4 Online Business Ideas for New Entrepreneurs

What are the benefits of starting an online business?

Starting a new online business doesn't come with the same overhead costs or scalability issues as other businesses. Indeed, you have reduced overheads, high margins, flexibility, freedom and access to a global market.

According to the main statistical database Statista, global e-commerce sales forecasts are expected to reach 4.2 billion euros in 2021, a figure that is expected to rise to 6.1 billion euros in 2023. A huge piece of the pie awaits you if you want it.

With more and more options for e-commerce solutions available, it has never been easier to start, manage, and grow an online business from scratch.

Benefit 1: flexibility, freedom and lifestyle

With an online business, you are not tied to your office and you no longer work according to someone else's schedule.

Instead, The entrepreneur can travel the world, choose a lifestyle where you are constantly on the move, and manage your own agenda without external constraints.

Benefit 2: Low start-up costs

There are plenty of low-cost online business opportunities with minimal start-up costs.

After all, digital resources (websites, online marketing, and social media) are significantly cheaper and more flexible to manage than their traditional counterparts.

Here is a brief breakdown of the costs of starting a simple online business for beginners:

• Business name registration : around 50€.
• Buying a domain name : 10€ per year
• Creation of a website : 30€ per month
• Simple Marketing Tools : 50€ per month
• Freelancers in low-cost regions : 8€/hour

Benefit #3: Big ROI (Return on Investment)

Another significant benefit of starting an online business is the earning potential that is virtually unlimited.

Indeed, your income is not determined by your hours of work, but rather by your productivity.

For example, you can devote your resources to value-added activities to significantly reduce the number of working hours needed to earn sustainable income, for example by developing an agile team remotely or standardizing processes.

Here is an excellent (and mythical) book by Tim Ferriss showing how he managed to systematize his processes and efforts to only have to work 4 hours a week:”The 4-hour week“

This can potentially lead to passive income over the long term, too!

In Entrepreneurship, there is better potential for a return on investment because it will not be linked to the same constraints as a physical store. An online business can be marketed to anyone, at any time, through a multitude of digital media and platforms.

New online business ideas for beginners

If you are a beginner, there are a few online business ideas that should interest you. These ideas have a low start-up cost and therefore minimal risk.

1. Consulting
2. Freelancing
3. Ecommerce
4. Digital products

1. Consulting: How to start a consulting business

• Did you work in a particular field before starting your own online business?
• Do you have skills in a specific profession?
• Do you have technical skills that make you attractive?

If you answered “yes” to any of these questions, you may be able to start your own online consulting business.

Whether in the field of accounting and taxation, IT, education or even engineering, if you have the required skills, you can offer significant added value to your customers.

All you need to do is focus on marketing and maintaining a quality reputation.

Your skills + Appropriate marketing = your consulting business

2. Freelancing: How to start a business as a freelancer

Freelancing is considered to be one of the most attractive options if you are looking to start an online business.

It's a great way to get familiar with a sector before engaging in it. Unlike a full-fledged job, you are not attached to an office or even bound by an employment contract.

Instead, you control working days and hours and can stop whenever you want (as long as you fulfill your obligations to your customers).

This flexibility makes being an entrepreneur an attractive choice for those who are unsure of the path they want to follow, as it allows several to be approached. No obligation.

Are you wondering if you have the skills needed to work as a freelancer?

Ask yourself these questions:

• Do I have the self-discipline to resist distractions and stay focused on my work?
• Do I have the necessary time management and organizational skills to meet deadlines and deliver to my customers?
• Am I able to stay motivated during the bad days?
• Do I have the relationship skills needed to deal with customers and build lasting relationships?

Another important point to consider is your financial stability. You can do an analysis of your savings and cash flow before leaving your job and taking the plunge.

There are a number of freelance jobs that you can take on depending on your skills:

• Freelance Writer : for content marketing, text writing, ghosting, etc...
• Virtual assistant : a parallel with a job as an assistant (commercial, administrative, etc.) in the real world
• Freelance developer : for the development of websites, the development of an application or any other computer program, etc...
• Freelance designer : for creating logos, banners, typography, etc...
• Freelance photographer : numerous niches ranging from wedding photography, newborn photography, events, etc...

Depending on what you are looking for, the details may change, but in general, here are some guidelines on how to start your entrepreneurial business:

• Define your goals and determine your end goal. Is this a temporary odd job or do you want to establish yourself as an expert in the field?
• Research your competitors and quantify your goals so you know what you're looking to achieve.
• Identify a market and a potential customer base. The freelance market is saturated, so it's crucial to identify a niche to stand out from the crowd. After doing that, reduce the number of customers whose needs are best covered by your services.
• Set strategic prices. Your prices should be based on the value you offer to a specific customer, regardless of competitive costs.
• Create a website. Promote your name and brand by showcasing your work and portfolio on your own platform.
• Build real “success stories”. After choosing your first clientele wisely, carry out your projects and you will gradually generate positive enthusiasm thanks to word of mouth.

With freelancing, you have total control of the type of business you want to manage and the goals you want to achieve. Freelancing can even lead to an unexpected path by trying out a new niche and developing your skills. That's why it's often considered a good idea for newbies looking to start their online business.

READ MORE: How should I charge as a freelancer?

3. E-commerce: Starting an e-commerce business from scratch

Another good idea for an online business is to create an e-commerce store. Although competition is fierce in this area, the market is huge and there are plenty of opportunities to earn a steady income.

Setting up an e-commerce business has many parallels with setting up a business in real life. It requires a solid business project, marketing and operational strategies, as well as the necessary funds to start the business:

• Do your research. Identify an exploitable niche, examine your competition, find partnership opportunities, and build a model that works best for your offering. Don't rely on intuition.
• Identify your brand and potential buyers. Who do you sell to? What image do you want to give of your business? Build your website with these questions in mind and develop a foolproof marketing and brand strategy.
• Do all the background work. This involves registering your business, obtaining the necessary licenses and permits, and designing a logo.
• Attract customers to your website. Use SEO tactics, increase traffic, and increase your customer base. This is an ongoing process and the importance of these tasks will increase as your business grows.
• Choose your E-Commerce platform : solutions such as Shopify or Podia are very easy to use but you can look at the selection below if needed

READ MORE: The Best CMS and E-Commerce Platforms

4. Digital products: Selling online courses

The popularity of online courses has grown rapidly in recent times.

In particular, the pandemic has seen the emergence of many people who now want to regain control of their lives by forging new professional or personal paths.

This is due in part to the thirst for distance learning as well as the desire to be educated on topics by industry leaders as well as by people with tactical tools and techniques that appeal to their audience.

Whether your audience is full-time students or people just looking to expand their skills, there are plenty of opportunities, and many benefits, of starting a business by selling online courses.

First of all, as with most online business ideas, costs are low and profit margins are high. But there are other benefits as well, including:

• An opportunity to automate and standardize your offer.
• Unique marketing campaigns such as the possibility of doing free trials
• It has no expiration date and can be updated and improved
• The apprenticeship cannot be “out of stock.” It is in line with future technological trends.
• It is easy to maintain

Depending on your area of knowledge, what you choose to offer your students may vary. But the tools at your disposal remain the same.

Offering tutorials and course videos on YouTube as a marketing tactic is also a widely used strategy in this area.

Although many online courses already exist on the market, if you get creative and identify an offer that is feasible, you will be able to achieve the expected success and have a high chance of success.

READ MORE: The best platforms to launch your school on the web

It's time to start your online business

Now more than ever, consultants, freelancers, and digital products are in high demand - it's a golden opportunity to launch your new online business.

You may have doubts about leaving the safety of a corporate routine to start your own online business, and that's a natural fear.

But if you do it the right way, the benefits will far outweigh the costs. The world is becoming increasingly dependent on and engrossed in digital technology, offering vast opportunities for those who are ready to seize them.

Now it's your turn to play.