recommend Becoming An SEO Consultant?
Becoming an SEO Consultant is one of my top recommendations for anyone looking to start an online business. This is because of the following reasons
1. Growth Prospects: According to research by Research And Markets, the SEO industry is set to grow from $50.45 billion in 2021 to $103.34 in 2025 at a CAGR of 19.6% which is pretty high. So, this is an industry with lots of potential.
2. No Formal Qualifications Required: To get started as an SEO consultant you don't need any formal qualifications. All you need is the willingness to learn.
3. Start-up Costs Are Low: The start-up costs are very low as you can start your business from your home and all you need is a laptop and an internet connection.
4. You Can Offer Services Across The Globe: From local businesses to big multinational companies, everyone needs SEO services. So, you can offer your services to clients across the globe which gives you a great opportunity to earn a lot of money.
3. IoT Development Business
The Internet of Things (IoT) is another futuristic concept that is still not very popular in 2022. However, just like Virtual Reality, it is expected to grow at a very fast pace.
As reported in the IoT Analytics, the number of connected devices as of 2018 was 17 billion which is expected to double to 34.2 billion in 2025. As per Forbes, worldwide technology spending on the Internet of Things is expected to reach $1.2 trillion in 2022.
So this is a great time to start an IoT Development business.
IoT Development includes developing various applications and devices that are connected to the internet and can exchange data with each other.
For example, you can develop a Smart Home application that can control all the devices in your house from your smartphone. Or you can develop a Smartwatch that can track your fitness data.
The possibilities are endless. All you need is some experience in developing mobile applications and some knowledge of IoT devices and protocols.
4. Create And Sell SaaS-based software
Software as a Service (SaaS) is a software distribution model in which the software is hosted centrally on the cloud and customers can access it through their web browser. The licensing is usually on a subscription basis.
Off late, a lot of customers are preferring SaaS-based software as the software does not require any installation and can be used from anywhere. Also, the customers do not have to worry about the upgrades as the same is handled by the company.
For the developers too, it is beneficial as the marketing cost for virtual software is usually lower than physical software. Also, since upgrading the software does not require replacing the software entirely, more people are likely to go for upgrades. It also brings down the risk of piracy to zero.
Due to all these advantages and with better internet penetration, it is expected that the SaaS industry will grow from $152.18 billion in 2021 to $208 billion by 2023 as per Statista.
However, for creating a SaaS-based software for yourself, you need a brilliant idea to create software that will be both useful to the end user and less competitive.
Plus, you need deep pockets to bear the development and promotion of the software.
5. Web Development And Design Business
As the world is moving towards digitalization, there is a growing demand for websites. Almost every business today has a website of its own.
A website is not just about some content and pictures. It needs to be designed well and developed keeping in mind the user experience.
According to WebFX, 75% of a website's credibility comes from its design.
Now, you do not need to be a web designer or a developer to start this business. You can either partner with some designers and developers or outsource the work to freelancers.
The important thing is that you should have some idea about the design and development process so that you can communicate your requirements to the designers and developers.
And if things start working out, you can hire a team of developers to start a full-fledged website development business.
6. Android Development Business
So, if you have some idea about Android development, you can start developing Android applications and earn a good income.
To get started with Android development, you need to have some knowledge of Java and Kotlin. Or like Web Development you can outsource the work to a freelancer while you handle the client servicing part.
But still, you do need to have the basic idea of App Designs so that you can convey your client's requirements to the freelancers.
7. Become Google Analytics 4 Expert
Google Analytics is a software by Google that helps businesses track their website traffic and performance. It’s one of the most popular analytics tools available today.
However, Google recently announced that they are going to sunset the most popular version of Google Analytics, Google Analytics 3 also known as Universal Analytics on July 1, 2023. Universal Analytics will be replaced by its successor, Google Analytics 4.
However, since most Google Analytics experts focused on Universal Analytics, there is a huge demand for experts who also know Google Analytics 4.
This makes becoming a Google Analytics 4 expert a lucrative business opportunity. So, if you are willing to learn a new skill, I will highly advise you to take a Google Analytics 4 course.
8. Become A Startup Advisor
The Startup space is flourishing like never before with tens of thousands of Startups added each year in the last few years. The trend is likely to continue in 2023.
So, going forward, there will be a huge demand for experts who can advise startups on various aspects like product development, marketing, hiring, etc.
If you have worked with startups at the management level, have extensive experience in the startup space and can offer valuable insights to help them grow, becoming a startup advisor can be a very profitable online business idea for you in 2023.
9. Online Marketing Business
Online marketing is one of the most profitable online business ideas for 2023. If you are good at marketing and promoting products or services, then this business is for you.
In this business, you will be responsible for creating and executing marketing campaigns to promote products or services online. Your target clients will usually be startups and small businesses who cannot afford to hire specialized online marketing team for themselves.
You will need to have a good understanding of digital marketing channels such as search engine optimization (SEO), social media marketing, email marketing, and paid advertising. You will also need to be able to create effective marketing campaigns that will resonate with your target audience.
10. Start Affiliate Marketing Business
Again, despite being an affiliate marketer myself, I am not biased here. In fact, any list of online business ideas would be incomplete without affiliate marketing.
So, what exactly is affiliate marketing and why does it make it to almost all the lists of best online businesses?
Affiliate Marketing is the process in which you earn a commission by promoting a company's product or services through a unique link, called an Affiliate Link.
Whenever someone clicks on your affiliate link and makes a purchase, the company will pay you a commission for the same. However, a few companies also pay their affiliates for generating sales leads for them.
Most companies will require you to have a blog for approving you to be part of their affiliate program. However, some companies don't put forward any such conditions and you can promote their products through social media and email marketing.
What makes Affiliate Marketing stand out is the fact that income from Affiliate Marketing is passive. So, if you write a Review Blog Post today and put an affiliate link inside the same, you will continue to generate income from it for as long as you are able to drive traffic to that post.
11. Start Ethical Hacking Business
Over the years, companies have invested heavily in securing their software and IT systems. Despite this, malicious hackers continue to exploit the vulnerabilities and crack into the system. That's the reason, ethical hacking has become one of the most in-demand jobs these days.
As an ethical hacker, your job will be to find out the vulnerabilities and weaknesses of a company's system and report the same to them so that they can take the necessary steps to secure their system.
Needless to say, you need to be an IT nerd to become an ethical hacker.
You can find ethical hacking work on websites like Upwork where organizations are looking out for ethical hackers to test their systems. Hackerone is another platform where companies hire Ethical Hackers and pay them if they can find any security lapses.
Several ethical hackers make a living out of these Bug Bounty Programs.
12. Cybersecurity Consultant Business
Cybersecurity is one of the most important and rapidly growing industries in the world. With businesses and individuals increasingly reliant on technology, the need for experts who can help protect them from online threats is greater than ever.
If you have a background in cybersecurity or are simply interested in starting a business in this field, a cybersecurity consultant business might be a great option for you.
As a cybersecurity consultant, your job would be to help businesses and individuals protect their data and networks from online threats. You would do this by assessing their current security setup and identifying any vulnerabilities, then recommending and implementing solutions to address these vulnerabilities.
You would also be responsible for educating your clients on best practices for staying safe online and helping them stay up to date with the latest security threats.
13. Resell Web Hosting
As discussed earlier, businesses are preferring to go online post-pandemic. So, the demand for Websites is going up and with this, the demand for web hosting servers is also going up.
So, if you can start a web hosting company, you can make quick bucks with this growing business. But, here's a bummer, starting a full-fledged Web Hosting Business is not cheap and requires huge investments which makes it a risky option.
However, several hosting companies allow you to resell their servers with your own brand name. All you need to do is buy Reseller Hosting packages from a reputed hosting company and then create a website to sell hosting packages.
As a reseller, you don't need to invest in hardware or software as these will be taken care of by the parent web hosting company itself. You just need to focus on the marketing and support side.
14. iOS Development Business
As I said, Android Development has a Lion's share in the mobile market. However, that does not mean iOS development is not worth it.
Though Android is by far the most popular mobile operating system, over the years, iOS is slowly picking up the pace.
In fact, in several countries including Japan and Ireland, iOS has a higher market share as compared to Android.
Needless to say, most companies want to have an iOS App to make sure not to miss out on potential business from iPhone users.
So, if you know your way around iOS development, you can make a lot of money by developing apps for iPhone users.
15. Create Your Own Paid App For Apple App Store
We've already discussed that Apple is the closest competitor to Android and is slowly improving its market share. However, when it comes to revenue from apps, the Apple App store leaves behind Google Play Store by far as Apple users spend twice as much as Android users.
The major reason for this is that the average income of iPhone users is much higher than that of Android users. So if you are planning to create a paid app, iOS App should be your first preference.
16. Content Writing Business
If you're good with words, you can start a content writing business. As more and more businesses are going online, they need quality content for their websites and blogs.
As a freelance content writer, you can work with several companies and help them meet their content requirements.
You can also create your own website where you sell your content pieces or provide content writing services. This is one of the most lucrative online business ideas in 2023 as it requires very little investment to get started. All you need is a laptop and an internet connection!
If you love talking and sharing your thoughts, podcasting can be the perfect online business idea for you. A podcast is basically a digital audio file that can be downloaded from the internet.
You can start your own podcast and talk about topics that interest you or interview people with interesting stories.
Podcasts are becoming increasingly popular as they are easy to consume while doing other things like driving or working out.
So, if you have an interesting story to share or some valuable insights on a particular topic, starting a podcast can be a great way to make money online.
The most common way of monetizing a podcast includes selling sponsorships and promoting your products and services. Of course, as podcasts are getting more and more popular, podcasters are finding new ways to monetize their podcasts.
18. Social Media Marketing
Most people use social media for relaxing after a hectic day. However, for small businesses and bloggers like me, it is a cost-effective place to get more business.
Not only does it help you to reach out to your target audience, but it also helps you to connect with them and get useful feedback to make your products and services better.
Of course, Social Media Marketing is not as easy as most people think. It's not about posting random content. Rather you must do a thorough research of your target audience and post insightful content that helps your audience connect with your brand.
This requires skills and that's the reason companies hire social media marketers. So, if you are a social media junkie who knows social media in and out, Social Media Marketing is a perfect online business for you to start in 2023.
19. Graphic Designing Business
Are you a creative person who loves using the right side of his brain? If that's a yes, you can make some good money by starting a graphics designing business.
Unlike most online businesses, Graphic Designing is not restricted to the internet. From logos to business brochures and visiting cards to designing advertising hoardings, you can show your creativity in the offline world too.
And do I even have to talk about the scope of Graphic designing? Graphics are an integral part of every business, small or large, online or offline.
So if you love to design and are looking for a business idea with a good scope, starting a graphics designing business can be the right choice for you.
20. Sell eBooks
If you are a writer, you can also consider selling your eBook. The best thing about selling ebooks is that you can start it with minimal investment. All you need is a laptop and an internet connection.
Another good thing about selling eBooks is that it's a passive income source. Once you write and publish your eBook, it will keep making money for you with little marketing effort from your side.
Of course, to make good money from selling eBooks, you need to write quality content that people are actually willing to pay for.
To sum it up, if you are a writer and looking for an online business idea with minimal investment, selling eBooks can be a great option for you.
Amazon is a great platform for self-publishing your eBook. Of course, there are several other platforms for you to sell your eBook. You can even start a blog and promote your eBook to your target audience through paid advertising.
21. Online Tutoring Business
If you are an expert in a particular subject, you can make some good money by starting an online tutoring business. There are several websites like Tutor.com, Chegg, and TutorVista that connect tutors with students.
You can start tutoring on any subject of your expertise. However, to make good money from online tutoring, you need to have in-depth knowledge of the subject and be able to explain the concepts in simple language.
Talking about the scope, the online education market is set to grow at a CAGR of 10.26% to become a US$286.62 billion market by 2023. So, you can expect quick growth if you can dive into this field now.
22. Sell Your Online Courses
If online teaching is not your thing or if you are looking for a passive source of income, you can make money by creating and selling online courses.
You can sell your online course either through Online Course Marketplaces or create a website for yourself and promote your courses on it.
To be able to make money by selling online courses, you must be an expert in whatever field you're creating the course in so that you can create the most in-depth content for your course.
You can either create a text-based course or a Video course. Of course, for their ease of understanding, video courses are more popular than text-based courses.
How To Create An Online Course
Below are the various steps to creating an online course
1. Choose A Topic: The first step is to choose a topic that you're an expert in. It can be anything, such as SEO, web development, English Learning, cooking, baking, etc.
2. Find A Need: Once you've chosen the topic for your course, it's time to find a need in that particular field. For instance, if you're an SEO expert, you can create a course that helps people learn the basics of SEO and how people can use it to grow their blog or business.
3. Decide The Medium Of Course: The next step is to decide the medium of your course. You can create a text-based course, video course, or both.
4. Create The Outline: The next step is to outline your course. This is where you'll decide what topics to cover in your course, how many modules or lessons will be there, etc.
5. Create The Course: Now it's time to create the actual course. You can either do it yourself or hire someone to do it for you.
Making Money By Creating And Selling Courses Online
Once the course is ready, it's time to sell it and make money. There are two ways to do that-
1. Sell On Marketplaces: The simplest way to sell your course is to list it on a marketplace like Udemy.
When you list your course on such marketplaces, they will take care of the entire promotion and marketing for you. You just need to worry about creating high-quality content for your course.
On the downside, you will have to share your profits with them. And the charges are steep.
If a user directly buys a course through Udemy, they keep 63% of the course price while you get just 37% of it.
2. Sell On Your Website: Another option is to sell your courses through your own website. This is a great option if you want to keep all the profits to yourself.
Next, you can either create a Landing page and use Facebook Ads to drive people to your course or you can start a blog and then create funnels to sell your courses.
The advantage of selling courses on your own website is that you get to keep all the profits to yourself. You also have full control over pricing and can offer discounts if you want to.
Tools Recommended To Create A Course
Below are some of the tools that you can use to create your course
However, if you are low on budget and can do with a slightly reduced video quality, you can create a course with your Smartphone along with a cheap Lavalier Microphone. Though, that might affect the overall quality of your course leading to negative feedback.
You will only need the below tools if you choose to host your own online course
3. Domain Name And Web Hosting: If you want to create a website for your courses, then I recommend creating it on WordPress. Since WordPress requires a Domain Name and Web Hosting, I recommend getting it from Dreamhost if you are looking for affordable solutions. They also offer a free domain name for 1 year with their hosting plans.
4. Course Creation Software: For building the course, you can use LearnDash WordPress Plugin. I'd suggest going with Thrive Themes if you are looking for a Theme and Page builder as well as a leads collector plugin, in which case Thrive Themes' Thrive Suite turns out to be super cheap.
5. Email Marketing Software: For email marketing and staying in touch with your students, I recommend using Active Campaign.
I personally use Encharge for Email Marketing. However, I don't recommend it to beginners as it is more on the expensive side.
How Much Can You Make From An Online Course?
How much you can make from an online course totally depends on how you price your course. There is no thumb rule about how you price your course.
Some people sell shorter courses for as low as $10 while some charge upwards of $1000 for their detailed and well-researched courses. But on average you can expect to sell it for around $50-$100
Another factor that will affect the amount of money you make from your course is whether you are selling it on your own website or through marketplaces like Udemy.
As I mentioned earlier, Udemy keeps 63% of the course fees while you get just 37%. So, if you are selling a $100 course on Udemy, you will only get $37 out of it.
On the other hand, if you are selling the exact same course on your own website, you will be able to keep 100% of the profits.
However, giving you rough estimates, you can easily make $2000-$5000 per month from each course that you create and sell. If you are good at marketing, you can even make up to $10000 per month or more.
Why Do I Recommend Selling Online Courses?
There are plenty of reasons why I recommend selling courses online. Here are some of the main reasons
1. It Is A Great Source Of Passive Income: Creating an online course is a one-time investment and can be a great source of passive income as you will keep making money from each course sale for years to come without having to do anything.
2. You Can Help People From All Over The World: Unlike coaching or consulting which is limited to people in your locality, with online courses, you can help people from all over the world.
3. It Is A Scalable Business Model: With online courses, there is no limit to how much money you can make. As long as you keep creating and marketing new courses, you can keep making money.
4. You Can Repurpose The Content: The great thing about online courses is that you can use the same content to create other products like an eBook or a Video Course. This will help you get more sales and also reach a wider audience.
23. Domain Flipping Business
According to Verisign, there were 348.7 million registered domains at the end of Q4 of 2018. The data also shows an increase of 6.3 million domains during the Q4 which turns out to be 70,000 domain registrations each day.
Such a huge demand for domain names makes it very difficult for businesses to find desired domain names especially if you are seeking to get a domain name with the most popular .com extension. Over the years, it will be harder to find good domain names.
Domain Flipping is a business wherein you invest money to buy good domain names you think people might be interested to buy. You can then put these domain names for selling at a fixed price or auction them at websites like Sedo.
Domain names are very commonly sold at a price exceeding $1000. Some unique domains are sold for a price exceeding $10000. The most expensive domain deal to date was for LasVegas .com which was sold for a massive price of $90 Million.
However, Domain Flipping is not easy. Professional domainers usually have a portfolio with hundreds of attractive domain names. Several of these Domain Names remain unsold for years and some of them are never sold.
So, if you think you can find worthy domain names that people might be interested in buying and you have the patience to hold several Domain Names for years, Domain Flipping is something you can try.
24. Website Flipping
If domain flipping can give you good returns, Website Flipping can get you even better reasons. In Website Flipping, you buy a domain name, build a website on it, get it ranked on Google SERP through your knowledge of SEO, and then sell it at a premium price.
But, Website Flipping is even more difficult than Domain Flipping. To be able to fetch a good price, your website should contain quality articles and at least a few of these articles should be ranking well on the Google SERP.
You can sell your websites on marketplaces like Flippa
25. Sell Your Merchandise On Amazon
The e-commerce business is booming and so is Amazon. So, if you're already into an established business, you can sell your product on Amazon.
All you have to do is create a listing on Amazon and start selling your products. Although you will have to share your profit with Amazon, it still turns out to be a good deal as you can push your product to a large number of engaged shoppers thereby increasing your sales multifold.
You can also avail the Amazon FBA program in which Amazon will take care of shipping, customer service, etc. while you focus on other parts of the business.
26. Sell Your Merchandise On Your Own Website
E-commerce is one of the fastest-growing spaces, especially after the pandemic. Earlier, the growth in e-commerce was limited to developed countries and Metro cities of developing countries.
However, post-pandemic, consumers got used to buying online which is why the e-commerce space is growing like never before. As per Statista, the e-commerce space in the US is expected to grow from $875 billion in 2022 to $1329.7 billion by 2025.
The growth prospects are even higher in developing countries like India where the e-commerce sector is largely unorganized. So, if you'd like to cash in and catch up on the growing trend, you can start selling products online.
To create an e-commerce store, you'll need to first find a wholesaler from where you can source your product at a cheaper rate so that you can earn a good profit margin.
If you already have an offline business, you'd be in a much better position to start an online store as you must already be having sources to procure the products at a cheaper rate.
Once you have shortlisted a wholesale provider, the next step would be to start an e-commerce website.
For starting an e-commerce website, you can either go for a self-hosted platform like WordPress with WooCommerce plugin or use Shopify which is an all-in-one e-commerce platform.
Once you have created your e-commerce website, the next step is to start adding products and then promote your website so that you can start generating sales.
For promoting your products, you can use various marketing channels such as social media, email marketing, influencer marketing, Google Ads, etc.
What Skills Can I Learn To Successfully Run My e-Commerce Store?
To successfully run an e-commerce store, you need to have some basic technical skills such as
1. Setting up and configuring your e-commerce platform: In 2022, platforms like Shopify have made it very easy to set up and configure an e-commerce store.
However, if you're using a self-hosted platform like WordPress with WooCommerce plugin, you'll need some technical skills to set it up. Of course, you can always hire a web developer to get things done.
2. Adding products: Adding products to your e-Commerce store is usually very easy and it won't take you more than half an hour to understand how things work
3. Creating attractive visuals: Studies have shown that attractive visuals help in increasing conversion rates. So, you need to learn how to create visuals that can grab attention and drive conversions.
4. Promoting your store: Marketing your store is very important to generate sales. You can use various channels such as social media, email marketing, influencer marketing, Google Ads, etc. to promote your store.
5. Scaling your business: You can't just sit back and relax after starting your e-commerce store. You need to continuously work towards scaling your business so that you can generate more sales and profits.
6. Analyzing data to improve sales: Data is very important to understand what's working and what's not. You need to constantly analyze data so that you can figure out ways to improve sales.
7. Providing excellent customer service: Excellent customer service is very important for retaining customers and growing your business. You need to make sure that you provide prompt and efficient customer service so that your customers are happy.
Recommended Hosting For Starting An E-Commerce Website
As said earlier, Shopify or WordPress with WooCommerce plugin is recommended for starting an e-commerce website. Out of the two, Shopify offers its own hosting so you don't have to buy hosting separately.
I recommend a premium hosting company for e-commerce sites over cheap ones because if your website becomes inaccessible due to your web hosting going down, it can result in huge losses for your business.
How Much Does It Cost To Start An e-Commerce Website?
Below are the costs that you should keep in mind while starting your e-Commerce store.
1. Inventory Cost: The cost of inventory will depend on the type of products you're selling. If you're selling physical products, you'll need to factor in the cost of procuring and storing the products.
2. Development Cost: You can either design your own websites or hire a developer to do it for you. For DIY sites, Shopify has all the tools to get you started without writing any codes. For WooCommerce too you can use Page Builders like Thrive Theme builder to create a beautiful e-Commerce store on WordPress.
However, if you hire a developer, it will cost you anything between $100 to $2000 to start a website. Shopify websites are usually cheaper to develop than WooCommerce websites as the latter requires more effort.
3. Web Hosting Cost: If you're going with Shopify, the hosting cost is included in the monthly subscription price starting at $29/month. However, if you're using WordPress with the WooCommerce plugin, you'll have to pay for hosting separately which will cost you anything between $15 to $35 per month for a new store.
4. Domain Name Cost: A domain name will cost you around $10 – $15 per year.
5. SSL Certificate: An SSL certificate is required to make sure that your website is secure and it will cost you around $50 – $100 per year.
6. Payment Gateway Cost: You'll need to pay a transaction fee of 2% – 3% for every sale that you make. In most cases, unless you want a lower transaction fee, there are no monthly or upfront charges.
How Much Can You Make From Your e-Commerce Business
The answer to this question depends on a lot of factors such as the niche you're in, the prices of your products, the margins you're able to achieve, the marketing channels you use, etc.
However, if you're able to set things up correctly and generate some sales, you can easily make a comfortable 5-digit or even 6-digit income from your e-Commerce business.
Why Do I Recommend Starting An e-Commerce Store
There are several reasons why I recommend starting an e-commerce store. Here are some of the main ones:
1. It's a great business model: The e-commerce business model is very straightforward. You just need to find a niche, source products, set up your store, and start selling.
2. It's a scalable business: An e-commerce store is a very scalable business. You can start with just a few products and then gradually add more products as you start making sales and generating revenue.
3. It's relatively easy to get started: Unlike traditional business models like starting a restaurant or a brick-and-mortar store, it's relatively easy to get started with an e-commerce business. You don't need to worry about things like lease agreements or hiring a big team.
4. It gives you the freedom and flexibility to work from anywhere: With an e-commerce business, you have the freedom and flexibility to work from anywhere in the world. All you need is a laptop and an internet connection.
5. There's no upper cap on earning: With an e-commerce business, there's no upper limit on how much you can earn. Your customers can be from across the world and hence the scope is huge.
27. Develop WordPress Themes
WordPress Development is awesome. But not everyone can afford to shell out enough for the efforts required to develop a fully-customized theme. But this client base is too huge to be ignored.
And that's when WordPress Theme Development comes into the picture. As a WordPress developer, you can develop a WordPress theme that offers a fair amount of customization options at the backend. You can then sell this theme on your own website or through Marketplaces such as Envato.
28. Become A Virtual Assistant
A Virtual assistant is a person who provides technical, administrative as well as creative support to a business from a remote location. A lot of businesses these days are preferring to hire the services of virtual assistants over full-time or even part-time employees to reduce their fixed overhead costs.
As per a survey, the Global Virtual Assistant market is expected to grow at a CAGR of 26.29% to reach US$12.383 billion by 2024, from US$3.052 billion in 2018. So, if providing services from home is something that interests you, then you should definitely consider Virtual Assistant Online Business.
29. Become A Social Media Influencer
Social Media is no longer just a way to connect with friends and family. It is one important tool for businesses to advertise their products and hiring Social Media Influencers who have a large fan following is one of the ways brands prefer to reach out to their target customers for advertisements.
So, if you are a Social Media Junkie and have a large following on Twitter or Instagram, you can get paid big amounts to endorse products from brands.
30. Sell Your Photography
Do you like taking photographs? If so, you can start selling your photos online.
There are a number of websites that allow you to sell your photos, such as iStockPhoto, Shutterstock, and Fotolia.
You will need to create an account with these websites and upload your photos. Once your photos are approved, they will be displayed on the photography website. If someone buys one of your photos, the website will pay a royalty to you.
However, keep it in mind, this is not a get-quick-rich online business. You'll probably have to spend 4-5 years clicking pictures to earn $500/month from your pictures.
I'd suggest this business if you a hobby photographer who wants to monetize his hobby.
31. Sell Your Crafts
Crafting is a unique and enjoyable hobby that can also be turned into a profitable business. If you have a knack for making arts and crafts, there are many ways to sell your creations online.
You can set up an online shop on a website like Etsy or eBay, or you can sell them directly to customers through your own website on Shopify.
When setting up your business, be sure to decide on what types of crafts you want to make and target a specific audience. For example, you could make personalized gifts, or home decor items. Once you've established yourself, you can also branch out into other areas.
If you're not sure where to start, check out the best-selling crafts on Etsy for some inspiration.
32. Sell Your Designs On PoD Websites
Print on Demand websites popularly known as PoD websites are gaining a lot of popularity these days. At PoD websites, you can design T-shirts, accessories, and more using their online designing software.
Customers can then see your designs and buy them if they like. Once a purchase is made by the buyer, the website will print your design on the product that the customer selected and will pay you a commission for designing the product.
33. Resume Writer
A study revealed that recruiters spend around an average of six seconds reviewing a Resume. That's the reason a lot of job seekers these days get their resumes designed and written by a professional resume writer.
A professional resume writer, not only makes the Resume attractive enough to last more than these 6 seconds, but he also designs it in such a way to pass the maximum information during this short span.
With the job market expected to get more competitive, Resume writing can be one of the best online business ideas for you to start a business right now.
34. Become A Business Plan Writer
There is a lot of demand for business plan writers, especially from startup businesses. If you have experience in business and are good at writing, this could be a great online business idea for you.
To start a business plan writing service, you'll need some basic equipment like a computer, printer, and software like Microsoft Word. You'll also need to create a website or blog where you can advertise your services.
You can also find clients through websites like LinkedIn and Upwork
35. Online Proofreader
Not everyone who writes content on the internet is a native English speaker. English isn't my first language either.
So, for people like us, it becomes extremely difficult to make sure our content is grammatically correct. Tools like Grammarly do help, but they can only do so much.
That's where Proofreading comes in. Just like a Virtual Assistant, an Online Proofreader also provides technical support to businesses but in the form of content editing and proofreading.
36. Search Engine Evaluator
Google and Bing (Microsoft) use machine learning to analyze the content of the page. They then use an algorithm to share the best search results for you.
However, machine learning isn't as good as humans when it comes to judging the quality of content. So at times, Search Engines can mess up the results displayed for a search query.
As a Search Engine Evaluator, you will be responsible for evaluating the quality of search results. The job does sound easy. However, it is not the case.
Every search engine has a quality guideline. For example, here is Google's Search Evaluator Guidelines. As a search engine evaluator, you need to understand these guidelines and apply the same while accessing the quality of search results.
37. Become A Website And Application Tester
Gone are the days when you could build a shabbily designed website and application and still get people to visit it. With so much competition out there, the UX of a website and application has become really important.
That's the reason, businesses hire people to test their websites and application and share detailed reports of all the errors so that they can improve the overall design and user experience.
As a Tester, you need access to a Computer with a Screen Recorder and Mic. You could very well work from the comfort of your home.
All you have to do is record your screen as you browse through various pages or screens and record your feedback through the mic.
38. Online Fitness Coach
In today's world, a lot of people have realized the importance of staying fit. However, not everyone has the budget to hire a one-on-one personal trainer. That's the reason more and more people these days are preferring to hire Online Fitness Coach.
Also, by offering your fitness consultation services online, you are not limited to getting clients in your locality. Rather, you can get clients from around the globe.
39. Blogger Outreach Specialist
Guest Blogging is one of the best ways to build your brand, get backlinks to your blog as well as get some real traffic. However, being a blogger myself, I know reaching out to webmasters and other bloggers for guest posting opportunities is a very tedious and time-consuming task.
That's the reason a lot of bloggers and webmasters including myself prefer hiring the services of a Blogger Outreach Specialist.
A Blogger Outreach Specialist first prepares the list of possible websites for guest posting, drafts and sends out email pitches, and then follows up with these bloggers until your article is published on a relevant authority website.
Blogger Outreach Specialists usually charge on the basis of the number of guest posts completed.
40. Online Translation Business
With the globalization of the world, online businesses are not limited to their respective country, but they cater to customers around the globe. However, the biggest obstacle they face while dealing with foreign clients is the language barrier.
The problem is huge especially if the communication is between countries where English is not very common, for example, Germany, France, Japan, China, etc. That's the reason, it's important for online businesses to design websites, user manuals, etc. in multiple languages.
An Online Translator makes it easy for businesses, say in the US, to hire a native translator from Germany or Japan. You can either work as a freelance translator via websites like Upwork and Freelancer or start your own website dedicated to the translation business.
41. Online Recruitment Business
If you are good at connecting people with the right jobs, then you can start an online recruitment business. This business requires you to have a good network and a strong understanding of the latest job market trends.
You can find clients by creating a website and listing your services. You can also use social media platforms, such as LinkedIn, to find potential clients as well as candidates.
Upwork is another platform where you can find clients for your recruitment business.
Infographic For Most Profitable Online Business Ideas For 2023
FAQs About Online Business Ideas 2023
Below are some of the FAQs about Internet Business Ideas for 2023
1. What Kind Of Online Business Is Most Profitable In 2023?
Any online business that can be vertically scaled without much investment have higher chances of turning profitable in 2023.
Some of them include Blogging, Search Engine Optimization (SEO), Web Development And Design, Digital Marketing, Affiliate Marketing, Web Hosting Reseller, Social Media Marketing, Selling eBooks, Selling Online Courses, Domain Flipping, Website Flipping, Selling Merchandise On Amazon, Developing WordPress Themes, Becoming A Social Media Influencer, Online Recruitment
2. What Business To Start In 2023?
Any business that uses digital platform are great to start in 2023 as digital businesses are expected to grow faster than offline businesses.
3. What Are The Most Profitable Online Businesses In 2023?
Some of the most profitable online businesses in 2023 include Blogging, Search Engine Optimization (SEO), Web Development And Design, Digital Marketing, Affiliate Marketing, Selling Online Courses, Website Flipping, Selling Merchandise On Amazon, Developing WordPress Themes, Becoming A Social Media Influencer and Online Recruitment
4. How To Start A Profitable Online Business In 2023?
Each business is different and so is the planning and execution for each businesses. However, what matters the most is you pick the right business idea that has scope in 2023 and in the coming several years.
5. Which Is The Best Online Business To Start In 2023?
The best online business to start in 2023, depends on your skills, interests, investment capacity and several other factors. You can refer this blog post to see which business idea suits you the best.
6. What Are The Top 10 Online Businesses?
According to me, the Top 10 Online Businesses include Blogging, Search Engine Optimization (SEO), Web Development And Design, Digital Marketing, Affiliate Marketing, Selling Online Courses, IoT Development Business, Android Development Business, Content Writing Business, and iOS Development Business.
7. What Business Can I Start With No Money?
Businesses which you can start no money include Search Engine Optimization (SEO), Freelance Web Development And Design, Freelance Android Development, Offering Google Analytics 4 Advice, Becoming A Startup Advisor, Freelance Digital Marketing, Ethical Hacking, Freelance iOS Development, Freelance Content Writing, Freelance Social Media Marketing, Online Tutoring, Selling Online Courses,. Becoming A Virtual Assistant, Becoming A Social Media Influencer, Selling Designs, Resume Writing, and Online Proofreader
8. What Are The Cheapest Business To Start?
Some of the cheapest business to start that are also profitable include Blogging, Search Engine Optimization (SEO), Web Development And Design, Android Development, Digital Marketing, iOS Development, Content Writing, Social Media Marketing, Online Tutoring, Becoming A Virtual Assistant, Becoming A Social Media Influencer, and Resume Writing
9. Can I Start Business With No Money?
Yes, it's possible to start business with no money. Several of the ideas on this list requires no investment.
10. What Is The Safest Business To Start?
The safest business to start will be the one that requires low initial investment and high success rates. Some of these businesses include Blogging, Search Engine Optimization (SEO), Web Development And Design, Digital Marketing, Content Writing, Online Proofreading and more.
11. What Are The Unique Business Ideas In 2023?
Some of the unique business ideas include IoT Development, Creating And Selling SaaS-based software, Offering Google Analytics 4 Advice, Ethical Hacking, Cybersecurity Consultancy, Website Flipping, and Online Recruitment
12. What Are The Best Business Ideas For Women In 2023?
Some of the best business ideas for women in 2023 include Blogging, Search Engine Optimization (SEO), Digital Marketing, Affiliate Marketing, Content Writing, Graphic Designing, Selling Crafts, Selling Designs, Resume Writing and more.
13. What Are The Best Business Ideas For Students In 2023?
Some of the best business ideas for students include Blogging, Search Engine Optimization (SEO), Web Development And Design, Digital Marketing, Affiliate Marketing, Ethical Hacking, Content Writing, Social Media Marketing, Online Tutoring, Selling Online Courses, Becoming A Virtual Assistant, Online Proofreading, Resume Writing, and Becoming A Social Media Influencer
14. What Are The Best Small Business Ideas In 2023?
Some of the best Small Business Ideas include IoT Development, Creating And Selling SaaS-based software, Web Development And Design, Digital Marketing, Cybersecurity Consultancy, Web Hosting Reseller, iOS Development, Android Development, Selling On Amazon, Starting An eCommerce Website, Developing WordPress Themes and more
15. What Are The Best Startup Business Ideas In 2023?
Some of the best Startup Business Ideas in 2023 include Blogging, IoT Development, Search Engine Optimization (SEO), Creating And Selling SaaS-based software, Android Development, Digital Marketing, Affiliate Marketing, Cybersecurity Consultancy, iOS Development, Selling On Amazon, Starting An eCommerce Website, and Developing WordPress Themes
Online Business Ideas In Other Languages
Online Businesses are the need of the hour. However, finding profitable online business ideas is the most difficult part. In this article, I have listed some of the best online business ideas for 2023 that are sure to give you good returns.
If you ask me, I'd any day rate Blogging and Affiliate Marketing over other business ideas on this list. However, not everyone has the same skills and interest. So, you can pick the business idea that works best for you.
So, what are you waiting for? Go ahead and start your own online business today!