8 Types of Online Business to Start during the Global Pandemic.
In the familiar contradictory style associated with the year that is 2020, we are fortunate enough to be presented with a vast number of opportunities to start many different types of online business.
At the same time, we are unfortunate enough to have the entire world roiled in the midst of a global pandemic, which has literally changed the way we all work, shop and conduct business.
More people are turning to the internet than ever before, and contrary to the slowdown of the global economy, online business has never been better!
Do you want to be your own boss? Do you like the idea of working your own hours in your pyjamas? The good news is that there are many different types of online business opportunities available for you to pursue.
With the right mix of basic computer knowledge, and the ability to leverage your own skills, competencies, and experiences using the internet, you can potentially build a very profitable business online.
8 types of online business which you can start today:
1) Ecommerce Store Owner
Do you have a product or service which you are able to sell over the internet? If so, there is no better time than now to start your own online store.
It has also never been easier to build your own online store. No need to hire expensive website developers and graphic designers. See our previous blog article for 7 steps to build your online business without breaking the bank.
You can also easily sell your products or services through various online marketplace platforms, such as Etsy, Ebay, Amazon, etc. These platforms have an existing customer base, and are already well established and trusted, which is great for when you are just starting out.
2) Online Consultant
Are you an expert in your field? You can leverage your skills and experience to become an online consultant, whereby you offer your expertise to clients over the internet for an arranged fee.
The beauty about this type of venture, is that you can have expert-level knowledge within absolutely any field. You can even offer consultancy services within a specific niche of a chosen field.
It will take you some time to build credibility and an established client base, but once you are on top of your consultancy game, and have put in the hours, there will be major potential to drive a fantastic online business.
Freelancers are self-employed workers who are not committed to working for a single employer. Instead they work their own hours for numerous clients, performing work either regularly or ad hoc when needed.
There are several platforms which you can use to offer your freelancing services, namely Fiverr, Freelancer.com, and Upwork to name a few. These platforms match freelancers to clients, and facilitates the entire process, including all the tools needed to invoice and get paid online.
There are many types of freelancing jobs available, depending on your area of expertise. A few examples include Copywriter, Writer, Graphic Designer, Web Developer, Photographer, Customer Service Advisor, SEO Professional (Search Engine Optimization), Marketing Specialist, Translator Social Media Manager, etc.
4) Affiliate Marketer
Are you good at promoting products and services online? Why not promote the products and services of other people and companies to earn a commission in the process.
Website visits and product/service sales are tracked and monitored using affiliate links and website cookies.
The affiliate payment structure varies, and affiliates can be paid in various ways:
Pay per sale, where you earn a certain percentage of the profit earned for each sale which was referred to them because of your marketing efforts.
Pay per click, where you get paid for web traffic which you have managed to redirect to a page on the merchant’s website. Remuneration is for each individual click which redirects the consumer from the affiliate’s marketing platform to the merchant’s website.
Pay per lead, where the affiliate gets paid for influencing a consumer to perform a certain action, such as to fill in a contact form, or subscribe to a newsletter, etc.
Are you an adept writer, who has knowledge or interest within a certain niche, and who can write compelling content? If so, starting a blog might be the perfect online business for you.
The reason that I call blogging an online business, is because, although you initially will be writing your blog articles free of charge, you will eventually be able to potentially monetize your blog over time as your brand and readership base grows.
There are various ways you can monetize your blog:
You can run adverts on your blog, using a platform such as Adsense, which is a Google advertising platform which pays for every advert click.
You can also sell your own products or services from your blog. Each blog article can be written in such a way that is both beneficial and interesting to the reader, but also markets the products or services which you offer.
Bloggers with a high level of followship, are considered Influencers. Influencer Marketers are in a fortunate position to be able to market products or services directly to a large target audience, either for themselves, or as an affiliate marketer for other people and companies.
As you can see, not only can you use a blog to drive direct sales, but a blog is also is the perfect tool for earning passive income.
6) Online Teacher
Do you have experience as a teacher or instructor?
Much like consultants and freelancers, you can leverage your teaching skills and qualifications, to start an online teaching career.
More students are turning to the internet for their education than ever before, especially amid a global pandemic.
Online teachers use the internet to teach courses from a distance, and they provide teaching and tutoring services online for schools, universities, colleges, courses, students or even their own course material.
7) Become a Trader
Do you have an interest in Technical Analysis? Also, do you have a few years spare to study charts and schools of technical analysis for thousands of hours?
If you answered yes to both, you could pursue the risky but potentially rewarding path of a trader. The road to becoming a trader is a long and arduous emotional rollercoaster so start small.
Different asset classes carry different levels of risk and volatility, so choose your trading assets wisely.
You can either become a swing trader where you trade the higher time frames over days, weeks, or months, or you could become a day trader or scalper, where you trade the lower time frames over hours or minutes.
To succeed as a trader, you need to dedicate a tremendous amount of time required to learn the ropes, however, once you have learnt a few effective schools of technical analysis, grasped an understanding of price action and market structure, learnt how to eradicate all forms of emotion, and developed an edge on the market using proven strategies, intuition, and a combination of indicators, fundamentals, and correlations, then maybe this will be for you.
You will need to spend thousands of hours learning what works and what doesn’t work. Developing a gutfeel or intuition only comes with countless hours spent identifying major levels of support, resistance, reversals, trends, and fractals on the chart, repeatedly, across multiple time frames.
No one has a crystal ball, and you are guaranteed to incur losses, but trading is a marathon not a sprint.
Using technical analysis, patience, a solid plan, and effective risk management, you can learn how to consistently trade profitably.
8) Virtual Assistant
Do you have strong administrative skills? Help relieve businesses of their administrative duties so that they can focus on their core business, by providing support as a virtual assistant.
You can offer to manage administrative tasks such as sending emails, chasing up invoices, answering the phone, researching, finding leads, scheduling appointments etc.
With the right skills as a virtual assistant, you will have the potential to build a profitable business, all from the comfort of your own home.
This service is perfect for businesses who can’t afford, or don’t need a full time assistant, but would still like to delegate some of the administrative responsibilities in order to free up time to focus on their core business tasks.
There have been record numbers of retrenchments across many industries and sectors around the world because of the global Covid pandemic’s effects on world economies.
Many employees have been forced to work from home, often for reduced pay, with many industries facing uncertain or dire prospects if economies remain shut for extended periods of time.
With increasing uncertainty in the work place and job market, now is a great time to take fate into your own hands, to pursue your passions, using the internet to leverage your unique skill set, and create multiple streams of income in the process.
There is a growing digital nomad movement as technology becomes more advanced, and the world becomes smaller. In 2020, you get to choose from many types of online business, and sell your products or services remotely over the internet.
You just need to identify what those skills and expertise are and learn how to leverage them online.