Determine the need for your potential online business
It’s important for aspiring founders to make sure the product or service is needed in the market, said Cynthia Franklin, professor of entrepreneurship at New York University.
When deciding what kind of business to start, “looking at where societal forces are heading and seeing if you can get ahead of the trend” is a good start, she said.
“Start by scratching your own itch,” Franklin suggests to aspiring online business owners. “Whatever you do, find something you care about because you’re going to have to put a lot of time and energy into making it happen.”
Here are 5 of the easiest online businesses to start in 2023.
1. Content creation and social media management
Content creation and social media management can be simple and lucrative businesses to get started. With many free or cheap editing platforms and tools, the field has low financial barriers to entry and is popular given the prevalence of social media. But popularity also means competition can be tough.
Lauren Mabra and Lauren Ferry are the Gen Z founders of social media advertising agency Lauren Labeled, which launched in 2021.
Their company helps other brands write, film and produce social media ads and campaigns. They specialize in marketing intended to replicate the look and feel of user-generated content, or the type of content a daily social media user might post from their iPhone, Mabra said.
“We saw it was a flawed system,” Mabra said. “Companies either had to do it internally – and a lot of teams are already understaffed and overwhelmed – or go to influencers and pay $2,000 for a single video. How sustainable is that when do you need new videos every week?”
Before the Lauren Labeled website launched, there was already a waiting list of customers, Mabra said. Now the company is consistently posting five figures in revenue per month, documents verified by Insider show.
2. Training
Online coaching has grown in recent years, whether entrepreneurs are offering virtual coaching classes, leadership advice, or advice on starting a business.
Amy Lee, for example, is a life coach. It recorded nearly $60,000 in revenue in its first 10 months in business, documents verified by Insider show.
There are no credentials required for life coaches, Lee said. While this can make some coaching communities feel 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, seek to help their clients build startups.
Business coaching is an option for those who want to share their expertise in a certain area. Hawks started her career online 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 delivers seven sales figures per year, documents verified by Insider show.
3. Blogging
Blogs are 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 as a side hustle in 2021. She shares advice on how to become financially independent and about investing, as well as other financial tips . “The Financial Cookbook is a guide to everything they should have taught us in school,” she previously told Insider.
Its sources of income include affiliate marketing and brand partnerships. She recommends other bloggers and digital founders take advantage of the company’s affiliate programs by applying to join online, as she did.
But it’s also important to stay authentic and only work with companies that align with your brand message, she added. This way, your community will stay engaged and be more interested in the links you promote, which can help you earn more money.
Andrea regularly reserves $8,000 in monthly income, documents verified by Insider show.
4. Virtual Assistance
Vivian Purcell is a virtual assistant living in Canada. She started her career online as a freelance writer in 2016, seeking the flexibility to travel and live wherever she wanted, she said.
“I opted for the virtual assistant because I wanted to bring more of my corporate experience and my freelance educational background to offer something more valuable,” 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 both small businesses and large companies looking to hire contract or part-time employees, said Arun Sundararajan, professor of entrepreneurship and technology, operations and statistics at the Stern School. of Business from New York University.
“It’s getting harder and harder to hire full-time employees for anything,” said Sundararajan, who is also the author of “The Sharing Economy.” “So more and more companies that weren’t considering gig work are now considering self-employed or self-employed 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.
SheridanSt. assists agents with tasks such as lead generation as well as call and email marketing. In 2017, he left his corporate role and applied his marketing experience to start StudioPTBO, the precursor to SheridanSt. Then, in 2021, he connected with his current business partner, who worked in real estate, to relaunch the business in the real estate niche, he said.
It recruited most of its staff by offering a fully remote and travel-friendly workplace, he added. Additionally, online real estate is a hot industry: The National Association of Realtors’ 2022 Profile of Home Buyers and Sellers report found that 51% of buyers this year found the home they bought online. .