As society delves more into the digital world, shrewd entrepreneurs are taking their businesses online. Can you keep up?
3 Online Businesses to Start in 2023
Online businesses are nothing new. While the events and aftermath of the global lockdown that began in 2020 certainly highlighted their value, many businesses have been remotely run for years. This model allows for a wider reach, more visibility, more chances to expand and a better work-life balance for you and your team.
If you want to start an online business, you’re in the right spot. Today, this article will discuss some of the most popular and successful online business models of 2023 and some top tips on getting started. By starting one of these online businesses, we believe you could be investing in a brighter and more lucrative future.
- Digital and Remote Services
Chances are, you have a niche skill. Whether you’re a Photoshop whiz, brilliant pianist, SEO specialist, master coder or startlingly accurate tarot card reader, there are people who will pay top dollar for you to perform or teach them this skill.
Why?
Many people have turned a hobby or skill into a side hustle — but thanks to technology, it’s become their big moneymaker. Many people are finding joy and success by running an online business utilizing one of their niche skills. Not only does it provide the freedom of self-employment, but it also is a chance to share your passion with the world.
How to Get Started
There are several steps toward starting an online business. In some cases, certain certifications or paperwork will be required to perform your service, even if it’s done remotely. Once that has been squared away, you’ll need to develop a business and marketing plan to ensure that you have a “blueprint” for how your company will run smoothly. Establishing your online presence is essential. You’ll need an SEO-ready website, cohesive social media and a strong sense of how you want to present as a brand.
Depending on your company’s scale, industry and nature, you may want to consider outsourcing certain services. Some online service providers work with marketing agencies to ensure they use the right branding or reach their ideal customer base. Others work with freelance graphic designers, SEO experts or developers to help their websites shine. Many outsource BPO call centers to handle everything from appointment-setting to following up on leads.
- Selling (or Reselling) Products
E-commerce has existed for decades — longer than many people in the workforce have been alive. However, the world of online shopping has undergone massive shifts since it was first introduced to the public. Today, people can research and purchase products whenever they want, often from anywhere in the world. This is an excellent opportunity for savvy entrepreneurs hawking everything from handmade wares to luxury products to upcycled thrift store items.
Why?
When it comes to e-commerce, the sky’s the limit. Depending on your interests and talents, you can sell anything that’s in high demand. Your brand can sell anything from children’s school supplies to Japanese snack foods, beard-care products and hand-crocheted hair scrunchies. Some e-commerce brands have a virtual shop attached to another facet of their company, like an informative, content-heavy or interactive social media account or website. Other stores are standalone, with their products being their primary source of traffic.
How to Get Started
You must do plenty of research and planning before starting an e-commerce business. Of course, you will need to source or create products to sell — but that’s only the beginning. As with an online service, you may need to complete paperwork or pass certifications to sell certain products. It’s also important to create a comprehensive business plan, build an online presence and develop a website and social media accounts to represent your brand. Don’t forget that you will also need to have a firm handle on everything related to payment processing and shipping.
Many makers and e-commerce owners choose to outsource or team up with another company to increase visibility and sales. Some decide to sell their products on an online marketplace like Etsy or Amazon. Others prefer to operate solely on their website but outsource other elements, like using a call center for payments processing or a design agency for their website and logo.
- Influencer Marketing
While the term “influencer marketing” is relatively new, the concept of having products or services sponsored by well-known public figures has been around for ages. However, influencer marketing is a modern and unique concept that allows for more online-run businesses.
While previous generations have utilized this type of marketing through televised product placement or advertisements starring celebrities, influencer marketing mainly takes place on social media. People who have large followings partner with brands to create advertising content. This is often different from “traditional” advertising — the “influencer” typically creates an ad similar to their pre-existing content. So, let’s say a beverage company sponsors a TikTok-famous comedian who makes fake surreal movie trailers. The final sponsored ad might be a humorous trailer about someone who falls in love with a bottle of soda. It’s an organic way of advertising and allows for a more curated and enjoyable consumer marketing experience.
For folks interested in influencer marketing, there are two main routes. You can become an influencer yourself, or you can work with them. As an influencer, you will work with brands and/or an agency to develop sponsorships. The other option is to start your own influencer marketing agency, where your team scouts and represents influencers, facilitates partnerships with companies and helps them work together to develop branded content.
Why?
Influencer marketing is a burgeoning industry that will only get bigger as social media expands and becomes more complex. Whichever side of the camera you prefer to be on, the influencer industry is rife with all types of growth, creative and financial opportunities.
Influencer marketing is also a great business to conduct online. While some partnerships may require in-person collaboration, many influencers produce content from their own space. Influencer marketing agencies can also be conducted remotely, with meetings, scouting and negotiations all taking place online.
How to Get Started
If you plan to be a social media influencer, building a large following is crucial. Most successful influencers have at least 1,000 followers — and usually many more than that — before they begin partnering with brands. In the meantime, develop your niche and be persistent in creating and posting great content.
If you are starting an influencer marketing agency, it’s time to begin researching clients and networking. Ideally, you’ll want to find brands and influencers you believe in and develop good relationships with them. This requires a lot of outreach via email, social media and the phone — but that is an investment that pays off. Many agencies outsource an outbound call center to help close deals and handle the high volume of communication.