For most of us, getting started in business (especially in a tough economic climate) can be daunting. The idea of risking money (and time) on a “hunch” that something good might come from it can be intimidating. There is, however, a different way to think about entrepreneurship – one that isn’t about money or venture capital. It’s about having a goal and working hard to achieve it.
If you’re looking to start a business and need some inspiration, here are 10 entrepreneurial ideas that can help you make money online. (In most cases, you’ll need a website to get started. You can use WordPress.com or create your own.)
More and more people are turning to online tutoring to learn things that they won’t be able to master in the classroom. Over the last decade, online tutoring has become a popular way to learn English, French, and many other languages online. While these businesses started as virtual tutors helping people with homework, they now offer a more comprehensive set of services, including SAT prep, ACT preparation, and other testing-related services. As a result, many virtual tutors have added online tests and exams to their repertoire, making them perfect for those looking to start a business selling practice tests and/or reviewing products for businesses or organizations.
Starting a tutoring business can be a profitable venture. You can use platforms such as Skype, Google Docs, and Zoom to connect with potential students. In addition to helping them with school work, you can help them with jobs and even connect them with distant relatives via virtual meeting technology such as Skype. Online tutoring is a growing industry, and as more and more people turn to the internet for help, your chance of striking it rich increases. (Worth noting: if you’re looking for ideas for your teenage daughters, be sure to check out these top 6 STEM-related ideas for girls.)
Create A Dropshipping Store
Dropshipping is a business model where you essentially operate a storefront. When a customer makes an order, you order that product from a third party (typically a manufacturer, vendor, or wholesaler) and ship it directly to the customer without having to operate a physical storefront. When you’re dropshipping, you simply operate a website that has a store. You don’t have to worry about creating product and shipping it directly to customers because the platform takes care of that for you. All you need to do is take care of the ordering and payment processes. In most cases, you can use an online shopping cart to make the process easy. (You can also use Shopify to create your store in the event that you’re looking for an all-in-one solution.)
Creating a dropshipping store is a lucrative business idea with many potential upsides. First, you won’t have to worry about inventory, which, given today’s fluctuating costs, can be extremely taxing. Second, you’ll be able to scale your business quickly because you’ll only need to concentrate on sales. Finally, you don’t need to worry about marketing or selling because the platform does that for you. All you need to do is take care of the ordering process and process the payments. In most cases, dropshipping is considered a “passive” business because you don’t put in a lot of effort upfront but instead let the platform do the work for you. (Speaking of which, if you want to start a dropshipping store, MyCSR recommends considering Shopify’s affiliate program, which gives you the opportunity to earn a commission from any sales you drive.)
Start An Adult Daycare Center
Like most parents, you may be finding that your time is becoming spent balancing work and family responsibilities. If you’re looking for a way to make a little extra cash, you might want to consider opening an adult daycare center. This can be a viable option for those looking to supplement their retirement incomes or for those who work but have young children at home. In most cases, adult daycare centers operate either in the early morning or late at night when there aren’t a lot of people around to look after, which makes them ideal establishments to operate. This is one industry that is definitely booming as more and more people become parents later in life. (You can also use your kids’ nap times to your advantage by setting up a classroom in their school.)
As a rule of thumb, if you’re looking for an opportunity to make money online, first consider whether or not the industry is experiencing a boom. Second, look for opportunities to expand your business. Third, make sure that you understand the rules and regulations surrounding the industry. Fourth, research whether or not there is already a competitor in the marketplace. Finally, make sure that you’re willing to commit the time and effort needed to see a profit.
Start A Book Club
The world of books is a lucrative one, especially if you can get the right audience. If you want to start a book club but don’t know where to begin, use your local library or search for reading groups on social media platforms such as Facebook or LinkedIn to find people with common interests. (You could also email a few of your friends and ask if they’d be interested in starting a book club with you.)
Many book clubs these days are focused on providing a space for readers to discuss their favorite books and share their opinions. Some even offer bonus features, such as author appearances or signings, to attract more people to the hobby. If you’re looking to get started, contact your local library to see if they have any suggestions or recommendations. (Worth noting: if you’re looking for book ideas for your teenage daughters, be sure to check out these top 6 STEM-related ideas for girls.)
Sell Jewelry Online
If a traditional piece of jewelry isn’t your thing, consider picking up the knife and giving it a go at cutting gemstones. This is a relatively new business idea that took off last year and won’t be going out of style anytime soon. As the demand for unique pieces of jewelry increases, so does the demand for those who can cut and set these stones. If you’re looking to get into the business, take a look at some of the popular gemstone cutters and see if any are available for sale or rent. (Worth noting: given today’s technological advancements, it’s possible to 3D print any gemstone in the world. As a result, those interested in this line of work may find it easier to get started than ever before.)
Blogs And Websites
Blogs and websites aren’t going anywhere, and despite all the changes the internet has seen over the last 10 years, they’re still some of the most popular ways to get online and make money. The only difference is that today, you don’t have to have a large audience to gain some monetization. With fewer people turning to traditional advertising for their daily needs, the opportunities for those looking to make some extra cash are ever-expanding.
Blogs and websites aren’t easy businesses to get into. You need to find a topic that you’re passionate about writing about and then use that to build a following. Once you have a following, you can promote products that are relevant to your niche. If you’re looking to save money, consider creating a blog or website that provides free information on a topic that you’re passionate about. Not only will this help you gain experience, but it might even land you a few paying customers. (Worth noting: if you’re looking to get started, try using a service like Bluehost to get a free domain and hosting for your blog or website. Or consider Shopify’s premium plan, which provides you with a free domain and lets you set up your blog or website in a matter of minutes.)
If you’re looking to get into the e-commerce business, first consider what country you’ll be operating in. Due to the recent COVID-19 pandemic, many countries have restricted or banned the sale of a number of products, including electronic appliances like phones and tablets. Not only is it not easy to run an e-commerce business for those in countries with restricted or banned device sales (e.g., Italy and Spain), but operating one during a time of heightened concern for public health may be deemed risky by prospective customers.
On the other hand, the UK and other countries have not imposed any restrictions on the sale of electronic appliances during the pandemic, which has opened up a whole new market for online stores. As a result, many businesses have sprung up to take advantage of this new market, and if you want to get in on the action, now’s the perfect time to do so.