Individuals who invest are faced with the decision of choice of investment vehicle and asset classes. They have to choose the asset classes based on their risk appetites and expected rate of return. Various factors affect the investment decisions of an individual such as the age of the investor, income level, savings rate, risk appetite, investable surplus, the rate of return expected etc. Investors often rely on the share trading tips from investment or portfolio managers for their investment decisions.
A portfolio manager is a professional who aids the investor in attaining their investment goals by placing their funds in appropriate investment vehicles, based on the risk appetite of the investor. Portfolio structuring is the art of a professional investment adviser to carefully allocate the funds of an investor in the appropriate channels. Diversifying risk is one of the prominent goals of portfolio structuring. Portfolios can be built upon the different asset classes like: debt, equity, government bonds, real estate, precious metals, commodities, futures and options or other alternative avenues such as real estate trusts or art.
The portfolio management process entails the matching of investment goals of the investor to the strategies for investment formulated by the portfolio manager. The overall market scenario, economic regulations and international events affect the share markets globally. The strategic asset allocation process brings clarity for the investor in terms of customized solutions for investment in different asset classes. Based on the risk appetite of each client, portfolio managers determine the percentage of funds to be allocated to assets with differing risk and reward levels.
Investing in shares is a particularly tricky subject. Retail investors invest in stocks with an expectation of gains from market price movements. They usually lack the knowledge and expertise of understanding the business models, future sustainability, and possible returns on initial amount invested. This is why portfolio managers are hired for professional advice on building portfolios and determining the structures. Here are some of the portfolio structures for share trading which are popular among investors:
Aggressive and active portfolio:
Growth stocks are usually associated with high risk and high reward. These stocks appeal to investors who aim for owning a stake in emerging companies on the growth path. Portfolio managers recommend aggressive stocks to investors with higher risk appetite. Nowadays fintech and technology startups are increasingly becoming a part of the aggressive portfolio of investors.
Shares of companies that are not high risk and relatively stable in returns form part of the defensive portfolio. These stocks are preferred by risk-averse investors, who do not wish to invest in shares that are very sensitive to the market environment and other economic dynamics. For example, an FMCG company’s shares would have a relatively stable demand and income generation.
Income bearing portfolio
Certain investors need regular payouts from their share investments in the form of bonus or dividends. They focus more on the cash flow generation ability and history of the companies whose shares are trading in the markets. Income bearing stocks provide for a regular income to the investor. He/she can also benefit from capital appreciation due to the general uptrend in price movements of these stocks over a period of time.
Speculation oriented portfolio
Shares that are purchased for speculation have a risk level which is higher than the aggressive stocks. These shares are from companies which have breakthrough products, or are on the verge of some kind of corporate restructuring like a merger or acquisition. Choosing the appropriate speculative stocks at the right time can lead to big-ticket gains for investors. These stocks are also preferred by risk-taking investors.
An investor who diversifies his investable surplus across avenues other than stocks is said to have a hybrid/mixed portfolio. Individuals can invest in debt securities, G-secs, real estate, commodities, derivatives and even alternative investments. The proportion of fund in each investment vehicle can be customized to suit the investor’s risk appetite. This is one of the most ideal forms of investing.
Portfolio structures for share trading are also influenced by the time period of investment. Greater the time available, shares can be selected accordingly by the investor. In case the investor only wishes to invest for a short period of time, speculative investments would be appropriate. Each investment strategy suggested by the portfolio manager and adopted by the investor has pros and cons. It is the responsibility of the investor to carefully study through the advantages and disadvantages of any investment strategy before adopting it. Having a hybrid form of portfolio is advisable as it spreads the risk taken by an investor across different securities. A professional approach to handling portfolios is required on the part of investors to ensure maximization of returns.
10 Reasons Why Digital Marketing Is Important for Brands
Are you looking for answers to “why digital marketing is important for your brand”? Why should you invest your resources in professional online marketing services? Then you have landed in the right place! Read this blog to find out why.
In the present time, the cumulative effect of technology and marketing techniques has changed the way people consume information (of any type) and make purchasing decisions.
As per WordStream’s report, 73% of customers are more willing to spend on a company’s resources if it has strong online visibility.
Moreover, with the immense user base and growing social media platforms as the primary source of acquiring education, the significance of digital marketing strategies has been amplified.
According to the report of Finances Online, out of the 7.83 billion total worldwide population, there are 4.66 billion active Internet users globally, of which 92.6% are mobile users.
Be it a startup, a medium-scale business, or an established brand, everyone is taking advantage of digital marketing and grabbing more customers’ attention towards their brand via all sources of marketing channels, including search engines, social media, and advertisements.
Not only that, but companies are now better managed to deploy their resources to the team while staying within the allocated budget and eventually leading to their final sales.
Having said that, it is a no-brainer that digital marketing holds the utmost potential for the future of brands (both emerging and established ones) with its array of alternatives.
But whatever we said earlier, it was just a glimpse!
Let’s dig deeper into the core benefits of digital marketing for any business.
Table of Contents
What is digital marketing?
Digital marketing, also known as online marketing, is a type of practice in which a brand promotes its goods or services to a wider potential audience using different online marketing channels such as SEO, social media platforms, newsletters, PPC advertisements, and more.
Therefore, contrary to traditional marketing campaigns, digital marketing makes it easier for businesses to build a loyal customer base, meet their expectations, and generate revenue for themselves.
Types of Digital Marketing
Search Engine Optimisation (SEO) Marketing
SEO is an amalgamation of science and art that involves making pages of your website attractive in the eyes of search engines, resulting in a higher ranking of the site in the SERPs. It is not a direct form of digital marketing; rather, it provides an identifiable platform for users.
There are a plethora of factors that, if implemented strategically, contribute to great SEO marketing, such as:
- Optimizing the website content according to the readers’ perspective.
- Integrating the high-quality backlinks.
- Clear call-to-action buttons.
- Incorporate relevant keywords in the content.
- Website responsiveness and page loading speed.
- Additionally, invest in technical SEO, which would take care of all the back-end aspects responsible for the higher ranking of your site.
Click on this, if you are looking for search engine optimization services.
According to the pipeline report, 92% of marketers consider content to be one of the most important assets of any business or brand.
Content marketing is the foundation of any digital marketing strategy, providing relevant written content to the target audience, attracting them, boosting engagement, and eventually converting them into paying customers.
Following are ways of providing value to their readers and acquiring prospects:
- Educational blog post
- Downloadable e-books
- White papers
- Media (audio and video transcripts in short or long format)
- Infographic templates
Social Media Marketing
With 4.9 billion social media users globally investing their time, it is a no-brainer that brands can use this form of digital marketing to raise brand awareness, thus driving more traffic to their websites and closing more deals.
The most popular social media platforms worldwide are Facebook, Instagram, Snapchat, TikTok, Twitter, YouTube, and LinkedIn. All these platforms support different content formats and thus bring audiences of vast interest to one platform.
The following are the key practices of social media marketing:
- Build engaging and relevant content.
- Run social media campaigns and raise awareness of your brand.
- Post when your followers are active at their peak and engage with them.
- Answer their queries in the appropriate professional position.
If these practices are implemented properly, you can get more loyal followers on Instagram, Facebook, or other widely used social media platforms.
Pay-per-click, or PPC, is another fruitful form of digital marketing that charges you on a pay-per-click basis for the ads that are running on different platforms. This means, unlike splurging money on those constantly running ads, you only pay when someone personally interacts with your ad.
In fact, according to a marketing survey, brands are getting double the ROI on Google Ads.
There are different types of PPC; for instance, there are Google Ads or Bing Ads for their respective search engines, and then there are promoted ads and follower ads on social media platforms. However, since the door of PPC is open for every business, the following are the key practices to make the most of this form of digital marketing:
- Use of relevant keywords in the advertisement.
- The quality of the ad: don’t make it so obvious or pushy; instead, create a sense of mystery.
- The quality of landing pages should ensure that when a user lands on the landing page, they get value from it.
- Bid value.
Know more about how to use social media for local businesses.
These days, one of the most well-known types of digital marketing is affiliate marketing, which operates on a revenue-sharing model. Every time someone purchases a brand they have encouraged, a promoter receives a reasonable share of the fee, according to this business model.
To start this affiliate program, you need to find a retailer and establish a connection with them, which you can do via different marketing channels. You can then take their goods to the audience and profit significantly.
Similar to affiliate marketing, influencer marketing also works on a revenue-sharing model. The only difference is that here, brands or businesses of any scale work with influencers who share a large base of loyal followers. To reach a broader geographic region, influencer marketing works pretty well both in terms of B2B and B2C business models.
Aside from the aforementioned, marketing automation, mobile marketing, and email marketing can do a lot for businesses (small, medium, and large scale businesses) and are other popular and effective forms of digital marketing for brands.
Importance of digital marketing for brands or businesses (small, medium, or enterprises)
You will only target the right audience
With the ever-changing technologies and the growing spectrum of the internet, most people are spending their time online, be it for entertainment, casual checking of their social media handles, or buying a product.
As mentioned earlier, there are 4.66 billion active Internet users so far, and the number is still rising exponentially.
In the midst of it, employing digital marketing strategies will take your brand to a broader level of targeted audience. So, instead of roaming around here and there, you will only reach out to your prospects and thus buy yourself more time to engage with them.
Going the other way, which is lacking an online presence, will let you miss out on the potential chunks of your hand. Thus, to get the most ROI from your business, start putting efforts into a strong online presence and let your customers do the talking about your products or services organically.
Increased brand awareness
The whole concept of digital marketing was brought into existence to increase online visibility and improve brand awareness.
The traditional marketing tactics used to take more time to bring in new clients, and that too at a higher expense. And on top of that, the needle was constantly moving toward the prospects being available at the right time.
Thanks to the existing and emerging digital channels these days, people are connected to these platforms at any time of the day via the Internet. Thus, it makes it feasible for businesses to reach out to them whenever they are online and build brand awareness through effective digital marketing strategies.
Brand marketers can reach their audience with relevant information using any of the digital channels, including search engines, social media, podcasts, email newsletters, affiliate marketing, and many others, and make them engage with it.
Did you know the cost of a single billboard used to be around $1200 to $1500 per month during the 19th century?
A few decades ago, close to the 1950s, traditional marketing (like newspaper ads, billboards, magazines, flyers, TV, or radio) was considered a symbol of luxury, and only a few businesses could afford it. Thanks to digital channels, brands of all sorts of budgets can promote their businesses on one uniform platform, contributing to one of many reasons why all brands should invest in digital marketing.
One can only learn the basics of DM and implement the tactics with zero investment. Surely, this is a common advantage for all businesses, but for small businesses, it’s music to their ears.
Moreover, with platforms like Google or Facebook, there is no minimum barrier to running advertisements. We mean, you can start at $4 to run a campaign; it’s totally up to you.
Reduced price of acquiring new leads
In marketing, there is a term called customer acquisition cost, or CAC. It is the total amount of money that has been spent to bring new clients to a business.
Unlike traditional marketing, digital marketing provides a greater means to reach a broader targeted audience and also the tools to interact with them.
All this results in pouring more leads into your sales funnel, which eventually increases the likelihood of converting them into paying customers at a lower cost. Thus resulting in a lower CAC, i.e. saving money for your business, which can be utilized in other areas of marketing.
But how would you reduce the customer acquisition cost? Following are the ways to do that:
- Shortlist the niche markets and audiences.
- Create a brand-resonating message and deliver it to your customers.
- Optimize your site so that more quality traffic drives to it.
- Analyze all your campaigns and, if needed, retarget them.
- Monitor all the activities and mold your strategies accordingly.
- Automate all your marketing modules.
Your opponents are already taking advantage of it
Another crucial reason why digital marketing is so important for your brand is because your competitor has already reaped the benefits of online marketing platforms.
They have already optimized their website according to search engine guidelines, generated content as per different social media platforms, and run their marketing campaigns. Overall, they have already built a notable social presence as a brand.
By not taking advantage of digital marketing strategies, you are already running infinite steps behind your competitors, and if you don’t take a decision soon, chances are you won’t be able to fill this gap. Now, if that is not enough for you, we don’t know what would trigger you to do so.
Monitor your marketing campaigns and optimize them for greater ROI
The fact that you can keep an eye on every single movement throughout your campaign is another solid reason why digital marketing is important for brands.
When you invest your blood and sweat in marketing promotions, it is obvious that you want to know the ins and outs of the process. And digital marketing makes it seamless for you to do that. With effective marketing tools, you can monitor your campaign’s outcomes, analyze them, and rethink your strategy to generate a higher ROI.
However, this won’t be the same in the case of traditional marketing, where you would be required to go door-to-door to collect their input. Not only would it consume a lot of time, but the results wouldn’t be guaranteed.
Higher customer engagement and retention
Customer engagement and customer retention are two different metrics in the field of marketing that are used to measure how much of your customers engage with your content and how much of your customers become loyal over time.
For established businesses, engaging with their clientele is not an issue, but for the emerging ones, the small businesses, that could be a topic of discussion.
Again, thanks to the different digital mediums, small business owners can engage with their customers’ feedback and in case of any doubt, resolve them on the same public forum.
This way, you won’t only help your client clear their doubts but also give outsiders a chance to see how calmly and beautifully you have handled them. All these will create a sense of reliability towards your brand and help you build a loyal community and retain them over some time. Thus, giving businesses a strong reason why digital marketing is important for their brands.
Personalization made easy
In the digital age, data gathered through various marketing tools is much more precise and accurate than in traditional marketing days, which is a crucial aspect from a campaign perspective.
For example, how many people have contacted you by phone? How many people have responded to your attached brochure within the email? How many potential users have visited your website? And more such questions. Now, since you have insights into real-time data, based on that, you can provide personalized content to your consumers and enhance their experience of being connected with your brand.
Easy and fast conversions
In old times, who would have the time to visit your office as soon as they saw your company’s ad on some TV commercial?
The maximum they could stretch themselves was to make a phone call. But that’s it. That’s the end of their journey!
However, in digital marketing, the case is the opposite. Even though there is not a 100% chance of turning your leads into immediate conversions, they are still connected through one of the phases of your sales funnel.
For instance, let’s say, through any of the digital mediums, a user lands on one of your educational posts, likes it, and has the curiosity to read more blogs but doesn’t have the time. They can save it for later, and thus, even if they are not yet your paying customers, they can in the future because they are still connected.
You need to determine how many customers and how much profit your marketing approach finally brings in to determine if it is effective. But how would one go about doing that with a traditional marketing plan?
There is always the standard choice of asking “How did you locate us?” to every customer.
Unfortunately, not all industries can benefit from that. One-on-one interactions with clients are rare for many businesses, and polls frequently yield incomplete information.
Tracking results when using digital marketing is easy. Whether it’s rates of opening emails, web page viewers, or outright transactions, online marketing platforms automatically monitor the number of intended conversions that you obtain.
So, that’s all about the importance of digital marketing for brands!
Today, the role of digital marketing in establishing businesses or brands is immense. There has never been such an amazing time or way to reach a mass audience, keep in consistent touch with the customers, and offer them personalized services in the long run.
This platform opens the door to endless opportunities to rise and shine in one’s niche market, as well as the ease of expanding business in the same field.
However, people get off track sometimes when they start comparing their digital journeys to others. Remember, your first day in the digital world might be the year for someone else, or vice versa.
So, don’t compare.
Be consistent in your journey and embrace it so that you can reap the maximum benefit from it.
Read Mastering E-Commerce Strategies if you already understand the essence of the importance of digital marketing and want to implement them for your e-commerce business and grow your startup.
Home Improvement Business Growth Ideas: The Ultimate Guide
Whether you are a freelance DIY expert or a professional renovation contractor who specializes in home improvement, growing a home remodeling business is one big challenging task.
But not anymore, we will help you with home improvement business growth ideas to keep your business rising!
The home improvement business sector has been growing at a fast pace for the past few years. As per different predictions, it will continue to rise in the coming years. One such prediction of Statista is that the home improvement business will grow unexpectedly from $538 million in 2012 to $620 billion in 2025 in the US.
If you already own a home renovation business or are thinking of opening one, there is a vast growth opportunity waiting for you. The coming years will be very busy for home improvement businesses as there is a trend of real-estate projects going on. The success behind such a business is its suitability for women too being one of the best business ideas for women.
Having the audacity to stand out from the crowd, you should know about home repair business growth ideas. Excited to know?
Let’s read out a special take on home improvement business growth ideas!
Table of Contents
Home Improvement Business Growth Ideas to beat the competition
Do a thorough competitor analysis
The best place to improve your business and look for opportunities is to have a close look at what your competitors are doing. Place yourself in the mind of your customers and consider which of your competitors the customers like. What kind of websites, advertisements, and offers your competitors are focusing on?
Copying all this is not the right path, but having a thorough understanding of what makes them appealing enough. With all this data, you will be able to find the gaps where your current business strategy is lacking.
But before doing all this, the basic thing is to know who your competitors are if you don’t know. There are many digital tools available for this. Taking the first step with Google search will be your best bet to find local contractors for home remodeling in your nearby areas. You can also check their online reviews to measure their hold and value in the market.
Maintain a good online presence
If you are still lacking in maintaining a business website and a social media presence, then buck up soon. Because it is crucial to survive in this competitive world. Managing a great website helps to present your business information globally, like your store information, your products or services, pricing, etc. You can also add photos of your projects.
The more you can do is maintain user accounts for your customers if they want to manage their contracts and set up payments. Having a professional website helps to maintain your brand value and reputation. It also makes your brand more authentic and creates more awareness.
If you don’t have enough budget to spend on maintaining an online presence, you can go for a microsite and make self-efforts to maintain social media channels.
Your online presence should maintain two basic things related to your brand, one of the contact numbers and the other is an email address. The more you can add is a contact form to gather visitors’ information. You should maintain web pages with no broken links. You can also provide links to your different social media handles to expand your reach.
Quicker replies to leads
Leads are the same as the customers standing in a queue outside your store and waiting for their turn. This is not the way that customers want to be treated. To make your potential customers wait is the worst you can do with them.
A faster response to leads is necessary to convert prospects into customers and responding via computer is much easier than personal meetings. It is also necessary not to miss any calls or emails while operating an online business. You can add different plugins to your website to allow customers to email directly to your website.
However, gathering such home improvement leads is not enough. You should make them qualify to generate sales. Any interested lead will incline towards the one who responds to them quicker.
Make a goal-specific strategy
Most businesses have a general idea of the goals they want to focus on. Some want to earn a good living, and some work harder. However, not everyone spends time making a detailed plan with evaluated objectives and predictions.
So, if you want to grow your home improvement business, you should thoroughly understand your business, its strengths and weaknesses. Also, try to look at the current scenario of the remodeling market near your place. With all such information in hand, you can create a goal-specific plan.
If you are not capable of creating a detailed strategy by analyzing the information and data, you can always take professional advice.
Get more and more positive reviews
One of the powerful marketing tools is word-of-mouth publicity, but most people will head towards online platforms before tying up with new business. As per stats, 90-95% of customers read online reviews before purchasing any product or service.
A four or five-star rating on Google gives so much space to interested customers to think about your business. As a home improvement, business is one of the expensive ones, leads don’t waste their time on bad contractors or freelancers. Apart from generating leads, having your business identity on multiple platforms is good for the SEO side too.
But is it easy to get positive reviews?
Yes, it is. Here’s how?
- Ask the clients to leave a review on all your business links like Google Maps, and other social media handles.
- You can ask your customers to share the suggestions to improve the business services.
- Don’t get disheartened if anybody gives negative feedback, instead try to improvise.
Solving the negative feedback can help you to maintain your business’s credibility as only 5-star reviews can leave a question mark (of purchasing reviews).
Manage the monetary flow
In any home remodel business, cash and time are the most important concerns that should be taken care of. Whether you are successful in growing your home improvement business or struggling to do so, depends mainly on how you manage the cash flow.
The two basic things in any renovation business are labor cost and material cost. And you might get stuck in between any project if you don’t have enough cash to buy materials or to pay the daily wages.
Try to figure out the start-up cost and how your clients will pay you. You should be prepared for the whole plan if any monetary problem comes up while running the project. To manage the monetary flow, you can opt for various financing tools and invest in invoicing, etc.
Keep growing by leveling up your skills
As the years pass while operating your business, you can hire more assistants or helpers. You can also work on different certifications to lure your clients. To stand out from the crowd, you should focus on niche market trends that can fulfill the residential renovation needs nearby. For example, if you work near any rural areas, you should focus on large space designs, and for urban areas, work on home improvement ideas for small spaces. After completing some home improvement projects, you can gain another income stream by opting for maintenance services that include regular inspection.
Get insured and licensed
If you want to operate a home improvement business, you will likely need a license and proper insurance coverage as per your State’s general license requirements. To grow your business in the right direction, it is necessary to have the right general insurance.
If you don’t protect your business, you may lose your hard-earned money on unnecessary things that may hinder your business growth. The correct type of insurance coverage can give you financial protection if anything goes wrong. Getting insured and licensed is one such thing that teaches how to save money for your business.
Enable customer conversation
If you don’t want to lose your customer opportunity, you should reach out to your customer within 24-48 hours. Once your customer passes this threshold, you can define them as a repeated opportunity in your business CRM.
Most home improvement companies use phone calls as a means to engage with customers. But today in this era of fake calls or robocalls, this method is not so effective.
Instead of eliminating the phone calling method, make it a secondary option to enable customer conversation. You can use business texting with this option.
If you still haven’t implemented a texting strategy for sales, it is time to do so to stay ahead of the curve. This is because customers prefer informal messages while communicating with companies.
Follow marketing tactics
Last but not least, home improvement ideas’ growth is to follow the right marketing strategies. Growth of any means of business finding new clients and new opportunities and marketing is one of the best ways to make this possible for you.
As per traditional methods, marketing means relying on referrals. But solely depending on such referrals is not enough to have fast-track growth. With more and more companies opting for marketing, it’s not difficult to get lost in the dust. So, you need to evaluate all the marketing tactics.
Here are some of the basic marketing tactics that every home improvement contractor should follow:
- You can launch a Google ads campaign.
- Try to optimize your Google My Business profile.
- You can sell projects with photorealistic designs.
- You can share photos and videos on social media.
- Answer buyer’s questions by using blog content.
- You can launch a referral program.
- Email marketing can help you to nurture leads.
The Closure: Grow your Home Improvement Business
So, this is our take on home improvement services growth ideas. Following the ideas given in the article can help you to save your time and effort that too with growing business.
Although there is no one-size-fits-all answer to this question, all the given tactics are hard to ignore. Apart from this, you can focus on the given:
- You should map out your whole customer journey from beginning to end. It’s about how your customers are experiencing your business.
- You should change your mindset for leadership. Business processes keep changing with time and advancements, so the leaders of the business should explore new techniques and strategies.
- Always try to focus on the sales close rate. If you focus on the customers showing interest in your services or products, your sales will definitely increase.
- Apart from Google searches and door-to-door lead generation, one can focus on SaaS sales software solutions to grow the business.
- If you have less time, you can use task management tools. If you are not available in town and still need to handle your business operations, you can use remote desktop management software.
A home renovation business is an excellent venture because of its vast demand these days. Not only the demand for home repair handyman services but also the profits that one can make from it being one of the most profitable business ideas for startups these days.
Hope you got all the answers you were looking for!
Still, have queries to grow your home improvement business opportunities?
You can get in touch with us anytime!
Till then…. keep growing!
30 Best Online Business Ideas For Beginners To Make Money
Do you want to be the next influential name in the online business world? Stop over!
We will introduce you to extremely high-yielding online business ideas for beginners that will crop nothing but only success and growth in your life.
Are you ready?
If yes, let’s learn them all and pick what aligns with your interest and seems more relatable to you!
By the end of 2023, the number of online shoppers is projected to cross 2.64 billion. This figure will rise to 2.77 billion in the next two years. It means 1 out of 3 people prefer shopping online across the world. This phenomenon has given wings to many online businesses that are meeting the very demand as they are earning handsome profits.
Also, starting an online business is way easier, even without experience and formal education in the related field. The only catch is finding a unique idea to kickstart your business journey. Choosing the best online business idea can give you a hard time as the options are quite overwhelming.
Dont worry! If you want to be one of the popular online business owners this year, we will throw the best ideas at your disposal.
Let us navigate you to the most profitable business ideas online that will multiply your wealth the way you always dream of!
Table of Contents
30 Most Profitable Online Business Ideas For Aspiring Entrepreneurs
Starting a business and making it a success is something that every aspiring entrepreneur dreams of. We have entered into an extremely digitized world where selling services and products online is the new normal. Plus, commencing an online business is not only easy but also an affordable option for many budding entrepreneurs. That is why, many entrepreneurs are choosing online paths to offer their products and services to their target audience.
The best way to start this fruitful journey is to pick a unique idea aligning with your interest, skills, and strength. Plus, it should fulfill a specific demand in the market to keep your customers happy and expand your base.
Online business opportunities are abundant. Here is the list of the most profitable online businesses. You can pick one and start the money-spinning journey of your life.
1. Online Consultancy
Starting an online consulting business is one of the best online business ideas for beginners. Here, you will provide consulting services or advice to individuals and other businesses on different issues and aspects of commerce. This business idea lets you kickstart your entrepreneurship journey very quickly and easily. Plus, you can expand your business reach limitlessly.
The following are the most profitable online business ideas in consulting that can easily help you acquire plentiful customers online.
SEO Consultants: If you possess technical skills in popular platforms like Google Analytics and Google Ads, SEO consulting can be a lucrative business option for you. Guiding about the in and outs of search engines can help your clients to gain a better position in the search engine result pages (SERPs).
Nowadays, most businesses and individuals realize the impact of SEO on their revenue and web traffic. Educating them and increasing their conversion rate through services like strategic keywords, gaining organic traffic, content structure, etc. can be a win-win deal for both parties.
1. Small Business Consulting: Small business consulting means assisting new business owners in their startup journey, ‘ how to start an online business’, or mastering eCommerce strategies. If you have the right set of skills, you can help business owners in overcoming startup challenges and obstacles with an appropriate strategy.
If you want to attain success in this consulting business, you should focus on its niche aspect. You can assist your clients who are working in a specific industry that aligns with your skills.
2. Social Media Consulting: The number of social media users around the globe is over 4.48 billion. Most businesses realize the potential of promoting their offerings and expanding their reach via different social media platforms. Even when they start a business online, they seek social media account handlers, so the demand for social media professionals is ever-growing.
Through social media marketing services, you can help businesses reach their target audience with the right promotion strategies. Also, you can assist in creating content calendars, developing promotion strategies, devising tactics, etc. Once your clients start attaining followers, your social media consulting business will automatically grow.
2. Web Development
If you have skills in creative aspects of a website like visual themes, layout, color palette, font set, or its overall design, you can offer web development services and earn huge money from this online business. Even if you don’t possess experience in this field, you can be learned the basics, master the tools, and offer these services to your clients.
As the demand for web development skills is rising at an increasing rate. There are more than 27 million web developers across the globe and it is expected to grow to 28.7 million by 2024.
With your creative and technical skills, you can help businesses that seek to build a robust online presence. To attract clients, start with building a comprehensive portfolio and show off your skills on your own website. You can start your company surrounding one of these best online business ideas.
3. Online blogging
If you have a knack for writing and are capable of sharing information in a compelling manner, online blogging is one of the best online business ideas for you. Using a website builder of your choice, you can share your content with people. You need to maintain quality and consistency when it comes to offering content online. Continually producing and publishing high-quality content that offers value to the readers help you gain a steady following.
Once you master creating valuable content, you can make a good amount of money through online blogging. You can also sell content like e-books, webinars, online courses, digital coaching, etc. This is one of the business ideas for beginners which is profitable but takes effort and time to monetize.
4. Affiliate Marketing
Word of mouth is still considered one of the most powerful tools to generate leads for many businesses. Many companies are ready to invest money in this aspect. If you own a site or have a strong social media presence with a good number of followers, you can take this route to build your online business.
If you like leaving customer reviews on different websites, you can make it a source of income. Affiliate marketing can be further broken down into three levels as follows:
- Related affiliate marketing: This type of affiliate marketing doesn’t require you to use the product personally to provide reviews. However, you need to share authoritative content for the marketed product or services.
- Involved affiliate marketing: This type of affiliate marketing is considered the most effective. You will provide reviews after using the product personally.
- Unattached affiliate marketing: This affiliate marketing requires no involvement with the product that you will promote on different websites. It is basically a pay-per-click marketing campaign.
5. Tech Support
Many small businesses run on a tight budget and creating a separate IT department or hiring full-time IT employees is just not easy. So, whenever their systems suffer a glitch, either they take tech support or use desktop management software to resolve the temporary issue. If you have good experience in solving computer and network glitches, you can offer online technical support to the ones who need it.
Some of your clients would look into the amount of knowledge and experience you possess and others will ask for a technical degree. To start off, you can offer freelancing tech support by registering on different job boards.
6. Virtual Assistance
If you possess impeccable task management and organizational skills, you can convert this expertise into a successful online business. Being a virtual assistant is one of the best online business ideas without investment.
This type of business includes administrative tasks such as answering phone calls, entering and managing data, and making travel arrangements for clients. As previous experience is not counted in this field, virtual assistance is the best online business to start as a beginner.
7. App Development
Mobile applications are immensely popular among people. So, businesses are willing to pay huge money for mobile app development services to create user-friendly and responsive entrepreneur applications to reach a wider audience.
8. Podcasting Network
The latest study has shown that more than 464.7 million people are podcast listeners worldwide. This means nearly 22% of internet users like podcasts. You can capitalize on this trend and start your own podcast network.
Populating a network with recorded podcasts coming from various artists and friends will help you grow more rapidly. Once your network starts growing, you can start charging on every download. Podcasting is undeniably one of the good online business ideas today.
Dropshipping is also one of the best business ideas online that have a high potential in driving a good amount of profits. It is a retail business that enables you to sell products online without having a physical location to store and process them.
If you start dropshipping business, you can begin an eCommerce store and sell a range of products without worrying about inventory and fulfillment. This is one of the best eCommerce business ideas for beginners.
10. Search Engine Development
Google and Bing are giant players when we talk about the most popular search engines. However, they have their own pitfalls or don’t address all types of user queries.
If you are seasoned in a particular field, you can develop your own search engine and answer people’s questions who have less knowledge. The chances of growth and achieving success in this business are higher if you take this path. It is undeniably one of the unique online business ideas in the market.
11. Technical Writing
The market is flooded with copywriters. However, only a few copywriters have thorough technical knowledge to write instruction manuals for a machine, toys, cars, and mobile phones or convey scientific information accurately. Providing technical writing services is one of the successful online businesses that bring profits.
If you have a technical background or know much about science and think you can make the concepts easy for the readers, this is the best online business to start. Consider advertising yourself on LinkedIn or other related platforms to attract customers.
12. Corporate Counselling
Almost all firms and big corporations require lawyers to educate them on dos and don’ts during a legal matter. You can provide this service to your clients, keep their legal affairs in place, and make huge money from your online corporate counseling business.
You need to pass the bar examination to build and grow your clientele. Make it online and provide this service sitting at home. Starting a corporate counseling firm is one of the best online businesses to start.
13. Startup Advisor
There are more than 150 million startups across the globe and over 137,000 new startups coming up every day. However, not all startups taste success. Due to some shortcomings, many startups plummets at a great speed. As a startup advisor, you will assist new entrepreneurs in overcoming the challenges that come with a novice startup. This online business idea from home offers many perks.
If you have expertise in software development, corporate finance, and other fields you can guide your clients who are on the verge of starting their new business. Providing the right knowledge and helping their small business online to succeed will drive growth to your doors as well.
14. Handmade Crafts
Providing handmade crafts is another best business online today as demand for handcrafted products is increasing day by day. Depending on your skills and interest, you can sell quality handmade products online like handpainted glassware, crocheted blankets, bags, etc. If you have a unique craft, it will work even better for your business. You can sell it on an eCommerce site and make money sitting at home.
As the startup cost is very low, starting an online handmade craft store is a good daily income business without investment. You can purchase creative material in bulk and keep selling your artwork online. You can make profits by doing purely what you love.
There are a massive number of people who seek help with their nutrition intake, diet, and careers, or for someone who can guide them to find meaning in their life. Depending on your expertise, you can help these people with their issues and make money in exchange.
Telecoaching is one of the easy online business ideas that can be done from home comfortably. You can guide, support, and advise people coming from different walks of life who need assistance in a particular area.
16. Online Training/Education Service
Online training is one of the best online business ideas for beginners who have knowledge or expertise in a specific field. Most people prefer online training or education as it is more convenient than going out. You can meet this demand and provide online education or training services. This is a huge opportunity to begin a successful business encompassing these services.
If you have good experience and can explain things well in a one-on-one setting, you can help students via online tutoring. You can also sell valuable written material for a fee. Also, you can take advantage of YouTube. Start your channel and educate people on a particular subject or topic and monetize them. Providing online training/education is one of the best online business ideas.
17. Translation Services
If you know multiple languages, just with a laptop and internet access you can start your online translation business. The translation market is thriving at an ascending rate. You can be part of this booming industry with your translating skills. You can translate content, books, resumes, meetings, online conferences, and much more.
Many websites and companies are willing to pay thousands for people with such competitive skills. Providing translation services online is one of the best small online business ideas for beginners.
18. Creating and Selling Online Courses
Creating courses and selling them is another best online businesses without investment. With interactive and educational courses, many top providers are earning over $600 million every year. If you are experienced or have good knowledge of a particular topic, you can sell it to those who need guidance. In exchange, you can make massive money from your expertise.
You can use various software to create interactive online courses. It helps in ease of managing course material, classes, students, and much more. Creating and selling online courses is one of the best online business ideas for beginners.
19. WordPress Development
WordPress development is one of the best small online business ideas today. Either you can run your own agency or join big WordPress companies as a developer. No matter what route you choose, it is a lucrative option to generate consistent income.
20. Reviews Website
Around 93% of people read reviews online before buying a product or service. Looking at this trend, many businesses are providing customer reviews on their website to help people in the buying process. Top reviews site like Tripadvisor makes more than $12 billion. If this online business idea seems attractive, you can start your own review site and spin huge revenue
As this online business idea is highly competitive, you can start with a less competitive niche like publishing paid reviews, displaying ads, or affiliate marketing. Opening a reviews website is one of the best e-business ideas for beginners.
21. Video Editing
Video Editing is one of the best online business ideas for beginners to make money. If you are good at making and editing videos, you can use this skill to help businesses and make money in exchange for your service. 73% of people prefer watching videos to learn the features of a product. This preference has led many businesses to showcase their offerings via compelling videos.
Don’t forget to check this – How to Create the Perfect Video for Social Media
You can offer video editing services to your clients and earn handsome money from your skills. At the start, you can work with random professionals. Once your business starts growing, you can hire other freelancers in your agency to help you out with video editing.
22. Lead Generation Expert
Irrespective of niche and size, every business needs a constant flow of leads for its growth and survival in this ferociously competitive world. For instance, even after knowing the dos and don’ts of lead generation, solar companies do struggle in earning more customers. If you are an expert in lead generation, you can offer these services to businesses and make money in return.
Don’t forget to check this – How Solar Marketing Companies can help in Generating Solar Leads
Companies that are facing challenges in generating leads and gaining new customers are willing to pay huge money for lead generation services. If you have the right set of skills and know the right methods to acquire new customers, becoming a lead generation expert is one of the best online business ideas for you.
23. Auction Website
Launching an auction website is another small online business idea that can yield good profits. You can create an auction site like eBay and provide people with a platform to purchase and sell products through online auctions. You can allow other vendors to do the auction or add your own products for it.
An auction website can be created with a very low investment. If this online business idea excites you or matches your interest, you can think of starting your business surrounding it.
24. Purchase and Sell Domain Names
Domain names are needed to create any website. You can purchase domain names now and sell them at a higher price later. It works like real estate where you buy property and resell it at a greater price. Once registered, you can use the domain name the way you want.
Please note, this type of online business takes time to proliferate. Therefore, you have to be patient to reap profits because holding domain names while waiting for the right offer will take time. Also, before getting in, you need to thoroughly read all in and out of this field because this is a highly competitive online business.
Don’t forget to check this – Best Quick Website Builders To Build Awesome Websites
25. Fashion Blog
If you have an interest in fashion and the latest news and trends related to it, starting a fashion blog is one of the best online business ideas. You can make money while doing something that interests you. Insightful and compelling fashion blog highly attracts top brands, advertisers, and promoters.
Once you gain their attention, you can make a lot of money and also become an influencer in the industry. Starting a fashion blog is one of the best business ideas for women.
26. Narrator/ Voiceover Work
Becoming a narrator or voiceover artist is one of the best online business ideas for beginners to make money at home. If you have a good voice and can play with creativity, you can choose this path to start your online business. You can build a home recording station to voiceover Youtube videos, coursework, webinars, audiobooks, internet commercials, and much more.
Before diving in, you should record a demo or practice video to see what the end product would look like. Once you are confident, you can establish a professional website and promote it on different social media channels to attract more customers to you.
27. Job Search Consulting
If you are good at consulting or like helping other people, you can monetize this skill and start an online business surrounding it. You can start providing job consulting to help people find decent jobs and the right position in their career fields. Starting job search consulting is one of the best online business ideas for beginners to make money.
In this business, you will guide candidates in creating a strong resume, finding the best job opportunity, and preparing them for interviews. Before stepping on this path, you need to learn about the different types of careers and fields that align with your expertise. You should get familiar with hiring and freelancing platforms.
28. Fitness Trainer
If you have a passion for fitness and look after your health religiously, you should think of converting this interest into a money-making occupation. A salary survey conducted on 1000 personal trainers says 1 out 5 fitness trainers earn $75000 or even more annually. You can become a fitness trainer and help your clients who are willing to pay any amount to improve and keep their health upright.
Training people online can be quite challenging than in person. But people who cannot devote time to their health due to busy work schedules prefer online fitness training rather than traveling to the gym. So, online fitness training is a lucrative online business opportunity.
29. Digital Marketing
Digital marketing is one of the most popular online business ideas for beginners which is greatly evolving. By 2026, global digital marketing and advertising is projected to reach $786.2 billion. Top companies are ready to pay a whopping amount to marketers who can magnify their online presence and help them increase their customer base. Even if you have less or no knowledge about digital marketing, you can start by learning it.
With your expertise, you can help companies to promote their products and services across various platforms and acquire new customers. If you successfully connect their target audience with their brands, no one can stop you from growing to the next level. Before starting off, you need to gain ample knowledge about the field to provide the best results to your clients.
One of the best ways to earn money is to sell something that someone wants to purchase. You can create an online store to make money on the internet. Opening an eCommerce store is one of the best online business ideas for beginners. You need to have a thorough understanding of building an eCommerce business including the products you want to sell.
As there is no online shop without any products. Work on your product line and offer something that has great demand in your target market. Do thorough research on the competition and make the right move. You can hire eCommerce website developers to build a compelling site and step into one of the most lucrative career paths.
The Closure: Online Business Ideas for Beginners
Whether you want to start a part-time online business or seek to make this path your full-time earning source, you have to pick a unique idea that fulfills a specific demand in the market. If you fill the demand with the right product, no one can stop your online business from flourishing.
Owning an online business not only gives freedom to make money from any part of this world but also multiplies your wealth at great speed. Start saving money for your business and begin the money-spinning journey that offers plentiful revenue.
This was our list of best online business ideas for beginners. You can pick any online business idea that seems attractive option and start a journey that can drive immense profits to your door!
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