Small businesses can be a great source of passive income. If you know how to plan effectively and are willing to work hard, you have every chance of making it really profitable. Even a small business can become a successful empire if you are determined and know what tools to use. The first step to success is choosing the right profitable business idea.
There are some things to consider before starting your own business. First, you need to determine the type of business you want to own, conduct market research, identify risks, calculate costs, etc. Then it is recommended that you Read more on the vital elements to take into account to make the most effective decisions. Finally, check out the small business ideas below if you’re still wondering which idea will work best in 2022.
Open an online store
An online store is a proven way to build a profitable business. Online shopping has become commonplace, leading to increased sales and the rapid development of e-commerce worldwide. The best part is that opening an online store is much easier than a physical store. The start-up costs are much lower because there are no administrative costs such as rent for example.
All you need to get started is a product and an online store platform. Here you have many options, among which the most popular is WooCommerce, a plugin for everyone’s favorite CMS, WordPress. A great alternative for beginners is a website builder. This universal platform includes everything you need to create and launch a website: from hosting and a domain name to ready-to-use e-commerce solutions for any new business.
If you want to make money fast, try to sell products at low prices and with high margins. Some popular examples of high-margin items include jewelry, video games, and phone accessories. Digital products are also a good option since you don’t have to spend money to store them. Do you want to sell online without producing your goods? Then dropshipping as a business idea for a small business might interest you.
Become a blogger
Do you like to write and tell stories? Then you can make a good profit from your passion. Blogging is one of the most interesting and profitable small business ideas today. One of its main advantages is that you can manage your time and work from the comfort of your home. Create high quality content, add cool photos and videos and earn big money. Many public figures, such as Molly Yeh, started their careers doing the same. Now she hosts a Food Network show known as Girl Meets Farm.
Having high website traffic is essential to start a business blog. For most businesses, there is huge conversion potential. Did you know that a blogger could make $1,000 to $10,000 if they view around 100,000 pages per month? Sounds good, doesn’t it?
Offer online coaching services
One of the most affordable small business ideas is coach services. The best thing about coaching is that all you need is internet access, a strong desire to be helpful to people, and a site. Are you a competent person who can help others achieve their professional and personal goals? Then you should consider a job as a life coach. Counseling and social work experience will be of great help if you choose this business idea. Since this business can be run entirely online, you won’t be tied to a location when looking for clients.
Design a website yourself or hire a professional to make your site original and appealing to users from different countries. You can conduct individual and group training using calls and video programs. Digital advertising and social media will help you promote your business. You can also start a podcast to attract more visitors and tell your life experience.
Work as a translator
If you speak and write in multiple languages, pay special attention to this small business idea. Use the skills you have already learned to translate content of different types, including website text, books, etc. As a rule, such work can be done remotely, working as a freelancer or having registered your entrepreneurial activity. However, if you lack experience, find translation courses online, enroll, and do some trial projects. Then, when you become more experienced and feel you have the necessary skills, start taking small orders.
Resell domain names
Domain flipping is the practice of buying and reselling domain names at a higher price. This is one of the best small business ideas if you want to start an online business with little capital and almost unlimited profit potential.
Domains that have business potential and contain important keywords are suitable for flipping. For example, the Hotels.com domain was sold for $11 million at one point. It was purchased for an online hotel booking site.
However, such generic and short domain names are very rarely available today. Many pinball machines buy domains with local keywords. You should follow the news. Some domains may become popular over time.
Provide professional resume writing services
Resume writing is a great small business idea for people with a background in HR. As a specialist who knows the important professional qualities that a candidate must have, you ensure that your client’s documents are attractive and understandable to employers. You must be able to write well and understand marketing.
Also, make sure you familiarize yourself with the candidate selection system. Most companies use it to filter and index resumes based on job description. This is why it is essential to include the right keywords so that your client’s CV is well optimized.
Website testing company
We end our list with another great small business idea – website testing. Many IT companies and developers are willing to pay to test and evaluate the usability of their products.
Companies are often looking for regular users who would just try using the product. This way they can get feedback from real people.
How you will perform the tests depends on the customer. They usually give you instructions and questions to answer during the verification process. By testing the site, you will save the process by commenting on your impressions. You can search for projects online on platforms like UserTesting. Use this opportunity to interact with customers and gain experience. Then you can open your own business that will specialize in website and software testing. So you can earn more by setting your price.
Choose your favorite idea, learn the steps to achieve your goal, and become a successful small business owner.
This article does not necessarily reflect the views of the editors or management of EconoTimes