You already have witnessed that, everyday everything is going online. The things you buy, the information you consume, everything. Even, technology is robbing our time offline. Many of us, spend more time in front of screens than outdoors. This trend will only continue. Hence, the word - “Online”.
When everything is going online, if you are not cashing out of it, you’re missing a huge opportunity. As with everything, the technology's early adopters get a huge benefit. We saw this in case of internet, cryptocurrencies, YouTube, and everything. Adapting to technology quickly, without saying “Who moved my cheese?” makes a great difference in your life.
5 Best Profitable Online Businesses
I’ve been researching about the prospects and future of some of the greatest profitable online businesses. I took several factors like the influence of globalization, capitalism, and also some various technological trends to determine what online businesses are booming and will boom further considering the next few years.
If you are expecting this post to contain any strategies to get rich overnight by clicking on some ads and filling out surveys,this post is not for you.
This post is only for those who are serious about starting their business online.
Let’s dive in.
#1. Training industry
People are quickly realizing that the things they learn in their universities have nothing to do with their life. They are also realizing that in contrast to the traditional education system that remained unchanged since ages, training in specific domains of their interest helps them make a decent living. Even, the degree for dignity trend is falling.
It’s time for you to dive into an industry of your interest, become an expert in it and be a trainer. If you are a regular reader of my blog, you may know that I’m also a digital marketing trainer (currently doing 1-to-1 mentoring sessions), and I’ll start creating online courses and perhaps membership sites in the future.
People are quickly realizing that the life is too short to learn everything on their own. They are willing to shell out huge amount of money on getting training from someone else’s experience. This is the right time for you to gain expertise in a good niche and start your training career.
In the early 2016, Inc reported that the eLearning industry is worth $107 billion and still booming. The domain experts have a great scope when it comes to leveraging online courses and membership sites to take a larger pie off the industry.
#2. Selling Digital Products
This is the next profitable business online. You can see it everywhere. People sell eBooks, their songs, informational products, WordPress plugins, themes, and also tools for productivity.
In contrast to affiliate marketing, selling own products may pay you a huge sum depending upon the product you created and how you promote.
While creating any product first off, the 70% of your success depends upon how you research your market and your competitors. Once you are 100% sure that there’ll be hungry buyers for your product, then start creating a product.
The income you generate out of selling digital products is not all passive income. If you release eBook or other informational products, then it’ll be more or less a passive income. Whereas, in case of softwares or plugins, you need to venture with a developer and outsource the development work. If you are willing to release a great theme and are not willing to market it, you can join some marketplaces like Envato or Shopify Themes.
As Envato is quite saturated with many products, I would prefer you to go for any niche specific theme marketplaces like Shopify Themes. You can design any Shopify related themes where there is less competition than that of WordPress theme marketplaces. There is a whole lot of opportunities for theme developers in Shopify.
As the technology is rapidly changing day by day, new requirements, and problems are arising. So every day, there’ll be new opportunities for product creation.
Depending upon the product you are selling, this will return you a long term sustainable income.
I am a professional blogger. I surely love my profession. Blogging is one profession where you earn money for doing what you love.
The best part about blogging is, unlike creating digital products,blogging requires little investment. You just need to get a web hosting account, get a domain and install free WordPress on it. You are good to go.
However, depending upon whether you outsource the content, the investment may differ. If you personally ask me, as I’m running multiple niche blogs I usually outsource all my content to a Filipino or Indian writers, except for this blog - GBT.
In order to succeed in blogging, you also need some skills like SEO, content creation, and promotion. Although you can learn all these skills by your own, this will take years to learn and implement them.
So, I suggest you take a good training for blogging from an experienced blogger.
When it comes to blogging, there are three main ways by which you can earn money.
- Promoting your own products
- Affiliate marketing
- Advertising or using AdSense
I usually do affiliate marketing, and shortly releasing a WordPress plugin (at the time of writing this post). I recommend you to either stick to Affiliate Marketing or Advertising. Because success is where the focus is.
In order for blogging to give you sustainable income, patience and consistency matters. Finding a perfect niche that’s a sweet spot between your passion and profit is highly essential.
#4. Freelance writing and other freelancing
There’s a common misconception that freelance writers should have the ability to write in every niche. Today, let’s break it.
You can be a niche freelance writer.
If you are a medical practitioner, yes you can choose only to write medical related articles. The moment you have domain expertise, people will be willing to pay you more money when you ask them.
I occasionally do freelancing when someone requests me to do so reading my blog, I accept the opportunity only if the niche is blogging and anything related to internet marketing. I will be open, only if I get the opportunity to both write and learn at the same time growth hacking my success.
You can join a good freelancer sites like UpWork and Outsourcely, and fill out your profile with portfolio and experiences. As of now, the review writers, digital marketing writers, health care professionals, finance and law writers earn more money in the freelancing industry.
The network with popular bloggers will also be a great way to get a head start to your freelancing career as they'll be in need of content more often. If you are willing to learn more about freelancing, follow Elna Cain. She is damn good at what she does.
With the content bots evolving, authentic voice in a niche is essential.
Freelancers like virtual assistants, social media managers, SEO freelancers, graphic designers, programmers, and video editors have great future. But the thing is that you need to be exceptional at what you do.
This is where the future is.
Due to fierce competition in the freelancing industry, you need to standout with a unique niche expertise. You need to strive for perfection rather than running towards shiny objects and get-rich-quick schemes.
Niche expertise is the only thing that prevents your job from being robbed by robots in the coming years ;-)
Mediocre is no longer allowed to shine in this competitive age of globalization.
#5. Amazon FBA
Amazon FBA stands for “fulfilled by Amazon”. In this industry, you need to buy cheap products from wholesale sellers and list those items at a much higher price on Amazon. You need to sell white labeled products, and ship it to Amazon Fulfilment centers. Those FBA centers handle the shipping, packaging, and support for the products.
If you outsource the inventory management and keep an accountant for maintaining the Amazon seller account and updating it regularly, this is a lucrative passive business idea.
I think this business is more sustainable than drop shipping. In case of drop shipping, there are certain risks like product damage issues or shipping issues. In the case of FBA, the challenging part of your business is handled by Amazon.
These are not the only 5 online businesses that are profitable. But I think the above 5 are the top ones as of now. Especially the online training will hit big soon. In the coming years, new online professions will rise entirely changing the game. So, it’s your duty to stay updated regarding the various changes happening in the drastically changing online world.
Hope you found this post helpful.
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