Running a small business definitely has its appeal – low cost, flexibility, global market access, data availability, scalability, and environmental friendliness. It also has its own set of challenges.
Starting and maintaining a business of any sort demands hard work, and the first step is coming up with an idea. This guide provides 8 business ideas for novices and experienced entrepreneurs and some steps for setting them up.
1. Open an Online Casino
The online gambling industry has crawled its way up to become one of the biggest revenue-generators for the US in a short period. Online casinos offer endless entertainment opportunities for players, with thousands of games to play and dozens of bonuses to claim. If you are business-minded, you can build a profitable profession as an online casino owner. Here’s what you’ll need to invest in:
- A license ─ The qualifications and cost of getting an online gambling license vary depending on your state.
- A website ─ Building your online platform can cost up to $13,000, depending on the software provider and required functionality. A gambling site should be able to accommodate an influx of guests simultaneously.
- Software developers ─ To create an entertaining game collection, you must hire a dedicated game studio services package.
- Marketing ─ Casinos spend millions on promotions and advertising each year.
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2. Become a Freelance Writer/ Editor
Source: theisland360.com
Freelancing writing and editing skills online can be a lucrative business. The tasks could involve writing blogs, articles, manuscripts, reviews, and other web content. The startup costs are low and mainly require a computer and internet connection.
Also, you can commit to months-long projects or pick bite-sized tasks depending on your schedule. You will need compelling writing and editing skills and a portfolio of your work. Income varies greatly depending on the kind of writing/ editing, budget, and task complexity.
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3. Create/Teach an Online Course
If you are an expert in a particular field, creating and selling courses online can be a rewarding venture. You can develop a curriculum, record walkthrough videos, and market your course on platforms like YouTube, Teachable and Udemy.
When starting, you will require a good-quality camera for recording, possibly a microphone, and other necessary software. You will earn as per course sold, and it can generate high profits if it captures the right audience’s attention.
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4. Become an Influencer
Source: izea.com
Social media is a true phenomenon of our time and a significant player in the global economy. Perhaps considered a bold statement by the casual scroller or those unfamiliar with the space, this reality is factual.
Platforms like Instagram, TikTok, Facebook, and X significantly influence over 70% of Americans. Whether you are a casino streamer, doctor, fashion enthusiast, or traveler, you can realize significant creative potential and make money through social media.
Beyond creativity, you need an understanding of video editing and how social media platforms work. The startup costs can be low to moderate and might include a good camera, potentially a mic, and editing software.
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5. Become an Affiliate Marketer
As an affiliate marketer, you’ll recommend products or services on your social media account, email, website, blog, or other platform. You get a commission for each purchase made using your special link. You’ll need to establish a platform, such as a social media account or blog, and focus on your audience’s needs and interests to point them to the right products.
The startup costs typically include opening and promoting your platform, and they vary but are mostly low. You earn by getting a percentage of each purchase made through your links. The beginning can be slow, but successful affiliate link marketers rake in big bucks.
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6. Do Voiceover Work
Source: spotlight.com
With a good speaking voice and excellent command over language and pronunciation, you can voiceover audiobooks, online commercials, YouTube videos, podcasts, coursework, animated films, and more.
You’ll need to invest in a quality microphone and sound editing software. While no education is necessary, you can take up voice coaching. You can also post demo reels and establish a presence on your preferred platform. Creativity is essential to attract clients and generate revenue in this industry. Project size, budget, and other factors determine earnings.
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7. Start a Podcast
Consider starting a podcast if you like the sound of your voice and strike up a great conversation relevant to your audience’s needs. You’ll need a quality microphone and recording software to start.
You can consider working with your friends, other podcasters, or prominent individuals to draw attention to your content. You can also post it on multiple platforms like YouTube, Spotify, and iTunes.
Like social media, podcasts have diverse monetization opportunities. Over 70% of Americans understand what podcasts are, and over 30% of them listen to one regularly.
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8. Build Apps/ Websites
Source: keenethics.com
If tech is more your style, learn some coding skills and start building apps, websites, and other online products for service provision or sale. You can work with clients to create apps or websites according to their needs or create custom templates to sell to merchants.
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Closing Thoughts
Once you have settled on an ideal online business idea, ensure you do your due diligence and plan how to bring it to life. Research how to start the venture, set up finances, build your website, and market your new business.
