Find out the need for your potential online business
It’s important for aspiring founders to make sure the product or service is in demand in the market, said Cynthia Franklin, a professor of entrepreneurship at New York University.
She said that when deciding what type of business to start, “looking where the societal forces are going and seeing if you can move in that direction” is a good start.
“Start scratching your own,” Franklin suggests for aspiring Internet business owners. “Whatever you do, find something you’re interested in because you’ll need to put a lot of time and energy into making it work.”
Here are 5 of the easiest online businesses to start in 2023.
Online coaching has grown in recent years, whether entrepreneurs are offering virtual coaching lessons, driving tips, or guidance on starting a business.
Amy Lee, for example, is a life coach. She booked nearly $60,000 in revenue in her first 10 months in business, Insider-verified documents show.
He told me there are no required credentials for life coaches. While this can make some training communities seem like the Wild West, it also creates a low barrier to entry for professionals looking to enter the space.
Other types of coaches, like Jessica Hooks, seek to help their clients build startups.
Business coaching is an option for those who want to share their expertise in a particular field. Hawkes began her career online as a virtual assistant, and when she realized her community was looking for advice on starting their own VA agencies, she launched her own training program, the Digital Creators Academy.
The Hawks post seven figures in sales annually, Insider-verified documents show.
Blogging is another popular business avenue, especially for those who can share knowledge about a particular topic.
For example, Lisa Andrea, author of The Financial Cookbook, started her blog as a side business in 2021. She shares tips on how to become financially independent and about investing, along with other financial tips. “The Financial Cookbook is a guide to everything they should have taught us in school,” she previously told Insider.
Her sources of income include affiliate marketing and brand partnerships. She recommends other bloggers and digital founders take advantage of the company’s affiliate programs by applying to join it online, as she did.
It’s also important to stay true to yourself, she added, and only work with companies that align with your brand messages. This way, your community will stay engaged and become more interested in the links you promote, which can help you earn more money.
Andrea regularly books $8,000 in monthly earnings, Insider-verified documents show.
4. Virtual assistance
Vivian Purcell is a virtual assistant living in Canada. She began her online career as a freelance writer in 2016, seeking the flexibility to travel and live wherever she wants, she says.
“I made the switch to a virtual assistant because I wanted to bring more of my company experience and educational training into freelancing to offer something of higher value,” she said.
Purcell earned more than $132,000 in 2022 sales from her work as a virtual assistant, documents verified by Insider show.
Virtual assistants can work for small business clients as well as large corporations looking to hire contract or one-time employees, said Arun Sundarajan, professor of entrepreneurship, technology, operations and statistics at New York University’s Stern School of Business.
“It’s getting harder to hire full-time employees for anything,” said Sundararajan, who is the author of The Sharing Economy. “So more and more companies that hadn’t considered temporary work are now considering freelancing or freelancing as an option.”
Cody May is a digital nomad founder who built his entire company online. He runs SheridanSt. , a marketing company for real estate agents.
Sheridan assists agents with tasks such as lead generation along with call and email marketing. In 2017, he left his corporate role and applied his marketing expertise to start StudioPTBO, a precursor to SheridanSt. Then, in 2021, he reached out to his current business partner, who worked in the real estate field, to relaunch the company in the real estate field, he said.
He added that he recruited most of his staff by providing a completely remote and travel-friendly workplace. What’s more, online real estate is a hot sector: The National Association of Realtors’ 2022 Home Buyers and Sellers Report found that this year 51% of buyers found the home they bought online.