The great thing about starting an online business is that it’s one of the more affordable business options, and for the most part, can be started from home.
Beyond making sure you’re registered as a business entity, all you really need to get going is a home office (and even that isn’t a strict requirement), a good internet connection, and some great entrepreneurial follow through.
If you’re not sure you’re cut out to be an entrepreneur, take our quiz; otherwise, keep reading. Hopefully, one of the ideas listed below will strike a chord and excite you enough to download our startup checklist—your first point of reference as you begin your entrepreneurial journey.
1. Vacation rental business
The vacation rental business is booming. While the mere mention of it might make you think about billion-dollar titans like AirBnB or HomeAway, there are niche businesses like Michael Joseph’s InvitedHome and Joe Poulin’s Luxury Retreats and many others being carved out across a variety of markets.
When it comes to vacation rental homes and vacation rental management, companies are earning anywhere between 10 percent and 40 percent on the gross rental rate depending on the location and the management level.
Launching and building a vacation rental business might require some sweat equity along with the right turnkey software solution to help you keep things organized as bookings ramp up, but if you have an acute attention to detail, then this is by far one of the best businesses you can start online.
Of course, this does operate in the real world, but your web presence and marketing skills are really what define this business and helps it to succeed.
If you’re at all interested in the hospitality industry, and you live in a tourist destination, this is a terrific business that can make money fast. Companies like Lodgix, Lodgify and 365 Villas offer terrific turnkey solutions for quickly building and managing your very own vacation rental management business.
2. Chatbot business
The rise of the chatbot has been extraordinary to witness. Thanks to the ubiquity afforded to us by chat on platforms like Facebook, we’ve grown quite used to chatting with friends and family across all our social media networks.
That’s why AI-powered chatbots present a new digital frontier for businesses looking to automate and relinquish much of the man-power it takes to have a chat with its customers.
This is abundantly clear when it comes to customer service. However, it’s potent value in commerce has become quite obvious as well, and businesses across all spectrums are now taking advantage of this. Platforms like Manychat, ChattyPeople and several others have sprung up to take much of the confusion and complexities out of building a chatbot.
There’s a proverbial gold rush happening today, of people trying to launch chatbots for their businesses to help automate some of their sales and marketing efforts that are needed to properly grow and scale in today’s market.
However, similar to California’s Gold Rush, those that will likely get rich are the ones that sell the picks and shovels. For that reason, why not launch your own chatbot business? Sure, there’s some effort involved here, but this is definitely worth the steep learning curve.
3. Webinar business
I know what you’re thinking. How do you start a webinar business? Well, webinars are quite possibly one of the best ways that you can sell anything online. The best part? You don’t even need your own product. Webinar guru, Jason Fladlien, co-founder of Rapid Crush, has grossed well north of $100 million in sales via webinars, which goes to show you the sheer power of this medium for selling.
Webinar offer an engaged audience that are ready and willing to purchase whatever it is that you’re offering. As a fervent student of this medium, I’ve found explosive results await within a properly structured webinar. People like Liz Benny, Neil Patel and Russ Ruffino have been absolutely crushing it with webinars.
The best way you can launch a webinar business is to find a product you can promote and get behind. Then, build an excellent webinar.
The Perfect Webinar is a formula originally developed by Fladlien but later brought to the mass market by Russell Brunson. Brunson also created a software with Jim Edwards called Funnell Scripts, which is an incredible piece of software that helps you to build your entire webinar including copy for ads and swipes.
Either way you approach it — whether you have an existing business or just want to sell as an affiliate — some of the best webinar platforms that you could use in the world are GoToWebinar and Andy Jenkins’ WebinarJam.