You might feel like you have the entrepreneurial spirit but are unsure what business idea you should pursue. Seeing all the possibilities in front of your eyes could be the key to taking the next step.
Recent research by Pew Research Center found that employees are most likely to quit their jobs due to low pay and lack of opportunities for advancement. Many professionals are looking for alternative careers. If you are one of these people, it may be time to start your own business.
BYOB (That’s “being yourself boss”) It can be a viable way to achieve financial independence. Which business idea is correct? These ten proven business ideas will help you start your entrepreneurial journey.
#1: Start an online course
E-learning was valued at $250 billion in 2020. It is expected to grow to $1 trillion by 2027. Online courses are an excellent option for anyone with a computer and a message to share. They have low startup costs and high-profit margins.
Online courses can only be successful if you have an audience. This can take many years to build. Skillshare, an online course marketplace, can help you solve the “no audience” problem. Liana M. Douillet Guzman, Chief Marketing Officer at Skillshare, says that your online course does not have to be as long to make it profitable.
She says that engaging content is key to success as a Skillshare instructor. It should be easy to digest, project-based and personal. “Most classes have an hour of prerecorded video content, broken down into short videos of between 2 and 5 minutes. Instead of teaching a wide range of skills, the most successful classes focus on a specific skill or concept.
Guzman says, “Once your content is uploaded, you can make passive income without additional work.” We find that teachers enjoy the platform and continue to interact with students even after classes are posted. Teachers get paid from a royalties pool based on how many people watch their style. As the teacher assigns more categories, the chance for others to view your content increases. This encourages teachers to build their Skillshare presence and become successful online creators.
Guzman points out that even one workshop or class can generate substantial residual income.
“Our top teachers make on average $2,000 per month. Some of our teachers can even pay their rent using earnings from one class.”
#2: Lease or rent existing assets
Airbnb was a new concept that allowed people to rent out their homes for a weekend. The “sublet economy,” which has been around for nearly 15 years, is now mainstream. Many “Airbnb For X” startups can help people make money from their existing assets. The latest “sublet economy options” include:
- Ringo is a platform that allows you to rent your vehicle or book one for your next road trip.
- Turo is the largest global car-sharing marketplace
- The spacer is a marketplace for parking spaces and garages
- It is a platform that lets you sublet someone’s pool.
You can sit on a yacht that isn’t being used or a private plane. Please call me. Kidding – you could also use Jettly or Boatsetter to generate additional residual income.
#3: A white label for a beauty or wellbeing product
It can be expensive and difficult to manufacture a skincare or wellness product from scratch. Have you reviewed all FDA regulations if your next great idea falls within this category? These industries are known for their multi-year timelines.
If you are starting, white labeling can be a great compromise. JBK Wellness Labs is an Inc. 5000 company that notes white labeling can be an excellent addition for salon owners, hairdressers, and beauty influencers who wish to add their branding to proven formulas.
Dr. Jenelle Kim is the JBK Wellness Labs’ Chief Formulator and Founder. “White labeling high-quality formulas gives you an opportunity to increase retail sales revenue with products that have higher profit margins,” she says. Additionally, clients cannot repurchase products purchased on e-commerce sites. This leads to higher visits to your office.
#4: Start freelancing
Millions of freelancers have been able to supplement their income through online job platforms like Fiverr and Upwork. Another sign of the shift in employment opportunities is LinkedIn’s recent expansion of its ProFinder platform.
Are you able to write? Do you have skills in social media, video, or coding? You might be surprised by the response when you offer your talents online to people looking for them. Virtual assistant work is highly sought after and requires a keen eye for detail. Clients will also tell you what they need.
If you want to increase your income but don’t want to quit your 9-to-5 job, freelance work can be a great option. Contrary to popular belief, many entrepreneurs who succeed have started as side hustles and validated the value of their idea before they leap.
#5: Get into the creator economy
Snap, Instagram, Snapchat, and Facebook are just a few of the many online platforms that have allocated funds for creators. Big tech platforms are looking for content creators who have something to share.
To monetize your platform, most platforms need to have a certain amount of traction. YouTube’s Partner Program requires that channel owners have at least 1,000 subscribers and 4,000 valid public hours.
Adam Erhart is a YouTube marketing strategist who has over 100,000 subscribers. He notes that these benchmarks can take time for different industries and platforms. However, you have complete control over the content production process.
He says that YouTube gives you the option of how fast you want to publish and produce your videos. You have to post 30 videos to reach specific watch time and subscriber benchmarks. It is up to you to decide how fast you want it to happen.
“Those first few dollars are extremely motivating and powerful, because they give proof that you are doing something right.”
Erhart also noted that the most common mistake made by new creators is to focus too much on creating content about them instead of what viewers want.
He says that if you research the types of videos people in your niche create, you will be able to go into filming with a clear understanding of what type of video you are making and why. “Most creators skip this step, and their videos don’t get published.”
#6: Host an informal group program
Do you want to work with many customers or clients at once? You might consider offering a live group program with a clear start and end.
Since the outbreak, virtual group programs have rapidly increased in popularity. Online book clubs, social clubs, and fitness challenges quickly become viable business models. Talk about how group programs can be more fun and cost-effective than working one-on-one when marketing them.
Pro tip: Test your online course idea first in a workshop or group setting. This allows you to work out the kinks and see what your customers want and need. It also helps you understand how they use the tools and ideas. This also enables you to avoid creating and launching an unpopular online course (which I know from experience – is not fun).
#7: Become an Affiliate for Your Favorite Brands
If creating your program, service, or product seems daunting, you might consider borrowing from someone else’s successful offer. Multi-level marketing schemes and pyramid schemes give affiliate marketing a bad name, but many software and products ethically rely upon referral links to grow their customer base.
Think about ways to make affiliate marketing different. This is a situation where everyone is selling the same product. Come up with ways to stand out.
#8: Start a paid newsletter/subscription
Many professionals choose to be creators and create their subscriptions. An internet connection is all you need to start your own niche media company if you can quickly create valuable content.
Substack and Patreon are similar platforms. They allow content creators to sell directly through their fans while taking a cut from the sales. Silicon Valley is buzzing about the business model. Last year, The Information published its Creator Economy database. It noted that U.S.-based creator startups had raised several billions of dollars in funding by 2024.
#9: Offer home delivery services
Many of us have become accustomed to delivering our goods to our homes over the past two years. A whole new range of home delivery services has opened up.
Are you able to see a need for items and services to be delivered to your home regularly? You might have the next profitable business idea if you answered yes.
Here, the sky is the limit. Los Angeles, fifth-floor apartment. My dog refuses to use the elevator or stairs, so we have a sod delivery service drop fresh grass on our balcony twice a week. This is true – and well worth every penny. Pricing psychology says that “the premium you charge is what you create.” Don’t be afraid of being creative.
#10: Get into e-commerce
E-commerce is a hugely popular industry. Tools like Shopify, Fulfillment By Amazon, and others have made it possible to bring your innovative product on the market in weeks or months instead of years. E-commerce companies have become so popular that venture-funded aggregators such as Thrasio or Perch are available to acquire your product-based company. You can also create your product and brand identity.
One caution: E-commerce can sometimes rely on global supply chains being in good shape. The last two years have been a logistic nightmare. This approach is best if you are familiar with the manufacturing and shipping requirements your company will have to meet.
While it takes time to get the product right, revenue will begin to flow once you start to dial in your marketing and shipping efforts. This is also true for the other examples. Try something new this year, and you may find yourself in the CEO chair sooner than you think.
