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Are you looking to start an online business that's not
capital intensive? An online business could be a great way to make extra income
on the side or create your own business. Thanks to the evolving ecommerce
landscape, entrepreneurs are now taking advantage of many opportunities to make
money online.
This article provides insight into online business ideas you
can start. These ideas are not capital intensive and require a physical
storefront. For some, you don't even have to offer a physical product.
Find below a list of 5 low-investment online business ideas:
1. Drop Shipping
Drop shipping entails partnering with a supplier to display
and sell products in your online store. You sell their goods without having to
keep products in stock. When customers order from you, the supplier sends that
purchased item directly to them.
If done right, drop shipping can be a viable way to sell
trending, worldwide brand products. To be successful, it's essential to conduct
market research and find suitable suppliers. However, it is necessary to avoid
scammers who might try to dwindle you by requesting a big upfront payment.
Here are some places to find dropship suppliers:
- AliExpress drop shipping
- Spocket dropship marketplace
- SaleHoo wholesale supplier directly
- Modalyst automated drop shipping app
- Doba manufacturers and suppliers market
2. Online CBD Business
It's now easy to purchase CBD goods online and in person,
thanks to digital commerce. Besides, due to the advertised health benefits of
CBD products, consumers' interest in CBD products has been on the increase. In
2021, the marijuana segment accounted for sales of according to Grandview
Research.
Another factor contributing to the increasing acceptance of
refined CBD products is the legalization of marijuana-derived products in
various medical applications. Moreover, the high rate of effectiveness of CBD
products is accelerating the growth of the CBD industry. According to a survey
by Consumer Review, more than a quarter of people in the U.S. say they've tried
CBD at least twice in the past two years.
Wellness, beverage, food, and beauty manufacturers infuse CBD into many products. From the best selling CBD gummies in the UK to lattes and topicals, there are loads of CDB products to promote online. Undoubtedly, CBD is a promising niche as the industry is expected to hit $16 billion by 2025.
How to start a CBD business online:
- Decide your CBD niche and products
- Research the laws and regulations around CBD
- Create a business plan and prepare the necessary documents
- Get CBD products suppliers
- Choose the best ecommerce platform for sales
- Create a website
- Figure out shipping and payment
- Market your business
3. Create Digital Products or Online Courses
Selling digital products can provide extra income in
addition to your main hustle or even become a full-time business. Besides its
high-profit margin and huge potential, digital products are scalable. It's
cost-effective as you don't have to stock or manufacture products. In addition,
there are no logistic issues or concerns about keeping inventory, packaging, or
shipping.
Digital products are virtual items that customers can access
or download virtually. Examples of digital products are ebooks, online courses,
membership sites, graphic design, business document templates, and craft
patterns. Others include stock photography, NFTs, software, and games.
How to start selling digital products:
- Identify your niche
- Choose a platform
- Create your product
- Promote your digital product
Where to sell your digital products:
Even if you're not the most tech-literate person, these
online tools and marketplaces will help you get started in time:
- Etsy
- Shopify
- Thinkific
- Your website
- Amazon
- Udemy
- Skillshare
4. Start an Ecommerce Store
Research shows that ecommerce revenue is expected to reach $740
billion in the U.S. by 2023. That's an inspiration for savvy entrepreneurs to
carve out a niche for themselves and start selling online. However, it's
crucial to do market research, identify your area of expertise and passion, and
create a solid business plan.
How to Start an Ecommerce Store:
- Choose a niche
- Do market research and recognize your target market
- Choose a product
- Decide how you'll source your products
- Write a business plan
- Pick a business name and brand your business
- Apply for your permits and licenses
- Create your online store
- Market your new business
5. Build and Monetize an Online Audience
You can publish content online with a blog, video, or live
video. This business idea requires minimal investment“only creativity. In
addition, demand for online content is getting popular, with more people
watching videos, reading blogs, and engaging on social media than ever before.
Online content is about attracting followers, carving a niche for yourself, and
making money off that success.
How to make money from online content:
- Direct advertising, such as displaying ads on your
platform
- Sponsorship and affiliate links
- Donations
- eBooks and online courses
- Subscriptions
- Consulting services
In Conclusion
Business and work have changed drastically since the pandemic of 2020-21. To future-proof their income, people are resorting to other income streams besides their 9-5 jobs.
However, you need a viable business idea to start the journey toward financial independence and security that an online business offers. These highlighted business ideas are location-independent and require low investment.
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