There are nearly 600 million entrepreneurs in the entire world. With the advent of the digital age and the concept of the “individual economy,” you can be next in line.
Starting your own business is a matter of finding the right idea and capitalizing on it. The past few years have seen a range of ideas that were at one time only considered to be suitable hobbies turn into legitimate businesses.
Uber was founded by two people who couldn’t find a cab during a winter night in Paris. While it doesn’t sound like a groundbreaking concept, its growth has been spectacular, and the company is worth billions.
With the start of this New Year, there are some common themes being picked up by entrepreneurs. Stay with us as we walk you through the best top 10 business ideas:
Some of the biggest bloggers we know today once started out as people who just wanted to share the content they loved with the people on the internet. And that hasn’t really changed. Most bloggers still share what they love online, but the good news now is that you can monetize it. There are a number of ways you can do this, such as:
· Creating ad space and either renting it out for private ads or PPC ads
· Embedding affiliate links in your blog content to earn revenue for sending visitors to the company
· Selling digital products like eBooks of your most popular blog topics explored in detail, audiobooks, templates, or whatever is relevant to your content
· Setting up your blog to create a market for your up-and-coming brand
Apart from that, you can explore the new age of blogging, which is vlogging. It’s somewhat similar, but instead of written content, you share photos and videos, often live. With this, you can develop the power of being an influencer and earn by doing sponsored posts and ads for different brands, and so on. If you don’t believe in the monetary benefits of blogging, just look at this: cat and dog influencers on social media can get up to $32,000 for a single sponsored post!
2. Affiliate Marketing
If you’re an affiliate marketer, you will be rewarded by the business/s you’re marketing for, for each visitor you bring to them (with the long term aim being to convert them into customers). Through your independent website, customers will be able to find advertisements or links that lead customers to the company.
Affiliate marketing offers the option of multiple payment plans like:
· Pay-per-lead (where visitors have to provide their contact details when directed to the company’s link)
The best part about becoming an affiliate marketer is that there is pretty much zero investment required. It’s as simple as setting up a website and monetizing it by signing up for an affiliate program – the program will cost you nothing, and you’ll only have to pay for site hosting initially.
You’re most probably going to produce all your own content unless you hire a writer or editor to help you out.
Affiliate marketers are self-employed and can work pretty much when they want, where they want. Whether you sit by a lake, or in the local coffee shop, all you really need is your laptop and a decent internet connection.
The best part is that while earning plenty, you’ll be able to have an interesting job where you’ll have the opportunity to observe how your website’s viewership changes, given the different types of ads you post.
With this field of work, you can promote only those brands that you like and trust, and soon, you’ll earn thousands. Even if you don’t have your own website you can promote on your social media to friends and family and still earn. You decide what would work best for you and you also decide if you only want to promote products, brands that you use, and endorse. For example, I am an affiliate for a website software platform that actually has a free website offer for life. If you need a website and would like to claim your free website click here. I use them personally, so I am comfortable recommending them. I also promote a Facebook messenger service that offers the best training on the market (in my opinion) and is a much-needed way to make and increase sales. If you would like to check them out you can click here. Again, whatever you feel comfortable with promoting and it really isn’t any selling as you are literally passing the information on to people who need that service.
3. Private Label Products (PLP) Business
Whether you’ve seen Target’s own Archer Farms chips, or the interesting shampoos and conditioners that are found only at your hair salon, private label products are developing quite a solid market. Just look at Nando’s’ range of Peri-Peri sauces and how they went from a condiment at a food chain to something that made its way to supermarket shelves. In fact, around 14-15% of the sales in US supermarkets are generated through private label products.
With PLP, you’ll be able to set your own pricing system, allot costs yourself, and easily adapt to a changing market since, at least initially, your manufacturing and sales will be on a small scale. The manufacturer you work with will have to follow your plans and ideas for the product design, ingredients, and packaging.
Keep in mind that while PLP appeals to many entrepreneurs, you will have to put in much more effort than the established brands you are competing against. Apart from finding a great manufacturer, you’ll need to create brand presence and credibility, even if you’re operating in a niche market.
4. Start A Home-Crafted/Homemade Business
The launch of Etsy in 2005 saw a boom in the business of creative homemade products. Behold a world of handcrafted jewelry, artisanal soaps, clothing, art pieces, and the like. With the world realizing the importance of supporting small-scale sellers and buying goods that they know will use the right ingredients and items and won’t compromise on quality just to produce on a mass scale, this is your time to shine. People will be willing to spend on what you’re selling regardless of what it is given that a) you target the right audience, and b) you sell it right.
People will be willing to buy everything, from a mug warmer to soap with their faces printed on it. You can either sell it through your own website or work through renowned labels like Etsy, where you’re more likely to get noticed and appreciated for your craft. 2021 is the year where you can actually make your artistic hobbies into a profitable business. I was able to start an online jewelry store. I do not sell on Etsy, but I sell on my own website www.alwaysessentialgifts.com
5. Start A T-Shirt Business
Since the T-shirt market is already so saturated, keep in mind that you’ll have to have high-quality items in order to sell. But with 2021 being all about setting up businesses with little to no inventory and majorly focusing your strengths on developing your digital presence, an online T-shirt business is a viable concept.
Everyone of any age owns at least one t-shirt. But this is where your task comes in-you need to select the market you’re targeting and create your own unique designs. This could be designed breathable active-wear t-shirts, plain ones, embroidered ones, those with slogans, and so on. If you’re not great at designing, you can hire a freelancer.
You can find out how popular your designs will be by floating them on social media forums and consulting professionals so that you can narrow in on what customers would actually pay for.
Choose a quality supplier so that people recognize that you’re selling high-quality items. Build a market through influencer marketing and social selling. Given how saturated the market is, SEO won’t help much. The best part is that apart from staying away from the 9-5 corporate culture, you’ll have the freedom to be as creative as you like with your designs. I was able to also launch my t-shirt business. Because of the pandemic, I wanted to celebrate our essential workers and designed t-shirts to show just how much we appreciate all of the essential workers. www.alwaysessentialtshirts.com
6. SamCart Product Pages
SamCart is a digital checkout platform that sets itself apart with options like one-click upselling, easy access to payment and subscription plans, and order bumping, which will help businesses maximize their profit/transaction.
Setting up product pages on SamCart is a pretty straightforward process, even if you’re not very tech-savvy. Within an hour, you’ll be able to create your entire product page and make it live. If you choose the right product to sell and the right target audience, you can make a decent profit through SamCart.
7. eBooks & Other Digital Products
With the introduction of the Kindle, smartphones, and tablets, people have discovered a new way of accessing massive libraries of books without having to create any extra storage space. Additionally, they also have access to audiobooks, videos, and other digital content that can be stored in their smart device.
Depending on your success as an entrepreneurial author, you can make anywhere between a few hundred to a few ten thousand dollars from the sale of a single eBook. You can digitally publish it through known platforms, like Barnes & Noble or iBooks, or create your own website, but this will take more time to pick up viewers and book buyers.
However, in order to be successful, you need to do thorough market research. Find out what keywords people are frequently searching for (you can access websites that will help you generate these keywords) and design your book according to the latest trends. Keep in mind that you’ll probably be hiring a copywriter for the job who may charge a few thousand dollars, but if the eBook is worth paying for, you’ll recover these costs after a few sales.
With dropshipping, you don’t really need to stock or handle the inventory, which makes this business easy to set up, even if you’re working on a tight budget. As a dropshipping business, you will be responsible for connecting with a third-party provider to supply the goods to your customers.
Dropshipping is heavily focused on marketing, and the aim is to control your costs- most people who operate in this field choose a relatively premium product where the return will be solid. Here are some pointers to make your dropshipping venture profitable:
· Create a brand- find a supplier/manufacturer whose products you can package as your own to establish credibility.
· Sell something that isn’t too readily available everywhere. Even if you’re operating in a saturated market, look for a gap. Many coffee shops started to stand out due to their upscale latte art, even though everyone is doing it at a basic level.
· Make your brand name and products easily searchable. You can use Google’s keyword planner to up the number of searches you appear in, which may eventually lead to click-throughs and sales.
9. Virtual Assistant
With the growth of entrepreneurship and startups comes the need for virtual assistants. However, before you get started, you need to decide whether you will be operating as a general service provider for companies or whether you’ll have a niche market such as social media services, etc.
Although the companies who hire you are likely to operate during the typical daylight hours of 9-5, virtual assistants are not bound by geography or time zones. If you wish to operate during different hours, just find businesses somewhere else in the world and work with them. All you need to get started are the right skills and the necessary software.
Keep in mind that unless you have a strong network, you may have a rocky start. Finding initial clients and charging them your desired rates will be tricky. Just stay updated on the latest technology so that you can offer potential clients enough to want to work with you. I offer a How to become a virtual assistant bundle for instant download when you join the free membership business lounge.
Teachables cover a range of concepts like your own How To platform, podcasts, and basically all the digital content where you’re providing information and adding to someone’s knowledge. Famous podcast names have millions of viewers per podcast. Take HBR IdeaCast, for instance, where millions of viewers come to listen to all those Harvard Business Review articles they didn’t get the time to read.
If you’re worried about where the money is coming in from, it’ll be through sponsored content and offering adspace. As with most business concepts, you need to make your teachable concepts current and on topics that people are likely to actually search and listen to.
2021 is a year full of possibilities. It’s finally time for you to do what you love and still get paid because your hobbies, creative and tech skills are worth paying for. With the right business plan and these business ideas in 2021, you can be your own boss and set up a profitable business. Remember everyone has to start somewhere and I know that there is a lot of "NOISE" out on the internet. One of the most common emails I get is, "I don't know where to start". That is why I'm on a mission to help solopreneurs start and grow their online businesses by providing detailed information on the best online business ideas and how you can start your own online business. Online businesses are one of my favorite things to research, talk about, and share. I'm a big believer that you already have everything inside of you that you need to make money. That's right - - your skills, your talents, your creativity - - they're just waiting to be "packaged up" and shared with the world. Join the free membership business lounge at Business Boss Besties so you can download all of my free resources, ebooks, planners, etc.