Opening own business to get rich is a dream that many people have. However, there’s one main hurdle in opening a business. And that’s investment. Most of us believe that opening a business means investing a lot of money. Let me assure you, that’s a myth.
In fact, there’re as many as 10 business ideas that I can tell you about. These businesses are online. Meaning, you wouldn’t require a brick-and-mortar office or warehouse. And all of these businesses could earn you high profits, if you handle them properly.
Sounds interesting? Continue reading.
Advantages of Online Business with Low Investment
About 97 percent of all new businesses and startups falter and fail during the first two years of their establishment, surveys and studies by various companies around the world indicate. The main reason for their failure is the lack of finances to sustain a business after launch. You could easily avoid this unpleasant situation by starting an online business with low investment.
Secondly and most importantly, we’re all living in the new normal. As a result, most people are doing activities such as shopping online, from the comfort of their home. In such a scenario, online businesses have better chances of thriving and prospering. Therefore, I would suggest anyone opening a business to consider an online business model.
10 Best Online Businesses with Low Investments
Having said that, here’s a list of 10 best online businesses with low investments that could fetch you high profits. Before I begin writing the list, here’s something to remember. Any business, whether online or offline, doesn’t flourish without your sincere and dedicated efforts. Attending to a business is very important. This holds true for online businesses too.
So, here’s my list.
1. Online Financial Consultancy
Online financial consultancy is the best business that requires minimal investment and fetches high profits. To open an online financial consultancy, you will require a graduate degree in finance such as a Chartered Financial Analyst. And you would require certifications from various organizations to give legitimacy to your online financial consultancy business.
As an online financial consultant, you can make a lot of money from banks and financial institutions such as insurers and stockbrokers by promoting their savings and investment plans to your clients. Additionally, you also get a monthly or annual retainer from your client. This is a very prestigious business to own and operate online.
Ever heard about PewDiePie? His real name is Felix Arvid Ulf Kjellberg and he’s from Sweden. He operates a channel on YouTube under the name PewDiePie. He’s also one of the youngest millionaires in the world, with a net worth estimated at $20 million in 2021. That’s because he creates and uploads amazing videos of Minecraft gameplays and other interesting stuff on his YouTube channel.
You too can become a vlogger and start own YouTube channel for free. It’s possible to make a lot of money through YouTube by subscribing to Google AdSense and promoting merchandise, among other stuff. All that you require is a good camera and some basic video editing skills to create fabulous YouTube videos.
3. Online Tutor
There’re several ways to launch an online business as an online tutor. The first one is by signing up as an independent contractor on any of the top 20 websites that allow qualified and skilled teachers to provide lessons to American and foreign students. The second is by creating an online course and selling it through various e-learning platforms. And thirdly, creating and promoting various courses through own website.
In either case, you’ll require excellent training and teaching skills. You should have in-depth knowledge about a subject or field of study to open an online tutoring business. However, if you don’t have such skills, it doesn’t really matter. You can create courses about your passions such a cooking, gardening, housekeeping, photography and other topics. Quite a lot of online tutors have become millionaires.
4. Open an Online Marketplace
With minimum investment, you could also open an online marketplace to sell something. There’re various platforms to open an online marketplace. These include Shopify and Facebook Marketplace. You can sell handmade pickles, jams, spice mixes, embroidered garments and lots more through these online marketplaces.
While Facebook Marketplace is free of cost, it shows your products to audiences within a small radius from your location. On the other hand, Shopify charges a subscription but has global reach. During the new normal, online sellers are witnessing a boom in their businesses. You too can ride this tide by opening an online marketplace and offering something that’s’ unique.
5. Sell Handcrafted Goods
If you can create sculptures, handcrafted furniture, paintings and other amazing stuff that’s really unique and rare, you could open an online shop or sell them through Amazon Handmade. These are made to order items and hence, you needn’t invest much unless you’ve a confirmed order on hand. Amazon Handmade allows every craftsperson to showcase their creations and sell them worldwide.
However, if you prefer to sell your handcrafted stuff directly, open a marketplace on Etsy. Now, Etsy is much different from other marketplaces where you can sell ordinary stuff. Etsy however allows you only to sell rare and unique creations through your own marketplace. It’s also possible to sell antiques and objects d’art through Etsy and get a superb price. You’ll have to pay a nominal subscription fee to Etsy for opening an online marketplace. Amazon Handmade charges a small commission on your sales.
Dropshipping is an online business that’s currently booming in USA and elsewhere in the world. The term dropshipping might sound very confusing. Therefore, I’ll explain briefly all about dropshipping. As a dropshipper, you’ll have agreements with wholesale suppliers and manufacturers of good such as electronic appliances, among others. They will offer you these goods at a discounted price. You’ve to add own commission and promote their goods through your website.
Nowadays, opening own website with domain name and hosting costs only $9.99 per month. When you get an order, special widgets accept the payment, retain your commissions and pass on the payment with the order to your supplier. In turn, the supplier ships the product to the buyer. This is a very simple business that requires very little investment but promises high profits. Thousands of people around the world are now successful dropshippers.
7. Affiliate Marketing
Affiliate marketing is yet another online business you can open with low investment. It doesn’t require much except your own website, which as I mention earlier, would cost as low as $9.99 per month. For the uninitiated, here’s what affiliate marketing is all about. Basically, affiliate marketing means selling somebody else’s products through own website. About 42 percent of all sales of Amazon, the single largest online store in the world, comes from affiliate marketers.
You can join any superb affiliate marketing program such as Amazon Associates, create links to their products and sell it via your own website, YouTube channel, Facebook Marketplace or other social media platforms such as Pinterest and Instagram. Amazon, for example, pays between two percent and 18 percent of the cost of the stuff as your commission. Affiliate marketing enables you to make money even while you’re asleep.
There was a time when blogging was a hobby. Nowadays, blogging is a full-fledged business that requires low investment but promises high profits. To become a blogger, you’ll require excellent writing skills and in-depth knowledge about some topic to select a niche. There’re two ways to open a blog- a free blog from online platforms such as Wix.com or Blogger.com or a paid website and hosting.
Create interesting, engaging and relevant content that people love reading on your blogsite. Once you have a specific number of dedicated followers, subscribe free to Google AdSense. That way, Google will display ads on your blogsite. When somebody clicks on these ads, you get some money. You can also do affiliate marketing through your blogsite. Other ways to make money with this business is by selling ads on your blogsite, accepting sponsored posts and selling branded merchandise.
9. Digital Marketing
Nowadays, with majority of businesses moving online, there’s a huge demand for digital marketers. Skills in demand include Search Engine Optimization (SEO), email marketing and social media marketing among others. If you’re holding the relevant certificates and have skills in any or all of these digital marketing techniques, launch a home-based startup to offer such services to businesses and individuals.
Basically, digital marketing helps promote a website or blog and tries to get it on top of Google and other search engine searches. This is a very high-demand skill and starting a business that provides digital marketing services doesn’t cost much in the form of investments. All you require is a computer and the necessary software to provide digital marketing services to clients.
10. Online Fitness Coach
The new normal almost dictates that we can’t go to gyms and sports clubs for fitness related activities. You can fill this gap by opening a home-based business as online fitness coach. The only investment is your computer, Internet connection and some basic fitness equipment that you’ll use to train people on how to stay fit despite being confined indoors.
There’re a lot of customers for this business in mid-2021 and the demand is expected to surge even as the Covid-19 pandemic shows no signs of abating. However, this business requires that you hold a fitness instructor certification from some reputable institute or chain of gyms. You can also train people on traditional fitness forms such as Yoga and Aerobics, among others.
The above 10 best online businesses require low investment but can offer high profits, if you’re able to manage them well. Like any other business, your personal commitment really matters. This is the right time to launch an online business because outdoor activities are at their minimal as part of the fallout from the 2020 Covid-19 pandemic. And the demand for online businesses isn’t expected to drop anytime in the foreseeable future. Therefore, if you’re considering opening an online business with low investment and high profits, now is the right time to do so. And these businesses won’t make losses if you manage them properly.
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