Internet has made it possible for anyone with a good idea and the drive to start a business from anywhere. Nowadays, it’s easier to start an online business as they have become more prevalent. An estimated 30.8% of all businesses operate online. And that number is only going to grow in the coming years. The availability of online resources has created a level playing field for organizations of all sizes.
Yet, the internet has completely changed the way businesses operate. Most businesses that were based online worked solely through their websites in the early days. But, in recent years, there has been a shift towards businesses that have both an online and offline presence.
It is estimated that over 90% of businesses will have an online presence by the end of this year. This is mainly due to the increasing popularity of e-commerce and the rising number of people who shop online. As a result, businesses that do not have an online presence will be significantly disadvantaged.
Factors Contributing to the Growth of Online Business in 2024
Here are some of the key factors that will contribute to this growth.
Increased Use of Mobile Devices
More and more people are using shopping apps for their convenience. In fact, global mobile commerce sales have been increasing by 30% each year. Mobile devices are convenient and have become a large pool of potential customers for online businesses.
High-End Use of Social Media
Social media platforms are a great way to reach new customers and promote products or services. As a matter of fact, social media proved to be a compelling online destination and the ideal channel for brands to market their services.
Advancement in Digital Shopping
Digital advancements have made shopping easy. This has increased the number of people comfortable making purchases online. This is also due in part to the growing availability of high-speed internet.
Best Online Business Ideas
With a digitized world, now anyone with an internet connection can start and run a successful business no matter where they are. So, what kind of online businesses can you start in 2024?
Here are a few best online business ideas and insights on what trends are profitable:
1. Social Media Manager
A social media manager is an online business owner who uses social media platforms to create and manage a digital presence for a company or individual. This could include developing and implementing marketing campaigns and generating leads and sales through online interactions.
A social media manager usually has a background in marketing, communications, or web development and must be comfortable using various social media tools. They should also be able to write well, have strong organizational skills, and work independently.
2. Online Retailing Business
Online retailing is booming as more and more people take their shopping online. A recent study showed that in 2016, the value of goods sold online totaled $2 trillion, and it’s growing.
This presents a massive opportunity for entrepreneurs who want to start an online business. Yet, there are different types of online retail businesses that you can start. For example, you can sell physical products, digital products, or services.
Moreover, you can also specialize in a particular niche or sell various products. You will also need to have a strong online presence to make your business work.
For example, Elegante, an online retailer houses premium clothing for men and women. The online retailer deals in staples only which attract a subset of the general audience. Unlike Amazon where you can find a number of online retailers selling similar products which increase competition, exclusive websites like Elegante target a specific group making sales easier to achieve. You will need a background in marketing, sales, and some mathematics to get the store up and running.
3. Become a Virtual Assistant
Running an online business can be a lot of work. You have to be good at many things, from marketing to accounting, customer service, and product development. But what if you could outsource some of those tasks?
Virtual assistants also work with a wide range of clients, from small business owners to executives of major companies.
This is mainly due to the increasing number of people who want to start their businesses and the popularity of remote work. You can help people with many tasks, from bookkeeping and social media marketing to website design and customer service.
Becoming a virtual assistant does not require special skills. You can provide assistant support in the field you already have expertise in. However, you may need to learn how to make things work virtually across multiple clients.
4. Website Developer
In 2022, website development has become an even more popular online business. More and more people are inclined to have custom-made websites. Due to the growth of technology and the internet, website development has become increasingly complex.
More businesses require custom development and unique designs to stay competitive. As a result, skilled website developers are in high demand and able to command high salaries. So in the next decade, website development will continue to be a lucrative and in-demand online business.
The key to success in this business is to offer high-quality websites that are affordable and easy to use. You’ll also need to be up-to-date on the latest web design trends.
5. Online Marketers
The online marketing field is projected to be one of the most successful and lucrative businesses. They are also in high demand since almost every small and large company has an online presence. So as the internet continues to grow and evolve, so will the need for skilled online marketers.
An online marketer is responsible for various tasks, including executing marketing campaigns and creating or managing websites, blogs, and social media accounts. Due to the ever-changing landscape of online marketing, online marketers need to be versatile and adaptable.
Online marketers require a strong background in marketing and sales, especially in managing online presence.
6. Freelance Writers
There will come a time when the freelance writer will no longer be a freelancer. Instead, they will be an entrepreneur.
The reason for this is simple: businesses are starting to realize that they need quality content, and they’re beginning to understand that quality content doesn’t come cheap.
That’s where the freelance writer comes in. They have the skill set to produce high-quality content, and they’re willing to work for a fraction of the cost of hiring a full-time employee. Plus, the freelance writer can easily transition into becoming an online business owner with the right tools and resources.
Moreover, as a freelance writer, you can work from anywhere in the world as long as you have an internet connection. To start as a freelance writer, you need to have a sound background in writing. The language preferences can change. However, quality writing can only be guaranteed with a good understanding of the grammar and knowledge of the language you wish to offer as a writer.
7. E-Commerce Store Owners
It is projected that there will be an increase of 9.5 million online sellers in 2024. This growth can be attributed to the increase in digital buyers, the ease of starting an online store, and the growth of social media platforms.
It means that there has never been a better time to start an online business. If you are an e-commerce store owner, now is the time to capitalize on the industry’s growth and expand your business.
Also, you need to make sure your store is optimized for mobile devices. Secondly, you need to create quality content that will attract visitors. Finally, you need to invest in digital marketing strategies that will help them reach their target audience.
E-commerce store owners do well to have some knowledge of marketing to conveniently market their products. However, this is not mandatory. Many e-commerce store owners prefer to outsource functions to effectively manage their stores.
8. Online Content Creator
Aspiring content creators often wonder how to make a living. The answer may surprise you – it’s not about becoming a one-person team. Instead, today’s most successful content creators collaborate with others to create amazing content.
In 2022, it is estimated that there will be over 1 billion active content creators online. That’s a lot of people vying for attention!
But what does this mean for you? To be successful, you need to find a way to stand out from the crowd. You need to create interesting, valuable, and relevant content for your audience.
The skills required for effective content creation range from social media know-how to knowing how content works to basic marketing techniques. Content creation is all about creativity, which cannot be taught in schools.
Parting Wisdom
Whichever mode of online business you choose, educate yourself with new tools and ideas to stay on top of the game. While there may be tons of ideas, all seemingly ideal, you want to choose a business idea that suits your budget and time constraints.
Junaid Hayat is best known as an SEO Optimizer. He is a keen observer and loves to blog. Gaining digital wisdom and spreading it is what he loves. The problem – solver is his second name, as he likes to help businesses that are in the middle of a shipwreck. When he isn’t solving SEO-related problems, you’ll find him lost in the sea of Google, learning more about the ranking factors. Currently, he is associated with Elegante.
