In today’s day and age, the internet has exponentially changed the way business is done. It has redefined the parameters allowing aspiring entrepreneurs easy access to resources that were previously out of their reach.
Starting a business online is not a novel approach. The COVID-19 pandemic forced everyone to adapt; many had to take their business online to survive. And some of these companies have adapted to the work-from-home setting and are likely to continue it in the future.
So, if the idea to start a business online resonates with you, you are not alone. The benefits of online business are many, from having access to a global pool of clients to cost-effectiveness. It also helps you to be more flexible with timings. This way, you can work with global clients. Furthermore, you can manage the business from any corner of the world.
We have put together a quick list and resources for 7 profitable low-cost online business ideas to help you find the right online business for you.
What are some of the profitable low-cost business ideas?
Some of the best low-cost online business ideas include affiliate marketing, blogging, being a social media influencer or a YouTuber. You could start your own Podcast or become a virtual assistant. Creating and selling courses on Coursera, LinkedIn Learning and Udemy is another profitable online business venture. For professionals, being an SEO consultant or a small business consultant may be suitable. Or, if you have the skills and expertise, you could become an online stock trader.
Low-Cost Online Business Ideas for 2022
1. Stock Market
Professionals with stock market skills & expertise and people who have dabbled in stock trading in the past should consider creating a long-term stock market investment plan. Beginners could also try their hand at online trading but need to understand what it takes to work with the stock market.
According to Investopedia, online stock traders need to have the following skills:
- Analytical skills that enable them to analyse data quicker.
- Research skills, as information is one of the pillars of the stock market’s foundations.
- Ability to focus and grasp knowledge about the stock markets and their types of securities.
- They need to have a calm and collected approach. It is necessary to control your emotions and not allow them to get better for you. Trust the strategy. Don’t let your emotions risk your gains.
There are several ways for you to go about becoming a trader. The first one involves finding the Stockbroker who’ll take a percentage of your profits. The second one includes doing it without a stockbroker. You can find out how by referring to some of the resources provided below.
Resources to help you get started with the Stock Market
- Credit Mantri: Step By Step Guide To Investing In The Stock Market In India (with a stock broker)
- Bajaj Finserv: How to start trading online(with a stock broker)
- HDFC Bank: How To Invest In Stocks Without Broker
- The Best Stock Broker: Best Trading Platforms in India 2022
3. Affiliate Marketing
Affiliate Marketing is promoting other companies products or services on your website or platform in return for earning a commission on the sales generated. Ideally, the commission percentage depends on the sales, but some affiliate programs have a fixed amount.
Most successful bloggers make their money from affiliate marketing, which has developed a lot since the earlier days when people would share links from Amazon or other shopping portals and get a commission.
An affiliate marketer is often a blogger, social media influencer, Vlogger and other creative digital talents that have a platform to feature a company’s product or services. So, they pretty much need to have the same skill set as that of a blogger.
Resources to help you get started with Affiliate Marketin
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5. Create and sell a course
The pandemic gave everyone at home the opportunity to explore online courses. Since then, they have gained popularity, and people prefer to sign up for a few hours courses rather than committing to an annual degree to learn only a specific skill.
Of course, the degrees teach a wealth of knowledge ideal for someone willing to invest 2 more years of their life in dedicated learning.
An online course allows graduated students to brush up on their stagnating skills and offers beginners an alternative way of learning.
Coursera, LinkedIn Learning, Udemy, Skillshare are a few online course websites where you can sell your course. To create a course, you need to know a topic inside out.
For example, creating course material for blogging would include adding personal milestones, achievements, and experiences to the mix. It would allow the students to learn with the example of their teacher.
Resources to help you Create and Sell Courses
- Guru 99: 15 BEST Online Course Platforms (Mar 2022 Update)
- Udemy: How to Create an Awesome Online Course
- E-student.org: How to Create an Online Course for Free
- Thinkific.com: 10 Steps To Creating A Wildly Successful Online Course
A podcast is a method of distributing audio content to the audience using Podcast platforms such as BuzzSprout, SoundCloud, and RSS.com.
Beginners will need to build a separate podcast studio to ensure that they face no disruptions when they are recording episodes. You also have the opportunity to choose from one of the several podcast hosting sites.
Many of you may have heard about books being adapted into movies, but only a few must-have come across podcasts adapted into web shows or movies.
One example of such a podcast is Lore by Aaron Mahnke. Amazon Music has all Lore Podcasts. On Amazon Prime, the podcast is transformed into a visual adaptation for the audience.
To find out the scope of Podcast, a profitable business venture, you can refer to 17 other Tv shows based on Podcast.
Resources to help you start a Podcast
- PodcastInsights: 31 Best Podcast Hosting Sites (Top 7 Have Free Offers)
- Riverside.fm: All You Need to Know About Building a Podcast Studio at Home
- Podcastblastoff: How to Build a Podcast Studio on Any Budget
- SmartPassiveIncome: How to Start a Podcast STEP-BY-STEP | 2022 Complete Tutorial