Here are seven rapidly growing industries that could make you wealthy and financial free, as you work on your next online business idea.
The best time to start your next online business is now.
And although it make look like business giants and Big Tech companies are crushing every company (small and big) out there, you still have a special place and opportunity for you to tap into in this rapidly-growing ecommerce revolution.
For example, you might think Amazon’s dominating online retail sales and YouTube’s already awash with too much information, knowledge, and expertise that you’d have love to share, consider these mind-boggling stats on the biggest opportunities poised to massively expand the presently $345 billion U.S. ecommerce market, and growing.
According to studies done by Referral Candy, the e-commerce referral campaign firm:
- More and more e-commerce businesses will emerge that will tailor their products directly to their target customers, unlike the typical ‘less-personal’ Amazon ecommerce model
- With the rise of subscription boxes, there are even bigger opportunities for a single ecommerce brand to combine and aggregate products from several businesses, so its customers can enjoy ‘discover new products’ every week, month, or season
- Buying products with your thumbs on your mobile device will be a huge opportunity, and one of the biggest e-commerce opportunities is optimizing for the mobile buying experience
- Smart tech is now helping to reduce the challenges of making complex purchases, for example, buying a car, house, refrigerators, or furniture, without even going to a physical store
- Smaller stores can differentiate themselves and gain market share by: offering unique experiences and stories to customers, showing their personalities, focusing on smaller niches, building trust and like-ability with podcasting, and choosing not to compete on lower prices
Clearly, this tells you and I that we haven’t even begun to scratch the surface of the massive surge in the various incoming e-commerce opportunities.
How about YouTube, information, and the future of online education?
Even though an estimated 19.7 million students were attending college in the fall of 2020 (in the midst of a global pandemic) and an average cost of attendance at a private U.S. college is almost $50,000 a year, the $404 billion e-learning industry is booming and more and more people are pursuing an online education.
And while it’s easier to use a YouTube video to learn how to make lasagna noodles, building skills that’d make consistent income requires dedication, consistency, accountability, mindset shift, and focused discipline – qualities that are hard to master watching only YouTube videos.
- More than 7 million students use Teachable, the online education platform, to learn over 22,000 topics in topics as varied as brewing kombucha, flying drones, advertising for self-published authors, caring for houseplants, teaching card magic tricks, or teaching video-based storytelling
- With an average course price of $100, getting towards $399, or even $499 on Teachable, more people are choosing to pay handsome money over simply Googling stuff or watching YouTube videos
Also, no one else has your unique story, experiences, failures, successes, backgrounds, and expertise.
Only you can step in and tell your story to your audience. In other words, no matter how crowded the marketplace becomes, your spot’s still empty, waiting to be occupied by you.
With these seven online business ideas, you’ll be able to step up to the plate, and pursue your business goals.
And so, we need to ask: how can you tap into this massive tidal wave of opportunities sweeping through the big Internet industries like e-commerce and education?
Here’s the short answer: By focusing on a few big and lucrative online markets.
Whether you’re starting your online business as a side hustle to quit your day job, or you’re launching your business as a full-time entrepreneur, there are a few online businesses that can grow into multiple income streams for you, or even more, help you build wealth and become financially free.
How to start an online business
Starting a business online may seem daunting at first, but you really only need to master four core aspects in order to start and scale your online business. You’ll need:
- the right online business idea for you,
- the proper mindset,
- the right business tools, and
- a few proven ways to consistently get customers or clients
Have all four of these in place, and you’d very well be on your way to real wealth, coming from on your online business.
And although it might seem daunting to have these 4 things at first, the best thing you can do today is to take that first step: find the right online business idea for you, and start working on it today.
And so without further ado, I’d love to take that first step with you right now, and share seven online business ideas that you can start working on, right now.
1. AI voice skill business
Artificial-intelligence voice assistants like Google Home, Microsoft’s Cortana, or Amazon Alexa have made lives a lot convenient and comfortable for us. With the incredible power of the Internet, for example, when you ask Alexa, “Who won last night’s Super Bowl?”, Amazon Echo, the device housing Alexa, records your voice, uses speech recognition, and fetches you the answer to your questions, while also performing a wider range of tasks for you. And while AI innovations like Alexa can act as your virtual assistants this way, there’s still a whole lot of ground for them to cover.
For example, rather than going through the long process of researching and buying the best vacuum cleaner online, you could simply be able to tell Alexa, “Order me a vacuum cleaner”, and you’ll get your cleaner delivered to your doorstep few days later, without you comparing your options, hunting for the best prices, filling in your credit card information, or updating your home address.
That’s why AI-enabled voice assistants present a huge online platform for entrepreneurs looking to prepare these devices for the future of life, commerce, and business. Because here’s the deal: these voice assistants would need to be upskilled and prepared for the needs and wants of the market – which is where you come in.
You can help code smart-home “skills” for voice assistants like Alexa and Cortana, and build a business as a result. You can use Alexa skills, for example, to find your phone using your smartwatch; use your iRobot Home to vacuum your room using Roomba; or curate your morning news from various email newsletters.
But here’s the big idea: for every new task that someone needs to do, you can help write the scripts, and get paid for it. And if you’re concerned about the need to code, Amazon has a lot of resources for people who’d like to learn how to code these skills, and make money each them they’re being used on the AI-powered virtual assistants.
You can make money from the skill, or even sell premium content for each skill. And keep in mind, you can create as many skills as you want, the sky really is your starting point when it comes to building a business around writing scripts to continually improve our voice assistants that have come here to stay.
For more information on how to come up with skill ideas, build scripts, and build your own AI voice skill business, check out these handy resources:
- How to Build Your First Alexa Skill: 5 Steps to Get Started
- Tutorial: Build an Engaging Alexa Skill
- Alexa Skills: Tutorials and Code Samples
- This 22-year-old college student makes $10,000 a month off Amazon’s Alexa
- Mark Cuban: If I had to start a side hustle now to make extra money, this is what I’d do
2. Clothing line business
More people are getting more involved with brands they love, and they’re doing so with subtle and powerful fashion statements.
Whether it’s a Game of Thrones t-shirt company, a traditional or ethnic-specific attire store, or a clothing store for your favorite cause or hobby, the opportunities to start your own clothing line today are truly endless.
If you find yourself often thinking of designs, or you see some apparel designs, and you go, “I bet I can do better than that”, then why not start your own clothing line business?
With constant advances in ecommerce technology, there’s never been a better time to see your designs come to life, and have fans and buyers thank you for your creations.
To start your own clothing line:
- Simply, set up your online store on a reputable e-commerce platform like Shopify, BigCommerce, or WooCommerce
- Use a product sourcing app like Oberlo, SaleHoo, Printful, or Printify to find clothing products to sell
- An app like Oberlo will connect your store with clothing manufacturers and printers, so that way, you won’t have to worry about stocking, packaging, shipping, or order fulfillment
- Which then leaves you to focus on designs and the other creative elements for your store
If you’d like to get your creative juices flowing and start your own clothing line, here are some valuable resources:
- How to Start a Clothing Line: Secrets from a Project Runway Designer
- 26 Best T-shirt Mockups PSD Templates for Your Online Store
- How to Start a Clothing Line or Clothing Brand From Scratch in 2020: The Definitive Guide
3. Paid media business
If there’s one thing that businesses can’t have enough of, it’s more revenues. And as more businesses move online or expand their digital footprint, it’s getting tougher for brands to get heard and convert prospects into repeat customers.
If you understand how to drive paid traffic from Internet media platforms like Google, YouTube, Facebook, Instagram, Bing, Twitter, Quora, Pinterest, etc., while making sure those traffic leads convert to real revenue, then you can become a real asset to a lot of businesses, which would let you write your own check as a paid media business owner.
The paid media landscape is getting more complicated, with terms like data-driven insights, budget pacing, retargeting, and lookalike audiences being thrown around.
Because here’s the deal: A lot of businesses just want to focus on their core business, and consistently get leads from paid advertising. If you know your way around paid media advertising, then you could easily start a paid media business, helping brands get more eyeballs and sales on their offerings.
When you consider that two of the world’s biggest Internet giants, Google and Facebook, make the bulk of their revenues from selling ads, then you start seeing why navigating the complicated terrains of paid ads could catapult you into Internet wealth.
With a lot more ground for the Internet to cover in terms of expansion, the best time to get in as a paid media manager is now.
To launch your paid media business, start with one of the ad platforms, Facebook or Google, for example.
Get the necessary certifications, and start helping business owners or professionals reach their target audience and get measurable results with ads.
4. B2B SEO business
Although we easily recognize B2C (business-to-consumer) companies (for example, Amazon, Apple, or Walmart) because B2C companies sell to individual consumers, there’s a second category of businesses, known as B2B (business-to-business) companies (for example, Microsoft, IBM, SAP, or GE), that don’t get as much attention.
And that’s for the simple reason that: B2B companies sell to businesses, rather than individual consumers.
But B2B businesses need to sell their products just as much as B2C brands, and they’re increasingly relying more on ranking on search engine optimization (SEO) techniques, in order to appear in top search engine results when likely buyers search for their products.
If you can develop and execute SEO campaigns to help B2B companies rank their websites on the first page of Google, that would mean more leads, sales, and revenue for them. This, in turn, means that you can make bank as a B2B SEO consultant and business owner.
And while paid ads have its place in a company’s digital marketing strategy, appearing for relevant keywords on search engines like Google would always be a top need for B2B companies who want to get a higher return on investment (ROI).
If you enjoy running SEO campaigns, why not start a business that lets you help B2B companies outrank their competitors, using SEO, content marketing, and digital PR strategies at scale?
To get started, be ready to work on keyword research, on-site, off-site, and technical SEO audits, link building campaigns, and content marketing approaches to help B2B companies rank high on Google.
You’ll even become more valuable to your clients, if you can go the extra mile to make sure your B2B SEO efforts are yielding more quality and profitable leads from Google.
5. Virtual events business
Virtual events are happening now at a record-breaking pace. With the need for most businesses to go almost completely online, virtual events have become a staple for businesses across several industries.
In fact, companies are now realizing that physical, in-person events held in the past have shut off millions of people from attending, due to several reasons ranging from impossible schedules, travel challenges, to price.
People use webinars, but virtual events take webinars to a whole different level – with virtual events, you get access to dynamic, person-to-person interaction.
Hopin, for example, is a virtual event company that provides the underlying virtual event platform for brands like the United Nations, the Wall Street Journal, and Unilever, so they could host everything from webinars and online summits to large-scale conferences.
If you’d like to launch a virtual events business, you’d need to choose the best virtual event software that works and has seamless user experience, and then focus on helping your clients with:
- choosing the best virtual event formats and topics,
- figuring out the tech,
- building trust and connection,
- promoting virtual events,
- building audience engagement and interaction, and
- matching virtual event efforts to desired business goals
6. E-learning business
We have millions of non-fiction books already written, but have you considered the opportunity of converting these books to helpful online courses?
A lot of non-fiction authors write physical books, upload it to Amazon, or go on book tours, and then move on to the next project / book. But it’s becoming clearer and clearer that people need more than books to drive actionable change in their lives.
For example, a physical book focused on getting out of debt could get more far more results for its readers if the author were to create an an online course (based on the book), alongside community and accountability.
And the thing is, a lot of authors realize the gap between their book and the positive long-term testimonials they yearn for – they just don’t know how to bridge that gap. Enter online courses and programs.
With online courses, a fitness book author, for example, can turn his book into an online course with a platform like Teachable or Thinkific, and then help his students get more results by building community, connection, and relationships around the online course.
The best way you can launch an e-learning business of this type is to help authors, experts, and industry leaders package and sell courses based on their books, teachings, and previous programs, and then get paid handsomely for it.
The real challenge that most authors face with online courses is not about packaging the online course. No, the real hurdle they face is marketing the online course in a a repeatable and systematic way.
So, if you want your e-learning business to stand out, you’d need to test and improve marketing strategies for online courses, so you can deliver the desired business results for your clients.
7. Sales coaching
Sales coaching is a profitable online business that you can use to help business owners and entrepreneurs sell more of their products and services.
Because here’s the deal: C-level executives at the highest level and even managers are mostly rewarded for selling – selling their products, ideas, initiatives, or company’s vision and culture.
If you’re an expert in sales or have intense insights into the psychology of why people buy, then becoming a sales coach could be the most successful business idea you ever worked on.
To gain clients and customers as a sales coach, you’d need to show real results you’ve achieved with sales and your expertise at teaching people how to sell.
To become more effective as a sales coach, it’d be helpful if you specialize. For example, you can decide to specialize based on:
- industry focus (for example, medical devices, technology),
- target audience (for example, business-to-business – B2B, or business-to-customer – B2C), or
- product prices (for example, high-ticket offers)
You can even choose to only consult with sales leaders across organizations, focus on giving sales training and feedback to sales teams and mid-managers in companies, or both.
Once you’ve truly developed the needed skills to manage client’s expectations, build rapport with your prospects, close high-ticket sales, and bring in consistent revenue for your clients, your options are truly endless as a sales coach and business owner.