Let’s talk about online business that can build a strong foundation
In the initial phase of Lockdown, lot of young professionals who are in their 20s reached out to me to get my inputs on what are the best online business which they can explore when they are starting up.
In this blog I have summarized Top 5 Businesses which one can get into and which is going to help them make money online.
- Become Digital Entrepreneur:
Gone are those days when we used to watch advertisements on television by paying big amount to the media agencies to create the campaign. Today, that not the only way to build a brand and generate profits. With the emerge of social media , digital media marketing has taken a revolutionary space where the companies can showcase their products and build a funnel for conversions.
60% of companies that have undergone digital transformation have created new business model.
55% of startups have adopted a digital business strategy, compared to 38% of traditional companies.
89% of all companies have already adopted a digital-first-business strategy or plan to do so.
Source – Forbes
When we look at the above numbers it is inevitable that there is huge potential in this business and demand is going to increase, hence the supply needs to be high.
There are many types of marketing forms when you aspire to become a Digital Entrepreneur. There are personal social media platforms like Facebook & Instagram Marketing and then on the other hand is professional platforms like LinkedIn is promoting Linkedin marketing. There is also Google SEO (Google SEO Starter Guide) marketing which is based on Organic Activities and there is Good Adwords Marketing which is based on Paid Activities.
The other few trending ways are through influencer marketing & blogging
So there are so many things to choose from. Just pick one, become master in it and start offering help to your friends & family and start showcasing your work and the gradually start charging for it and become what is called a Digital Entrepreneur (The Person who identifies the gap in current digital marketing and want to change it by by providing a solution)
- Become a Consultant:
If you are someone who knows something which no one else knows or you are the person who can do it in better manner than others , then you can choose to become a Consultant for that niche and start building business around it by helping others.
Now since its your unique selling proposition people would be willing to pay any amount in order to save their time and effort.
Example: You know complete compliance for the start-up, your friend’s brother is starting a business, great, he calls you , you help him setting the company in no time and hassle, your friend happy , you get your consulting fee. All Happy ! 🙂
In India the consulting or the business advisory market is said to be valued at around $12 Billion , with nearly $1.5 Billion of the revenues that flows into the pockets of top management consultancy firms. (Source – TRC, 18 Sep 2020)
Networking plays a very crucial role in consulting business. A good relationship can help you get a good revenues and exponential growth , yes Word of mouth matters.
Good part is that consulting can be done in any industry and with the advent of online methods, you can even start consulting through cold calls .
Well , not a big of this though, but indeed a good business for someone who do not want to get indulged in building a cost centre in the business. Dropshipping is a form of e-commerce business where you do not physically store the product or build a brand and you can easily buy from one website and sell it on another.
Lot of young professional share their experiences with me around this and found it tough as it has certain flip side as well ( which I shall be covering in a different blog-post), but if you are working with knowledge and information and building something what is called as Branded Dropshipping and Reverse Dropshipping , you can definitely play a long term game here.
While in most of the cases in dropshipping the products can be sourced from China (websites like alibaba.com or aliexpress.com etc.) which can be marketed through ecommerce website or on famous sites like Amazon.com etc.
My personal opinion on this is DO NOT source from China and try to look for manufacturers from US, Canada & Europe, there are some very good sites that are into dropshipping (e.g. Ebay.com, Etsy.com etc.
When it comes to reverse dropshipping , choose your niche and build a brand around it. Here also the key to success is have good preparation before and research before you launch the business.
- Video & Photo Editing:
Wow!! my personal favorite as this became my saviour during my 20s where the world was not even thinking about Videos. I remember learning Adobe Photoshop and Adobe Premiere in order to make good videos (the bigger purpose was to produce marriage videos which I did as a side hustle during my 20s).
Now a days , video and photo editing has gone to top notch apps and websites. With tools like Canva, Invideo & Veed.io, the video and image editing has been made so simple that even a fresher can easily do it.
But , let’s not forget , only the best man wins. So becoming a video & photo editor needs a lot of creativity and vision to produce high quality content.
Now a days , being in digital era, access to learning is extremely powerful way to learn and innovate.
As per Payscale.com, video editing can pay upto INR 510.00 per hour.
Assume building a good client base by promoting yourself as Freelancer and generating business for 4-5 Hours a day.. Woohoo, you can earn more than an average Indian earns.
- Website Design:
If you are someone who is technologically sound and find it passionate to work around codes, themes and plugins, Website designing is something that you can get in. There is a race happening outside to get an online presence and website plays an important role in it. Web Designing has become the primary source for most of the web developers and in this digital world website are placing the strong foot.
Choosing Web Designing as a career option will indeed give great results as a business model.
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