Modern technology has enabled entrepreneurs to do their work from almost anywhere. In fact, many companies operate in a wholly digital environment, lowering overhead costs and offering freedom to entrepreneurs who want to conduct business on the move. Creating an online business is simply a matter of focusing on your strengths and expanding your network. Here are 12 great online business ideas to get you started.
Best of all, unlike a brick-and-mortar business, you don’t need a lot of startup capital. In fact, you can get many internet businesses up and running with no money at all because so many free services facilitate the possibility. For example, you can set up a website or blog for free using WordPress. Or you can leverage a third-party site like Amazon or eBay to sell goods. You use their selling platform in exchange for giving them a cut of your sales.
I already know what you’re thinking when you read that title, ‘Here comes another one of those get rich quick scams. I don’t blame you. Most titles that begin the way tend to lead to some ebook or sales page. But what I’m about to reveal to you is totally legitimate and involves nothing more than speaking your mind. No I haven’t lost mine! Just be patient.
Use a credit card’s cash advance feature. Some credit cards will allow you to withdraw a certain amount of cash by using it at an ATM. This can help you come up with cash in a hurry. However, the interest rates on cash advances are usually much higher than the credit card’s usual interest rate, meaning that you will eventually have to pay more.
Owning a “real” business means you need to think about bank loans or financing, leases, maintaining inventory, business insurance, finding staff, training staff, etc. You then need to factor in finding a prime location for your business. If you don't have enough footfall then you can expect to be shutting up shop in as little as a few months. In fact, 50% of small brick-and-mortar businesses fail within their first 3 years.
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.
There are a variety of online lenders out there, and if your credit is fairly good, you can apply for a personal loan online and be approved almost instantly. The money will still take a few days or even a week to hit your account, and the interest rate will be higher than, say, a home equity loan. But a personal loan from a reputable company — and be careful, for some online lenders are little more than payday loan shops online — beats credit card debt for a couple of reasons: Installment loans are better for your credit than revolving credit card balances, and even a 10% interest rate is preferable to what you’d pay for a cash advance.
Work at home transferring data from one source to another. Most of these companies do not require past experience, although with few exceptions the pay may not be enough to consider it a stable income. Before you begin applying to any of the companies below (many of which sadly are almost never hiring), you might want to read the post I wrote about data entry jobs from home. It explains what your expectations should be prior to pursuing a career in this industry.