Launching an online business is an increasingly attractive possibility because of the minimal investment required.
As business conditions improved steadily in 2018 and the positive trend is expected to continue throughout 2019, the time may be right to launch your own web-based business. Having the right idea, however, will be one of the most important success determinants.
Statistics suggest that 42 percent of startups will fail because they create a product/service that the market doesn’t have a need for. The lack of a sustainable business model will lead to 17 percent of all failures.
Taking some time to plan in advance will determine whether you’re going to make it past the one-year, five-year and even 10-year mark. Explore online startup ideas that are hot right now and that bring the promise of long-term monetization. Here are a few such ideas worth paying attention to.
Social Media Management
Both large and small businesses know one important thing already – social media marketing offers some of the best opportunities for connecting with an audience.
Thus, businesses are willing to outsource social media marketing and management to a knowledgeable and experienced team.
If you have a background in marketing, promotion and digital advertising, this may be the niche for you. Of all companies, 63 percent believe that social media marketing will be the primary channel for reaching customers in 2020 and beyond. Take advantage of the trend right now.
Dropshipping
Starting a dropshipping business is another incredibly hot trend because you can have your own online store without worrying about products.
In this methodology, a retailer does not have to keep an inventory of products in stock. Instead, order and shipment details are transferred to a manufacturer or a wholesale distributor. That company will be responsible for the inventory and for shipping items to clients.
Do a basic online search – there are dozens of large companies that offer drop shipping partnership opportunities to niche e-commerce website owners.
Monthly Box Services
Monthly box services are available for nearly everything – from local farm goods to craft beers and makeup.
This is a subscription-based business idea that taps into a niche market.
Because customers subscribe to the monthly box, the business enjoys continuity and stability in terms of revenue generation.
To make this idea work, however, you will need to carry out thorough research. The competition is already quite intense, which is why you’ll have to develop a unique monthly box concept to tap into a niche not yet occupied by others.
Build a Niche Dating Website
The dating website niche already has a vast range of well-established players. Take a look at DoULike.com or just type “dating site” in Google.
Thus, launching a general dating website isn’t going to create easy to monetize business opportunities.
Niche specialization is once again the thing to focus on if you want to build a successful online startup.
Niche dating sites cater to an array of audiences – those looking for love on the basis of religious affiliation, interests, and even body type specifics. Think of something that brings people together and base the website concept around it. The idea should be niche enough, yet capable of bringing a sufficiently large audience to your platform.
A Network of Blogs
Those looking for online monetization opportunities know one thing – content is the most important factor for the launch of a successful project.
One of the easiest ways to start a content-based online startup is to launch a series of blogs.
Blogs can be monetized in many ways – through paid content, display ads, affiliate marketing, and product sales.
You will need to dedicate some time to grow your audience before you can see a return on investment. Still, the investment in the business idea is minimal and the monetization potential is limited solely by your imagination.
An Ebook Publication Business
Self-publishing has turned the table in the realm of monetizing your books.
You can easily self-publish your ebooks on Amazon to begin earning a nice passive income.
Ebook writing can still be monetized quite effectively but the competition in this field has also become fierce.
You need a strategic approach in order to turn ebook writing into a business.
Multiple books created for cross-promotional purposes are the heart and soul of this idea. In addition, you’ll need to invest some money in marketing and building your online reputation. If readers are viewing you as an authority in a certain field, they’ll be much more likely to purchase your books.
Sell Other Digital Products
Ebooks aren’t the only digital products you can create and sell.
The alternatives are also great. You can draft a course and sell it on Udemy. You can create podcasts and YouTube videos (which can be monetized in more than one way). Infographics, whitepapers and licensed photographs for sale will add up to a nice portfolio resulting in a steady, long-term stream of income.
To sell digital products, you will also need to build a website and make sure it is properly optimized. Eventually, you can quit some of the large marketplaces out there and sell entirely through your corporate website. This process will help you increase your revenue because you’ll no longer have to give up some of your income in the form of commissions.
Develop Apps
App development will continue providing hot startup and business growth opportunities.
Even if you don’t know how to code, you can pay someone to develop the app for you. What matters is having a great, original and functional idea to begin with.
Apps can be monetized in many ways – by featuring ads, through premium account payments and VIP add-ons/in-app purchases.
The app market is pretty saturated right now so the more specific you go, the better. Regardless of the fact that a small investment is required in the idea, you should still be making sure you’ll get a decent ROI.
Finally, don’t forget to explore startup concepts you’re passionate about. This business is something you’ll be growing and evolving in the long run. Thus, you should be happy with your engagement in the respective field. If the idea brings you satisfaction, you’ll probably stick with it even when the going gets tough.
