One of the easiest ways to earn money is to establish your own online business. Regardless of your work history, there must be something you can offer to the growing digital community as long as you are determined to learn and search for possible opportunities.
Working from home has many advantages and the world is adjusting so well to the new norm of digital purchasing, transaction, and management. If this is how it’s going to be for everyone in the future, you might as well start your own business now.
Aside from a flexible work schedule and unlimited market possibilities, you can start your online business with only little financial investment or possibly none at all. Here are six(6) online business you can start with low to no investment:
1- Photography
As a photographer, having a website is a great option to advertise services, and as a secondary income stream source. Selling stock photos online is among the best online business ideas if you are passionate about taking photos.
How much do you need to start a photography business?
A photographer’s main equipment is a good camera that can shoot professional-quality photos. While it is a must to invest in a professional camera, you may start with a smartphone that can also take great pictures. You may also want to check out photo editing apps if you want to start a digital business out of photography. You can try having a free background remover so you can remove the background from your images. This is especially helpful if you are selling photos since most buyers would like a transparent background so they can use it for a variety of applications. Consider if a person does/ does not have equipment
Do you need to have a website?
It would help a lot to have a website of your own but if you don’t, you can still earn a lot by setting up an account in various stock photo marketplaces. Adobe Stock, Shutterstock, Alamy, and Etsy are just a few sites that work best for this purpose.
2- Graphic Design
Graphic design is one of the most profitable businesses online because it is highly in demand among website owners. Thousands of websites are launched every single day and graphic artists are among those who have the power to make a website unique and engaging than the competition.
What skills are required to start a graphic design business?
As a graphic design artist, you must be armed with knowledge and skills to work with different tools or applications. If you are not yet trained to do graphic designs, then most of the investment will be for attending classes that will teach you all about this skill. Formal learning is highly recommended but you may also try learning from free online tutorials or join forums where you can learn from successful graphic artists.
How much is needed to start?
Given that you are already knowledgeable and skilled to do graphic designs, you need to invest in proper programs that will make your work easier. A computer and a digital sketchpad are your basic equipment. They must not be outdated and must be able to help you provide a wide range of services. Robust design programs can let you work on high-quality image content which is what high–profile clientele wants.
What graphic designs can you sell and where can you sell them?
There are a plethora of graphic design ideas that you can sell online from simple projects like business logos, business cards, etc. to more complex projects such as websites and 3D designs. You can always look for a client via your website or through freelance job boards like SolidGigs, Upwork, 99Designs, and Flexjobs. Alternatively, you can earn passive income by creating designs that you can sell on design marketplaces like Designhill, Etsy, Creative Market, and Art Web.
3- Photo Editing Services
Photo editing has a huge impact on business both online and offline. It is an integral component of the marketing process which is why it is both a wise and profitable business idea.
What skills are needed?
In-depth knowledge and technical skills on photo editing is a must if you want to make a lot of profit with photo editing services. Initial investment should cover classes and basic equipment like a fast computer and premium photo editing software.
If you are highly concerned about your budget and are looking for a cheaper alternative to expensive photo editing software, you can always use Removal.AI to edit photos. It is free to try the software so you can see how effective it is for a variety of photo editing needs aside from its revolutionary free background remover. The premium plans are also competitive and will let you work on a specific budget.
Where can you find clients?
Since you are aiming for a minimal investment to start with this kind of business, you can go ahead and skip the part of having a physical shop where you can offer your services. You can instead look for clients online via freelancing job boards, social media, or your website.
4- Dropshipping
Dropshipping is a unique business concept wherein it is possible to earn profits from selling items that you do not have on stock. It works by partnering with wholesale drop shippers from many selling platforms like Amazon. The idea is to have customers buy from your store by coming up with SEO rich content then the order is placed on the drop shipper’s store so they can send it to the client.
How many people succeed in dropshipping?
Ecommerce is so lucrative that worldwide sales went up to as high as $3.5 trillion in 2019. This is a good indication of how this business model can be great for anyone. The success rate in the dropshipping industry is relative to how a person defines success. If you are referring to the potential to earn a steady income, then yes, this is a very ideal income-generating business, especially because it is very little to no risk involved in terms of investment.
How much should you invest?
The startup costs for a dropshipping business is only for maintaining an account with your chosen online selling platform, like Shopify, or for setting up your own online store. Additional costs may come up for customizing your page with a good design or theme. You may also want to include in your budget if you are planning to test out products yourself so you can make a thorough review and create SEO rich content.
How to start and what are the required skills or products needed?
The most important step in dropshipping is to make market research of trending products where customers tend to gravitate to. Find out what particular products are hot on a certain niche then evaluate your competition. Once you have targeted which products to sell, find a good supplier that will work with your store. Everything that is left to do is to do a marketing strategy where you have to incorporate your business into every marketing tool you have: Social Media, SEO, Email and Content Marketing, a Paid Search, and even Influencer Marketing.
5- Virtual Gaming
This business idea is perfect for people who are great at playing online games. There are plenty of websites that offer real money for prizes. Game developers can also earn from this business model by creating new and exciting games.
How Virtual Gaming emerged?
Virtual Reality technology has grown in the last few years, transforming the gaming industry. People from around the world are excited for a chance to be in the virtual world by participating in role-playing games. Game developers are given a platform to work on fresh game ideas and introduce them to the market.
How to monetize it?
There are dozens of ways to make money out of virtual gaming. Gamers can start looking for gaming sites and pay a minimal fee for a few games required before earning from the game. For the developers, you can do in-game advertising, do video ads, create premium content for the players, offer subscription plans, in-app purchases, and gifting, cross-marketing, and releasing a “lite” version of the game as a preview for the full version of the game.
6- Virtual Assistance
Virtual assistants are those people who do administrative work remotely in exchange for a fee. It sounds pretty simple but what a VA can do is more than just the popular notion of being an executive assistant. There is a diverse list of services that a VA can do which is why it is a good business if you are willing to learn how it works.
What are the tasks of a virtual assistant?
The services that are expected from a virtual assistant will depend on the job description set by the employer. Most businesses require assistance for social media management, blogging, general administrative tasks, and managing finances.
How much experience do you need?
Because there are hundreds of people wanting to become a virtual assistant, many employers look at the experience as one of the requirements upon application. Technically, experience in working as a VA should not be a requirement but it is highly essential to identify which areas you are highly capable of. You need to be specific on what your specializations are so you can do great at your tasks.
Conclusion
The internet and technology has made it possible for anyone to establish a business without the need to be physically present. The other best thing is that it can all happen without having to to spend a lot of money.
What you need though, as an aspiring entrepreneur, is to invest your time in honing and learning new ones. The internet is so broad and there are a lot of resources that are free and you only need to be diligent in reading and researching. You can also use your financial resources instead to enroll in online classes.
Take advantage of the current situation while people are forced to work and stay at home. One pandemic must not stop us from being creative and explore possibilities to earn a good income.
Profile:
Yen is a resource and SEO content writer. She is currently managing customer operations and public relations for Removal.AI, an automatic background remover and online photo editor software designed & developed using AI technology to simplify clients’ workflows to foster productivity, creativity, and design.
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