Scalable Online Business Ideas

08/18/2022 18:18:21 +0000

Online businesses are a great way to make money. Nowadays, most businesses are moving their operations online, and it is relatively easy to start your own business. The trick is to find a gap in the market and create a scalable business that operates online.

But as we know, maintaining any business takes time and effort. Scalable online businesses mean minimal effort with maximum return on your investment.
Let's learn more about scalable online business and look at a few great ideas for your own online business.

It All Starts With An Idea

Any great business starts off with an idea. Taking that idea and putting it into a plan to create a business can be challenging, but it is worth the time and effort when your vision has grown into a money-maker that has you reaping profits.

Online businesses are an excellent option for those who want to make their own hours, don't need a wide range of staff, and can be run from home or a location of their choosing.

Running a successful online business depends on four factors:

• Understanding who your customers are and what they are looking for

• Generating traffic and visitors to your website and growing your client and customer base

• Using analytical tools to determine the success of your online business

• Making use of technical support capabilities to deal with any problems quickly and efficiently

How to Start an Online Business

If you have a hot idea for an online business but don't know what you should do next, we have a few steps that can help you out.

Here are the seven steps that you should follow to turn your business idea into a profitable reality:

1. Find Your Niche or Area of Focus

This requires a little bit of research and effort on your part as you try to identify a gap in the market. Think of an idea in terms of how successful it will be in any market and how saturated the market currently is for the particular product or service you want to sell.

2. Develop Your Idea

Brainstorm a few ideas and plans on how you want to grow your business, focusing on details like what you will need, the legalities of starting a business, startup costs, etc. For example, you can jump in with little to no capital if your business does not require a physical office or warehouse.

3. Do Your Research

Find out as much as you can about starting a business. This includes startup costs like website development, domain name purchase, web hosting, and advertising. Talk to friends and family who have started their own businesses and make a note of everything you think you will need to know to start your online business.

4. Create Your Business Plan

This is a detailed overview of every single aspect of your company. From the capital needed to the running costs and time it will take to get your company off the ground.

If you need to take out a business loan for capital, the bank will require a business plan, so ensure you include everything about your company.

A loan will help you cover the costs of hiring employees, renting an office space, marketing your company, and of course, the overheads involved with running any business.

Remember to include internet and software costs, like buying a domain name, web hosting costs, anti-virus protection for each computer system, and a firewall to protect your business from a data breach.

5. Create Your Branding and Identity

This might sound boring, but this is where you choose your logo, slogan, fonts to be used on your website, and the overall look or theme you are going for.

Adapt your branding and website to match the market you will be operating in, and keep it in tune with the tone.

Include banners and signs for those with an office or warehouse to keep stock in or work from.

6. Identify and Create Your Team

Often, an online business takes more than one person to get going. Identify what needs to be done and who will do it. If you know more about writing than web design, you can hire a freelance web designer to create your website.

There will, however, be times when you might need to hire ad hoc employees to help on a specific project or to assist you with certain aspects of your online business.

A business mentor is essential and is someone you can bounce your business ideas off of, turn to for advice, and just for the moral support needed when starting your online business.

Choose a trusted friend, family member, or well-established business owner that can help you make sound business decisions.

7. Put In the Time and Effort to Grow Your Business

Once you have launched your online business, you must realize that the work does not stop there. You need to be proactive, creative, and ready to put in the effort to grow your business.

Scalable businesses should not mean more time in terms of the work you will be doing but instead, find a way to automate the processes you have put in place to keep your business going.

Great Scalable Online Business Ideas

If you have your sights set on being a business owner or starting your own online business but don't have the knowledge or ideas on what type of business to start, this part of the article is just for you.

We have researched online business ideas that will bring in a significant return on investment with minimal effort and change how you do business.

We're all living in an age of technology and the internet. With its constant advancements, there is always a necessary or overlooked gap in the market for a new market or business idea. So strike while the iron and your concept are hot and take advantage of the technology available to you to earn money and make a significant profit.

Freelancing, dropshipping, and even online information creation are great examples of scalable online business ideas that will grow your profits without additional resources or overheads. You can read more about these ideas in the next section of the article as we give you a few ideas on the best scalable online businesses to start today.

Dropshipping Businesses

Dropshipping is a popular form of e-commerce. Thanks partly to the COVID-19 pandemic that saw stores having to close their physical locations and move their operations online, dropshipping is more popular than ever as people do their shopping from the comfort of their couch.

Popular drop-shipping business ideas are those selling:

• Clothes
• Toys
• Makeup
• Jewelry
• Accessories

Dropshipping does not require storage facilities and can be done from absolutely anywhere.

This is a great way to do business as you are the middleman between the customer and the supplier. However, this has its downsides as you are held responsible when things go wrong. Still, you can avoid this by establishing a trustworthy supplier base and implementing processes to ensure a smooth transaction.

Online Information Creation

Do you know how to create an online course or information you can sell to customers via a website? There is a market for online courses, from training videos to language learning courses, as the world goes digital.

Online information creation can be a lucrative money-maker as people seek additional skills and information to add to their resumes or projects.

Great online information packets include:
• E-books
• Training courses
• Templates
• Cheat sheets

All you have to do in online information creation is to write one and watch the money roll in when people buy your product.

Affiliate Marketing

Fancy yourself a reviewer or blog writer? Affiliate marketing is a popular way to make money. Most affiliate marketing is now done via social media and is as easy as sharing a company's website on your social media page.

Affiliate marketing is a popular form of advertising that reaches many more people than other types of marketing typically would

How do you make money through affiliate marketing, you ask? Easy. Companies will pay you a commission for every sale made from a link or review you posted.

Build an App or Design Software

Create apps that automate a service or design software that can replace the need for a permanent hire.

SaaS (software as a service) products are great for big companies and help reduce the need for another hire to complete a task by automating that service. Moreover, a company would pay a license fee to use the service.

Options for license fees include a free trial and basic and premium software versions. The premium version would consist of most applications and can be sold at a higher price than the basic version.

Freelancing

Freelancing is an easy and great way to make money online. All you need is a skill, a stable internet connection, and a computer or laptop, and you can make money from home.

Sign up or subscribe to one of the many freelancing websites like Upwork and Freelancer.com. Create a profile, provide a few examples of your work, and apply for any of the thousands of positions posted daily. Choose from a once-off or longer-term project that will keep you busy for six months or more.

A few of the popular options when freelancing are:

• SEO writes
• Content writers
• Ghostwriters
• Translation services
• Captioning services

These are only a handful of the fields available.

While no real skills are needed, it does help to post your education and work qualifications, as these allow you to land jobs that pay more.

Freelancing is great for anyone who wants to make extra money, and as we mentioned before, it is easy to do from just about anywhere.

The Pros of Online Businesses

There are countless advantages to being a business owner and starting your own online business. Here are the top benefits of starting and operating an online business.

Startup Costs Are Cheaper

With no rent, office equipment, and other startup costs like overhead and staff salaries to worry about, it is relatively cheap to start your own online business. A phone, laptop, or computer and internet connection are all you need in terms of equipment to get going, so you can quickly start your own business with as little as $500.

Freedom and Flexibility

Depending on the market or the type of online business you start, you have the freedom to set your own working hours. Never miss your son's ballgame or your daughter's ballet recital again. With your own online business, you are the boss, and you set the hours.

Wider Audience Reached

If you're running your own e-commerce store, you will reach far more customers internationally than a little boutique in your hometown would. Online businesses are great for attracting customers from all around the globe.

Cheaper Marketing Costs

Thanks to social media platforms and free advertising websites, you too can market your new online business for a fraction of the cost. So say goodbye to print advertising, banners, and company letterheads as you focus on reaching your audience on a digital scale.

Online Payment Methods Are Secure and Fast

No more schlepping to the bank to deposit your day's profits. Online payment systems are easy to use, safe, and, most importantly, instant.

While the threat of scammers still exists, using a verified payment platform for sales on your online business can prevent your customers from being scammed.

In addition, an excellent payment platform like PayPal can help you transfer, receive, and withdraw your money safely and quickly.

Conclusion

Online businesses are increasing in popularity thanks to technological advancements over the last few decades. With many businesses focusing on growing their online presence, you, too, can benefit from having an online business. Freedom, flexibility, little to no capital, and international markets are only some of the fantastic advantages of having an online business.

About the Host

Sophie Howard is the founder of Aspiring Entrepreneurs, a community designed to help people develop the skills and confidence to build a business and a life that serves them. Sophie began online in 2013 with an Amazon firm, which she sold for more than $1 million in 2015.

Sophie has lectured on stages all around the world, encouraging and teaching other ambitious entrepreneurs. She has established instructional programs educating thousands of students how to sell online, in addition to releasing over 1000 products.

Sophie has also written a book titled "Aspiring Entrepreneurs: A Guide to Finding Your Best Path to Financial Freedom."

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