There are many opportunities out there to start up your own business. Now, more than ever, thanks to the pandemic, the world has become more dependent on the internet, not only for socializing but also for shopping and business. The internet also allows a business to make some significant savings, too. A company that only requires storage and not an actual physical shop can save on rent, unnecessary employees, bills, and other overheads.
Of course, there are other types of internet business, and you can run the vast majority of them from the comfort of your own home with minimal employees working remotely, which is a benefit in itself. You will be able to source the best employees for what you want regardless of where in the world they are, and your employees will have the benefit of not having to commute to work.
Here are some of the most effective online business ideas that you could try – with the proper research and some dedication, you could be the next big thing.
Setting up your own website for your product
Setting up your own website may not be quite so easy as first thought, as you will not only have to design and set up your website, but you will have to concern yourself with SEO (Search Engine Optimization).
SEO will raise your rankings on Google and make it easier for your customers to find your website – it can be a labor-intensive undertaking. However, you can find businesses that will do this all for you and will happily guide you through any pitfalls that may arise. You can also hire a subcontractor through Fiverr or similar, which may work out to be cheaper initially.
Listing on an existing selling platform
Signing up and having your virtual shop on a site such as eBay, Facebook, or one of the smaller platforms, can be an easier option. Customers already go there to buy, so you won’t have to worry about SEO, and generally, the options for designing your sales post are more a click-and-select affair rather than having create these entirely from new.
Also, if you are selling a service rather than a product, there are places you can advertise your service, such as Fiverr. After you’ve ticked those boxes, it’s time to look at what you can do or how you can obtain products if you don’t already have anything really to sell or a service to offer.
The second-hand market
With people increasingly embracing sustainability, the second-hand market is an excellent place to start. Many second-hand shops and thrift stores are now opening, and it may not be long before yard sales pick up too. These are prime hunting grounds to find products for your particular niche to sell online and a good source of potential income.
Buying in new straight from suppliers
Suppose you want to place yourself in the new products retail market rather than the pre-owned recycling one, that is OK too. Look into what is selling and contact those businesses who make the products you think will sell the best.
Many manufacturing companies offer white label products. These are unbranded products that you can make your own by branding them through designing your labels, etc. The manufacturing company will put your labels on their products for you to sell. You can do this with many different types of products, including vitamin supplements, and CBD white label products – right through to digital items like software.
Depending on what the company offers, you may have to invest quite a lot of money in this kind of business. For example, if you are selling furniture, you will probably have to buy pallet loads or container loads, depending on where you get your items.
Once you have these items, you need to think about storage. If you haven’t already got a location, you can safely store the products, you will need to consider storage costs and add that to your overheads, lowering your profit margin.
You may be lucky and find yourself with a supplier who will happily give you a sale or return contract for the items, but be aware of hidden costs as the supplier is there to make money, too. They won’t want their products to keep coming back as unsalable.
Dropshipping can be an effortless way of running a business. You don’t have the actual product on hand – the company that makes the product sends it directly to the customer after you secure an order. You just act as the middle in the transaction and take your cut.
That may sound good, but you do have to remember you are the customer’s point of contact, and if the product doesn’t get to the customer or the order isn’t correct, or the product is damaged you will bear the brunt of the dissatisfied customer and not the company who sent the product out.
However, regardless of what you decide to sell, whether products or services, make sure you do your research on whether it will sell and is in demand before jumping in headlong.