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The internet has made it possible for anyone with a computer and an internet connection to start and run a successful online business. And because of this, the potential to earn big from online business ideas is huge.
In this blog, we’ll explore ten innovative online business ideas that you can start today. Whether you’re just looking to escape the 9-5 or you want to embrace your entrepreneurial spirit, we’ve got you covered.
Why start an online business?
Before we deep dive into online business ideas, let’s first explore whether it’s the right fit for you. To do this, we’ve outlined the key advantages and disadvantages of running your business online.
So as you can see, there are plenty of opportunities, as long as you’re willing to put in the work. If online business is still for you, then keep reading to check out our business ideas to try in 2024.
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10 Online business ideas to try in 2024
1. Subscription boxes
These are hugely popular at the moment. The key to success with this online business idea is to curate a box of niche products. Popular categories of subscription boxes include foods, beauty products or fitness gear.
These can be delivered to subscribers on a regular basis. This recurring revenue model ensures a steady stream of income and helps foster long-term customer loyalty. Many subscription box companies also offer the opportunity for their customers to purchase items that featured in past boxes again.
Want to explore more ecommerce business ideas? Check out our article here.
2. E-learning platforms
Creating an e-learning platform is a great online business idea that does not have to rely heavily on inventory, shipping and returns. And with the rise of remote learning, there’s never been a better time to look into creating online courses.
Platforms like Udemy and Coursera have already proven the potential within the market. If you’re worried about competing with large successful generalist course sites, then consider identifying your niche. Some options might include producing content for jobs that require regular CPD or even tapping into the hobby market with courses for cooking or painting. The options are endless.
3. Dropshipping
If you want to get into ecommerce, but don’t have the space to store products then dropshipping is a great option.
How does dropshipping work?
You would market the items through your own website or on social media. Then, when a customer places an order, you purchase the item from a third-party supplier who would send it directly to the customer. This means you can sell potentially unlimited amounts of products without having to hold all the inventory.
You might be asking why everybody isn’t doing this because it sounds so great. It reduces the risk and investment that typically is associated with ecommerce businesses. However, you’re heavily reliant on a 3rd party to ensure that the products are sent timely to the customers. This adds a layer of complexity to the process and if it were to go wrong, you’re the one dealing with the unhappy customer.
Find the top 10 dropshipping suppliers in the UK
4. Print on demand
This is a great online business idea for artists and designers. This business model allows you to share your art, without the risk of investing in products up front. After all, your favourite art piece might not actually be your best seller.
How does print on demand work?
Simply put, designs are uploaded with mock-ups showing various printing options. Customers choose their preferred print and item (such as t-shirt or mug), then make a purchase. The chosen item is then printed and shipped by the third-party provider directly to the customer.
If you’re new to print on demand, it’s a great way to test what types of products sell best for your designs without having to purchase a lot of stock up front. And don’t be afraid of getting stuck in if you’re brand-new to ecommerce. We’ve put together our ultimate guide to digital marketing strategy for ecommerce business to help you get started.
5. Virtual event planning
The pandemic hugely boosted the popularity of virtual events. This online business idea allows you to make use of your organising and event planning skills. You can offer services which involve organising and managing virtual conferences, webinars, online workshops or even team bonding events like escape rooms. With businesses increasingly reliant on online/virtual events due to remote workers, demand for skilled virtual event planners is growing.
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6. Digital products
Selling digital products such as eBooks, templates, software or even music can be highly profitable. Once created, digital products can be sold repeatedly with little to no additional costs. Platforms like Etsy and Gumroad make it easy to sell digital products to a global audience.
Can you really make money writing online? Find out here.
7. Online coaching and consulting
If you have expertise in a particular field, consider offering online coaching or consulting services. Whether you’re a business consultant, life coach, or even fitness trainer you can make money by providing valuable advice and support to clients online.
And the best thing about this online business idea is that you aren’t limited by clients to a certain location. This means you can target your services much more widely, making it more likely to be a money-making business idea.
8. Social media management
Many businesses struggle to maintain an active and engaging social media presence. So if you’re a star at social media, this can be a great online business opportunity to make money. By offering your services as a social media manager, you’ll help their business grow their online following and improve their brand awareness. Typically this would involve creating content, developing marketing strategies for social media and community management.
9. Virtual reality (VR) experiences
With VR growing in popularity, there’s never been a better time to tap into this market. From creating virtual tours of tourist attractions to interactive educational content, the opportunities are endless. If you have skills in VR development or storytelling, this could be a lucrative niche with significant growth potential as VR becomes more mainstream.
Ready to get started?
The possibilities for online businesses are endless. With low startup costs, flexibility, and the ability to reach a global audience, online businesses present a unique and exciting opportunity for aspiring entrepreneurs.
According to a poll on our social media, 67% of respondents wished they had found a reliable accountant when they started their business. At Crunch, we provide tailored accounting services that are designed to grow with your business. From all-in-one accounting toolkits for those just starting out to a dedicated accounting package for multi-million pound turnovers, we’ve got you covered.
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