high rich online business plan

19 Most Profitable Online Businesses + Monetization Strategies

• Updated: 08/07/24
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There are so many different ideas for profitable online businesses that it can be hard to decipher which path you might want to take.

Every type of online business makes money in a different way. Some require you to have certain skills, like being on camera, and some don’t.

From e-commerce to digital marketing to course sales, the opportunities are endless. But what sets apart the most profitable online businesses from the rest?

How do they manage to generate a consistent stream of income and stay successful in such a competitive market?

Aren’t there already 5 bajillion people bringing these profitable online business ideas to life? Why would you have any success?

The truth is that anyone can be successful starting an online business . In this guide, we’re not just going to tell you WHAT these ventures are, we’re going one step further and showing you HOW they rake in the big bucks.

We’ll dive deep into each business model, uncover their unique money-making strategies, and offer tips that you can apply to each business.

We’ll also explore some of the highest-paid online business owners and what sets them apart from others.

Whether you’re an aspiring entrepreneur or an established business owner looking

Whether you’re considering a side hustle or planning to say goodbye to the 9 to 5 grind altogether, this comprehensive guide will provide you with invaluable insights and practical tips to succeed.

Why Start an Online Business?

Before we dive into the list of profitable business ideas, let’s quickly go over why starting an online business can be a lucrative decision.

Everyone’s reasons for seeking out opportunities to make money with an online business will be different. We all have different motivations.

But here are some of the most common reasons why:

• More flexibility in your work hours and environment
• Freedom to design your career in the way that you want
• More control and scalability of earnings
• Access to more or additional clients/customers
• No geographical limitations
• Minimal start-up costs

Regardless of what your WHY is, make sure to write it down and use it as the drive to get started and the motivation to see your profitable online business idea through.

Why You Need a Blog or Website

Before we dive into the different types of online businesses, it’s important to understand the crucial role that a blog or website plays in any profitable online business.

A blog or website is like your storefront in the online world. It’s a little slice of Internet real estate that you own.

Most online businesses require a platform as a medium to share and promote content or products between you and your audience.

When people use social media platforms as this medium, they tend to forget that they do not own or control the content that they share. The social media platform is.

You do not own your audience, content, or platform. When you have a website and an email list, you own everything.

Your website is a place to share additional content, build credibility, build an email list , and ultimately drive revenue.

Starting a blog or website is the very first step to starting ANY profitable online business.

How Most Online Businesses Make Money

The crux of monetizing on any platform lies in offering a solution to a problem or catering to a specific need of an audience. Understand this fundamental concept, and you have unlocked the secret to success in any online business.

Whether you’re selling a product, a service, or sharing knowledge, your success will be determined by how well you meet your audience’s needs or solve their problems.

The internet is flooded with a myriad of ways to make money online , so many that it can feel overwhelming. But remember, not every method will be a perfect fit for everyone.

The key here is to find a method that aligns with your skills, interests, and personal goals. Perhaps you have a knack for teaching and could launch an online course, or you have a product idea that you believe would make people’s lives easier.

The path to online business success doesn’t necessarily have to be a grand one from the start. You can start small, focus on the right strategies, and grow over time.

Persistence is key and the #1 factor that separates our most successful course students from those who don’t make it. They take courses, learn, do the work, and continue to do the work.

19 Most Profitable Online Business Ideas

For each of these online business ideas, we’ve included a summary of what the business entails as well as some advantages and a few monetization strategies of starting this type of online business.

1. Blogging

Blogging is one of the most profitable online businesses that you can start because it has a low barrier to entry and a lot of possibilities and there are a lot of possibilities on how you can monetize.

Anyone with a computer and an internet connection can start a blog and you don’t need any special skills or background to get started.

You create content, you build an audience of people that is interested in that content, you learn about what problems they’re struggling with, and you provide solutions to those problems.

Having a blog is great because you can also promote your content on a variety of social media channels like YouTube, Instagram, TikTok, Pinterest, and more.

The key to a successful blog is finding a niche where you can become an authority figure and attract the right people to your cause.

Advantages of Blogging:

• Low start-up costs: Start a website with Bluehost for just $2.75/month
• Great platform for expression: Share your thoughts, ideas, and expertise with a wide audience
• Flexibility: You can work on your blog from anywhere, at any time.
• Potential for income: You can earn tens of thousands of dollars a month with a blog, depending on how you monetize.
• Enhances your skills: Blogging can help you develop and enhance various skills like writing, marketing, and SEO.
• Credibility: Regular blogging about specific topics can establish you as an expert in the field.

Monetization Strategies:

• Affiliate Marketing: This involves promoting products or services from other companies and earning a commission for any sales made through your referral link.
• Selling Digital Products: Ebooks, courses, music, photography, design templates, etc.
• Sponsored Posts: Brands will often pay bloggers to write about their products or services.
• Display Ads: You can use ad networks like Google AdSense to display ads on your blog.
• Other Methods: Selling eCommerce products, membership communities, coaching, consulting, and more!

2. Affiliate Marketing Website

Affiliate marketing is another one of the best online businesses to start, in our humble opinion.

We’ve made as much as $50,000/month with affiliate marketing on our blog.

As an affiliate marketer , you promote other people’s products and services, and when someone purchases through your unique referral link, you earn a commission.

Whenever you see influencers on Instagram and TikTok sharing links to their favorite clothing, beauty products, and other items, those links are usually affiliate links.

In order to be successful with affiliate marketing , you need to have some sort of influence over the purchasing decisions of your audience. In other words, they need to trust in your recommendations.

You can build this trust by providing valuable content to them. Choosing the right niche is also important for affiliate marketing.

Advantages of Affiliate Marketing Websites:

• No product or service creation: You don’t have to worry about creating your own products or services.
• Passive income potential: Once you’ve attracted a steady stream of visitors and earned their trust, you can earn passive income from affiliate link clicks and purchases.
• No customer service: You don’t have to worry about dealing with customers or handling any product issues.
• High-income potential: Depending on the price of the products and services you promote, affiliate marketing can be a very lucrative online business.
• Instagram and TikTok: Influencers can share affiliate links to their favorite products in their stories and other content.
• Blogging: Affiliate links can be added to blog content.
• YouTube: YouTubers often use affiliate marketing in the form of sponsorships or linking products in their video descriptions.
• Email Marketing: Building an email list is a great way to promote affiliate products and earn commissions.
• Review Websites: Creating a review website where you compare different products in the same category and include affiliate links can be profitable.
• High-Paying Affiliate Programs: High-ticket affiliate programs simply mean higher earnings!

3. eCommerce Store

eCommerce stores have seen a huge boom in recent years, with the rise of platforms like Shopify and Amazon.

With an eCommerce business, you have the potential to reach a global audience and sell a wide range of products, including both physical and digital products.

Physical products can include anything from clothing to home goods, while digital products can include ebooks, music, software, and more.

It’s important to choose a niche and cater your products to that specific audience.

Building an eCommerce business can require some initial up-front investment but not in all cases. It’s also possible to use strategies like private labeling and third-party product handling to minimize costs.

Advantages of eCommerce Stores:

• Low start-up costs: You can start an online store with Shopify for less than $30/month.
• Global reach: With an online store, you have the potential to reach customers all over the world.
• Scalability: eCommerce stores have the potential to scale quickly as they are not limited by physical location or inventory space.
• Targeted marketing: With the help of data analytics and tools like Facebook Ads, you can market your products to a highly targeted audience.
• Print on Demand: You can design and sell custom products through platforms like Printful or Teespring.
• Subscription Services: Offering subscription boxes or services is a great way to earn recurring income.
• Instagram ads: eCommerce becomes lucrative when you can scale it with ads. These types of ads can be very effective on Instagram.
• Selling on Amazon: Utilizing the power of Amazon’s platform, you can reach millions of potential customers through their marketplace.

4. Online Courses

Creating and selling online courses is a booming market, with people constantly looking for ways to learn new skills or improve existing ones.

If you have expertise in a certain subject or field, you can create an online course and sell it to students all over the world.

Platforms like Udemy , Skillshare , Teachable , and Kajabi make it easy to create and host your own courses.

We have made well over $50,000 a month selling online courses to our blog audience.

Advantages of Selling Courses:

• Passive income potential: Once created, you can earn passive income from course sales without much additional effort (depending on how you sell them).
• Low costs to start and maintain: You can technically get started for free if you use free video editing software and the right online course platform.
• High-income potential: The more you charge, the more you can make. Some charge over $1,000 for courses.
• Affiliate marketing: You can also utilize affiliate marketing by partnering with other course creators or recommending other products and services in your courses.
• Bundle sales: Bundling multiple courses together at a discounted price can be an effective way to increase sales.
• Specialized courses: Offering more specialized or advanced courses at a higher price point can also increase your income potential.
• Private coaching upsell: Some course creators offer high-ticket upsells in the form of additional coaching.
• Membership communities: You can charge a membership fee for a community where students can get extra help.

5. eBook Publishing

If you enjoy writing, self-publishing eBooks can be a great way to earn passive income.

Platforms like Amazon’s Kindle Direct Publishing and Barnes & Noble Press make it easy to publish and distribute your eBooks.

You can write about any topic that interests you, from fiction to self-help, and earn royalties from sales.

You also don’t have to go the marketplace route. You can self-publish on your own and sell your eBook straight from your own website.

There are many options here and it can be a great way to exercise your creativity and earn some money from it.

Advantages of eBook Publishing:

• Low start-up costs: You can create an eBook for free using online tools like Google Docs or Canva.
• Global distribution: Your eBooks can be sold on major platforms like Amazon and reach a global audience.
• Passive income potential: Once published, your eBook can continue to earn income without much additional effort.
• Series or bundles: Writing a series of books or bundling multiple eBooks together at a discounted price can increase sales.
• Affiliate marketing: Similar to online courses, you can utilize affiliate marketing by recommending products or services within your eBooks.
• Translations: You can also translate your eBooks into different languages and sell them in international markets.
• Audio versions: Creating an audio version of your eBook can open up a new market for listeners who prefer audio books.

6. Online Coach

Another one of the online business ideas that has the potential for very high levels of profitability is becoming an online coach.

Many bloggers ultimately become online coaches as a way to reach clients who are willing to pay a lot more for a more individualized and specialized service.

You can offer coaching services in just about any niche and industry, including marketing, fitness, business, personal development, and more.

You can also choose to offer group coaching or 1:1 coaching for a higher price.

Advantages of Online Coaching:

• High-income potential: Depending on your niche, you can earn a significant amount of income from coaching services.
• Flexibility: You can set your own schedule and work with clients remotely from anywhere in the world.
• One-on-one coaching: The most common form of online coaching is one-on-one sessions with clients.
• Group coaching: You can also offer group coaching programs at a lower cost per person but with the potential to reach more clients.
• Course Upsells: You can also sell your coaching services as a limited, high-ticket upsell on course sales.
• Mastermind Programs: Creating a mastermind program for a select group of clients can also be a high-income potential offering.

7. YouTuber

Starting a successful YouTube channel is another great, profitable online business idea.

You can create videos on any topic that interests you and monetize your channel in a variety of ways.

If you are interested in blogging or selling courses, YouTube can also be a great platform to use to build your audience.

People get used to seeing you on camera and it’s a great way to build relationships with your audience.

Building a loyal audience takes time and effort, but some successful YouTubers earn well over six-figure incomes from their channels.

Advantages of Being a YouTuber:

• Creative outlet: This is another great opportunity to express your creativity and share your passions with the world.
• Great for building relationships: It takes guts to get on camera and watching and hearing you talk makes your audience feel more of a connection to you.
• Ad revenue: YouTube pays content creators a percentage of the ad revenue generated on their videos.
• Sponsorships: Partnering with brands and promoting their products or services in your videos can also generate income.
• Merchandise sales: If you have a loyal fan base, you can create and sell branded merchandise to them.
• Affiliate marketing: Similar to blogging, you can utilize affiliate marketing by recommending products or services in your videos.

8. Dropshipping

Starting a dropshipping business is one of the most profitable online business ideas you can start.

It allows you to sell products without ever handling inventory or shipping.

• You create an online store, find dropshipping suppliers , and list products from those suppliers.
• When a customer makes a purchase, the order is sent directly to the supplier who ships it to the customer.
• The difference between the supplier’s price and your selling price is your profit.

Platforms like Shopify make it easy to build an online store and integrate with dropshipping suppliers.

Advantages of Dropshipping:

• Low start-up costs: You don’t need to invest in inventory upfront, making it a low-risk business model.
• Location independence: You can run your dropshipping business from anywhere in the world as long as you have an internet connection.
• Scalability: With drop shipping, you don’t need to worry about fulfilling orders or managing inventory, making it easy to scale your business.
• Upsells and cross-sells: You can also increase your average order value by offering related products or upselling to more expensive products.
• Private labeling: Partnering with a manufacturer to create your own branded products can generate higher profit margins.
• Niche specialization: Focusing on a specific niche and building a targeted audience can lead to higher conversions and profits.

9. Digital Downloads

Selling digital products like downloads is a successful online business that you can start that can be very easy to set up and get started.

Digital downloads include ebooks, printables, templates, stock photos, music, or any other digital product that can be easily downloaded.

There is no inventory to consider and you can sell as many as you want.

Platforms like Etsy and Creative Market make it easy to set up an online shop and sell your digital products.

Advantages of Selling Digital Downloads:

• Low setup fees: It costs only $0.20 to create a listing on Etsy and there are often no additional maintenance costs.
• Fairly passive: While this type of selling is competitive, it can be fairly passive once your listing reaches the top of search results.
• Market research: Use software like Sale Samurai to research keyword search volume before you create listings.
• Search engine optimization: Optimize your product descriptions and titles to show up in search results and attract more customers.
• Multiple sales channels: You can sell your digital downloads on multiple platforms to reach a larger audience.
• Bundle deals: Offering bundles of related products at a discounted price can increase the value of your offerings.

10. Instagram or TikTok Influencer

Becoming an influencer on popular social media platforms like Instagram or TikTok is another one of the most profitable online businesses that you can start without much effort.

Getting on camera can certainly be take effort for some people but for those people who love to share their life on social media anyway, this is a perfect fit.

Many online businesses use social media marketing as part of their strategy, but for some, it’s their entire business.

If you have the personality for it, this is one of the more lucrative online businesses to get into.

Advantages of Being an Influencer:

• Creative freedom: As an influencer, you have control over the type of content you create and share with your audience.
• Flexible monetization: Because your personality is what sells, you can often sell whatever you want and it will be fairly successful.
• No setup required: You don’t even need your own website to get started and earn money. You just need a target audience and products to recommend.
• Sponsored posts: Partnering with brands to promote their products or services can bring in a significant income.
• Affiliate marketing: Similar to blogging and YouTube, you can utilize affiliate marketing by recommending products or services to your followers.
• Brand collaborations: You can also collaborate with other influencers or brands to create sponsored content together.
• Merchandise sales: If you have a loyal fan base, selling branded merchandise can be a profitable source of income.

11. Freelancing

Freelancing is a great way to use your creative skills and expertise to earn income online.

You can offer services such as writing , graphic design, social media advertising, virtual assistance, and more.

Freelance writing is one of the most popular types of freelancing services.

Platforms like Upwork and Fiverr make it easy to find clients and get paid for your work.

The buck doesn’t necessarily have to stop with you either. You can create an entire freelancing business with a whole team of writers, graphic designers, social media marketers, and virtual assistants.

Advantages of Freelancing:

• Flexibility: You can choose the projects and clients you want to work with, giving you control over your schedule.
• High demand: With the rise of remote work , there is a high demand for freelancers in various industries.
• Opportunity for growth: As you gain experience and build a strong portfolio, you can increase your rates and take on more challenging projects.
• Specializing in a niche: Focusing on a specific skill or industry can help you stand out and command higher rates.
• Networking and referrals: Building relationships with clients and colleagues can lead to repeat business and referrals for new clients.
• Creating packages: Instead of charging by the hour, you can create service packages at different price points to appeal to a wider range of clients.
• Upselling and cross-selling: Offering additional services or add-ons to your existing clients can increase your income from each project.

12. Podcasting

Podcasting has exploded in popularity over the past few years and has become a popular way for businesses to reach their target audience.

If you have knowledge or experience in a specific niche, you can start your own podcast and have complete creative freedom over your content.

You can feature guests, start a show with someone else, or create all of your own content.

Platforms like Buzzsprout make it easy to host and distribute your podcast.

Advantages of Podcasting:

• Low overhead costs: You only need a microphone, audio recording and editing software , and a podcast hosting site to get started.
• Get personal with your audience: People listen to podcasts on their commute to work, while walking in the park, and other more personal parts of their daily lives.
• Sponsorships: You can partner with brands in your niche and promote their products or services on your podcast.
• Advertisements: Platforms like AdvertiseCast allow businesses to advertise on your podcast, and you earn a commission from each ad.
• Creating premium content: Offering bonus episodes, exclusive content, or early access to episodes for a subscription fee can bring in additional income.
• Donations: You can also give listeners the option to donate to your podcast, similar to crowdfunding platforms like Patreon .

13. Consulting

If you have expertise in a particular field, you can offer consulting services to businesses and individuals online.

Consulting involves providing professional advice and guidance to clients, using your knowledge and experience to help them achieve their goals.

You can offer services such as business consulting, career coaching, financial planning, marketing strategy, and more.

Noah, co-owner of this website, more than tripled his income by providing SEO consulting services for Fortune 500 companies.

Advantages of Consulting:

• High earning potential: With specialized knowledge and skills, you can charge higher rates for your consulting services.
• Flexibility in niche and clients: You can choose to work with clients in specific industries or on projects that align with your interests and expertise.
• Hourly rates: You can charge an hourly rate for your consulting services based on the complexity of the project and your level of experience.
• Retainer fees: You can offer clients a monthly retainer fee for ongoing consulting services, providing them with regular support and guidance.
• Package deals: Similar to freelancing, you can create service packages that include a set number of hours or sessions for a fixed price.

14. App Development

If you have some coding and design skills, creating an app is another one of the most profitable online businesses that you can start.

With the increasing number of apps, especially with the introduction of apps using ChatGPT , there is a high demand for app developers.

You can create apps for businesses, games, productivity tools, self-development, and more.

Advantages of App Development:

• Passive income potential: Once your app is created and launched, you can earn income from downloads and in-app purchases without actively working on it.
• Opportunity for recurring revenue: You can offer monthly or annual subscription options for premium features within your app, providing a steady stream of income.
• In-app purchases: You can offer features or content within your app for a fee.
• Advertisements: Showing ads within your app can bring in revenue from businesses looking to promote their products or services.
• Paid app: You can choose to charge users a one-time fee to download your app.

15. Social Media Management Agency

Social media has become important for nearly all entrepreneurs, small business owners, and even large corporations.

It’s a business strategy that most cannot afford to ignore but not everyone has the time or the experience to invest in this area.

That’s where a social media management or social media marketing agency comes in.

You can offer services such as content creation, content marketing, scheduling, engaging with followers, and running ad campaigns for clients.

A great example of this is the social media marketing agency that Kate Ahl set up for Pinterest Marketing called Simple Pin Media .

Advantages of Social Media Agency:

• High demand for services: This need is only growing.
• Recurring income potential: You can offer ongoing monthly services to clients, providing a stable source of income.
• Monthly retainer fee: Offer clients a monthly fee for services.
• Package deals: Create service packages with different levels of services and corresponding prices.
• Additional services: You can also offer additional services like graphic design, content creation, or ad campaign management at an additional cost.

16. Selling Software as a Service (SaaS)

Software as a Service (SaaS) is a business model where customers pay a subscription fee to access and use software online.

It’s become increasingly popular because it’s more affordable and convenient for users.

As a SaaS provider, you can create software to meet the needs of specific industries or niche markets.

Examples of successful SaaS businesses include Dropbox , Slack , and Mailchimp .

Advantages of SaaS:

• Recurring income potential: Customers pay a monthly or annual fee to use the software, providing a steady stream of income.
• Scalability: If your software is in demand, you can scale your business quickly and easily by adding more servers or upgrading software features.
• Subscription fees: Charge customers a monthly or annual subscription fee for access to your software.
• Tiered pricing: Offer different levels of service with corresponding prices, providing options for different types of users.
• Additional services: You can also offer additional services such as training or support for an additional fee.

17. Digital Marketing Agency

As more businesses move their operations online, there is a growing demand for digital marketing services.

A digital marketing agency offers various services such as search engine optimization (SEO), content marketing, social media marketing, email marketing, and more.

You can work with businesses of all sizes and in different industries to help them reach and engage with their target audience online.

An example of a successful digital marketing agency is Neil Patel Digital .

Advantages of Digital Marketing Agency:

• High demand for services: As businesses focus more on their online presence, the need for digital marketing services will continue to increase.
• Opportunity for recurring revenue: You can offer monthly retainer fees for ongoing digital marketing services.
• Monthly retainer fee: Offer clients a monthly fee for ongoing digital marketing services.
• Performance-based pricing: You can also charge based on the results you achieve for your clients, such as increased website traffic or conversions.
• Additional services: You can also offer additional services like website development, graphic design, or video production at an extra cost.

18. Web Developer

Another one of the most profitable online businesses that you can start is offering web development services.

A web developer is someone who creates and maintains websites for clients.

This can include designing and building websites from scratch, updating existing websites, designing landing pages, optimizing the user experience for clients, and or providing technical support experience for clients.

Web development skills are in high demand as businesses of all sizes need functional and effective websites.

Advantages of Web Development:

• High demand for services: As more businesses move their operations online, the need for web developers will continue to increase.
• Ability to work remotely: Web development can be done from anywhere with an internet connection, providing flexibility and potential cost-savings.
• Hourly or project-based pricing: Charge clients based on the number of hours worked or the scope of the project.
• Maintenance fees: Offer ongoing website maintenance and support for a monthly fee.
• Website hosting: Y ou can also offer website hosting services for an additional fee.

19. Selling Crafts or Handmade Products

If you have a talent for creating handmade products, you can turn it into a profitable online business.

Platforms like Etsy and Handmade at Amazon allow creators to sell their unique items to a global audience.

You can also create a website or use social media to promote and sell your products.

Advantages of Selling Crafts or Handmade Products:

• Opportunity for creativity: You can turn your creative hobby into a profitable business.
• Flexibility: You can work from home and set your own hours, providing flexibility in your schedule.
• Product sales: Sell your handmade products directly to customers through online platforms or your website.
• Custom orders: Offer custom-made items for customers at a higher price point.
• Workshops or courses: You can also offer workshops or online courses to teach others how to create their own handmade products.

Highest-Paid Online Business Owners

Now that we’ve covered the most profitable online businesses, let’s explore some of the entrepreneurs that are at the helm of these ships.

These highest-paid online business owners all earn in the tens of thousands of dollars per month range:

• Neil Patel: As mentioned earlier, Neil Patel is the founder of a successful digital marketing agency as well as a popular SEO keyword research tool, Ubersugest , and a successful website, and earns well over $100,000 per month.
• Nathan Barry: The creator of ConvertKit , an email marketing software for creators, reportedly earns $875,000 per month.
• Pat Flynn: The founder of Smart Passive Income and multiple online businesses earns over $200,000 per month.
• Michelle Schroeder-Gardner: Michelle runs the successful blog Making Sense of Cents and earns over $100,000 per month through affiliate marketing and sponsored content.
• Jon Morrow: Jon is the founder of SmartBlogger and reportedly earns over $100,000 per month through online courses and affiliate marketing.
• PewDiePie: Felix Kjellberg, better known as PewDiePie , is one of the highest-paid YouTubers with an estimated earnings of over $13 million per year from his game commentary and comedy video channel.
• Joe Rogan: Renowned for his podcast The Joe Rogan Experience, Joe Rogan reportedly signed a deal with Spotify worth over $100 million, positioning him as one of the most highly compensated podcasters in the world.
• Alicia Shaffer: Known as one of the the highest-earning sellers on Etsy , Alicia Shaffer’s shop, ThreeBirdNest , reportedly brings in nearly $70,000 per month, selling handmade clothing and accessories.
• Kylie Jenner: Known for her popular cosmetics line and high-profile family, Kylie Jenner is one of the highest-paid Instagram influencers, reportedly earning up to $1 million per sponsored post on her Instagram account.
• Addison Rae : Known for her viral dance videos on TikTok, Addison Rae has reportedly earned an estimated $5 million in the last year, making her one of the highest-paid influencers on the platform.

FAQs About Online Businesses

The best online earning business will largely depend on your personal strengths and interests. However, some highly profitable online businesses include blogging, affiliate marketing, creating and selling courses, freelancing in a specialized skill, dropshipping, and social media influencing.

The most effective monetization strategy will be one that aligns with your business and audience needs, whether that’s selling products or services, advertising, affiliate marketing, or a combination of these.

The online store that makes the most money varies greatly depending on factors such as niche, platform, marketing strategy, and much more. However, tech giant Amazon consistently remains a top contender, reporting over 386 billion USD in net sales in 2020. This success can be attributed to its vast product range, user-friendly platform, and efficient delivery system.

Nevertheless, many smaller eCommerce businesses also generate substantial profits by finding niche markets, providing exceptional customer service, and efficiently utilizing digital marketing strategies. It’s key to remember that success comes from meeting customer needs effectively and consistently.

The most profitable online business is subjective and heavily depends on your skills, interests, and investment. However, dropshipping, affiliate marketing, and blogging are widely recognized as some of the most profitable online businesses.

Dropshipping allows you to sell products directly to consumers without holding inventory. Affiliate marketing enables you to earn a commission for marketing another company’s products. Blogging, on the other hand, can generate income through ads, sponsored posts, and selling products or services.

One of the easiest online businesses to kick-start is affiliate marketing. Why? Because it requires minimal investment, no inventory or customer service responsibilities, and allows you to earn commissions from selling other people’s products and services. With the right strategy and execution, it has the potential to generate a lucrative income stream.

All you need is a good grasp of your audience’s needs, some effective marketing strategies, and voila! You’re in business.

10 Quick Tips for Profitable Online Businesses

Starting a profitable online business is not something that can be achieved overnight.

It takes hard work, determination, and the right strategies to succeed.

Speaking of the right strategies, here are some important tips to keep in mind along the journey to starting and growing your own business:

• Identify your strengths and interests: Your passion will drive your motivation, and your skills will determine your niche.
• Research the market: Know your audience, their needs and preferences, and the competition.
• Create a website: Regardless of which platform you use, make sure to create a website where people can learn more about you and what you offer.
• Build an email list: Your email list is your most valuable asset in the online world. Use it to connect with and market to your audience.
• Provide value: Focus on providing high-quality content, products, or services that truly help and add value to your audience’s lives.
• Solve a problem: Successful businesses solve a problem for their customers. Identify the pain points of your target audience and find ways to address them effectively.
• Diversify monetization strategies: Don’t be afraid to try new things and diversify your income streams. What works for one business may not work for another.
• Be consistent: Consistency is key in building trust with your audience and establishing your brand’s reputation.
• Optimize and Improve: Continuously monitor and analyze your business to find ways to improve and optimize its performance.
• Surround yourself with like-minded people: Connect with other entrepreneurs for support, advice, and collaboration opportunities.

Ultimately, success with any of these online business ideas will come down to hard work, dedication, and a willingness to embrace new ideas and opportunities.

Additional Resources and Guides to Get Started

• How to Make Money Blogging: Complete Guide
• How to Make Money on TikTok: Complete Guide
• How to Make Money on Instagram: Complete Guide
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The 23 Most Profitable Businesses in 2024

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Some people venture into entrepreneurship with a clear vision: They know what industry they want to conquer and the path they’re going to take to get there. However, for many new entrepreneurs, it can be difficult to figure out how to start a business — plus, determine exactly what type of business is the best choice to invest in.

To help you launch your journey, we’ve compiled a list of the most profitable businesses, considering factors such as industry growth and competitiveness, startup costs and barriers to entry, as well as profitability potential.

LLC Formation

Most profitable small businesses

With a solid business plan, hard work and determination, any strong business idea may become successful and profitable.

Businesses in high-growth industries with lower startup costs , however, may have greater profitability potential. With the rise of technology, for instance, you’ll probably have more success starting a virtual assistant business than opening a grocery store.

Although some of the most profitable businesses are based online, others involve in-person services, and some are a great fit if you're an entrepreneur on the go. Here’s our list of the most profitable small businesses:

1. Food trucks

The food truck movement has been experiencing consistent growth over the past five years — and it’s expected to continue — with the market projected to grow to $6.87 billion by 2029, according to a 2023 report by Mordor Intelligence [0] Mordor Intelligence . Food Truck Market Size & Share Analysis . Accessed Feb 26, 2024. View all sources . You can start a food truck business for less than a third of what it costs to open a brick-and-mortar restaurant; plus, you have geographic versatility, the potential for high revenue returns and the flexibility to create a custom menu that’s all your own.

Keep in mind that bigger, trendier cities like San Francisco, Boston and Washington, D.C., already have a pretty saturated food truck market (as well as tougher regulations to get started) — so this might be a more successful business in a smaller heartland metropolis.

Food trucks have their own special set of ordinances, business licenses and safety compliance standards. They also require food business insurance , so you’ll want to contact your local health department to find out what will be required.

» MORE: Best options for food truck financing

2. Car wash services

The rising prices and pandemic-induced shortage of new vehicles are causing car owners to keep their cars longer. And as drivers keep their cars longer, businesses like car washes that help people maintain the value of their auto investment are expected to keep rising as well.

In fact, the car wash market is projected to increase from $15.86 billion in 2023 to $23.79 billion by 2030 [0] Grand View Research . U.S. Car Wash Services Market Size, Share & Trends Analysis Report By Type . Accessed Feb 26, 2024. View all sources . And according to a 2023 study from the International Carwash Association, 96% of U.S. car owners and lessees washed their vehicle at least once in the previous year— and 89% did so at a professional car wash [0] International Carwash Association . 6 Insights into Why Car Washing Is at an All-Time High . Accessed Feb 26, 2024. View all sources .

You might make a car wash business even more profitable by turning it into a mobile service. Customers may pay more for a car wash that comes to them, especially if they have a luxury car and prefer a more personalized service. And as a mobile car wash and auto detailing service, you’d avoid the overhead and startup costs of having a physical location.

3. Auto repair

The average age of cars and light trucks in the U.S. rose to 12.5 years in 2023, increasing from 9.7 years a decade ago, according to S&P Global Mobility [0] S&P Global Mobility . Average Age of Light Vehicles in the US Hits Record High 12.5 years, according to S&P Global Mobility . Accessed Feb 26, 2024. View all sources . People are keeping their cars longer than ever, suggesting there’s significant opportunity in the maintenance and repair business.

Additionally, car owners are more likely to visit a small business for repairs. According to the Auto Care Association, more than 70% of repair business is captured by independent repair facilities compared with dealerships or manufacturer-authorized repair facilities [0] Auto Care Association . Auto Care Association Applauds Advancement of REPAIR Act . Accessed Feb 26, 2024. View all sources .

If you’re skilled as a mechanic, you might consider an auto repair service as one of the most profitable business ideas. You can offer oil changes, fluid refills, battery swaps, headlight repair and more. And if you’re looking to save on overhead costs, you might make it a mobile service and travel to your customers, performing repairs in their driveway or office parking lot.

4. Personal trainers

Employment of fitness trainers and instructors is projected to grow 14% from 2022 to 2032, much faster than the average for all occupations, according to the U.S. Bureau of Labor Statistics [0] U.S. Bureau of Labor Statistics . Occupational Outlook Handbook, Fitness Trainers and Instructors . Accessed Feb 26, 2024. View all sources . But turning your love of fitness into a career doesn’t have to mean working for a big corporate gym — nor do you need the overhead of having your own location to train clients.

Throw a few weights, bands and yoga mats into the trunk of your car, and take your fitness show on the road.

You can become a personal trainer by offering one-on-one sessions in your clients’ homes or advertising group classes at a local park or community center. Making fitness more available to your clients might just be the ticket to helping both of you achieve your goals.

» MORE: Best mobile business ideas for on-the-go entrepreneurs

5. Newborn and post-pregnancy services

Although millennials and Generation Z are deferring parenthood for longer than previous generations, many do eventually want to have kids.

And with both generations considering parenthood, the need for child-oriented businesses is growing, starting with post-pregnancy and newborn-related services. As a result, a 2024 Market Research Future report expects the global maternity care market to reach $106.6 billion by 2032 (up from $62.5 billion in 2023) [0] Market Research Future . Maternity & Personal Care Market Research Report . Accessed Feb 26, 2024. View all sources .

Demand for doulas and lactation consultants, in particular, has risen among new mothers, and both business options have relatively low overhead requirements beyond education and certification.

6. Enrichment activities for children

Shrinking budgets for education mean that both traditional academics and enrichment subjects like music, art and athletics often take a significant hit.

A successful business to start might be one that teaches enrichment activities to children. According to the U.S. Census Bureau, kids are more involved in extracurricular activities today than they were 20 years ago [0] U.S. Census Bureau . Children Continue to be More Involved in Some Extracurricular Activities . Accessed Feb 26, 2024. View all sources . And some research indicates that approximately half of American parents spend more than $1,000 annually on their children’s activities [0] GoBankingRates . How To Afford $1,000 Worth of Kids Activities Per Year . Accessed Feb 26, 2024. View all sources .

You could launch a gymnastics center or music school, become a swimming instructor or kids’ yoga teacher, or focus on some other child-centered activity. If you have a skill that could be easily taught to young students, you might already have a profitable business in the making.

7. Mobile apps and entertainment for children

If your interests are in development and engineering, you might consider gearing your technology toward the youngest users. Research shows that demand for tablets, apps and mobile entertainment for children is on the rise — especially if those products are education-focused [0] Excellent Web World . Is The App Development Market For Kids Getting Bigger? . Accessed Feb 26, 2024. View all sources .

Do you have an idea for an educational app for children or parents? If so, now may be the time to move forward on your bright idea for the next generation and make this potentially profitable business a reality.

8. Shared accessories and attire

Sites like Rent the Runway and Gwynnie Bee have banked on the idea of the sharing economy — where we want and need to own less stuff, so instead, we share resources.

These companies offer borrowed or rented clothing and accessories at a fraction of their purchase prices, and because the same piece of inventory generates revenue multiple times, the profitability of these ventures can be significant. According to a 2023 study by the reselling platform ThredUp, the secondhand-clothing market is projected to nearly double by 2027 [0] ThredUp . thredUP’s 11th Annual Resale Report Reveals Consumers Continue to Embrace Secondhand Amid Economic Uncertainty . Accessed Feb 26, 2024. View all sources .

Do you have an eye for fashion and a sense of style not currently offered by other rental services? Maybe you’re ready to be the next big thing.

Even if you’re not prepared to launch a multimillion-dollar fashion startup, you can just as easily profit from shared fashion at the local level. Gather some favorite accessories or clothing picks and host a borrowing party — where customers can rent or purchase items from your closet — for high school students before the next formal dance.

If you’re in a college town, Greek life formals are another great opportunity to profit from shared economy fashion. And because you’re taking shipping costs out of the equation, you have the potential to be even more profitable.

9. Shared home improvement equipment

Are you the go-to person in your neighborhood for every lawn, garden and home repair tool? Why not turn those tools into a profitable business by advertising your available equipment beyond your immediate friend group?

You might even decide to invest in more specialized and higher-cost equipment that would be useful to those around you. And if a customer doesn’t know how to use a specific tool, combine equipment rental with your mobile service for even more cash in the bank.

Home improvement spending has increased since the start of the COVID-19 pandemic — and U.S. households spent an average of $13,667 on improvement projects in 2023 alone, according to a study from Angi, a home services marketplace [0] Angi . State of Home Spending . Accessed Feb 26, 2024. View all sources . As more people continue to invest in fixer-upper houses and remodel, this could be a big opportunity.

» MORE: Best small-town business ideas

10. Vacation rentals

If you live in a highly desirable tourist destination, you can make a profit renting space in your home to travelers. Sites like Airbnb or VRBO have made it easier than ever to profit from your unused vacation property — or even your extra bedroom. According to Airbnb, the typical U.S. host makes approximately $14,000 a year [0] Airbnb . Hosts in the US earned $22 billion in supplemental income last year . Accessed Feb 26, 2024. View all sources .

It's not too difficult to become an Airbnb host , and the demand for these types of rentals has only grown in recent years. In 2022, 394 million nights and experiences were booked on Airbnb — up from 301 million nights in 2021 [0] Statista . Airbnb Bookings Already Past Pre-Pandemic High in 2023 . Accessed Feb 26, 2024. View all sources . However, some cities have laws and regulations regarding Airbnb and other rental platforms, so you’ll want to make sure you check the guidelines in your area before getting started.

11. Electronics repair

According to the Pew Research Center, as of 2023, 90% of Americans own a smartphone [0] Pew Research Center . Mobile Fact Sheet . Accessed Feb 26, 2024. View all sources , and 80% of U.S. adults subscribe to high-speed internet at home [0] Pew Research Center . Americans’ Use of Mobile Technology and Home Broadband . Accessed Feb 26, 2024. View all sources . And with more employees working from home, there’s an even greater reliance on a variety of electronics.

That means that when something goes wrong, people want help fixing it as soon as possible. This makes electronics repair a potentially lucrative business idea. According to a 2024 report from the Business Research Company, the global electronics repair and maintenance market is expected to grow from about $8.69 billion in 2022 to $9.88 billion in 2028 [0] The Business Research Company . Consumer Electronics Repair and Maintenance Global Market Report 2024 . Accessed Feb 26, 2024. View all sources .

With this service, you could be the solution for every broken iPhone screen, Wi-Fi card and laptop battery. And you might be even more successful if you’re willing to travel to your customer. Apple stores and other electronics retailers have come under fire over the past few years for long customer wait times, which could work in favor of mobile providers.

Although a mobile electronics repair business involves some overhead in the form of purchasing supplies, being mobile saves you from having to pay the costs associated with a physical location.

How much do you need?

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We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

12. Academics courses

Online entrepreneurs can offer courses through educational platforms or independently on their own websites. The U.S. e-learning market has accelerated growth since the onset of the COVID-19 pandemic and is predicted to reach nearly $170 billion in 2030, according to a 2023 report by Renub Research [0] Renub Research . United States eLearning Market, Size, Forecast 2023-2030 . Accessed Feb 26, 2024. View all sources .

You might start your business by providing courses in traditional academics, offering online instruction in grade-level reading, math, science, history or standardized test preparation. You could even create a review course for parents helping teens with their algebra homework. If you’re creative, the possibilities are truly endless.

And academic courses don’t have to end at the high school or even college level. You can create an online course to share your love of political history, Buddhist theology or rocket science. If you’re interested in a particular subject, chances are someone else is, too.

13. Language courses

Currently, one-fifth of U.S. families speak one other language, apart from English — based on data from the Census Bureau [0] U.S. Census Bureau . What Languages Do We Speak in the United States? . Accessed Feb 26, 2024. View all sources . And with more languages being spoken nationwide, the demand for online language learning courses is growing. The market is projected to increase by $26.33 billion from 2023 to 2030, according to a 2023 report from Verified Market Research [0] Verified Market Research . Online Language Learning Market Size And Forecast . Accessed Feb 26, 2024. View all sources .

So whether you take to the online education space with expertise in English, or you harness your mastery of Swahili, there’s likely someone out there who wants to learn a language from you.

And if you speak one of the most in-demand languages, such as Mandarin, Spanish or Arabic, then online-based language courses could be one of your most profitable business ideas.

» MORE: Easy online business ideas you can start now

14. Business or marketing courses

Since the beginning of the COVID-19 pandemic, participation in career-focused online courses has grown significantly, especially as more employees look to change jobs or work from home. For instance, education technology platform Udemy gained 10 million new global learners from 2022 to 2023, spanning 134 million course enrollments [0] Udemy Business . 2024 Global Learning & Skills Trends Report . Accessed Feb 26, 2024. View all sources .

Companies have expanded or launched new coverage for tuition reimbursement in recent years, meaning workers have money to spend on these types of classes. According to the Society for Human Resource Management’s 2023 Employee Benefits Survey, 48% of employers offer tuition assistance, 87% cover costs for professional memberships and 78% pay for employees’ certifications or recertifications [0] Society for Human Resource Management . SHRM Releases 2023 Employee Benefits Survey Results . Accessed Feb 26, 2024. View all sources .

If you have career skills to share, you can start creating online courses with few initial costs. Popular course topics include bookkeeping, QuickBooks accounting software , WordPress web development, graphic design or even how to write a great cover letter or resume.

15. Personal wellness

Are you a therapist or counselor, a yoga instructor, a life coach or a longtime meditator? If you have a deep passion for personal wellness, you might be able to help others — while also earning a significant income.

For example, a report from the Yoga Alliance found 38.4 million Americans (11% of the population) practiced yoga in 2022; up 4.6% from 2016. These Americans spent over $21 billion on yoga in 2022 alone [0] Yoga Alliance . Yoga in the World . Accessed Feb 26, 2024. View all sources . And a Grand View Research report predicts the North American yoga market to grow at a compound annual growth rate of 8.8% by 2030 [0] Grand View Research . Yoga Market Size, Share & Trends Analysis Report . Accessed Feb 26, 2024. View all sources .

Like many of the options on our list, as long as you have the knowledge, the costs to start a personal wellness business are low.

Every person has a desire to better themselves, and that’s what online courses are all about. If you have this expertise to share, you could turn your knowledge into a profitable business.

16. Courses in hobbies or interests

While many courses are designed to further an education or career prospects or to promote major life changes, you can just as easily design an online course around any hobby or interest.

Do you have a passion for calligraphy or craft brewing ? Have you mastered a certain video game? You'd be surprised at the number of people willing to pay to learn about topics they're interested in. Some of the bestselling courses on the popular online learning platform Udemy include web development, digital marketing, ethical hacking, stock trading and WordPress — and they sell for up to $200 per class [0] Udemy . Popular and trending topics . Accessed Feb 26, 2024. View all sources .

Not sure how to start designing your own online course? Well, there are even online courses for creating your own online course. You can use one of these courses to propel your own online course business.

17. Bookkeeping and accounting

Accounting and bookkeeping are unavoidable requirements of business ownership. But for many entrepreneurs, money management is the most tedious part of owning a business; that's why some business owners choose accounting and bookkeeping services to outsource those tasks.

Whether you’re a certified public accountant or just a QuickBooks wizard, you might be the perfect candidate to launch your own bookkeeping business . With accounting firms seeing a growth rate of 9.1% in net revenue from 2021 to 2022 (up from a 4.2% growth rate in 2020), bookkeeping, accounting, tax preparation and payroll services have long been some of the most profitable businesses for entrepreneurs [0] Association of International Certified Professional Accountants . U.S. Accounting Firms Show Strong Growth in Profit and Revenue, AICPA & CIMA Research Finds . Accessed Feb 26, 2024. View all sources .

As a bookkeeper, you can process invoices and payroll, compile expense reports and more. If you have a CPA license, you can help business owners file taxes, generate balance sheets and other accounting documents, as well as make professional recommendations about your client’s bottom line.

18. Consulting

If you’ve been in the business world for a long time, folks may be clamoring for your knowledge and expertise within your industry. Why not turn all that know-how into a new career as an independent consultant?

According to the Bureau of Labor Statistics, demand for consulting services is expected to increase, particularly among smaller companies that deal in specialized industries or business functions. Employment of management analysts, which includes consultants across different industries, is projected to grow 10% from 2022 to 2032 — faster than average for all occupations [0] U.S. Bureau of Labor Statistics . Occupational Outlook Handbook, Management Analysts . Accessed Feb 26, 2024. View all sources .

As an independent consultant, you can be paid to speak at industry conferences or events, serve on a board of advisors for a fledgling business, or lend your expertise to shape the strategy of an existing business on a contract basis.

Whatever your skill set, starting a consulting business is a great way to make the income of your dreams while working on your own terms.

» MORE: 145 new service business ideas

19. IT support

Our reliance on technology makes IT support just as profitable a business idea as electronics repair and other tech businesses — especially considering employment of IT professionals is projected to grow 5% from 2022 to 2032, according to the Bureau of Labor Statistics [0] U.S. Bureau of Labor Statistics . ccupational Outlook Handbook, Computer Support Specialists . Accessed Feb 26, 2024. View all sources . With an IT business, you can help customers when they have issues with their internet or computer software, as well as install security programs and network updates.

If technology comes easily to you — and you’re a relatively patient person — then the most profitable business for you might be hitting the road, at least in your neighborhood, with mobile IT support. You can offer a service to combat the chat or phone support typically offered by technology manufacturers, which often includes long wait times and leaves customers with unanswered questions.

All you need is time, transportation and your own know-how, so this low-overhead business model could be almost pure profit.

20. Graphic design

As the number of brands vying for consumers’ attention grows, a slick and polished image has become more important than ever for small businesses.

And although, according to the Bureau of Labor Statistics, employment for graphic designers is expected to grow only 3% from 2022 to 2032, there are opportunities out there, especially for graphic designers who are self-employed [0] U.S. Bureau of Labor Statistics . Occupational Outlook Handbook, Graphic Designers . Accessed Feb 26, 2024. View all sources . The BLS says most graphic designers are self-employed, compared to those that work for advertising services, publishing industries and similar employers.

Do you know your way around Adobe Photoshop, Illustrator and InDesign? Have you taken a few design classes, and do you have an eye for good branding? Turn your skills into a business as a freelance graphic designer. You’ll have almost no overhead and can help small-business owners create awesome marketing graphics.

21. Social media management

These days, customers expect a business to have a strong social media presence and to be responsive to customer service issues on social media.

Although many small-business owners know they need to engage in social media marketing, few have the necessary time or expertise to manage all of their social media accounts.

If you’re fluent in Twitter, live your life on Facebook and have gotten every job you’ve ever had through LinkedIn, you might consider turning your social media expertise into your own solopreneur business venture — offering support to business owners who need help managing their brands' social media platforms.

As long as you have your own laptop, smartphone and social media accounts, there are few costs to getting started, and job growth in the industry is projected to increase 6% from 2022 to 2032 — faster than average for all other occupations [0] U.S. Bureau of Labor Statistics . Occupational Outlook Handbook, Public Relations Specialists . Accessed Feb 26, 2024. View all sources .

22. Marketing copywriter

If you’re particularly adept with words, you can use your talents to write copy for various companies’ marketing efforts. According to an Industry Research report, the global digital content creation market is expected to increase at a compound annual growth rate of 9.5% from 2023 to 2030 [0] Industry Research . Digital Content Creation Market 2023-2030: Trends, Size, Share, and CAGR Status . Accessed Feb 26, 2024. View all sources .

Whether you’re coining a catchy slogan or writing an in-depth description of a company’s offerings, if you’re doing it as an independent contractor, you’ll have very few startup costs. Once you get started and build relationships with clients, you’ll quickly be able to earn a profit for your services.

23. Virtual assistant services

With more employees working from home, and with teams spread out across different locations and time zones, businesses can benefit from an assistant who is just as flexible as they are. There's no longer the need to meet with a client every day in an office — you can work as an assistant from New York when your client lives in Florida.

According to ZipRecruiter, the average remote virtual assistant in the U.S. makes $50,749 a year [0] ZipRecruiter . Remote Virtual Assistant Salary . Accessed Feb 26, 2024. View all sources . As a virtual assistant , you can choose your clients and create your own schedule, managing emails, scheduling meetings, booking travel and completing other basic tasks to make your customers’ lives and businesses run more smoothly.

Plus, all you need is a laptop and an internet connection to start this business.

How to start a profitable business

These ideas for profitable businesses span a variety of industries and involve varying time commitments and startup costs. Before you can earn any profit, however, you’ve got to get your business off the ground.

Here are three steps to help you get started:

1. Do your research

Whether you choose one of the ideas here or come up with something on your own, do your research before committing to any concept. You'll want to perform idea validation, a process that involves market and competitor research, as well as a financial feasibility analysis to help test your business idea and determine whether you want to move forward with your business proposal.

2. Get organized and make it official

Once you’ve chosen a strong business idea, you’re ready to create a thorough business plan . Your business plan will outline your company’s goals — and how you’ll achieve them — as well as provide a roadmap for you (and potential investors) to follow for the next three to five years.

After you’ve written your business plan, you can take the necessary steps to make your small business official. You’ll choose a business structure, apply for an employer identification number , register your “Doing Business As” name (if necessary) and get the business licenses and registrations you need to open your doors.

» MORE: Important legal requirements for starting a small business

3. Find the right financing

It can be difficult for startups to qualify for some traditional business loans, as they often require multiple years of business history for approval. Instead, new business owners might consider startup funding options, such as microloans, grants, crowdfunding, or asking friends or family for an investment.

Business credit cards are also an option for short-term financing, especially for everyday business purchases. With a business credit card , you can earn perks and rewards on your spending, as well as start building a business credit history.

See how to get your business started quickly

Find the money to get going: Compare the best small-business loan options right now.

Set up a bank account: Details on how to get a free business checking account .

Start accepting credit cards and other payments: Options and how to use point-of-sale systems .

Start tracking your profits: Pick out and set up simple accounting software .

A version of this article originally appeared on JustBusiness, a subsidiary of NerdWallet.

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STARTING A SIDE HUSTLE?

With Shopify’s tools and apps, holding down a side hustle has never been easier.

How To Make Money Online: 23 Proven Ideas for 2024

Explore online money-making ideas, including everything from beginner side hustles to advanced business models.

Are you dreaming of building your own business or simply looking for ideas to make extra money on the side? 

With modern technology advancing before our eyes, there are more ways than ever to make money on the web. Whether you’re selling your used clothes on a local marketplace site , creating merch for your TikTok fans, or starting a business from a passion or hobby, there are tools to help.

And if you don’t yet have an idea in mind, this list will spark ideas for making money online—no matter your skill level. Ahead, explore 23 creative money-making ideas , including everything from beginner side hustles and passive income ideas to advanced business models.

How to make money online

• Sell print-on-demand products
• Monetize a blog
• Sell digital products
• Become a reseller
• Try affiliate marketing
• Become an influencer
• Look for side gigs 
• Sell photos online
• Create and sell handmade or custom products
• Write and sell books or ebooks
• Start a dropshipping business
• Sell services or consultancy
• Create online courses and workshops
• Monetize a YouTube channel
• Livestream on Twitch (or other platforms)
• Become a social media consultant
• Start a podcast
• Sell products through online marketplaces
• Develop and sell a unique product
• Become an online tutor
• Become an Airbnb host
• Narrate audiobooks
• Make a subscription box 

Many of these ideas for making money online can be executed from home, allowing you to get up and running quickly. From generating advertising revenue from your YouTube videos to setting up your own online store, you can make money online leveraging your unique skills and experience. 

💡Tip: Looking for low-effort ideas that require no skills or experience? Becoming a virtual assistant or taking online surveys are two of many such ideas. Browse even more ways to make money online for beginners and earn extra cash in your spare time. 

1. Sell print-on-demand products

POD options include t-shirts , mugs, tote bags, or fan merch . This model lets you create customized products quickly, making it a low-risk, low-investment way to earn extra income.

Best for: Creatives looking to make money online by monetizing their designs, influencers selling merch, those seeking passive income. Startup time: A few hours to set up an ecommerce platform and print-on-demand integration. Effort level: Easy to start if you already have designs to upload. Easy to medium to maintain. Time to first payment: After you sell a product, expect a wait period of around five days to receive funds on most platforms. 

What to know

• After you set up a Shopify store, browse the many print-on-demand suppliers to compare pricing, quality, and product lineup.
• Most ecommerce platforms require that you are at least 18 years of age.
• Requirements vary by country and region, but some products may require you to have licenses, permits, or certifications.
• This is an easy online business to scale once you’re set up.

2. Monetize a blog

Best for: Existing bloggers and writers, those looking to make money online from home. Startup time: A few hours. Effort to start: Medium to start, but it will take a lot of effort to maintain. Time to first payment: Varies depending on how you are monetizing your blog.

• While blogging can be a low-investment, small business idea , it can take time to pay off.
• Use SEO practices to drive organic traffic and read about more ways to monetize a blog.
• You will require a blogging platform.
• Choose an interest or skill you want to write about—consider a topic where you can bring a unique perspective and offer value to readers.

🎈 Success Story: This DIY Blogger Monetized her Following

Jordan Ferney started Oh Happy Day as a blog first, eventually opening her own online party supply store once she built a massive audience.

3. Sell digital products

Another example of digital content is recipes and meal plans. Food blogger Lauren Fit Foodie sells this content to her audience through Instagram. 

Best for: Creatives or those looking to make money fast. Startup time: Once the asset is created, it takes a couple hours to get up and running online. Effort level: Medium to high, depending on product and ability to grow a customer base. Low effort to maintain. Time to first payment: After you sell a product, expect a wait period of around five days to receive funds on most platforms. 

• Digital goods are scalable, with no limit to the number of times you can sell the same asset to earn money online.
• If you want to license your product or use licensed materials, be sure to consult with a lawyer or research licensing laws.
• You will require an ecommerce online platform and a digital delivery app from the Shopify App Store .

4. Become a reseller 

Another option is to curate products from other brands through your own ecommerce store—say your favorite skin care products for problem skin.

💡 Tip: This model assumes you will be carrying and managing inventory . For a lower-investment option, jump ahead to dropshipping.

Best for: Those looking to make money fast. Startup time: Varies depending on what you plan to resell.  Effort to start: Low to medium, as you don’t need to create your own products. Time to first payment: After you sell a product, expect a wait period of around five days to receive funds on most platforms. 

• You can find brands to resell by consulting wholesale directories or simply reaching out.
• AliExpress is another option for finding generic trending products to sell under your own brand. These can even sometimes be customized and considered white label products.
• You will require an online platform to sell your products.
• In some cases, you may sign contracts with brands in order to resell. 

5. Try affiliate marketing

Best for: Marketers, bloggers, and creators with an existing audience; those looking for passive income. Startup time: A couple hours. Effort level: Medium to start. Very low effort to maintain. Time to first payment: Varies, depending on the success of the affiliate links and the payment terms you set with the brand.s

• Sign up for Shopify Collabs to get access to brands offering affiliate programs to creators and influencers.
• Disclaimers are required by the Federal Trade Commission and most reputable affiliate programs. You are required to let your audience know if you are being paid to promote a product.
• You will require a website, blog, or social media presence where you can promote products. 

6. Become an influencer

You will need an engaged following, but influencer marketing statistics show that influencers with as few as 1,000 followers—considered nano influencers—can get brand deals on platforms like YouTube, TikTok, Twitch, and Instagram. Anyone can create viral videos if you understand what your audience wants.

How to get paid as an influencer:

• Open a store online and sell merch to your fans.
• Sell sponsored posts to brands or become a brand ambassador or affiliate.
• Make ad revenue.
• Offer exclusive content through platforms like Patreon.

Best for: Aspiring creators with expertise or a unique POV on a specific topic. Startup time: Varies, but generally, about three to four months. Effort level: High. Popular accounts need fresh content to keep audiences constantly engaged. Time to first payment: Varies, depending on the type of monetization you pursue.

• The Shopify Starter Plan is perfect for creators who want to get selling fast without building a website. Or, you can also use a link-in-bio tool to superpower your social bio and push fans to your store. 
• You will need to meet minimum age requirements for each platform account to earn money online.
• Choose this money making idea if you have a flair for content creation and being an on-camera personality (video and photo editing skills are a bonus).
• An ecommerce platform for selling fan merch may be required.

🌵 Success Story: TikTok’s Plant Mom Spun Virality Into a Brand

Get inspired by Sonja Detrinidad, a mortgage professional turned succulent influencer who monetized her audience to start her plant business, Partly Sunny Projects.

7. Look for side gigs

🚀 Level up: Once you gain experience and clients through a marketplace, set up a simple ecommerce site and sell specific tasks or take on custom jobs.

Best for: Those looking to make money fast. Startup time: Less than an hour. Effort to start: Medium. Time to first payment: Varies depending on the freelance marketplace or app you use.

• Some side gig marketplaces require an upfront fee to sign up, so read the fine print carefully.
• Review the side gig marketplace’s payment schedule to make sure it works for you.
• In most cases, you will only require a solid internet connection and a device.

💡  Tip: Looking for how to make money fast? Choose ideas like this one that have a low barrier to entry and a short startup time. 

8. Sell photos online

Partner with a local printer to print your photos on specialty paper or other materials, or invest in a high-quality home printer. You can ship and sell numbered and signed versions of your photos directly to customers through your website. 

💡 Looking for a more hands-off or beginner-friendly way to sell your photos?   Jump to print on demand.

Best for: Photographers and photography enthusiasts looking to make money online from their craft. Startup time: A few weeks or months to build your portfolio. Effort level: High to start as you build your portfolio and website. Medium ongoing effort to maintain the business and develop new products. Time to first payment: After you sell a photo, expect a wait period of around five days to receive funds on most platforms.

• Build awareness for your brand by growing your following on social media.
• Use other methods of selling photos (like licensing to stock sites) to generate interest in your work.
• You will require a camera, photo-editing software, and an ecommerce platform plan.

9. Create and sell handmade or custom products

Hand-making goods gives you full control over product development and quality, but can be time consuming. Also consider allowing customers to customize each order to their specifications. This is called bespoke, or one of a kind (OOAK).

Best for: Creatives looking to monetize their hobby, those looking to make money from home. Startup time: It will take just an hour or two to set up your ecommerce store. Effort level: Depends on whether you already produce goods. High effort to maintain. Time to first payment: After you sell a product, expect a wait period of around five days to receive funds on most platforms. 

• While this is one of the most rewarding money making ideas, scaling this model is challenging. To grow, consider bringing on other artists you can train.

👓 Success Story: How a Crafter Scaled Her Eyewear Business

Kerin Rose Gold started designing her own sunglasses before being spotted by top celebs. Now she employs other artists as she grows her brand, A-Morir.

10. Write and sell books or ebooks

Try using a print-on-demand book service to print and sell books online on your own ecommerce store, or use a service like Amazon Direct Publishing to sell ebooks. 

Best for: Writers, journalists, and subject matter experts. Startup time: Varies by book, but could take years to write, edit, and publish. Effort level: Hard to start. Medium ongoing effort to market and sell the book. Time to first payment: Depends on how and where you sell your books.

• Grow a following for your personal brand as an author.
• Digital delivery apps can be useful if you plan to sell ebooks directly to customers on your own website.
• You will need to find a publisher or print-on-demand service to print physical books.
• Choose a platform for selling your book or ebook directly to customers to cut out the middleman and make more money online.

🍜 Success Story: How a YouTube Chef Became a Published Author

Serial entrepreneur and self-taught vegan chef Wil Yeung built his business with a YouTube content strategy. He now sells his recipes as books, ebooks, and courses online.

11. Start a dropshipping business

Due to the ability to be nimble, dropshippers can follow trends and sell trending products as they emerge.

Best for: Those looking for passive income and making money from home. Startup time: A few hours to set up a store and source vendors. Effort level: Medium to start and grow the business. Low effort to maintain. Time to first payment: After you sell a product, expect a wait period of around five days to receive funds on most platforms. 

• You can create a Shopify store and test it out with a free trial.
• AliExpress and other dropshipping suppliers are great places to start sourcing products. 
• This is not a passive income idea, as widely believed. While you don’t need to handle inventory, there is work required to drive traffic and manage customer service . 

12. Sell services or consultancy

Best for: Subject matter experts. Startup time: Several hours to set up your website. Effort level: Hard. This will require ongoing effort to build your client list, perform services, and maintain your website. Time to first payment: After you sell a service, expect a wait period of around five days to receive funds on most platforms. 

• Reviews and testimonials are your friend. Ask happy clients to write or record reviews and post them on your site.
• You will require a website or ecommerce store as well as expertise in a particular field.

13. Create online courses and workshops

Best for: Creatives and subject matter experts. Startup time: It can take weeks or even months to write, shoot, and edit an online course. Effort level: Very high to start. Medium effort to maintain. Time to first payment: Varies, depending on your course and platform’s payment structure.

• Research your competition : What value can you create beyond what’s already available online?
• Use free gated content to build your customer list and give potential customers a sample of your offering.
• Live elements like instructor office hours or exclusive Q&A sessions help sell your course.
• You will require audio and video equipment and editing software as well as a platform to sell and deliver course content. 

14. Monetize a YouTube channel

Once you’ve reached 1,000 subscribers, you can try YouTube ads . You can also offer a paid product placement or become a brand affiliate. Selling products like your own branded merch is a great way to build your personal brand . Create your own website and link it to your channel to sell t-shirts, hats, and other swag to your fans.

Best for: Creators, YouTubers with an existing audience. Startup time: It will take an hour or two to start a YouTube channel . Effort level: High. YouTube requires an ongoing effort to create and publish video content.  Time to first payment: Once you’ve reached 1,000 subscribers, you can start earning revenue from ads to make money on YouTube . Time to first payout via other methods varies. 

• Finding a niche with an underserved audience is a great option for your channel’s angle. Understand this audience and create content that adds value.
• YouTube Shorts offer a way to keep your page fresh with shorter and more casual content.
• You will require audio and video equipment and editing software.
• Parental permission to start a YouTube channel will be required if you are between 13 and 17 years old.
• Choose a sales channel or online store platform to sell merch (must be 18 to open a store).

Start selling your products on YouTube from Shopify

Shopify comes with powerful tools that help you promote and sell products on YouTube. Sync your product catalog, tag or pin products in livestreams, and manage all your sales from Shopify.

15. Livestream on Twitch (or other platforms)

You can monetize your livestream on Twitch a handful of ways:

• Selling products like merch directly to fans
• Brand sponsorships
• Fan donations
• Exclusive content subscriptions

Best for: Those looking to make money from home, gamers, creators, on-camera personalities. Startup time: An hour or so to create an account. Effort level: High to start as you build an audience. High ongoing effort to create consistent content. Time to first payment: Varies depending on streaming service. Twitch pays out 15 days after the end of each month.

• Stay consistent by regularly broadcasting at the same time of day or the same day every week.
• Monetize your Twitch channel by selling products using the Shopify Starter Plan —this is an affordable alternative to a full ecommerce website plan.
• You will require a camera, microphone, and livestreaming software or platform.
• Twitch is recommended for ages 15+, but many monetization options may require you to be over 18. Consult each platform’s terms of service for details.

16. Become a social media consultant

As a social media consultant, you can work with brands to brainstorm creative ideas, develop a content strategy , produce videos or graphics, and produce copy. Once you gather clients and experience, you can become an official Shopify Expert , marketing your skills to brands looking for your unique expertise.

Best for: Social media experts, creators with popular channels. Startup time: Several hours to reach out to prospective clients. Effort level: High. You’ll need to be consistently maintaining client relationships and working on projects in order to be profitable.  Time to first payment: After you invoice a client, in most cases they will have 15 to 30 days to pay you, depending on the terms you set. 

• Build your own social following first and use it as a portfolio to demonstrate your ability.
• Networking will help you land new clients. Be proactive with your outreach.
• You will require experience creating a successful social media presence that makes money.
• Set up social media accounts and a website to showcase your work and start gaining clients.

17. Start a podcast

As you build your following, there are many ways to monetize your podcast :

• Sponsorship deals
• Premium (paid) content offerings
• Donations and tips
• In-podcast ads
• Selling merchandise to fans through an online store

Best for: Those looking to make money from home, creators, subject matter experts. Startup time: Average nine to 14 hours per episode, including editing. Effort level: High. Time to first payment: Varies, depending on how you are monetizing your podcast.

• Once you have an audience, they will expect regular episodes to keep them engaged.
• Building a following will require work and time. Pay attention to feedback and make adjustments to your production quality and content accordingly.
• You will require studio recording equipment, including a professional microphone and editing software.
• Set up an account with a podcast service like Spotify, Stitcher, or Apple Music.

18. Sell products through online marketplaces

You can get up and running quickly because there is less pressure on the seller to drive their own traffic or build a brand. 

🚀 Level up: Take your online business to the next level by building your own store. You can even sell products on both Etsy and Shopify , syncing inventory with an app like Etsy Marketplace Integration .

Best for: Creatives, those looking to make money from home. Startup time: An hour or two to set up your account and add products. Effort level: Depends on your product and business model. Time to first payment: Anywhere from the day after to 14 days after you make a sale, depending on the marketplace.

• Follow Etsy’s guidelines around what you can sell and acceptable use of the platform.
• You must comply with Amazon’s seller policies to be in good standing.
• Most marketplaces require that you are at least 18 years of age.
• Sellers between 13 and 18 years of age may use Etsy with the supervision of a parent or guardian.

🥄 Success Story: Old World Kitchen’s Leap From Etsy to Shopify

The Polder family started their handcrafted wooden spoon brand by selling door to door before launching on Etsy. Now, they sell both through the marketplace and a standalone ecommerce store.

19. Develop and sell a unique product

Best for: Aspiring entrepreneurs and product developers. Startup time: Several months from design to prototype to manufacturing. Effort level: High to start. Medium ongoing effort to maintain. Time to first payment: After you sell a product, expect a wait period of around five days to receive funds in your bank account on most platforms. 

• Manufacturing domestically means you have more control over quality and sustainability, but your costs may be higher.
• Research manufacturers carefully to find the right fit for your product and brand.
• Be sure to consider labeling laws in every region where you plan to sell.

20. Become an online tutor

🚀 Level up: If you find success with tutoring, try selling online courses and promoting them through a dedicated ecommerce store.

Best for: Subject matter experts, those looking to make money from home. Startup time: A few hours to set up a website or an account on a tutoring platform. Effort level: Medium to start. Ongoing effort level depends on how many students you take on. Time to first payment: Varies, depending on how you bill your students.

• Most freelance sites require proof that you are skilled in the subject matter. 
• Expect transaction fees on tutoring platforms.
• You will require knowledge of the subject matter you wish to teach. 
• Licenses or diplomas may be required by each platform and subject.

21. Become an Airbnb host

🚀 Level up: Try using QR codes in your house manual to sell products seen in your home (throw pillows or scented hand soap) via affiliate links. Shopify Collabs can help you find brands to work with. 

Best for: Property owners looking to earn money from their investment. Startup time: Your listing will appear in the search results 72 hours after you publish your listing. Effort level: Medium at startup. High effort to maintain the property/space and manage guest communication. Time to first payment: Airbnb sends host payouts 24 hours after each guest checks in.

• Sign up for a free Airbnb account and go to the Airbnb host page and follow the prompts to publish a new listing.
• You will require a room, home, cottage, or other dwelling that you can legally rent.
• Learn local laws, restrictions, and regulations for your area related to short-term rentals.
• Account for any occupancy taxes relevant to your region.
• Permits may be required by your area to rent out your space on a short-term basis.
• When you create your listing, add descriptive copy and high-quality images to attract guests.

22. Narrate audiobooks

🚀 Level up: Create a website and post samples of your narration. This will be attractive to recruiters who can get a feel for your style.

Best for: Those looking to make money from home. Startup time: Many hours. Effort level: Medium to hard. Time to first payment: Varies by marketplace.

• Networking is essential in order to secure work. Join meetups, attend audiobook networking events, and engage on social media.

23. Make a subscription box

Start a subscription box business and make money online by curating products within a category and marketing your business to a niche audience. Choose a product category in which you have interest or experience and look for gaps in the market to find an underserved group of customers. 

Best for: Aspiring entrepreneurs, those looking to make money from home. Startup time: Many hours. Effort level: Hard. Time to first payment: After you sell a product, expect a wait period of around five days to receive funds in your bank account on most platforms. 

• Because you are curating a box, you will handle fulfillment yourself until you grow large enough to hire a third-party logistics company (3PL).
• Consider helping local small businesses thrive by curating products made in your home town.
• Do market research to find which categories are underserved in the subscription box market.

How to make money online in 2024

You can start making money online as early as today. Earn passive income by dropshipping trending products or get a part time job as a social media consultant. Whatever idea you choose from this list, you’re on your way to putting extra cash in your pocket. 

A side gig is a great way to save money for school, retirement, or a big splurge. And there are several online platforms available to help you start making passive income or monetize your hobby. And if you choose one that you’re passionate about, you may even level it up to a full-time business. 

• How To Source Products To Sell Online
• 25 Best Ways to Make Money From Home in 2024
• The 9 Best Dropshipping Websites for Your Online Store
• The 13 Best Dropshipping Suppliers in 2024
• 6 Tips for How To Be a Successful Dropshipper (Full Playbook)
• AliExpress Dropshipping- How to Dropship From AliExpress
• Amazon Dropshipping Guide- How To Dropship on Amazon (2024)
• 29 Best Affiliate Marketing Programs for Beginners
• What is Social Entrepreneurship? Types and Examples
• 10 Small Business Trends To Watch (New Research)

Make money online FAQ

Do you need skills or experience to make money online.

No, you don’t need any skills or experience to start making money online. Some of the most basic ways to get started are taking market research surveys, selling your used stuff on marketplaces, offering online tutoring services, or trying gig work. All you need is an internet connection to earn extra money.

How can I make money online as a beginner?

There are many ways to make money online for beginners. You can earn income in your free time by selling used goods through local classifieds, taking surveys, becoming a brand affiliate, offering transcription services, becoming an online tutor, or selling print-on-demand products. 

How can I make $100 a day online?

Many ways to make $100 a day online require upfront investment of time, money, and hustle to reach that level. You can start a profitable business that makes you $100 or even $1,000 a day if you put in the work. In some cases, after your business is running smoothly, you can earn extra money through passive income. Some ideas to consider are:

• Start a dropshipping store
• Run a print-on-demand business
• Create and sell digital goods
• Start an affiliate marketing business
• Find freelance jobs
• Become a digital marketing consultant 
• Start a tutoring business
• Sell stock photos

How can I make money online fast?

To find out how to make money fast, choose a method that requires minimal skill, time, and money to get started. These ideas include dropshipping goods, selling data entry services, selling your used stuff through online marketplaces, and participating in market research through survey sites.

How can I make money from home?

If you’re looking for how to make money from home, there are a number of ways, thanks to tools and platforms that let you earn extra cash with an internet connection and a laptop. For beginners, take online surveys, test websites, become a virtual assistant, and sell your used stuff on Facebook Marketplace. Those with more skills and experience can make money online from home if they tutor people online, sell stock photos, become a digital marketing consultant, or even create their own online store.

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Aug 16, 2024

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How to Start an Online Business in 5 Steps (2024 Guide)

Brian Connolly

December 16, 2023

Table of Contents

Step 1: research your product idea , step 2: build a financial plan for your online business, step 3: create compelling product listings , step 4: market your product, drive traffic, and build brand awareness, step 5: optimize your online business and plan for growth.

Aspiring entrepreneurs have looked for innovative ways to make money. Fortunately, Jungle Scout’s research has proven time and again that running an ecommerce business is a viable way to earn an income —and can generate enough profit to replace a full-time job. 

Ecommerce offers entrepreneurs the kind of flexibility a traditional retailer could only dream of. Online sellers set their own hours, pay what they want to launch and grow their businesses, and can work from anywhere in the world. They succeed at all ages and education levels , many with no prior business experience. 

Selling products online isn’t just accessible—it’s meeting an enormous surge in demand for online shopping. As more consumers shift to shopping on their phones, tablets, and even smart speakers, opportunities to launch ecommerce businesses will only grow. In fact, 57% of consumers shop online at least once a week. 

If you’ve been thinking about starting a business online, now is the perfect time to get the ball rolling. We’ll go over how to launch an ecommerce business in five detailed steps, plus how to plan for future growth—even if you have zero startup funds. 

The first step to launching your online business is often the biggest bottleneck: finding a profitable product to sell . 

Notice that step one of starting a business isn’t fundraising. You can start a business at virtually zero up-front cost—stay tuned to find out how. 

If you don’t have any product ideas yet, don’t worry! Thinking about how you want to sell online will inspire you. 

Choose a business model

There are all kinds of ways to sell products online, but here are seven tried-and-tested, profitable options:

• Private label : You rebrand or rename a product already in production under your own label. If you’ve bought a drugstore’s “generic” equivalent of a brand-name product, you’ve seen an example of a private-label business. It’s the most popular and profitable business model among Amazon sellers. 
• Wholesale : You purchase brand-name products in bulk from a manufacturer, supplier, or distributor and resell them online as individual units to the end customer. It’s the second most popular model for Amazon sellers, and among the easiest to launch.
• Retail arbitrage : You’ll purchase inexpensive or discounted products from a brick-and-mortar retail store, then resell them online. This is a relatively low-cost method—you just pay for the products the gas you burned driving to the store. 
• Online arbitrage : Similar to retail arbitrage, except you purchase products from other online marketplaces and resell them online. 
• Dropshipping : You’ll take online orders for a product on behalf of a manufacturer, supplier, or distributor. When a customer makes a purchase, you notify the supplier, who then fulfills and ships the order. Next to used items, dropshipping is the best business model if you want to start selling for free. 
• Handmade products: You’ll sell your hand-crafted wares on handmade-friendly platforms like Etsy and Amazon Handmade. 
• Used items : You’ll list still-functional items like furniture, video games, art, books, collectibles, and even cars for resale online. This model calls for virtually zero startup investment—the products are already sitting in your closet, garage, or bookshelves. You can also source hidden gems from yard sales, consignment shops, and estate sales for cheap.  

Your business model will help determine where you source your products, your marketing plan, and how much you stand to profit. Check out our guide to Amazon business models to learn more about each method’s popularity and profitability. 

Note that you can sell online in more than one way—for instance, you could start selling used items to earn enough money to develop your own private-label product. 

Validate your product idea with data

Here’s a gut check: Your product decision can’t hinge on a hunch. 

That’s right—you can’t just take the revolutionary idea you conjured in the shower and run with it. You have to validate its profitability through product research, even if your family, your friends, and your dog all think it’s a million-dollar idea.

Product research answers many of the necessary questions any ecommerce business owner should ask before launching their operations, such as the following: 

• Is my product idea original? If similar products exist, is there an opportunity to improve on those products?
• Will my product idea sell year-round, seasonally, or not at all? 
• Where should I source my product, and how much will that cost? 
• What fees will I have to pay to list and fulfill my orders? 

Product research estimates your dream product’s profitability before you seriously invest in selling it—a necessary, if time-consuming first step. Skip it, and you may end up building a business around inventory that will ultimately sit unsold in a warehouse (or your garage). 

Jungle Scout’s data-driven tools and free educational resources are here to handle the heavy lifting and guide you in your product research. While our software tools use data specific to Amazon, the product opportunities they reveal are transferable to virtually every ecommerce platform, whether it’s Walmart , eBay , Etsy , or Facebook Marketplace . 

With the Opportunity Finder , Chrome Extension , and Product Database , Jungle Scout users can examine competition and demand for specific product niches, forecast potential sales using real Amazon sales data, and ultimately uncover profitable product ideas they wouldn’t otherwise find. 

If you’re not a Jungle Scout user yet, you can still follow our free, in-depth guides to selling on Amazon, read about our data-driven ecommerce product ideas , and learn about how to discover niche opportunities . More guides will be linked throughout this article.  

We keep a finger on the pulse of the ecommerce industry through regularly-published data reports on consumer spending and seller behavior. You can view insights into what consumers are buying online in our quarterly-updated Consumer Trends Report . 

Data on how ecommerce sellers conduct their business can be found in our annual State of the Amazon Seller Report . Our seller guides draw from industry trends to give readers new opportunities to launch and grow their businesses. 

Find a supplier

Your supplier can be many things—a private-label product manufacturer , a wholesale distributor, or the local hardware store where you buy furniture-making supplies. Whatever your sourcing needs, the cost of procuring your product is a crucial aspect of product research. 

Reliability is important—you’ll want to develop a rapport with your supplier if possible, choose materials you can easily reorder, and stay within your inventory budget instead of banking on runaway sales to cover the cost of goods.  

• Private-label sellers can easily find high-quality suppliers using Jungle Scout’s Supplier Database and on Alibaba . 
• Arbitrage sellers looking for sourcing ideas can check out our guides to retail arbitrage , online arbitrage, and profitable seasonal products to sell. 
• Wholesalers can check out this article for tips on finding a distributor. 
• Our startup guides on eBay and Facebook Marketplace offer tons of ideas on where to find used items. 

Choose an ecommerce platform and fulfillment method

Thanks to ecommerce’s growing popularity, you can list your product on many different online marketplaces, where it can be viewed by thousands—if not millions—of potential customers.  

While online marketplaces tend to have some similarities, you’ll find that each one offers advantages depending on what kinds of products you’re selling. For instance, used items tend to do well on eBay and Facebook Marketplace, whereas private-label products sell well on Amazon and Walmart Marketplace .

Selling on Facebook Marketplace, or Instagram can also be lucrative; 54% of U.S. consumers have purchased products they first learned about on social media, and that figure is likely to grow.  

Each platform offers different fulfillment methods. “Fulfillment” includes all the actions that occur after a customer clicks “purchase”: picking and packing the order, labeling the package, and shipping it to the customer. Done right, and it feels like a magic trick to the end customer—it’s a key determinant of customer ratings and reviews. 

The best fulfillment method for your business will depend on your finances and time. You can self-fulfill by storing inventory in your home or a rented space, and pack and ship orders yourself. You may prefer to outsource these tasks to a third-party logistics provider or use Fulfillment by Amazon (FBA). 

Whatever you choose to do, make sure you can reliably fulfill orders on time and at a reasonable cost to the customer, using packaging that ensures the product arrives intact.  

To that end, it can be helpful to have some inventory on hand in case there’s a sudden disruption with third-party fulfillment services. When COVID-19 interrupted FBA shipping speed, many Amazon sellers temporarily pivoted to FBM (Fulfillment by Merchant), packing and shipping orders from their homes to avoid losing their rank and ratings on Amazon. 

Choose a memorable brand name 

Think hard about your brand name—it’s an important piece of marketing. Use it to evoke what you want your customers to feel about your brand. 

It should be distinctive, memorable, and original. Be sure to check whether your intended brand name is already taken before you use it.

Not sure what to call your brand? Try riffing on branding trends and archetypes , or tell a personal story with a family name. If you’re stumped, play around with an online brand name generator— this one even suggests fonts and logos to match. 

Once you’ve validated your product idea, it’s time to get real about the numbers game—namely, how much it’ll cost you to launch and maintain your business, and when you can expect to start earning profits. 

It is possible to start an online business for free . But if you want to make a significant investment in inventory, legally register your business right away, or develop your own private-label product, you’ll incur some up-front costs. 

Having a budget for your business is important. Try not to get overwhelmed by all the line items that can accrue—making adjustments here and there to stay within your spending limit is part of the process. An up-front investment can feel like a huge risk, but with a well-researched product and optimized operations, it’ll pay off.   

Let’s go over what items you should consider in your financial plan. Loosely, they include: 

• Cost of goods/sourcing costs
• Seller fees and/or fulfillment fees (varies by marketplace)
• Cost to form an LLC
• Business insurance
• Taxes 
• Your estimated time-to-profit
• Financing options

Seller fees, legal fees, insurance costs, and taxes

Depending on where you list your products, you may be subject to seller fees and insurance requirements . You’ll also want to think about legally registering your business as an LLC , as it comes with some tax advantages. 

Seller fees

On Amazon, sellers must pay “referral” fees—kind of like a commission—back to Amazon for each order. Typically, these fees come out to 15% of the product’s sale price. Amazon sellers also pay additional per-item fees or subscription fees (depending on their seller account type) and refund administration fees. And if they use FBA, there are fees for that, too. 

Not every ecommerce platform will charge as many fees. You can use a fee calculator to estimate your net profit—we recommend Salecalc . 

Here’s a rough breakdown of online seller fees outside of Amazon: 

• Walmart: referral fee for each product sold, typically 15% of sale price; no monthly subscription fees
• eBay: 13.25% of product sale price to list and sell most items; $0 monthly for a free seller account, $7.95+ per month for eBay Store subscribers 
• Facebook Marketplace: no subscription fees; no referral fee for local sales; referral fee of 5% of the sale price if the product is shipped  
• Instagram Checkout: selling fee of 5% per shipment
• Shopify : monthly seller subscriptions start at $29.99
• Etsy: listing fee of $0.20 for each item, plus a 6.5% of sale price transaction fee. Etsy Plus subscribers pay $10 per month
• Craigslist: listings are free , except for a handful of regional fees for vehicles, housing, and furniture

Keep in mind that platforms often offer advertising programs to their sellers, which come with their own fees. We’ll discuss marketing in Step 4, but for now, keep in mind that advertising costs need to factor into your overall budget. 

If you’re in the U.S., it’s a good idea to register your business as an LLC (a Limited Liability Company). While you don’t technically need a business license to sell products in most ecommerce marketplaces, LLCs offer business owners protection, flexibility, and a simpler tax reporting process—not to mention the credibility of a licensed brand name. While it costs money to create and maintain an LLC, we recommend it. 

You can form an LLC all on your own, or you can hire a lawyer to help you. The price of forming an LLC varies by state , but typically falls between $50-200. Naturally, you can expect to pay more for the help of an attorney. 

Once you have your LLC set up, you’ll want to protect it from unexpected costs like accidents and lawsuits. On certain ecommerce platforms like Amazon , you may be required to maintain some form of business insurance. 

The type of insurance you’ll need depends on where and how you run your business—there are policies to protect you from lawsuits, property damage, and defective products. You should shop around to compare rates and benefits. 

All U.S. businesses must file taxes, typically on a yearly or quarterly basis. Our seller calendar can help you stay on track with quarterly business tax deadlines. 

If you’re operating as an LLC, you’re eligible to write off a significant amount of business expenses through deductibles. We recommend that you hire a professional accountant to handle your taxes, as they can be tricky to decipher.   

Startup costs and time to profit

So, after all of these fees and taxes, what should you expect to spend at startup, and how quickly can you make a return on your investment? Once again, it depends. 

You can start selling online for virtually no money—dropshippers, Amazon Merch sellers, and used item resellers (if they’re selling their own stuff) don’t have to spend a dime on inventory. 

Our data on Amazon sellers indicates that sellers using the wholesale or arbitrage models will pay up-front costs in the neighborhood of $500-$2,000. Private-label sellers tend to spend more, because it costs more to develop your own product. 59% of private-label FBA sellers invest at least $2,500 at startup on inventory, Amazon fees and storage, and advertising costs.

On the whole, over half of all Amazon sellers spend below $5,000 at launch, and nearly one quarter spend no more than $1,000.  

Ecommerce isn’t a get-rich-quick tactic—it takes time to generate profits. While the majority of Amazon arbitrage, wholesale, and dropshipping sellers turn a profit within three months of launching their businesses, private label sellers usually take longer. 

But the outlook is generally positive: 63% of all third-party Amazon sellers achieve profitability within the first year of launching their business.

That said, if you’ve invested heavily at launch, make sure you’re ready to spend several months to a year before making that money back. While most Amazon sellers are profitable ( 89%, to be exact ), they didn’t get that way overnight. 

How to finance your online business 

There are many different ways you can fundraise the money you need to start an ecommerce business. 

Over three quarters of Amazon sellers funded their businesses using personal savings, a testament to ecommerce’s affordability for aspiring entrepreneurs. 

A third took out family or business loans, which can range from $500 microloans to tens of thousands of dollars paid back over several years. 

It can be difficult for new ecommerce sellers to qualify for loans from a bank or the government, because they tend to require tax and credit histories that new sellers don’t have. 

Fortunately, Amazon and fintech companies like AccrueMe are developing investment solutions for online sellers that offer more flexibility. You can read more about how to fund your ecommerce business in our guide to financing options . 

Customers can learn about a product many different ways—by viewing ads, seeing a suggestion on Google or Amazon, reading a review from a satisfied customer, scrolling through social media, and even via word-of-mouth.  

Ultimately, brand awareness starts with your product listing —it’s the single best piece of marketing in your arsenal. Use your listing to tell customers why they need your product, communicate your brand identity, and build credibility with your audience.  

Use keywords to boost visibility 

Your product listing should capture the relevant keywords and feature the data that customers use to find the products they want to buy. That way, it’ll actually show up in search results, instead of getting lost in a sea of competitors. 

Here’s how that works: when deciding what to display in search results, search engines like Google and Amazon check potential results for relevance—either by “crawling” text on a web page, as is the case for Google, or by scanning keywords and data associated with different products, as Amazon does with ASINs. 

One big difference between traditional search engines and ecommerce platform search functions is that the latter are product-focused. In other words, while Google seeks to answer questions with information (i.e. articles on the “best dog beds” or “top 10 dog beds”), Amazon wants to answer search queries with relevant products (i.e. the products most related to the customer’s search terms, like “dog bed”).

Because users come to Amazon to buy things, the search results need to facilitate a purchase, which means presenting the products most likely to satisfy the customer’s needs.   

In any event, this is true for both Google and Amazon: the more relevant your listing is to a customer’s search, the more likely it is to appear in search results.

A keyword-rich product listing boosts your product’s visibility to the millions of customers across the globe who shop online. A great keyword strategy can elevate your brand above your competitors, reach new audiences, and ultimately generate more sales for your business. 

You can do keyword research for free on ecommerce platforms and search engines. Here’s a great method to start: try searching Amazon for broad terms that describe your product, and see what its search algorithm suggests in the autofill drop-down box. For instance, if you’re envisioning selling a dog bed, type “dog bed” into the Amazon search bar, but don’t press “enter” just yet.  

Amazon will suggest popular keywords associated with “dog bed,” so you can see exactly what real customers have searched for, design your product to suit that demand, and include those keywords in your product listing. 

If you already have ideas about your product’s design or features, you can search for more specific keywords, too. Say you want to sell a pink, fluffy dog bed that heats up.  Make your search more descriptive (“pink dog bed” or “heated dog bed”), and take note of the suggested keywords for those specific niches. You’ll want to include at least some of them in your listing. 

Then, start browsing your competitors’ listings. Take note of how other sellers describe their dog beds: do they mention benefits for your dog, machine-washability, or other special features? Informative descriptions help convert customers, so be sure to include relevant details about functionality, advantages, and design features in your listing. 

You run a similar autofill search on Google. Be sure to also take a look at the “People also ask” feature to generate more keywords. This section pops up in Google search results and can offer details about how and why people are searching for a given product. You can translate those queries into keywords that indicate your product’s functionality or purpose.

For example, people who Google “dog bed” want to know about proper firmness, best use, and accessories, so you should include keywords in your listing like “soft” “for crate” or “with blanket” if they apply to your product. 

The best way to do keyword research is to use a paid tool like Jungle Scout’s Keyword Scout. This tool does the work for you—it pulls advertising data directly from Amazon and suggests thousands of high-converting, top-ranked keywords to include in your listing.

To learn more, check out our top keyword strategies .  

Take great product images

Different marketplaces will have different image requirements for listings and ads. One thing is true wherever you sell: having high-quality images of your product will boost sales. 

You should also consider including video content of your product. Amazon allows sellers to upload quick, informative videos for ads and product listings.   

So, you’ve built an informative, keyword-rich product listing with compelling copy and stunning visuals. Now it’s time to let the world know about it! 

You want to drive as much traffic as possible to your listing so you have more chances at conversion—that is, you want to get as many people as you can to click on, view, and purchase your product. 

The broader your online presence, the more likely you are to attract online shoppers. So make sure to establish a digital foothold in at least three areas: on your own ecommerce storefront or landing page, on social media , and in online ad space. Once you start making sales, keeping your review count and ratings high will boost your brand’s legitimacy. 

Build an ecommerce storefront

Your storefront is where customers can learn about your brand, and where you’ll convince customers that your brand is legitimate, with products worthy of their hard-earned cash. 

Essentially, you want to recreate the experience of visiting a physical store, but streamlined. Think about what a customer would want to know about your product or brand and what questions they’d have for the store clerk, and communicate that information somewhere within your storefront.

Typically, that means providing plenty of photos and videos of your products in action , links to product listings, and information about your return policy. You can include your brand story, customer testimonials, and even helpful tutorials on how to use your product. The goal is to gain the customer’s trust in your product—and ultimately, a purchase.

You can build a standalone website through hosting platforms like Shopify or Wix, or you can create a storefront on Amazon or eBay using their templates.   

Leverage social media

54% of consumers have purchased products they first learned about on social media, making a social presence a no-brainer for entrepreneurs looking to build brand awareness. 

Growing a following for your brand on Instagram, Twitter, Facebook, and TikTok exposes your products to millions of potential customers. 

You can link your storefront or individual product listings within your social media profiles so customers can easily navigate to your listings You can even sell products directly on Facebook and Instagram . 

Social apps also allow you to interact with viewers in ways that can feel more organic than with traditional advertising. For example, you can run polls on Instagram or Twitter to get feedback on your products, notify customers about sales and discount codes, or post engagement prompts to encourage comments. 

You can also use social media to notify customers about sales and other notable events. 

Even if you don’t yet have a social media strategy to promote your brand, it’s important to claim the social media handles you’ll want to use (like “@junglescout”) before someone else scoops them up. 

Create ad campaigns 

Ads generate clicks, which in turn lead to sales. And in today’s competitive ecommerce industry, you have to maintain a solid advertising strategy to get noticed.  

Fortunately, ecommerce sellers have a ton of options when it comes to advertising their products. Amazon offers a wealth of pay-per-click (PPC) ad options to its sellers, as well as other marketing programs to boost visibility. You can even track inbound traffic to your listing from your off-Amazon ad campaigns. 

Here are some helpful guides to advertising your products on and off Amazon:

• Amazon PPC Strategies – The Ultimate Guide for 202 4
• 2024 Amazon Advertising Guide for Sellers
• How to Use Facebook Ads for Amazon FBA (And Sell More Products)

Get reviews 

Product reviews matter more to your business’s long-term success than you might expect. 71% of U.S. consumers are influenced by products with the best ratings and reviews when shopping online, and 68% find reviews with photos or videos more compelling. On Amazon, getting a high volume of great reviews boosts your product’s ranking, which in turn affects sales. 

Getting great reviews starts with having a high-quality product. Ensuring timely fulfillment and returns processing, courteous communication, and beautiful brand help, too. 

We know getting reviews is hard, so we’ve published a few different articles about why reviews are important and strategies for boosting your review count.

Launching a business is a huge accomplishment that takes time, money, and patience. Congratulations on becoming an entrepreneur! 

Once you’ve gotten your business up and running, it’s important to regularly check in on its performance. You may need to make some changes in order to set yourself up for long-term success .  

Plan to check in on your business sometime in the first three months. But remember that while the majority of Amazon sellers get their businesses up and running relatively quickly, 23% take at least three months to launch their businesses, and over half wait six months or longer before turning a profit. 

Measure your business’s performance

Pull up your financial plan and start comparing it to how your business actually performed. Here are some questions to consider: 

• Are you meeting sales estimates, exceeding them, or falling short?
• Have you turned a profit? 
• Is your current fulfillment method working for you and your customers, or do you need to find an alternative? 
• Are you able to stay on top of your inventory, or do you regularly run out of stock? 
• Is your profit margin above 20-30%? If not, how can you raise it? 
• Are you getting plenty of positive reviews? Have you checked your reviews for helpful feedback or improvement opportunities? 

You’ll want to keep a close eye on performance metrics like sales volume, revenue, and ad spend, so you can spot trends and quickly identify hidden fees. Software tools like Jungle Scout’s Sales Analytics keep track of this for you, so you can focus on strategy instead of bookkeeping.   

If your product isn’t living up to your expectations, don’t panic. Investigate any changes you could make to improve its functionality, or try to get customer feedback on how it could be upgraded. If you’re selling multiple products, consider nixing one that isn’t selling well.  

Lower your fees and costs

If running your business is costing more than you expected, there are probably ways you can cut back. 

It’s easy for first-time ecommerce sellers to know they’re being overcharged for things like shipping fees, so we wrote a guide to help you get reimbursed . 

Here’s another way to cut back on overhead costs: try negotiating for better inventory costs with your supplier. 

Expand to other channels

Just because you start your business on one ecommerce platform doesn’t mean you have to stay there forever. You’ll be more competitive and attract a wider audience if you list your product on multiple ecommerce channels.

Hire freelancers or employees

Like any job, selling online comes with tasks you perhaps would rather not have to do. Thanks to freelancer hubs like Fiverr and Upwork, it’s easy to find high-rated, trained consultants to cover every imaginable aspect of running an ecommerce business. 

Start your online business today

Ecommerce is a rapidly growing industry with plenty of opportunities for newcomers with great product ideas. With a bit of product research and planning, you can join the ranks of profitable ecommerce sellers. In time, you may be able to replace your full-time job, like the 47% of Amazon sellers who are self-employed or earn income exclusively from ecommerce. 

If you’re ready to get started on your new business, check out our in-depth beginner’s guides to selling on different marketplaces: 

• How to Sell on Amazon FBA , Amazon Handmade , and Amazon Merch
• How to Sell on Walmart
• How to Sell on eBay
• How to Sell on Facebook Marketplace

If you need a product idea, get started here: 

• Top 20 Ecommerce Business Ideas
• Low Competition Niche Products to Sell on Amazon FBA

Do you have any questions about launching a business online that we didn’t cover in this post? Let us know in the comments!

Start your online business with Jungle Scout

Get everything you need to launch a profitable business on Amazon, including product research, competitive analysis, and more!

Ecommerce Expert & Writer at Jungle Scout

Brian Connolly is an Amazon seller, ecommerce expert, and writer for Jungle Scout. He lives in the New Jersey Shore area with his wife and cat. When he isn’t writing advice online for aspiring and experienced Amazon sellers for Jungle Scout, he spends his free time boating, fishing, and selling boating-themed items on his Amazon business.

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How to Start an Online Business Profitably From Home In 90 Days

Darren DeMatas

November 27, 2023

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In addition to receiving commissions generated through affiliate marketing, we are able to fund our independent research and reviews at no extra cost to our readers. Learn more.

If you have ever thought about how to start an online business of your own, now is a great time to finally roll up your sleeves. In the wake of COVID-19, the ecommerce world was flooded with new activity from all sectors. Although growth has slowed since then, there’s still plenty of room in the market.

How To Start An Online Business

• Research Business Models
• Decide Your Niche
• Conduct Competitive Analysis
• Define Your Brand And Target Audience
• Set Up Business Logistics
• Build Your Website and Marketing Automation
• Promote Your Business

People can make money online in lots of different ways. They can open an online store, write a blog, or become popular on social media. In this post, we will dive into the different models and guide you step-by-step to launching your own online business.

Why Start An Online Business From Home

Online businesses can be profitable with low startup costs. The ecommerce market is growing, especially due to COVID-19, offering many opportunities.

Some of the richest people in the world got their start with online businesses. With the right business plan and commitment, you can reach customers worldwide .

Types of Online Business Models

Online businesses come in all shapes and sizes. You don’t have to be the next Amazon ecommerce marketplace or Netflix to be successful.

When it comes to online business models there are a few major buckets to consider.

• Physical Products: Selling products like t-shirts through online retail
• Digital Products : Like courses, ebooks, or software
• Media / Publisher: Selling ads, affiliate marketing, or sponsored content
• Services : Exchanging time for money by providing services like logo design or marketing

We have hundreds of online business ideas you can start , but I wanted to highlight a few ones in each of those buckets.

Physical Products

An ecommerce store is likely the first thing you think of when it comes to online businesses. Instead of shopping in person, customers make purchases over the internet.

In essence, your website replaces the store. Customers browse and buy your products or services online, and then you ship the order to them.

Online stores offer advantages over brick-and-mortar. Customers anywhere in the world can shop with you regardless of location. Plus, a virtual storefront means lower overhead.

Dropshipping

A dropshipping business is great for its simplicity . To the customer, they operate just like any other ecommerce store. But in actuality, your internet business is just the middleman. 

When a customer places an order, you send the order to the drop shipper . The drop shipper fulfills and ships the order to your customer.

Digital Products

Selling digital products online is very low overhead, but it’s highly competitive. If you have unique skills or knowledge, create digital products to monetize your expertise.

If you have experience in graphic design or web development, create and sell online courses. Or, maybe you’re a talented writer who could create and sell ebooks, audiobooks, or other digital content.

The possibilities for digital products are almost endless. All it takes is some creativity and hard work to get started.

Launch An App Or SaaS Startup

In today’s digital era, launching an app can be a viable business online.

With an innovative app idea, you could tap into a potentially huge market. If you have the technical skill to create it, or the resources to hire someone to do it for you, it could be lucrative.

To successfully launch an app, identify a problem or need your target audience has. Then, address it with your app. Invest time and resources into promoting your app to get it noticed. In a crowded marketplace, marketing can make or break you.

Remember, developing an app is only the first step – you still have to market it.

Ebooks or Courses

Have a passion for sharing what you know with others? Create and sell ebooks or online courses. It can be a long-term viable business since you can create content on almost any topic. Ideas include cooking and fitness, entrepreneurship, and personal development.

For success, pinpoint your target audience. Create content that speaks to their needs and preferences. Spend time building your brand and promoting your products. Use social media, email marketing, and other channels.

Media Publishing Company

You can start a media company with almost no resources other than yourself. Again, a low barrier to entry means tight competition.

Starting a media publishing company involves creating content for your target audience. You can create written, video, or audio content. Then, you monetize it with advertising or other methods.

This business model is highly scalable. Healthline is a publishing company that generates $100M+ per year.

To compete in this space, focus on consistently producing high-quality engaging content. It will help you build a loyal audience. Learn about online advertising and marketing strategies to maximize revenue potential.

Affiliate Marketing

Affiliate marketing allows you to promote and sell without handling products. Your job is to promote affiliate products and drive traffic to the partner’s website.

You earn a commission when customers use your affiliate link to make a purchase . The company selling the product handles processing and shipping the order. You are responsible for encouraging the sale and directing traffic with referral links.

Blogging is a large and varied category for online businesses. There is a wide range of blogs and many ways to monetize them. For example, some people make blogs as a hobby, while others use them for affiliate programs.

Blogs can make money selling ad space, sponsored posts, or ecommerce. You can even work as a blogger by creating content for other companies’ blogs. Blogging can be great as a part-time job or full-time gig.

Launch A YouTube Channel

What are you passionate about? Create videos about what you love, and build a following of interested viewers. After you build a loyal audience, monetize your channel with:

• Advertising
• Product sales
• Sponsorships

Most full-time YouTubers make $60K per year. But people like Blippi make a ton more. In fact, his net worth is around his total YouTube subscribers.

Become an Instagram Influencer

These days anyone can become an influencer. That’s if you don’t mind being the “face” of your business. I prefer to pass on that. With that said, influencers can make a killing by putting themselves in the spotlight.

Trading hours for money is the basic idea behind selling services. If you have a particular skill set or expertise, you can offer your services online to those who need them. This includes things like:

• Social media management
• Content creation
• Virtual assistance

Use platforms like Fiverr or Upwork to find clients and build your reputation.

Web Design Services

If you have web design skills, leverage them to build websites for others . If you have software development experience, this is a lucrative business opportunity.

Many tools can help non-technical people build websites. But business owners don’t have the time to do it. Beyond websites, you can also create and manage social media accounts.

Marketing Agency

Have a background in marketing? Experience in social media, content marketing, or search engine optimization (SEO)? You can offer your expertise to help other businesses grow. These businesses tend to have a lot of overhead, but you can easily build and sell a marketing agency for seven figures.

Start With a Niche in Mind

Before starting your online business, you have to know what you will be selling . This could be a product, a service, or an idea.

For example, selling a cool t-shirt design differs from selling a website-building service. Once you know what you want to focus on (this can be many things), you can start developing your strategy.

Some questions you will want to ask yourself are:

• What am I selling?
• Do I need or want a website?
• What will my company (and website) name be?
• Will I have stock to manage?
• Do I need to hire anyone?

What you are selling will help answer most of these questions. And you’ll learn things along the way. But first, what are you selling, and how will you make money?

Conduct Competitive Research

Whatever it is you are selling, you will have competition. Before you get started, do some competitive analysis of the market as a whole.

Begin With Basic Keyword Research On Google

Start with basic keyword research on Google. Identify keywords that are relevant to what you’re selling and see who shows up in the search results. Note their website, pricing, products or services, and any unique selling propositions.

Next, delve deeper into their online presence. Visit their website, social media profiles, and any other online platforms they use. Pay attention to:

The design and user experience of their website

How they engage with their audience on social media

Any content they create

This will help you identify what’s trending and the competitive discovery process.

Conducting product research is important. Entering a highly competitive industry with established competitors makes a difficult battle. When it’s hard to carve out your market share, you stifle growth before you even start.

What is the competition doing well? Where could they make improvements? Exploit the areas of improvement for your own benefit.

Your market research could show competitors pricing products too high. It could show poor customer service. Ensuring you do better may determine product viability . If you cannot, it will point you to another business niche.

Define Your Brand and Target Audience

Think about what you want your brand to communities. Beyond the name, consider your color scheme, logo, and mission statement.

You might have an idea or starting point for defining your brand and company image, but you’re not stuck with it. Amazon grew from an online bookseller to a global marketplace. Your brand will likely evolve and settle into its niche.

Define Your Target Audience

What you are selling will also determine who your target audience is . Are you selling to other businesses or customers? Who are they? What social media platforms do they use?

Define and understand your target audience to shape your business and marketing strategy. Your target market will likely change over time. You may notice a difference between your ideal and actual customers, too.

Analytics tools help identify your audience and track what works and what doesn’t. Your customer demographics determine how you run your business (and make money.) It also impacts your social media marketing.

Trademark Your Brand Name

Once you have defined your brand name and image, it is important to protect them legally. Register a trademark for your brand name to ensure no one else can use it or create confusion in the market.

This important step helps establish your business and protects your intellectual property. It’s helpful to consult with an attorney to navigate the process. This ensures you don’t miss anything when securing your trademark,

Create Your Business

Creating your online presence isn’t enough to start your business. You must officially register your company . You can find original and distinctive names for your business with the use of a  business name generator .Generally, it’s okay to start working and make a few sales. But you’ll eventually need to make things official.

Take all Necessary Legal Steps

You will need to address some legal aspects when creating your company . A licensed and registered business provides personal legal protection.

First, make sure you choose the right business structure. Depending on your location, products, and services, you may need a business permit. You may also need a federal business license. In most cases, you will need a federal business license .

Here are the main legal hoops you will need to jump through:

Register Your Business

Don’t let the idea of registering a business scare you. It’s paperwork and paying fees.

You can expect to:

• Register your new business name and optional Doing Business As (DBA)
• Choose your business’s legal structure: limited liability company ( LLC ), partnership, etc.
• A Federal Tax ID (or EIN)
• Other licenses and permits

Opting for a sole proprietorship allows you to skip many steps. That’s why many people getting started take this route. However, this doesn’t legally separate you from your business. If something goes wrong, you put your personal assets at risk.

If you’re confident in your business, save time and register your business at the start. A DBA and Federal Tax ID can also provide other perks.

Get Tax IDs

After getting your federal tax ID and business license, get your state and local tax IDs. You may have more paperwork for taxes and permits.

Get All Necessary Licenses

Certain types of businesses have licensing requirements . Common business licenses you may encounter include:

• Federal business license
• Sales tax license
• Home occupation permit
• Specific industry licensing
• Permits for regulated products

Your needs depend on your business and the products or services you’ll sell. Your local government or the Small Business Administration can help you.

Remember that sole proprietorship can avoid a lot of these requirements.

You must abide by all regulations where you do business. This includes across state lines or international borders.

Open a Business Bank Account

A separate business bank account is crucial. It simplifies your accounting to keep your business revenue separate from personal income. You need a registered business tax ID to open a business checking account.

As a sole proprietor, you can still open a separate bank account to manage personal and company funds.

Choose a Payment Gateway

Whether you sell B2B or B2C, you need a system for handling payments. Popular ecommerce tools integrate with third-party services so you can collect customer payments.

You must connect your payment gateway to your business account to accept payments. Your location and the ecommerce tools you use determine available payment gateway options.

Set up Taxes 

As with any business, you must track your earnings and pay business taxes. Consider hiring an accountant to help you get started if you can afford one. Keep clear and accurate records to ensure you’re ready for tax time.

Build Your Website

Your website serves as your storefront and a direct representation of your company. Building an effective and attractive website is essential for a successful online business. Luckily, there are tools you can use to build a website without technical skill.

Choose the Website Platform

Thanks to many different ecommerce platforms , it’s easy to start an online business. If you’ve got general computer skills, you can build an ecommerce website yourself.

Popular codeless ecommerce platforms include:

There are others, though these make up the vast majority of websites that aren’t coded from scratch. In fact, WordPress powers roughly 40% of all websites on the internet!

The beauty of WordPress is it is free, open-source software . Developers can create custom plugins, so no matter what feature you need, you can find it. This makes it easy to build your website without technical knowledge.

With its popularity, you can find step-by-step guides for anything you may need.

Shopify is an easier website builder for creating a basic ecommerce store, though it will require a monthly fee. It uses simple templates for creating product pages to sell your goods online. This is a popular option among small business owners.    

WordPress may be free, but there are ongoing expenses , including:

• Domain name
• Web hosting plan
• Premium plugins

Find a balance between cost and service when you choose an ecommerce platform.

If you are selling digital products, consider using an online course platform.

If you’re not ready to build a website, use marketplaces like Amazon, eBay, or Etsy to sell your goods. The downside of this business plan is marketplace fees, which can eat into your profits.

Set Up Marketing Automation

Once you have your ecommerce platform set up, it’s time to start thinking about how to market your business. One of the most effective ways to do this is through marketing automation.

Marketing automation refers to software that automates repetitive tasks. This can include email marketing, social media posting, and advertising campaigns. This can save you a lot of time and effort while still achieving great results.

To start using marketing automation, create a customer database. Collect customer information through your website or social media accounts. Use the data to segment customers into different groups. From there, send them targeted messaging.

Email Marketing

Email marketing is one of the most important tools in your marketing arsenal. With it, you can reach customers directly in their inboxes. When done properly, it increases brand awareness and sales.

To start, build an email list. Offer something of value, such as a free book, discount code, or webinar. Subscribers get access to your offering in exchange for their email addresses.

After building your list, use an email marketing platform such as Mailchimp or Constant Contact to create and send emails.

Personalize and offer value to your subscribers with each email you send. Segment your list based on consumer behavior and interests to boost engagement.

Landing Pages

A landing page is a standalone page designed to convert visitors into customers or leads. Effective landing pages have:

• Clear and concise messaging
• A strong call-to-action
• A form for visitors to fill out to become a lead or make a purchase

When creating your landing page, keep in mind your target audience and what will appeal to them. Use eye-catching visuals and persuasive copy to convince visitors to take action. Tools like Unbounce or LeadPages make it easy to create landing pages without coding knowledge.

Funnel Set Up

To maximize your online business success, it’s important to set up a sales funnel. A sales funnel is a step-by-step process that guides potential customers toward buying.

Typically, it starts with the awareness stage. This is where visitors discover your brand. From there, you’ll move them to the interest and consideration stages. Here, they’ll learn more about your products or services. The end goal is to move them to the decision stage, where they make the decision to purchase.

Setting up your sales funnel involves:

• Identifying key steps customers take before they buy
• Creating content and offers to guide them through each stage

For example, you can offer a free trial or consultation.

Market Your Website

Marketing is crucial to help your business grow. To effectively market your online business, understand your target audience. Once you know who your ideal customer is, you can use various strategies to reach them.

Content Marketing and SEO

Using content marketing and SEO can attract potential customers and improve your search rankings. Creating high-quality, relevant content using keywords related to your niche can organic visibility.

Start by identifying topics and keywords relevant to your business. Then, create content around those phrases. You’re not limited to blog posts – you can also create infographics , videos, and more.

Optimize the content with proper headings and meta descriptions to improve ranking potential.

Facebook and Instagram Ads

To build a social media following and increase brand awareness, run ads. Facebook and Instagram make it easy to create targeted ads based on:

• Demographics

To get started, set up a Facebook Business Manager account and connect it to your website. Then, create your ad campaign with an objective that aligns with your business goals. You can choose from options such as brand awareness, website traffic, and conversions.

Create visually appealing graphics and compelling ad copy. Everything should speak directly to your target audience. Use A/B testing to refine your ads over time and achieve a return on ad spend.

Influencer Marketing and PR

Find influencers who have a following in your niche. Reach out about collaborations on content or promotions to tap into their audience.

Use PR tactics such as press releases and media outreach to gain exposure for your business. Focus on relevant journalists and publications because they’re more likely to feature your brand.

Building relationships with influencers and journalists takes time and effort. Don’t expect immediate results. With consistent outreach and quality content, you can establish yourself as an authority.

Retargeting

Retargeting involves showing ads to users who have already interacted with your brand. It reminds them of what they’ve viewed and encourages them to complete the purchase.

To set up retargeting, install a tracking pixel on your website. Then, you’ll create ads targeted at those who have interacted with your site. You can use platforms like Google AdWords or Facebook Ads to create and manage your retargeting campaigns.

Conversion Rate Optimization (CRO)

It’s not enough to drive traffic to your website. For success, that traffic needs to convert to customers. CRO is strategically editing your website design and content to increase conversions.

To leverage CRO, analyze your website data using tools such as Google Analytics. Find pages with high bounce rates or low conversion rates. Make adjustments to improve the user experience. For example, simplify navigation or make your calls-to-action clearer.

Use split testing to identify the changes that are most effective.

Successful Online Businesses You Can Learn From

While every online business is different, we can learn from those who paved the way. Here are some strong ecommerce examples :

We’ve already mentioned Amazon a few times, with good reason.

Why? Because Amazon is the be-all and end-all of ecommerce business . It started as a small operation selling used books out of a garage. It grew to control more than a third of all ecommerce in the United States. You can’t ignore Amazon.

Amazon followed many of the tips we’ve covered in this article. (You could argue that they wrote the book on successful online business).

But Amazon started with a focus on one product category: Books. Its target market was people who wanted to save money and enjoy the convenience of delivery.

They embraced their success and continued to grow the brand around those strengths. They expanded into other product categories and now offer countless products and services.

With them, we learn how to focus on our strengths and look for growth opportunities.

Etsy is another good example of a simple idea that turned into a huge success. Etsy started as a small online business that focused on the sale of homemade goods. This differed from marketplaces like Amazon, which sold mass-produced items.

Etsy stayed true to its concept. It is a popular platform for artists and crafters who don’t want to compete with factory-made goods. Their business model was a success, offering niche products you can’t find anywhere else.

EBay revolutionized ecommerce with its new business plan of online auctions. Rather than selling products, eBay built a business around allowing others to sell.

eBay inspired many other ecommerce websites to follow a similar approach.

Each of these ultra-popular websites started as a small ecommerce business before making it big. We can apply the same strategies to our own online business plans. 

Which business is best for online?

Some business concepts that benefit from being online are:

• Affiliate marketing
• Digital product sales
• Dropshipping (and Fulfillment by Amazon companies)
• Training and digital courses

What do these business models all have in common? You can start them with little to no money and with minimal overhead.

Basic ecommerce companies can be successful. But there is greater risk with physical inventory. You must rent warehouse space, buy the inventory, and pay other business expenses.

With the above examples, all you need to invest is your time, and you can start earning money online!

What is the most profitable item to sell online?

You can sell most things online, but digital goods have unique profitability. Unlike physical goods, you can create digital goods like games or online courses once and sell them forever. The same goes for ebooks, videos, and other digital content.

You must print, bind, sell, and ship a physical book. You can sell and download an ebook with no physical labor involved. This is what makes digital goods so profitable for online businesses.

What online services are in demand?

In-demand online services are those that help others get online. In the wake of the pandemic, companies rushed to build their online presence.

Service-based businesses related to website design and digital marketing are in demand. An example is email marketing software, especially email marketing automation.

What are the most successful small online businesses?

You can sell almost anything online, but fashion and beauty are among the most successful. Fashion was the largest ecommerce segment in 2022 . Countless boutiques , brands, and content creators are getting their slice of the pie.

Start Creating Your Online Business

Now you are ready to start planning your own online business endeavors. Chances are it won’t be quick, and it won’t be easy. With a bit of luck and persistence, you can launch a successful online business.

Before, it took specialized knowledge and big risks to make money online. N ow abundant opportunities for those looking to break into ecommerce . No matter your strengths or skill level, there is a solution for how to start an online business.

With a little bit of elbow grease, you can turn your side hustle into a profitable business.

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7 Online Business Ideas That Could Make You Rich Unsure if you'll achieve your financial goals? Check out these 10 online business ideas that can make you rich with the right drive and ambition.

By R.L. Adams Mar 7, 2019

Opinions expressed by Entrepreneur contributors are their own.

There's no place better to earn money and get rich than America. In fact, the right business idea can elevate you into the upper class in a matter of months or years. Getting rich is more than a pipe dream for many – it's an eventuality achieved by ambition, drive, and deep desire.

But even if you have that desire, you might not know where to start. Fortunately, online commerce has exploded, resulting in new entrepreneurial opportunities for would-be business owners like you.

In this day and age, retail businesses aren't the only ways to make money. Instead, eCommerce or online businesses are taking more and more shares of consumer spending dollars, and this trend isn't likely to slow down anytime soon.

According to some sources, eCommerce sales grew by 50%, topping out at nearly $870 billion from 2020 to 2022. Even now, people are buying and selling stuff online, opening the way for ambitious entrepreneurs like yourself.

Related: Here Are 55 Small Business Ideas

There are lots of reasons why this is the case. Online shopping is more convenient and often more affordable than purchasing the same products in-store, especially considering how many businesses offer free shipping.

Then there's the fact that eCommerce shopping allows consumers to access a much wider range of products than they could get from retail shops in their local areas. Simply put, if you build the right online business, you can rake in cash much more readily than other business models.

The question then becomes, how can you take advantage of this massive surge of spending happening every second of every single day online? The truth? Whether you're looking to start a simple online business as a side hustle , or you're quite literally looking to get rich and make an exorbitant amount of money online, there are 10 businesses that simply can't be overlooked.

Related: 4 Online Marketing Trends With Big Potential to Drive Sales

How to start a business online

Starting an online business takes some legwork. There are legal and financial hoops that you'll need to jump through. It's important that you consult with an attorney or your accountant before taking the plunge. But, once you're ready, starting a business online, even with little money, is not only a possibility, it's a stark reality.

The beauty of the internet is that you can quite literally launch a business and make money online with very little to no capital. If you understand the mechanics of online marketing , or if you're great at social media, you'll clearly find it easier. But you don't need to be a pro to start your business online.

Like anything else in this world, you'll either need a lot of time or a lot of money. If you have both, then clearly, you're ahead of the game. But most people have more of the former rather than the latter. But considering that time is finite and we only have a certain amount of it, using your time wisely and managing y o ur time properly is crucial to ensure your success.

Related: 10 Mistakes to Avoid When Starting an Online Business

1. Chatbot business

The rise of the chatbot has been extraordinary to witness. Thanks to the ubiquity afforded to us by chat on platforms like Facebook, we've grown quite used to chatting with friends and family across all our social media networks. That's why AI-powered chatbots present a new digital frontier for businesses looking to automate and relinquish much of the man-power it takes to have a chat with its customers.

This is abundantly clear when it comes to customer service. However, it's potent value in commerce has become quite obvious as well, and businesses across all spectrums are now taking advantage of this. Platforms like Manychat , ChattyPeople and several others have sprung up to take much of the confusion and complexities out of building a chatbot.

There's a proverbial gold rush happening today, of people trying to launch chatbots for their businesses to help automate some of their sales and marketing efforts that are needed to properly grow and scale in today's market. However, similar to California's Gold Rush, those that will likely get rich are the ones that sell the picks and shovels. For that reason, why not launch your own chatbot business? Sure, there's some effort involved here, but this is definitely worth the steep learning curve.

Related: Top 10 Best Chatbot Platform Tools to Build Chatbots for Your Business

2. Box subscription business

The box subscription business has exploded. While it's nothing new, and it's been around for ages now, the overwhelming rise of the internet has breathed newfound life into this online business idea. What is a box subscription exactly? If you think back for a moment to one of the most viral box subscriptions businesses, you'll clearly recall the Dollar Shave Club .

Founded by Michael Dubin in 2011, the concept was ingenious in its use of a video that quickly went viral . The company was sold for a billion dollars, and when you look at it from a sales funnel perspective, what Dubin did was brilliant. Like other box subscription businesses, there's a basic level of items that you can order.

When you place your order, you're directed into a sales funnel with numerous upsells in the form of add-ons. Dubin's understanding of the market forces and his ability to have fun and create a business that was properly poised for explosive growth have made him an icon.

However, you don't need to go viral to enjoy the growth in box subscription businesses. You'll even discover websites like CrateJoy , which was created primarily to help connect potential subscribers with box subscription businesses, giving you a platform where you can get the proverbial word out about your business.

Companies like Graze , Blue Apron , FabFitFun , LeTote and many others are on the rise. In 2016, it was estimated by Shorr Packaging that there were 21.3 million box subscription websites, up from just 700,000 in 2013, a roughly 3,000 percent increase. What's most interesting here are the consumer demographics. The typical visitor to a box subscription websites makes roughly $78,436 a year and is in their early forties.

Related: 10 Subscription Companies to Start Now

3. Ad management business

In today's highly-competitive marketplace, if you don't understand how to drive paid traffic and optimize your conversions, you need to turn to a company that does. The truth is that paid ads can get incredibly complex. Things like re-targeting and custom audience definitions, along with understanding the ebb and flow of everything with a sales funnel, is complex and confusing to most.

However, if you do understand the mechanics of paid advertising, then you could easily launch an ad management business. Considering that ads are fueling the growth of tech giants like Facebook, Instagram, Google and YouTube, with loads of others coming into the mix, understanding and navigating the murky waters of paid advertising could poise you to reap massive riches.

Why? Let's take a look at the numbers for a moment. Consider this: according to a report by eMarketer , digital ad spending in the U.S. will exceed traditional ad spending for the first time this year. By 2023, digital will surpass two-thirds of total media spending. Total digital ad spending in the U.S. will grow 19% to $129.34 billion this year -- 54.2% of estimated total U.S. ad spending.

The sheer facts point to continued explosive growth of online ads. And we're still in the infancy of the internet. The earlier you capitalize on this industry, the quicker you can build it into a formidable online business. Study and learn all the intricacies of advertising on platforms like Facebook and Google. Find courses, or use the free material available from a multitude of platforms to become a seasoned pro.

Related: The Death of Traditional Advertising and the Rise of Originality

4. SEO business

Search engine optimization is a topic that I've been writing about for years now. The truth is that, while paid ads are growing at an astounding rate, the ability to appear organically and relevantly on search engines like Google is not only becoming more competitive, but also more lucrative.

When it comes to organic search keywords, there is sheer value at the top. Considering that roughly 40 percent of people click on the first search results and that the first page accounts for some 91 percent of the search share, appear organically at the top of Google's Search Engine Results Pages (SERPs) is something that is lusted and longed for by the world's foremost online marketers.

As the internet grows and expands, not only is SEO going to get more competitive, but it's also going to grow more lucrative. You could quite easily capitalize on this industry if you know what you're doing. This doesn't just go for doing work for clients, but also for yourself. You could launch any number of online businesses, niche websites, and blogs with the right amount of SEO skills .

Related: 5 SEO Techniques You're Doing All Wrong

5. Vacation rental business

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.

Launching and building a vacation rental business might require some sweat equity along with the right turnkey software solution to help you keep things organized as bookings ramp up, but if you have an acute attention to detail, then this is by far one of the best businesses you can start online. Of course, this does operate in the real world, but your web presence and marketing skills are really what define this business and helps it to succeed.

If you're at all interested in the hospitality industry, and you live in a tourist destination, this is a terrific business that can make money fast. Companies like Lodgix , Lodgify and 365 Villas offer terrific turnkey solutions for quickly building and managing your very own vacation rental management business.

Related: 10 Hosting Options Besides Airbnb #TravelHosting

6. Webinar business

I know what you're thinking. How do you start a webinar business? Well, webinars are quite possibly one of the best ways that you can sell anything online. The best part? You don't even need your own product. Webinar guru, Jason Fladlien, co-founder of Rapid Crush , has grossed well north of $100 million in sales via webinars, which goes to show you the sheer power of this medium for selling.

Webinars offer an engaged audience that are ready and willing to purchase whatever it is that you're offering. As a fervent student of this medium, I've found explosive results await within a properly structured webinar. People like Liz Benny , Neil Patel and Russ Ruffino have been absolutely crushing it with webinars and online courses.

The best way you can launch a webinar business is to find a product you can promote and get behind. Then, build an excellent webinar. The Perfect Webinar is a formula originally developed by Fladlien but later brought to the mass market by Russell Brunson. Brunson also created a software with Jim Edwards called Funnel Scripts , which is an incredible piece of software that helps you to build your entire webinar including copy for ads and swipes.

Either way you approach it -- whether you have an existing business or just want to sell as an affiliate -- some of the best webinar platforms that you could use in the world are GoToWebinar and Andy Jenkins' WebinarJam .

Related: 6 Steps to Creating the Ultimate Webinar #NoBSPresentation

7. Business coaching

Business coaching is a lucrative online business that can tap into the massive market of entrepreneurs and business owners trying to find their way in the world of commerce. If you're an expert in business or have a deep understanding of the market forces of what drive purchases, then becoming a business coach could mean financial freedom.

People like Frank Kern and Anthony Robbins absolutely dominate the business coaching world, while several others are leading the charge as well. The best approach you can take in this industry is to offer an incredible amount of value upfront, and then have people pay you for execution.

Oliver Talamayan , another very successful business coach, uses this approach as his primary strategy for gaining clients and customers. First, you analyze the business and understand where it is today, then discover where they want to be down the road, and then figure out an approach to get them there.

The understanding and successful execution of an effective strategy is key here. You want to instill confidence in yourself, and to do that, you often need a good deal of social proof. For that reason, if you do want to launch a successful business coaching business, first, grab some customers and help them succeed. Then, get their powerful testimonials, and only then can you actually position yourself to charge high-ticket rates.

Brunson also talks about doing this before he started his Inner Circle. He helped Drew Canole successful launch Organifi into a global powerhouse by helping to consult, coach and deploy powerful strategies that helped Canole's company draw in tens of millions of dollars from one single funnel. After that, he was easily able to charge the big bucks.

8. Dropshipping business

Alternatively, you could start a dropshipping business. In a nutshell, a dropshipping business has you sell products made by a third party, like an overseas manufacturer or other brand, to consumers. However, your dropshipping business never has to hold any products, let alone take care of fulfilling orders or shipping products to customers. All you handle is sales and marketing.

For example, you might run a dropshipping business selling shoes and apparel to people made by a manufacturing firm located in China. You run an online advertising site selling the products by displaying excellent photos and product descriptions.

When someone places an order, you put the order through to your manufacturing partner, who fulfills it and ships the product to the paying customer. In exchange, your dropshipping partner gets a commission or percentage of the profits.

Dropshipping businesses are profitable and very advantageous for new business owners who may not have the startup capital needed for larger endeavors.

Related: 5 Things I Wish I Knew Before Starting a Dropshipping Business

As long as you have some web design and web development skills (and do some market research), opening an online store for dropshipping is one of the easiest business ventures to break into. It doesn't require incredibly high startup costs, and you can even bypass the website design by running your own business through outside eCommerce sites, like eBay or Etsy, or by including a relatively low-cost Shopify integration in your existing site.

Dropshipping is a highly profitable online business with a nearly endless pool of potential customers and target audiences.

9. Affiliate marketing

Have a desire to master the online marketing arena? Affiliate marketing could be the best type of business to pursue.

With affiliate marketing, you sign up for affiliate partnership programs with big eCommerce businesses like Amazon and more. Then you write blog posts, product reviews, and other online content. That content should direct people to purchase specific product pages on eCommerce stores using specially designed affiliate links.

Whenever someone clicks on an affiliate link to a product you have represented or reviewed, you get a commission from the sale if the customer makes a purchase. Affiliate marketing takes a while to build up and get running, but over time, it can result in a profitable stream of passive income. Build up a comprehensive blog network, and you'll barely need to do any work to keep the money rolling in!

This is a great option for full-time bloggers, established podcasters with YouTube channels, or those with small business operations, such as self-publishing writers with their own websites. It helps to have an audience, so beginners may not find it the most simple way to start a successful online business. However, if you have a strong online presence on your WordPress site or social media accounts, Affiliate marketing is one of the best online business ideas.

Related: 3 Tips to Get Started with Affiliate Marketing

10. Influencer marketing

Last but not least is influencer marketing: a type of social media marketing that requires you to build an active audience that follows you on platforms like Facebook, Instagram, and other social media platforms.

Once you've built up an audience, you can partner with brands in exchange for representing, wearing, or using their products in front of your audience. Influencer marketing is one of the most effective means of digital marketing, which is why it's so in demand.

However, keep in mind that influencer marketing takes some time to achieve profitability. To be a successful influencer, you should cultivate a specific or niche audience and grow it over time by creating compelling, entertaining, and authentic feeling content.

However, influencer marketing is nice because you don't need any technical know-how or niche skill sets in fields like graphic design, app development, copywriting, proofreading, data entry, or marketing strategy. Many great online business ideas require not only high-quality hard work but also these technical skills. With influencer marketing, as long as you have decent social media management and a large following, all you're responsible for are referrals.

The sky's the limit

As you can see, the sky's the limit when it comes to making money through an online business.

If you're looking for quick side hustles, freelance writing on sites like Upwork and Fiverr or finding online work as a virtual assistant may get you the cash you need. However, if you want to be a small business owner and make serious changes to your income, consider these small business ideas and choose the business plan that best suits your needs and preferences. Good luck!

Check out Entrepreneur's other guides and resources here for more informational articles like this one!

Entrepreneur, software engineer, author, blogger and founder of WanderlustWorker.com

Robert Adams is a writer, blogger, serial entrepreneur, software engineer and best-selling author of dozens of technology, SEO, online marketing and self-development books, audiobooks and courses.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

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BUSINESS STRATEGIES

Top 22 online business ideas to start in 2024

• Cecilia Lazzaro Blasbalg
• 17 min read

Get started by: Creating a website →  | Getting a domain →

As you look to enter the ranks of today’s successful entrepreneurs who are diligently serving millions of customers around the world, it's vital to find an online business idea that matches your skills or strengths. After all, you’re likely to connect better with your customers vis-a-vis meeting their needs in the best possible way.

Whether you’re looking to establish a full-blown operation or start a side hustle  to your day job, launching an online business has never been easier. As you create a website , you’ll help your online business get more exposure, stand out from the pack and engage your audience.

Researching the right online business idea for yourself may seem like a big time commitment, but don’t worry. There are some great examples already underway to help you get started selling online . To ensure you're in the know, we’ve compiled the top 20 online business ideas that you can start right away, with in-depth explanations of what each one entails.

Top 22 online business ideas in 2024

Web designer

Affiliate marketer

eCommerce retailer

Dropshipping business owner

App developer

Facebook ad specialist

SEO consultant

Social media consultant

Online course instructor

Webinar guru

Technical writer

Remote tech support

Virtual assistant

Subscription box curator

Resume and cover letter writer

e-book author

Transcription services

01. Blogger

For writers and anyone with a passion or expertise to share, creating a blog might be the right fit. While the definition of what is a blog includes everything from travel journals to specialized industry ones, all blogs share some commonalities. Blogs are regularly updated websites that cover information, opinions or insights around a certain topic.

A successful blogger is someone who knows their niche, and is thus able to build a good blog with a clear focus. Blogs are low-investment spaces where you can foster a solid readership in a specific area, by providing critical content that keeps visitors coming back.

As a creator of high-quality content, you can begin thinking about how to monetize a blog, turning yours into a potential moneymaker. One way to make money as a blogger is through your ability to attract relevant advertisers with the help of your loyal fanbase. You can host an ad space, sponsored posts, offer products for sale and more - all of which would require minimal effort on your end. This makes blogging a very scalable business idea.

Another option might be to offer paid services in the forms of personal consultation or coaching. One-on-one sessions can complement your blog and reaffirm your expert voice in the field. Additionally, you could consider repurposing your content into paid online courses, e-books or webinars (more on those below). After all, a successful blog should continually drive community engagement.

Looking to start a blog? Wix has got you covered with thousands of design features, built-in SEO and marketing tools, that will allow you to scale your content, your brand and your business with a blog maker.

02. Web designer

Business owners are often looking to improve their online presence. If you’re a creative and technical person who enjoys building web pages and taking website design to the next level, then consider teaming up with clients whose sites need that professional touch.

Armed with a passion for fonts, color palettes and a seamless user experience, you can begin promoting yourself as a freelance web designer for small and local businesses. Whether you’re building a website from scratch or giving an existing one the ultimate makeover, every experience you gain will help raise your credibility and enrich your portfolio .

03. Affiliate marketer

If you’ve built a substantial online audience or following, you may want to look into affiliate marketing and how you can use it to monetize your content. As an affiliate marketer, you’d team up with a business to market their products or services by recommending or sharing them to your fans. Affiliate marketers earn a commission each time they convert any of their followers into purchasing the brand’s products through a unique referral link, known as an affiliate link.

When considering which affiliate program is right for you, look for one that suits both your interests and that of your target audience. Try to find a brand that you believe in or would be happy to endorse. In addition, double check that the product or service that they offer has a good enough demand. There are many affiliate programs out there, including Amazon Associates , ShareASale and the Wix Affiliate Program , so you might want to take a moment to research them before you reach out.

Once you’re signed up, you can begin promoting the affiliate content alongside your day-to-day materials which your followers have come to expect. There are different ways to promote your affiliate products to your readers without coming off as too spammy. One method is to try incorporating the product recommendations into a blog post, tutorial or video using relevant and engaging content. Be creative and think of new ways to adapt your marketing strategy to yield the most profit.

You can also choose to start this as a part-time business idea before committing full time once it becomes successful.

According to Guy Josipovich , Online Partnerships Manager at Wix.com,

"Companies entrust their product and reputation to their partner's hands. Therefore, it’s not surprising that trust is critical for a successful long-term partnership, together with proven professional skills such as analytical abilities, understanding of marketing principles, and good time management."

Learn more: Automated business ideas

04. eCommerce retailer

Running an eCommerce website allows you control over every aspect of your business, from accepting secure online payment, to managing order fulfillment, to advanced marketing tools and an optimized shopping experience.

With many business capabilities, all that’s left is to ask yourself what things to make and sell , since picking the right products for your online store will be the core of this eCommerce business idea . When choosing which products to sell, let your skills and experience guide you. You can confirm your choice by conducting a thorough market research.

Knowing how to start an online business in your niche market means listening to your customers. On your site, it’s important to maintain clear communication with your customers in the form of live chat, a forum, email marketing and more.

Learn more about how to make an eCommerce website .

05. Dropshipping business owner

Some business owners may like the idea of running an online store, but don’t want or have the capacity to store inventory. For these cases, there’s an alternative way when considering how to start a business on a budget - dropshipping .

With dropshipping, you can sell products on your business website without managing your own inventory. Instead, you can send customers’ orders to a third-party retailer. This eliminates the risk of stocking up on pricey products, or finding out that the products in your inventory are no longer marketable.

Without needing to attend to a warehouse or a different physical location of your inventory, you can run your dropshipping business from wherever you have WiFi. This also allows you to expand your product offering and sell niche products , since you won’t be limited to what’s in an inventory.

Additionally, operating a dropshipping business frees you to adjust your merchandise by experimenting and testing with it, keeping your offering up with the latest eCommerce trends. If something isn’t selling, you’ll be able to change your offerings on the spot.

Learn more:

Dropshipping business ideas

Coffee dropshipping

Beauty dropshipping

Reverse dropshipping

Automated dropshipping

Jewelry dropshipping

Digital dropshipping

Clothing dropshipping

Sticker dropshipping

Pet dropshipping

Branded dropshipping

White label dropshipping

T-shirt dropshipping

Candle dropshipping

B2B dropshipping

06. App developer

Seeing that the number of apps downloaded in the last year hit an almost 200 billion , the app business is officially a tour de force. Perhaps it’s time to get your cool idea for an app set into motion.

If you haven’t any prior experience in app development, you'll need to pick up a couple of common programming languages, like Python, JavaScript or iOS, and know some basic software design.

On the other hand, even without a coding background, you can always collaborate with an experienced app developer on your idea.

It helps if your app idea is backed with thorough market research. Would your app offer something new to the competitive market, or are there others like it? This step is best taken before investing any money.

Learn more: AI business ideas

07. Facebook ad specialist

What individual hasn’t used Facebook already? In the small business sector, however, there are many veteran business owners who aren’t successfully tapping into the plethora of resources that the social media giant has to offer. The solution for many is to hire an expert on Facebook advertising.

Known as Facebook ad specialists, their goal is to collaborate with clients to help them plan, measure and execute paid marketing campaigns on Facebook. As a hired expert, you’ll be able to help your clients optimize their digital marketing and advertising, allowing them to reach their core audiences. Facebook ads are targeted to users based on location, demographics, and interests, making it easier to find the right niche.

You might want to start contacting businesses that already have a Facebook presence and offer your services to help create masterful Facebook ads.

08. SEO consultant

SEO stands for search engine optimization. SEO is the process of optimizing websites so that they rank better on search engine results, such as Google and Bing, which could ultimately drive more traffic to the site.

Becoming an SEO consultant includes learning highly profitable skills in online advertising platforms like Google Ads and Google Analytics, as well as the need to be at the cutting edge of Google’s algorithms.

As someone who is familiar with the number of ways to boost a site’s SEO, you will be an asset to any business looking to improve their online presence.

09. YouTuber

For some of us, starring in or directing our own videos is a dream come true. You may feel your best in front of the camera, have stories to tell or simply want to educate others about a specific topic using visual content. Whether you’re looking to start your own YouTube channel or simply like to vlog, there could be a great money making opportunity coming your way as your viewership grows.

There are several effective ways you can begin to make money on YouTube. They include becoming a YouTube Partner, selling merchandise, or venturing into affiliate marketing. You can experiment with any of these options to find the best fit for you and your audience.

10. Social media consultant

While corporations operate with full-time social media experts on their payroll, most small businesses not only lack this luxury, but may not even have a Facebook, Twitter or Instagram account.

As many shoppers turn to these popular platforms for their consumer needs, business owners might want to seek the assistance of a social media consultant to help them determine the best social media marketing strategies. These experts will help create and schedule posts to target potential customers, and more.

As a social media consultant, you can help online businesses choose the right platform for their target audience. From Facebook, the world’s number one social media network, to Instagram, known for its visual storytelling features and LinkedIn, where professionals go to network, each channel comes with different audiences and needs.

11. Podcaster

Podcasting is for those who can articulate a passion or certain topic they know well. In case you weren’t already familiar with this business idea , a podcast is an episodic series of audio recordings around a certain topic or topics.

Though starting a podcast can be one of the best businesses to start with little money using free recording and editing software, you might want to invest in a good-quality microphone. Your listenership will depend on the quality of your audio content and your ability to establish an expert voice in your area.

Bringing special guests to your podcast is one low-cost way to help promote your show. Once your show reaches more people and your subscribership grows, your podcast could have the potential to attract advertisers and ultimately become profitable.

12. Online course instructor

Is teaching a passion you’ve always wanted to pursue but never had the time to? Creating an online course is one way to share your knowledge while generating passive income, with little investment up front. In order to become an online course instructor, you’ll first need a website or platform from where you can host and stream your classes.

To get your online course started, you’ll want to focus on a specific topic that you know well. It can be anything, from women authors of the 19th-century to logo design. You’ll also need to give yourself a reasonable amount of time to build your course and plan each lesson.

If you already have a blog, website or video channel, then offering online courses as an added service may complement your published work and help you reaffirm your authority in your field.

13. Webinar guru

People often come to you for advice or tips, as you’ve become known by many as that person who has all the right answers. Although teaching an online course seems like a natural step to take, you may not have time to do it for an entire semester. Hence, one possible online low-cost business idea would be to create a webinar.

Webinars are online presentations often held in real-time, or simply put, an online event. The most direct way to make profit from your webinar is to charge a fee for attendance. You could also make money from a free webinar by offering a paid product at the end.

The shorter, the better: A webinar tends to run between 30-45 minutes, capitalizing on full engagement. In most cases, you can organize your webinar to best suit your schedule, as attendees are able to access your event from home.

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14. Copywriter

A copywriter is someone who writes engaging text or “copy” for the purpose of marketing or advertisement to increase a client’s message or brand. A good copy is meant to motivate readers to spur into action. Those who share a passion for creating good and clear content know that to master copywriting takes a lot of practice and skills.

Start by searching the web for copywriting listings. There are many new opportunities arising each day. A freelance copywriter can determine their either rate per hour or per word count. The pay rate may also increase as your experience does too.

Small businesses looking to expand their web audience need quality online content, and would benefit greatly from employing the services of a skilled copywriter. A diverse writing portfolio, covering different types of content, would help you attract a wider range of clientele.

15. Technical writer

There are situations when content needs to sound technical rather than creative. Think about the importance of manuals at certain points in our lives, like when we need to assemble an Ikea bookshelf or when we start a new medication. A technical writer deals with this line of work clearly and eloquently.

Once you’ve decided what industry you’d like to pursue - health, engineering or technology - it will be easier for you to focus on building your specialization.

Potential clients of technical writers may be corporate and pharmaceutical companies. Although it might feel you have bigger fish to fry as a technical writer, there are fewer of your kind in the general writing sphere. The odds are in your favor.

16. Remote tech support

Sometimes a small business has to outsource technical assistance because of budgetary issues or space constraints. If you have a solid background in IT and enjoy working from home, you can set up a paid tech support service for your local businesses.

Aside from bringing in a nice stream of revenue, a remote tech support operation is a great home-based business idea . In fact, it can even be run using little more than a mobile device. For more on how to make money from home , check out our guide.

17. Virtual assistant

Businesses and individuals alike often require extra support in managing their emails, drafting templated responses for diverse inquiries, social media channels and daily schedules. A virtual assistant is someone who can fulfill these tasks and support them remotely, making it one of the most accessible online unique business ideas to start now.

Unlike an office assistant who performs administrative and clerical duties only, a virtual assistant will cover these traditional tasks while offering a multitude of other services, including everything from content creation to website or project management. In the role of virtual assistant, there is plenty of room for creativity and personal growth, allowing you to add or change your services depending on your availability, client demand or interests.

You can also choose your clients and area of industry. Take advantage of the number of online tools, from file sharing to virtual calendars, that are available to help you perform most assistant tasks without investing a lot upfront.

Tip: How to start a virtual assistant business

18. Subscription box curator

Have you ever been told that you give the best presents in your family? Creating that perfect gift-giving moment may be something important to you. Selling subscriptions requires that same attention to detail and love for delivering smiles.

When curating a subscription box, you won’t necessarily have to create your own merchandise if you don’t choose to. There are so many unique and creative products you can find online and curate into your boxes. Most successful subscription boxes work around a certain theme, making them compatible with their target market. For example, adults may prefer wine and children can’t resist colorful candy.

Remember that subscription boxes are often purchased as gifts to others, so it’s worth changing or adding your offerings to reflect the times or trends. This can also be a great family business idea or a fun business idea for couples .

Tip: How to start a subscription box business

19. Resume and cover letter writer

Writing resumes and cover letters is in-demand. Even though the typical word count for a professional resume or cover letter does not reach more than 400 words, the work of a resume and cover letter writer is essential and everlasting.

Your target audience is any individual looking for a job, leaving you free to work with any number of clients. Be sure to provide successful writing samples you’ve worked on in the past to potential customers, or share links to online resume websites that you’ve created. This allows you to show off your skills and rich industry jargon for any market or niche.

20. e-book author

While few writers manage to get published in their lifetime, many new authors are already making their e-book debut amid the digital products , specifically book market boom.

Self-publishing your book has never been more affordable or effective, using a number of options including Apple Books , Smashwords and Amazon , which will help you with the post-production aspects of distribution and sales.

Consider investing in an editor or proofreader and an illustrator to make your book more marketable. As a writer, breaking into the category of e-book author is one online business idea that could help you succeed in your industry.

21. Sell NFTs

Selling Non-Fungible Tokens (NFTs) has emerged as a groundbreaking avenue for creators to monetize their unique content. NFTs are blockchain-based tokens that authenticate the ownership and rarity of digital files, including artworks, music, videos and more. By tokenizing their creations, artists can offer a sense of exclusivity and ownership to their audience, fostering a new era of digital collectibles.

One key advantage of selling NFTs lies in the ability to directly connect with a global audience of collectors and enthusiasts. The blockchain ensures transparency and authenticity in ownership, allowing creators to establish a direct relationship with their supporters. Additionally, the smart contract functionality embedded in NFTs can enable creators to receive royalties automatically each time their token is resold, providing a sustainable revenue stream over time. This decentralized and borderless nature of NFT transactions has democratized the art and content creation industry, empowering creators to reach a broader market without traditional intermediaries.

While NFTs present exciting opportunities, navigating the space requires careful consideration of market trends, pricing strategies and community engagement. Building a strong online presence, leveraging social media and participating in relevant online communities can help creators showcase and sell their NFTs successfully. As the market continues to evolve, staying informed about emerging platforms and technological developments will be crucial for creators looking to thrive in the dynamic world of NFTs.

22. Transcription services

Transcription services helps provide accurate and timely conversion of audio and video content into written form. Transcription services cater to a broad range of industries, from media and legal to academic and corporate. As businesses increasingly rely on digital communication, there is a growing demand for skilled transcriptionists who can efficiently transcribe interviews, meetings, podcasts and various other audio materials. Online platforms and freelance marketplaces offer opportunities for transcriptionists to connect with clients globally, making it a flexible and accessible business option.

One specialized area within transcription services that tends to get paid the most is medical transcription, a critical component of healthcare documentation. Medical transcriptionists transcribe dictated recordings made by healthcare professionals into written documents. Individuals with a background in healthcare or specialized knowledge of medical terminology can carve a niche in this field, ensuring that healthcare providers have clear and precise documentation of patient interactions.

If you want to offer transcription services, building a reputation for reliability and confidentiality is crucial. Make sure you effectively communicate with your clients, stick to deadlines and use transcription software and tools to boost your chances of success.

Tips for starting an online business

Choose your online business niche.

When coming up with an online business idea, you should figure out what you're passionate about and what you're good at, as well as what problems you can you solve for others (for example, if you're crafty, you can sell crafts online ). Once you know your niche, you can start to focus your marketing efforts and build a community around your products or services.

Do your research

Before you launch your online business ideas, it's important to do your research and understand the market you're entering. Make sure you know who your target audience is, what their needs and wants are and what your competitors are doing in the same space.

Create a business website

Your website is your online storefront, so it's important to make sure it's well-designed, easy to navigate and mobile-friendly. You can sell directly from your site, or use it to market your brand. You should also create social media profiles for your business and actively engage with your audience.

Provide excellent customer service

This is one of the most important factors in building a successful online business. Make sure you're responsive to customer inquiries, resolve issues quickly and provide friendly and helpful support.

Start small and scale up

There'd no need to start your online business with a huge investment. You can start small and scale up as your business grows. Remember that it takes time and effort to build a successful online business, so don't get discouraged if you don't see results immediately.

Most popular online business ideas

In 2024, the most common online business ideas are expected to include:

E-commerce stores

With the continued growth of online shopping, e-commerce businesses selling a wide range of products are likely to remain popular. Niche e-commerce stores focusing on specific product categories or offering personalized shopping experiences may also thrive. In 2024 it's expected that 21.2% of all retail sales will happen online, making online shopping and ecommerce stores a continuing trend.

Online education and training

The demand for remote learning and upskilling is expected to drive the growth of online education businesses. To date it's believed that US higher education facilities enroll over 1.1. million students , a number that is growing. Platforms offering courses, tutorials and certification programs in various fields are likely to be in high demand.

Digital marketing agencies

As businesses increasingly rely on digital marketing to reach their target audience, digital marketing agencies offering services such as social media management, SEO, content marketing and online advertising are expected to be prevalent.

Subscription-based services

Subscription-based businesses offering products or services on a recurring basis, such as streaming platforms, meal kit deliveries, and subscription boxes, are anticipated to be more common due to their convenience and recurring revenue model. These types of businesses are expected to generate income of $904.2 billion by 2026 maikng them a huge growth potential online business idea.

Online business idea trends for 2024

Ecommerce and online selling.

Personalized shopping experiences: Using AI and machine learning to tailor product recommendations and provide personalized shopping journeys.

Virtual try-on technology: Allowing customers to experience products virtually before purchasing, reducing returns and improving customer satisfaction.

Social commerce: Leveraging social media platforms for product discovery, purchase and customer engagement.

Digital subscription services

Streaming services: Expanding beyond entertainment to include fitness, education and other lifestyle content.

Membership programs: Providing exclusive access to perks, discounts and personalized experiences for loyal customers.

AI-powered businesses

Chatbots and virtual assistants: Providing 24/7 customer support, automating tasks, and enhancing website functionality.

Predictive analytics: Using AI to analyze data and make informed decisions about product development, marketing campaigns and inventory management.

Automated decision-making: Empowering systems to make decisions without human intervention, improving efficiency and reducing bias.

Remote work and collaboration

Virtual workspaces: Creating online platforms that facilitate remote work, team collaboration and communication.

Online meeting tools: Enabling seamless video conferencing, screen sharing and collaborative document editing.

Freelance marketplaces: Connecting businesses with independent contractors for a wide range of services, increasing flexibility and talent access.

Sustainable and ethical businesses

E-commerce for sustainable products: Catering to consumers seeking eco-friendly, ethical and socially responsible products.

Zero-waste initiatives: Implementing practices to minimize waste in packaging, shipping and operations.

Transparency and traceability: Providing customers with information about product sourcing, manufacturing and environmental impact.

Niche market targeting

Micro-influencer marketing: Collaborating with niche influencers who have highly engaged and targeted audiences.

Subscription boxes for specific hobbies: Catering to niche interests, such as crafting, cooking or fitness.

Personalized products and experiences: Offering customizable products and curated experiences tailored to specific demographics or preferences.

Online business ideas FAQ

What are the most profitable online business ideas to start.

Turning an online business idea into a profitable business is not without its challenges, and profitability will depend on many other factors than just the specific business idea you choose. However in general online business ideas with a high potential for profitability include creating and selling online courses, affiliate marketing and dropshipping.

What are the best online business ideas for beginners?

What are the quickest online business ideas to start, how do you brainstorm online business ideas, what is the best online business to start from home, do you need an llc to sell online, explore more business ideas.

Craft business ideas

Beauty business ideas

Reselling business ideas

DIY business ideas

Clothing business ideas

Small-town business ideas

Rental business ideas

B2B business ideas

Business ideas for teachers

Recession-proof business ideas

Kidswear business ideas

Business ideas for teens

Hobbies that make money

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Migrate to Shopify with Ecommerce Pro

• Jan 16, 2024
• by Bella Piccioli

How to Start an Online Business in 2024

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The start of a new year always brings the excitement of new possibilities and this 2024 may be your year to start a new online venture. With ecommerce solutions like Shopify making online business more accessible, there's never been a better time than 2024 to start your online entrepreneurial journey. Ecommerce platforms like Shopify have made navigating the online business landscape a lot easier, providing aspiring online entrepreneurs with the tools and resources they need to launch and manage their online stores with ease.

Now the question is, “Where to start?”.

Table of Contents

In this article by Ecommerce Pro, we’re giving you an updated 2024 guide to starting an online business, going down to the basics of where exactly you should begin. We'll guide you through a step-by-step process, from identifying a profitable niche to building a compelling online store, managing your finances, and marketing your business effectively.

So, whether you're a seasoned entrepreneur needing a refresher or a newbie to online business, this guide will help get you started on the road to online business in 2024. Let’s get started!

Ready to build your Shopify website? View our Shopify Experts profile  here  to see our work or reach out to us by filling out this  form .

Step 1: Choose a Niche

The first step to online business is identifying a profitable product niche. While in theory, you can sell anything and everything online, it is best to settle with a specific niche to serve a specific market segment that you can target with your products and services.

To find a good niche, it has to be profitable and should have a sizable market base, without too much competition to give yourself room for potential growth.

You can start by brainstorming ideas on products and services that you feel passionate about. Try to find something with a market demand. You can also conduct market research to analyze the size and growth potential of different niches.

A common niche is baby clothing, and you can narrow it down to a more specific category like baby clothing with fun, theme-based graphic prints for holidays and special occasions.

As this step requires brainstorming, it’s best to list down all your ideas for the next step.

Step 2: Conduct Market Research

Once you’ve finally come up with your list of viable niches, it’s time to conduct some market research to see if your potential niches have the ability to hold up throughout your online business endeavor.

A tool you can use and explore is  Google Trends , where you can see how popular your product niche is based on Google user search queries. Online tools, like Google Trends, provide insights into the popularity and longevity of various niches based on keyword searches.

In this step, your research can also include:

• Competitive analysis:  Research your competitors to understand their products, prices, marketing strategies, and strengths and weaknesses. Shopify has a great  Competitive Analysis Template  that you can base your research on.
• Target audience analysis:  Identify your target customer profile, including their demographics, interests, and their purchasing habits.

Step 3: Develop a Compelling Business Plan

Every business needs a business plan. It serves as the roadmap that outlines all of your goals, strategies, and financial projections. Shopify offers a great and free Business Plan Template  for a complete and effective plan for any new online venture.

An online business plan should include the following:

• Executive Summary:  A brief overview of your business, including your mission, vision, and goals.
• Product or Services Offered:  A detailed description of what you sell or services you offer.
• Marketing Plan:  This details the strategies you’ll be employing to reach your target audience so you can generate sales.
• Financial Projections:  A projection of your revenue, expenses, and profits.

Step 4: Work on Branding & Logo

Branding is a powerful aspect of building a business and that’s because it’s branding that makes your brand memorable. Logos and other branding elements are the symbols and colors that represent your business. Just think of some of the world’s most influential brands like Apple, Amazon, and Coca-Cola—their logos and branding characteristics practically spring to mind, and the mere mention of their brand names conjures up a specific image, color, or feeling in the minds of consumers. This is the power of branding, and it ’ s something you can tap into to build a strong foundation for your online business.

When it comes to creating a logo and other design elements like brand colors, you should keep things simple and limit yourself to a color palette and idea.

To design your online business logo, you can check out  Shopify ’ s Hatchful , a popular choice for logo makers.

Step 5: Source Products or Services

If you’re selling physical products, you need to make sure that you have them on hand or that your suppliers are ready to provide them. Suppliers can be found through online directories and even trade shows.

You can also try dropshipping for an inventory-free business where suppliers handle shipping for you.

When it comes to businesses that are offering services, you should get your process down so that you can deliver your services effectively and with efficiency. For services, you may have to hire staff to outsource tasks.

Read our latest article on  How to Write Product Descriptions for Your Online Business

Step 6: Build Your Online Store

Another creative aspect of starting your online store is designing your online storefront using Shopify . The Shopify ecommerce platform is incredibly user-friendly and accessible, making it possible for people without technical expertise to create their online store. Shopify is consistently at the top of the best ecommerce solutions for online business, providing you with all the tools and resources necessary to run an online business, regardless of its size.

Some of the pros of using Shopify include:

• You do not need to have any experience with web design or development.
• Shopify handles many of the technical aspects of your online store, such as hosting, security, and updates.
• You will receive 24/7 customer support for your Shopify store.
• It is easy to create a sophisticated and fully customizable store that matches your brand's aesthetic.

You can explore Shopify with their  3-day free trial , after which you can enjoy 3 months of Shopify for 1 €/month on select plans.

We go into extensive detail on how to build your store on Shopify in our article  How to Start an Online Store on Shopify: A Step-by-Step Guide .

Step 7: Market Your Business

Marketing your business and drawing in customers to your online store (traffic) is essential to every successful online business and brand. It is essentially the way you get the word out about your business by employing a multifaceted marketing strategy.

With how competitive business can be, it’s best to employ more than one strategy. We list down a few effective marketing strategies below:

• Social media:  Choose at least 2 social media platforms where your target audience is most active. From there you can target your ideal customers and share posts to promote your products and services.
• Search engine optimization (SEO):  Optimize your online store’s pages and content to rank higher in search engine results pages (SERPs) of search engines like Google. SEO helps you gain organic traffic.
• Email marketing: Start an email subscription service where customers can subscribe and receive regular updates and newsletters. 

Read about the 15 Best SEO Tools to Boost Your Shopify Website ’ s Rank .

Step 8: Provide Excellent Customer Service

Your customers are the beating heart of your online business, so make sure you provide great customer support by giving them the means to contact you. Customer support is important and opening more than one support channel is key to helping you address the concerns and questions of customers on the cusp of making a purchase decision.

Here are some additions you can make to your site to ensure great customer service and support:

• Have an FAQ page: Your FAQ page will save you a lot of time in answering customer questions. Take note of the information you feel your customers will need to know, especially on shipping and delivery, and create an FAQ page for your customers.
• Offer live Chat:  Offer live chat so you can solve your customers’ problems quickly and easily.
• Phone support:  Some customers prefer live calls, especially when dealing with refunds, returns, and other concerns.
• Email support:  Email support remains a favorite among online shoppers, so make sure to have your email information in an easy-to-find place on your shop and your contact page.

Step 9: Stay On Top of Your Finances

When it comes to business, staying on top of your expenses and finances is essential. You can have a separate business bank account and credit cards to monitor your expenses and income more easily.

Tracking expenses should be detailed and should also be done daily if needed. You should keep detailed records of expenses including invoices, receipts, and other payments with the help of accounting software or Excel to keep track. 

By staying on top of your finances, you can make informed decisions that will help your business grow and thrive.

Step 10: Continuously Improve & Be Adaptable

Your online business should be continuously evolving and adapting, so it’s important to be flexible and adapt your business to the latest trends and technologies that will help you improve.

This includes staying up-to-date on the best new marketing channels, tools, and trends that will improve your website and the customer experience.

It’s also important to remember that, as with any other business, online business will present challenges along the way. Just remember to stay adaptable and don’t give up. If you’re passionate about your business and willing to put in the work and effort to improve, you can be successful.

Here are a few things to keep in mind throughout your online endeavor.

• Be patient: It can time to build a successful online business. Put aside the expectation of overnight success.
• Be consistent: Don't give up if you don't see results right away. Be consistent and keep working towards your business goals. 
• Be adaptable: Be ready to adapt and change with the constantly changing business landscape. Your strategies and

You can also go over  Shopify ’ s General Checklist for Starting a New Shopify Store  before launching a new online business in 2024.

Starting an online business in 2024 can be relatively simple when accompanied by a solid strategy involving steps you can follow along the way. The steps we highlighted here involve choosing a product niche, conducting market research, and a business plan, along with advice on staying adaptable and patient, among other steps.

Choosing an ecommerce platform like Shopify is also highlighted, as Shopify makes the process of building an online business more streamlined, with all the tools and ecommerce capabilities you need to grow your online brand in 2024. 

While creating an online business with Shopify can be simple, there are also several reasons why you may want to work with a Shopify Expert like  Ecommerce Pro .

Ecommerce Pro can help you take your online business to the next level, while keeping you up to date on the latest ecommerce trends and best practices, ensuring that your website remains competitive and highly effective in the realm of ecommerce.

Let's build your Shopify Store. Fill out the  contact form  to get in touch and receive a quote.

Get in Touch

At Ecommerce Pro -  Shopify Web Developers  Agency, we help entrepreneurs and business owners build better and more successful Shopify businesses. Have a question or a project in mind?  Get in touch  with us today!

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• Jan 03, 2024

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Ownr Blog  > Magazine  > Money & Lifestyle  > Inspiration  > 44 Best Small Business Ideas to Make Money in 2024

44 Best Small Business Ideas to Make Money in 2024

Are you looking for a new way to make money but not sure how to start? No matter what skills you have, there are great small business ideas out there for everyone.

If you’re an aspiring entrepreneur and want to start a profitable business, there are many different options you can explore. So, how do small business owners like you ensure that they choose the right business opportunity that can actually make money?

Whether you’re a college student new to the business world or you’ve been in the workforce for decades, the best way to get started is by taking a look at some of the most profitable business ideas out there to get inspiration.

• Top money-making business ideas

While many people dream about working from home and earning money , creating and running a profitable business takes a lot more than a desire to be your own boss. There are many details to consider, including the monetary investment you’ll need in order to develop your business idea. You should also factor in how much demand there is for your product or services, and don’t forget about tax preparation and your business registration .

Luckily, we’ve rounded up 45 of the best opportunities for aspiring business owners and entrepreneurs so that you can get a sense of how different small business owners can make money and how you can do the same.

Keep in mind, some of these ideas will require additional licences, training, or certification. So be sure to do your research before deciding what your next business venture will be.

•  1. Create and sell chatbots to other business owners

You may not have heard of chatbots before, but chances are you’ve encountered them while browsing the internet. Many websites will have a popup in the corner, prompting you to ask for help. This will lead to an automated conversation where the chatbot’s responses are based on keywords that you use. Chatbots can even be set up to interact with page visitors on Facebook Messenger. So how is this a potential business idea?

Even if you have no experience with coding or web development, you can create and run chatbots for other small businesses. Many different types of businesses use chatbots to interact with their potential customers, and that means that there is a large market of individuals and companies who are willing to pay someone like you to fill that demand.

You can build a basic chatbot using sites like ManyChat , and then use it as a model to pitch your services to new customers. Depending on what kind of business model you have in mind, you can either set up your clients with a functional chatbot for a one-time fee, or set up a retainer where you offer services to continuously run and improve the chatbot based on client feedback and customer interaction.

• 2. Become an online fundraising consultant

If you’re interested in starting a small business that makes use of your excellent people skills to help make the world a better place,  a fundraising consultant could be the perfect fit for you. It’s also one of the best side hustles you can start on your own . Help raise funds for non-profit organisations or special projects while making a good living for yourself, too.

In order to work in this field, you may need a bachelor’s degree in communications, marketing, nonprofit management, or public relations. You may also benefit from experience with fundraising and the necessary listening, verbal, and writing skills to build and maintain relationships with potential donors.

• 3. Get paid running an education blog

Were you amazing at taking notes in school? Why not use those skills to fill demand for educational content on the internet? Consider starting a business in educational blogging where you can help people around the world with their educational needs. Blogging is just one of the many popular ways to earn money online . Whether it’s online courses, news and opinions related to your field, resources for college students, or lesson plans for parents who homeschool, there is a huge demand for digital content.

If you want to monetize your blog with ads, affiliate sales , dropshipping , or selling your own products and services, you’ll need to learn the fundamentals of SEO to build a reliable source of traffic and ensure you’re ranking for the right keywords so that people can find you when they search for your services online

Make use of your existing network by promoting your new blog on social media channels like Instagram for Business and reaching out to friends, family, and peers to share your small business idea. Then reach out to parent groups or advertise and local colleges and universities, depending on who your target audience is and where they hang out.

• 4. Use your education to teach classes online

Whether you know it or not, you probably have a tonne of real-world experience that you can translate into educational content for people who need help with school. In fact, even if you don’t have any idea what you could teach, you can look up what services are in demand and become an expert in a matter of days using the internet. You could even take a course online and use the notes you take to create your own lesson plans.

First, figure out what you can teach and how to make your experiences valuable to the public. Then, you can start creating your own online courses on a video platform like Udemy , which already has a built-in audience so that you won’t have to create your clientele entirely from scratch.

In addition to pre-recorded classes, you can offer live one-on-one or group tutoring. You can even sell your lesson plans to other educators using resources like Teachers Pay Teachers .

• 5. Become a green app developer

Green apps are applications that focus on addressing environmental issues. These can include products like carbon footprint tracking apps , ride-sharing apps, fuel calculators, and remote power apps, among many others.

Whether you have a notebook full of great ideas for green apps, or just want to use your expert app developer skills to help eco-minded visionaries bring their ideas to life, green app development is a growing field with many opportunities for small businesses.

You will probably need to have a degree in software engineering or a related field and be proficient in at least one of the most common programming languages in order to score the opportunities of your dreams.

• 6. Write and publish your own ebooks

You have a tonne of knowledge that you can translate into profitable ebooks to bring in cash flow. Rather than investing all sorts of money into publishing a physical book, you can create a PDF document that consumers can download from your website or that you can send directly to their email address. Once you’ve put in the initial work to develop your ebook, you’ll be able to earn passive income every time an ebook sells—without having to lift a finger.

If you’re struggling to come up with an idea you think others would be interested in, conduct some market research by searching up trending and popular ebooks to conduct market research. Once you’ve decided on the content of your ebook, create an outline with chapters and topics. After you’re done putting your knowledge down into book format, it’s time to edit your writing and focus on the design of your ebook through elements like colours, fonts, and images. Then it’s all about raising brand awareness and content marketing to reach new audiences.

• 7. Use your mechanical skills with auto detailing

You may not need a four-year degree, but starting your own auto detailing business takes more than just a knack for cleaning cars. You’ll need to get technical training and hands-on experience in an auto detailing shop so that you have the skills, knowledge, and cash flow to branch out on your own.

A good way to start an auto detailing business without investing a lot of money upfront is by starting out as a mobile business rather than renting your own garage location. Then, as you build up your cash flow and a solid customer base, you’ll be able to invest in your business with confidence.

Auto detailing equipment like pressure washers, hot water extractors and towels can cost a lot of money. Be sure to register your business and open a business bank account to keep your finances separate and easier to manage.

• 8. Offer babysitting services

If you have experience with babysitting kids, starting a babysitting business is one more way to make money by setting your own rate. Aside from reliable transportation and a website or social media presence, the investment in a babysitting business is very low. It’s also a great job for students since you can charge by the hour  and you can even babysit out of your own home.

If you’re serious about helping people take care of their children, you may consider opening up a daycare where customers can drop their children off. The cost of running your own location will be higher, but so will the potential earnings.

• 9. Rent out a room in your home

Do you have an extra room in your house that’s not being used? You can rent it out as a side business. The bigger the room and the more amenities you can offer (i.e. a private bathroom and kitchen), the more money you will be able to make.

Think beyond just renting a bedroom—many people are working from home and don’t have the space for a home office. You could offer a home office space and set hours for when it will be available for others to use.

• 10. Help others with snow plowing

Snow plowing is a great seasonal business opportunity, especially if you are a truck driver with a plow hitch, and live in a snowy area. The initial investment and ongoing upkeep can be expensive, so you could start out by simply offering to shovel your neighbours’ driveways by hand to raise funds for your business.

Since customers will be relying on you, this is one business where you have to ensure that all of your equipment is reliable, and you should have a backup in case something happens, and you can’t make it so that people don’t get snowed in and blame you.

• 11. Cleaning services for clients and businesses

One of the great things about a cleaning business is that you don’t need to have any specific formal education. In addition to basic cleaning skills, you may need to be familiar with more advanced techniques, including stain removal, floor polishing, and oven cleaning.

Start by determining whether you want your clients to be individuals or larger organisations. If you’re the only employee, you may decide that starting out with individual clients makes the most sense. You can also expand beyond cleaning to offer additional services, like professional organising .

• 12. Become a personal chef

To run your own business as a personal chef, you don’t necessarily need professional training. However, obtaining Foodsafe certification will boost your credibility and help you operate your business safely. You’ll also need to be able to pitch yourself and your qualifications to your clients. The start-up costs are low since you generally will use the kitchen and appliances that belong to your clients, and they will pay for ingredients as well. However, remember to factor in transportation costs plus any specialised equipment you need. Eventually, you could even branch out into a catering business and invest in (or rent) a food truck for weddings and other onsite events.

• 13. Start an event DJ business

Plenty of weddings and events hire DJs to take care of the music and entertainment. If you love to get people dancing by spinning tunes all night long, becoming a professional DJ could be your calling. The initial investment can be quite expensive, including the costs for your laptop, music, speakers, lights, microphone, vehicle, and insurance. Make sure that you set your DJ rate to accommodate your expenses.

• 14. Get into healthcare consultancy

Are you an expert in healthcare law, with a bachelor’s degree in a related industry like public health, business or nursing? Healthcare consultancy businesses give advice to healthcare organisations on a variety of issues dealing with public health. You can either work for an existing firm or create your own. There are even more opportunities in this field for people with a master’s degree in business administration or public health.

• 15. Start an employee recruitment service

If you want to help more people get into the workforce, the employee recruitment industry is always growing. First, choose a niche based on your interests. For example, do you want to work with college students and recent graduates who are new to the job market, or do you prefer to help people who are older and want to change to a new field? It’s important to know who your ideal customer is to market your services to them effectively.

• 16. Start a real estate brokerage firm

Real estate businesses can be a huge money maker, but there are many hoops to jump through if you want to start your own brokerage firm. You will need to gain approval from your local real estate council in order to obtain the real estate broker designation, and you will also need to submit an application to the real estate board.

It’s also a good idea to hire an accountant to help you handle your multiple bank accounts and keep track of transactions in accordance with the laws and regulations.

• 17. Become an expert at agribusiness

If you have a passion for farming, running your own agribusiness will allow you to work with farmers on their land and livestock. Before you get started, determine which products and services you want to provide. You might need some financing or a loan, as well as specific operating licences depending on your local laws. Establish a physical office where you can store your materials, tools, and machinery, but most of your work will require visiting clients in their homes.

• 18. Establish a digital marketing agency

Nowadays, businesses of all sizes—even traditional brick-and-mortar ones—rely heavily on their online presence to generate revenue. If you have an interest and experience in digital marketing, this is great news for you: there’s no shortage of opportunities to provide a range of services, like search engine optimization (SEO), social media management, content creation, email marketing, pay-per-click (PPC) advertising, web design, and more.

Keep in mind that there is considerable competition in this field, so it’s a good idea to specialise in a specific niche or industry to differentiate yourself. To get started, consider creating a portfolio demonstrating your skills and experience. You can also boost your credibility by earning relevant certifications, like those from Google Skillshop or Meta Blueprint . 

• 19. Create an e-commerce store

E-commerce has seen rapid growth in the past few years, accelerated by the pandemic and increased trend toward working from home. From clothing to gadgets, you can sell just about anything online.

Start by identifying a unique product or niche that’s in demand but, ideally, under-served. You don’t have to have any web design or development skills to get started, thanks to all-in-one ecommerce platforms like Shopify . A few important pointers to keep in mind include:

• Invest in high-quality imagery, since it plays an important role in convincing browsers to buy.
• Differentiate yourself with superior customer service.
• Use a combination of marketing strategies, including SEO, PPC ads, and content marketing, to get the word out about your new brand.
• 20. Provide web design and development services

Every business needs a website. However, not every business owner has the skills or time to create one. If you’re proficient in coding and have a knack for design, offering web design and development services could be a great opportunity.

In this business, you would design, build, update, and maintain websites for clients. A wide variety of powerful and time-saving drag-and-drop page builders have shaken up this industry in recent years, but those with coding skills still have the upper hand by being able to fully customise their projects and create pixel-perfect sites.

• 21. Start a home-based catering service

If you have a passion for cooking and hospitality, a home-based catering service could be the perfect business for you. You’ll prepare and serve food for events such as weddings, parties, and corporate functions. 

Compliance with health and safety regulations is essential in this business, so make you have the necessary permits and get familiar with the appropriate regulatory body in your province. 

Not sure how to get started? Experiment with dishes to create a diverse, broadly appealing, but manageable menu, hire a food photographer to take high-quality images of your dishes for marketing purposes, and start promoting your services in your network, online, and in local directories.

• 22. Set up a coworking space

Since not everyone has a quiet workspace at home, and many simply prefer getting out of the house to work, coworking spaces have become increasingly popular. 

This business involves providing a shared workspace for individuals and small businesses. Location is one of the most important considerations; look for a space that’s convenient, accessible, safe, and attractive to prospective clients. Providing excellent work-friendly amenities like high-speed internet, comfortable furniture, and complimentary coffee can set you apart. 

• 23. Develop a subscription box business

Subscription boxes offer subscribers a regular shipment of niche products, creating an exciting recurring experience for customers. Some examples of popular categories include beauty products , books, gourmet foods, pet supplies, and craft supplies. 

The key to success in this business is understanding your target audience and curating high-quality, unique items they’ll love, at a price that makes them feel they’re getting a deal compared to buying the products individually. The key to making those deals possible? Build relationships with vendors for better pricing.

• 24. Engage in online reselling and product flipping

Online reselling involves buying items at a low price, usually secondhand or discounted, and selling them online at a higher price. You can sell on popular and trusted platforms like eBay, Amazon, or Facebook Marketplace. There are also niche platforms for specific types of products, such as GOAT for sneakers and streetwear. 

To find profitable items, it helps to focus on a niche that you’re particularly knowledgeable about. In some cases, you may even refurbish or improve items before reselling them, which requires some extra skills. A keen eye for value and potential, solid negotiation skills, and a knack for restoration can help you be successful in this business.

• 25. Offer pet-sitting services

With plenty of busy pet owners out there, offering pet-sitting services can be a lucrative business venture. It involves taking care of pets while their owners are away; providing food, walks, playtime, and companionship. You could also offer additional services like grooming or training if you have the appropriate skills.

Building trust with prospective clients is crucial, so consider getting certified in pet first aid before advertising your services. Pet-sitting platforms like Rover can be a great place to get started, and once you have a client base, positive word-of-mouth references are likely to become an important source of new business.

• 26. Run an on-demand t-shirt printing service

An on-demand t-shirt printing service enables customers to order custom-designed shirts with no minimum order quantity. This business model is viable due to advancements in printing technology like direct-to-garment (DTG) printing. 

The beauty of print-on-demand (POD) is that you can advertise countless designs without having to invest in inventory of each. You can either invest in your own printing equipment or look for a trusted POD platform like Printful to fulfil your designs. Before advertising your products, order samples to make sure you’re happy with the garment and print quality and turnaround times.

• 27. Offer transcription services

Transcription services involve converting audio or video content into written form. Many industries need these services, including law, healthcare, and entertainment. This business requires excellent listening skills and a solid command of the language being transcribed.

You may also need transcription software and foot pedals to speed up your work. Specialising in a specific niche can also increase your earning potential. Start by offering your services on platforms like Rev or TranscribeMe , or create your own website to attract clients.

• 28. Provide professional organizing and home decluttering

If you have a knack for creating order out of chaos, professional organising could be a great business. You’ll help clients declutter their homes or offices, implement organisation systems, and provide advice on maintaining a clutter-free space. 

Since messes and clutter can be major sources of anxiety, it’s essential to be respectful and non-judgmental in this business. Joining a professional organisation like Professional Organizers in Canada can lend credibility. Start by offering your services to friends and family to build a client base, and then move on to marketing your business on social media and in local ads.

• 29. Participate in rideshare driving

Rideshare driving through platforms like Uber or Lyft offers a flexible way to make money that works around your existing schedule. You’ll transport passengers from point A to point B using your own vehicle.

This business requires a reliable car, driver’s licence, and an excellent ability to deal with customers and different personalities. You should also be familiar with your city’s layout and peak demand times to maximise your earnings. 

Be sure to factor in the costs of fuel, maintenance, and wear-and-tear on your vehicle when considering potential profits. A clean, comfortable car and extras like phone chargers or water bottles help you score better ratings and more rides.

• 30. Produce a podcast

Podcasting has seen a boom in recent years, becoming an enormously popular medium for sharing stories, knowledge, and opinions. You can produce a podcast on just about any topic you’re passionate or knowledgeable about. 

To set your podcast up for success, focus on delivering high-quality, well-researched content, using good audio equipment, and developing editing skills to create a polished final product. Popular ways to monetize podcasts include brand sponsorships, soliciting listener donations, and paywalling the content through a platform like Patreon or Substack . 

• 31. Become a garden designer

Garden design combines creativity, nature, design, and planning. As a garden designer, you’ll create beautiful and functional outdoor spaces for clients. This could involve choosing plants, designing landscapes, and even creating features like ponds or patios.

Familiarity with different plants, climates, and design principles is essential. You don’t necessarily need to obtain a certification to advertise garden design services in Canada, but if you want to take your business to the next level, becoming certified as a landscape architect may be a logical step.

• 32. Work as an interior designer

Interior designers transform spaces to make them more functional and aesthetically-pleasing. This involves understanding the client’s style and daily needs, planning layouts, selecting furniture and decor, and overseeing the implementation of your interior design projects. 

A keen eye, understanding of design principles, good communication skills, and a knowledge of design software like AutoCAD are all important. Depending on your province, you may need a degree or certification to advertise your services as an interior designer rather than an interior decorator. For example, in Ontario, you must complete a CIDA-accredited (Council for Interior Design Accreditation) course to use the title, but in BC, the same regulation doesn’t apply.

• 33. Offer tutoring services

Tutoring is a rewarding pursuit that allows you to share your knowledge and help others succeed. You can tutor students of various age groups in subjects you excel at, or prepare students for standardised tests such as the MCAT. 

In-person and online tutoring are both viable options, with lots of great software tools available to facilitate online tutoring. Patience, expertise in your subject, and the ability to explain concepts clearly are all assets in this business.

• 34. Organise events as an event planner

Event planners coordinate all kinds of events, including weddings, corporate gatherings, and parties. This involves tasks like selecting a venue, coordinating with vendors, managing budgets, and ensuring everything runs smoothly on the event day. 

If you have strong organizational skills, a keen eye for detail, and the ability to handle high-stress scenarios while remaining cool-headed, this could be a great business venture for you. Building a network of reliable vendors and venues is another important way to set your business apart.

• 35. Publish a newsletter

Who knew that after all of the media innovations in recent years, old-fashioned newsletters would become so lucrative again? Publishing a newsletter can be a profitable business if you have expertise in a specific field or niche or a unique voice that people want to hear from. 

Your newsletter could provide industry news, insights, analysis, or practical tips. Successful newsletters provide unique, high-value content for their subscribers. Similar to podcasting, monetization is usually achieved by selling subscriptions to the newsletter, soliciting donations, or seeking brand partnerships. 

• 36. Engage in freelance copywriting or content writing

If you have a knack for well-crafted sentences and a firm grasp of language, freelance copywriting or content writing can be a profitable venture. Copywriters create persuasive marketing and sales copy, while content writers create blog posts, articles, and other informational types of content. Both require creativity, research skills, and a solid understanding of the client’s target audience. 

Building a portfolio of your past writing work and developing experience and contacts in a specific industry can make it easier to land new clients. Freelance job platforms like Upwork can be a good place to start, but ideally, you’ll want to transition to finding your own clients to avoid paying fees to third parties.

• 37. Work as a makeup artist

Calling all creatives with a steady hand and a love of glam: a career as a makeup artist could be your calling. In this role, you’ll provide makeup services for events like weddings, photo shoots, or fashion shows. You might also consider offering personal makeup tutorials or creating instructional content on YouTube. 

Training or certification in cosmetology can enhance your credibility but isn’t legally required. To get used to working on others’ makeup and get the word out about your business, start by practising with friends and family, create a portfolio showcasing your work, and promote your work and services on social media.

• 38. Offer local tour guide services

If you’re knowledgeable about your local area and enjoy meeting new people, offering tour guide services could be a fun and profitable business idea. You’ll lead tourists around local attractions, providing historical facts, interesting stories, and insider tips. 

This requires excellent communication skills, a friendly personality, and a deep knowledge of your area. You might also need an appropriate licence depending on where you plan to guide tours. To attract tourists, consider partnering with local hotels or travel agencies.

• 39. Sell homemade baked goods

Have a passion for baking? Selling homemade baked goods can turn your hobby into a source of income. Your offerings can include anything from cookies and cupcakes to artisan breads or pastries. 

Before starting, check your local health regulations regarding selling homemade food. Then, work on perfecting a few recipes and offering a limited menu—there’s no need to overwhelm yourself by offering any and all baked goods.

High-quality ingredients, unique flavours, and attractive packaging can set your products apart from commercial competitors. Consider selling your goods at local farmer’s markets, offering online orders for local delivery, or even setting up a small bakery cafe if you have the resources.

• 40. Provide fitness and personal training services

Personal training is a great business for those who are passionate about fitness and enjoy helping others achieve their goals. As a personal trainer , you’ll create tailored workout plans for clients, guide them through exercises, and provide advice on nutrition and lifestyle changes to help them improve their fitness. 

While certification is not strictly required in Canada, it can go a long way in helping you build trust with your clients and ensuring you can deliver your services safely.

Want to stand out from other trainers? Consider specialising in a niche like postnatal fitness or sports-specific training.

• 41. Offer massage therapy

Massage therapy can be a highly rewarding profession, providing therapeutic relief to clients dealing with stress, physical discomfort, or injuries. As a massage therapist, you’ll offer different types of massages based on clients’ needs. 

Massage therapy is a regulated professional, so you’ll need to complete the appropriate certification to advertise your services as a registered massage therapist. Even non-registered massage therapists must complete some massage certification; check to see what the specific regulations are in your province.

• 42. Operate vending machines

Operating vending machines is a relatively low-maintenance way to generate passive income. To start this business, look for a vending machine supplier that sells new or used machines. Then, look for strategic locations where you can rent space to place your machines. You can stock them with all kinds of goods, from the usual snacks and beverages to unexpected offerings like tech accessories or stickers. 

This business requires an initial investment in the machines and inventory, and you’ll need permission to place your machines on others’ property, but once you’re up and running it can be a lucrative and relatively low-effort business. 

• 43. Provide resume writing services

A well-crafted resume can make all the difference in job hunting, but many people struggle with the task of writing one. If you have a knack for writing and a solid understanding of how to present skills and experience in a way that appeals to employers, resume writing can be a much-needed service to a large market.

• 44. Serve as a personal assistant

Busy professionals often need help managing their schedules and tasks, creating a demand for personal assistant services. As a personal assistant, you’ll handle tasks like scheduling appointments, managing emails, booking travel, or even running personal errands. 

This requires top-notch organisational skills, fail-proof reliability, and discretion. You can work for clients locally, or provide virtual assistant services to clients around the world. 

• Which business is best to earn money?

Choosing the best business to earn money greatly depends on your personal circumstances, skills, and interests, but there are steps you can take to guide your decision-making process:

• Align your business idea with your passions, interests, and skillset. Businesses often demand long hours, particularly during the start-up phase, and it’s easier to stay motivated when you’re working on something you care about. Plus, having an inherent skill or expertise in your chosen field can give you a competitive edge.
• Conduct a thorough analysis of your competition. Understanding what you’re up against can help you differentiate your business and find your unique value proposition. Try to honestly assess your competitors’ strengths and weaknesses, and learn from their successes and mistakes.
• Clearly define your target market. Knowing who your customers are and what they want is a core element of any successful business. These insights will influence your branding, marketing strategies, product development, and much more.
• Assess the scalability and growth potential of your business. While not all businesses need to scale dramatically, understanding your business’s realistic earning potential can help you plan for the future and make strategic decisions.

While there aren’t concrete national statistics revealing which very small businesses (with under 19 employees) are most profitable in Canada today, it’s worth looking at the fastest-growing industries in the country to generate ideas. 

According to recent data from market research database IBISWorld , these include:

• Tour operators and travel agencies
• Boat building
• Gym, health, and business clubs
• Market research operators
• Optometrists
• Movie theatres

Aligning your small business idea with one of these thriving sectors could help you come up with a profitable enterprise.

• How to start a business

Landed on an idea you’re excited about? Here’s a roadmap to guide you through the necessary steps to get started: 

• Develop a business plan: Your business plan is your roadmap to success, helping you iron out details and identify potential problems before making a big investment. This important document outlines your business objectives, target market, competitor analysis, marketing strategy, and financial projections. Not only will your plan help you stay focused, it’s also instrumental in attracting potential investors.
• Conduct market research: Understanding your market is essential no matter what industry you choose to operate in. Research your potential customers, their needs, and how your product or service can meet these needs. Be sure to evaluate your competition and identify what will make your business different enough to be the better choice.
• Choose a business structure: Whether you’re a sole proprietor, a partnership, or a corporation will affect your taxes, liability, and how you run your business. The right structure will depend on the specifics of your business, such as how much profit you expect to make, relevant regulations, and what kind of liability you’re exposed to.
• Register your business: Choose a unique business name and register it in your province to protect your brand.
• Obtain any necessary permits and licences: Different types of businesses require different licences and permits. Research what’s needed for your industry, city, and province.
• Set up your finances: Open a separate business bank account to keep your personal and business finances separate. This makes it much easier to manage your cash flow and stay organised for bookkeeping and tax purposes.
• Develop your product or service: Based on your market research, develop or refine your product or service to make sure it meets the needs of your target audience and is distinct from other competitors on the market.
• Plan your marketing strategy: Determine how you’ll attract and retain customers. This could include a website, social media, PPC advertising, content marketing, networking, and more .

Starting a business involves many moving parts, and it’s important to stay organised throughout the process. Ownr can make the process easier by helping you register your business quickly and affordably, providing document management for corporations, helping you manage employees, and more. Plus, as a valued customer, you’ll have access to a long list of Ownr perks created just for entrepreneurs like you. 

This article offers general information only, is current as of the date of publication, and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While the information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by RBC Ventures Inc. or its affiliates.

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The Most Profitable Businesses to Start in 2024

We’ve interviewed over 300 businesses across our YouTube and podcast channels to establish which small businesses are the most profitable. In this blog, we’ll present the 55 most profitable businesses based on the average profit margin for each niche.

We looked at financial reports from early 2024 to ensure relatively recent data.

Each niche includes everything from the smallest business to the largest corporation, so some profit margins might seem much higher or lower than you’d expect when running a small business.

Some good news: When you run a small business that doesn’t aspire to be a megacorporation, you can often expect much higher profit margins.

Industries With the Most Profitable Businesses

• Get Access to 500+ Business Ideas for Free!

What Small Business Is Good to Start?

Least profitable industries, so what are the most profitable businesses to start.

Read from start to finish, or click on any of the links above to jump straight to info on the category of most profitable business ideas that interests you.

The most profitable industries include:

• Financials: The monetary sector leads the list of most profitable industries, with over 30% net income and gross profits for banks nearing 100%.
• Oil and gas: The oil and gas industry still has high net profits, with 28.26%, and a gross profit of 58.75%. This industry might be hard to get into, however.
• Tobacco: Selling addictive products pays off, with a 27.52% net profit and 61.25% gross profit. If you could start growing and selling your own tobacco, you’d probably make a killing!
• Transportation: This sector is likely here to stay. Even railroads still have an average net profit of 23.52%, and shipmakers also make a great living.
• Real estate investment trusts (REITs): REITs are big winners this year. They moved up from ninth place last year. Players in this industry earned 23.32% in net profit and nearly 78% gross margins.
• Software: Entertainment and system applications software companies are doing well, with 20% net margins. Entertainment software has gross margins of 63%, while systems and applications have around 72% gross margins.
• Investments and asset management: Managing other people’s money is an easy startup business. People with the right qualifications can tap into 19.82% net income and 67% gross margins.
• Water utilities: Providing water to municipalities can earn a sweet 19.34% net margin and 56% gross margin.
• Semiconductors: Producing parts for electronic equipment can earn 17.94% net profits.
• Computers: With 17.47% profits, computer and peripherals companies are similarly profitable.

But many of the most profitable businesses aren’t practical for people who want successful small business ideas for business owners.

Most of us don’t have access to venture capitalists or the ability to run a business for 10 years before it starts making money. So we’re constraining our list to the most profitable and best small businesses to start.

A good small business to start normally has high growth opportunities and low barriers of entry, works well as a home-based business, and provides great profit margins. We’ve handpicked some of the most profitable small business ideas for you.

Source Disclosure

Our industry data is sourced from authoritative government agencies, industry federations, and key corporate reports, all compiled by IBISWorld. For detailed sourcing information, please visit IBISWorld .

# 1. Residential Cleaning Service

• Average Annual Revenue: $53K+ • Average Profit Margin: 6.6% • Average Startup Cost: $3.5K • Average Time to Launch: 3 weeks • Projected Market Growth: 2.4% • Market Size: $18.8BN • Best For: Self-motivated, independent, and detail-oriented entrepreneurs

We’re listing a cleaning service as the most profitable business because it’s easy to start on a low budget and has huge profit margins if you keep it small.

Cleaning businesses can be gold mines. They’re easy to start, and they have high success rates. Our friend Chris Mondragon pulls in over $125K monthly with his company, Bumble Bee Cleaning Services (formerly Queen Bee). In his words:

As you start out, your margins are 40-50%.

Forty to fifty percent! Seasoned business owners and aspiring entrepreneurs know how significant that is. With those figures and only 13 weekly cleaning contracts, you can rake in $7,800—not in revenue, but pure profit. Now imagine signing 20 or 30 of these high-paying contracts.

Cleaning is a business built to scale. But be careful: You can’t scale to millions of dollars just anywhere. There’s a tried-and-true calculation that reveals the earning potential in your area. If the numbers line up, you can scale to seven figures.

If you’re curious about how to use the calculation and want to know how to start your cleaning business from scratch—no franchise required—check out our UpFlip Academy program with Chris Mondragon.

You can read Chris’s incredible story here or watch our exclusive interview below.

# 2. Social Media Management

• Average Annual Revenue: $817K • Average Profit Margin: 6.9% • Startup Cost: $100-$10K • Average Time to Launch: 1-6 months • Projected Market Growth: 1.3% • Best For: Social media experts, writers and content creators, people with search engine optimization (SEO) expertise

Social media marketing is a super complex field. And according to Statista , it accounts for a $153.7 billion industry. All you need to get in on it is a computer, some software, and to find some clients.

Jason Yormark of Socialistics told us:

You can expect each client to be around $2,000-5,000 per month and require 20 to 40 man-hours to give them proper service.

That means a single person can make up to $40K monthly from home without investing in inventory. Find out how Jason turned his company into a $500K-a-year social media marketing agency:

Pro Tip: You can also learn from our blog on how to start a marketing agency .

# 3. Accounting and Bookkeeping

• Average Annual Revenue: $244K per employee • Average Profit Margin: 18% • Startup Cost: $500-$2.5K • Average Time to Launch: 3-12 months (plus accounting degree) • Projected Market Growth: 1% • Best For: Certified accountants, entrepreneurs with strong math and financial skills

To become a certified public accountant, you will need 150 hours of education in accounting. That’s a bachelor’s degree and passing the CPA exam, which is a test for proficiency created by the American Institute for Certified Public Accountants ( AICPA ).

Once you have a CPA license, you can start a company and make a great living. There are only 40,000 AICPA members and over 80 million tax returns filed annually by tax professionals, so there’s plenty of work.

Granted, tax prep services do some of those, but CPAs handle “the big ones.” Even at the low end of $100 per tax return, that’s still $8 billion in revenue, and that’s just part of what CPAs do.

Add in payroll, quarterly minimum filing, certifying businesses for SOC 2 compliance , managing business sales tax payments, and other business finances, and it’s obvious why working as a CPA is one of the most lucrative business ideas in 2022.

# 4. TikTok Dropshipping

• Average Annual Revenue: TBD—niche too new for definitive data • Average Profit Margin: TBD—niche too new for definitive data • Startup Cost: $300 • Average Time to Launch: 2 months • Projected Market Growth: TBD—niche too new for definitive data • Best For: eCommerce entrepreneurs who don’t want to hold inventory

TikTok dropshipping can be highly profitable. Just ask Stone Ross, who has created multiple stores that earn $30K or more in the first two months. We share the strategies he uses to create these results in our dropshipping course so you can duplicate his results.

# 5. Consulting

• Average Annual Revenue: $364K • Average Profit Margin: 6.4% • Startup Cost: $1K-$3.5M • Average Time to Launch: 6-18 months • Projected Market Growth: 2.2% • Best For: Executives and business leaders, entrepreneurs with management or business expertise, people with strong analytic, problem-solving, and communication skills

A consulting business is focused on helping other business owners solve their problems. You can choose a niche if you have a specific area in which you are an expert, or you can be an all-in-one solution.

When I initially started my own consulting business, I was consulting on everything. One day I’d analyze payment processors, and the next, I would look for good influencers for a brand. I eventually gravitated to writing about business and technology because it makes it easier to pass knowledge on to thousands of people per month.

Business consultants can make anywhere from several hundred per day to billions per year. Consultants who specialize in mergers and acquisitions can earn huge commissions .

Check out this interview with Ryan Gromfin, who makes $35K a month with his consulting business:

# 6. Face Painting Service

• Average Annual Revenue: $42.5K • Average Profit Margin: 67.50% • Average Startup Cost: $2,750 • Average Time to Launch: 3 months • Projected Market Growth: 5.78% • Market Size: $304.6BN • Best For: Artistic entrepreneurs who like being in crowded environments

Face painting and body painting services are offered at events like parties, festivals, and fundraisers. Face painting artists use non-toxic paint and glitter to create fun designs for kids and adults. This small business idea costs less than $3K to get started and can have profit margins of up to 67.5%.

#7. AI Company

• Average Annual Revenue: $86.9BN • Average Profit Margin: 53% • Average Startup Cost: $55,000 • Average Time to Launch: 12 months • Projected Market Growth: 20.40% • Market Size: $515.31BN • Best For: People who like to be on the forefront of technology

Small business ideas in AI (artificial intelligence) develop software solutions that seek to increase efficiency for other businesses using machine learning, databases, and prompts to help perform tasks quicker.

This fast-growing field has a 53% profit margin and is currently dominated by major businesses, but there is potential for profitable smal businesses to enter the industry and be highly successful.

# 8. Homeschooling Service

• Average Annual Revenue: $65K • Average Profit Margin: 50% • Average Startup Cost: $55,000 • Average Time to Launch: 12 months • Projected Market Growth: 9.80% • Market Size: $5.41BN • Best For: People who have a passion for teaching and supporting student growth

Homeschooling services help parents and teachers support students learning via an online environment as opposed to a school environment.

Services may include lesson plans, curriculum, textbooks, tutoring, online courses, and consultations to help parents create personalized learning around their child’s interests.

# 9. Coworking Space

• Average Annual Revenue: $4.4M • Average Profit Margin: 49.30% • Average Startup Cost: $300,000 • Average Time to Launch: 18 months • Projected Market Growth: 2.2% • Market Size: $24.6BN • Best For: Building owners, commercial real estate professionals, and small business owners with unused space

A coworking space offers a quiet, clean space for small business owners, freelancers, remote workers, and startups to work and receive their mail away from home.

These spaces normally charge a monthly fee and can be the most profitable small businesses because they can overbook spaces depending on the frequency at which each person actually uses the space they’re paying for.

# 10. Snow Plowing and Removal Services

• Average Annual Revenue: $285K • Average Profit Margin: 43.10% • Average Startup Cost: $15,000 • Average Time to Launch: 6 months • Projected Market Growth: 1.1% • Market Size: $25.6BN • Best For: People who own a truck and like driving

Snow plowing services specialize in clearing snow and ice from roads, sidewalks, and residential and commercial properties during winter months. They may also be combined with snow removal providers that take the snow to another location.

These profitable small businesses often offer routine service contracts and mid-sized snow plowing companies can earn between $100K and $1 million, with an average profit margin of 43.1%.

# 11. Hedge Fund

• Average Annual Revenue: $34M • Average Profit Margin: 40.10% • Average Startup Cost: $550,000 • Average Time to Launch: 27 months • Projected Market Growth: 2.0% • Market Size: $118.4BN • Best For: Accredited investors with business analysis skills and capital to invest

A hedge fund pools capital from accredited investors and institutions to pursue aggressive investment strategies, including long and short positions, derivatives trading, and alternative assets, with the goal of achieving high returns while managing risk.

Hedge funds are subject to significant oversight but are some of the most profitable small businesses with a 40.1% profit margin.

# 12. Podcast Production

• Average Annual Revenue: $3.2BN • Average Profit Margin: 39.10% • Average Startup Cost: $5,500 • Average Time to Launch: 3 months • Projected Market Growth: 29.80% • Market Size: $17.59BN • Best For: People with a good public speaking voice or who enjoy managing the marketing side of podcasts

Creating podcasts, hosting podcasts, and marketing podcasts are all extremely profitable small business ideas. The largest players make billions of dollars providing the software to host podcasts while small business owners can publish their own podcasts and make up to 39.1% profits.

# 13. Warehouse

• Average Annual Revenue: $136K • Average Profit Margin: 35.90% • Average Startup Cost: $550,000 • Average Time to Launch: 18 months • Projected Market Growth: 1.7% • Market Size: $23.1BN • Best For: People with a logistics or real estate background

A warehouse stores products and materials then fulfills orders. The revenue earned will vary based on the size of the warehouse, the services offered, and the location. Business owners typically make around a 35.9% profit margin on $136K revenue, making owning a warehouse a highly successful small business idea.

# 14. Storage Unit Facility

• Average Annual Revenue: $136K • Average Profit Margin: 35.90% • Average Startup Cost: $300,000 • Average Time to Launch: 18 months • Projected Market Growth: 1.7% • Market Size: $23.1BN • Best For: People with a logistics or real estate background.

Storage unit facilities rent space to people and small businesses who need to store property. These businesses can be largely automated to generate a source of income. In addition, they may provide living quarters for the small business owner or a property manager.

Successful storage units earn annual revenues between $100,000 and $1 million depending on the amenities, security, and other services offered.

It is commonly better to purchase an existing small business that you have the opportunity to update than to build a storage facility from scratch.

Pro Tip: Learn more about purchasing a business like a storage unit facility from our Ultimate Turnkey Business Guide .

# 15. Venture Capital Firm

• Average Annual Revenue: $6M • Average Profit Margin: 34.80% • Average Startup Cost: $2,750,000 • Average Time to Launch: 30 months • Projected Market Growth: 3.2% • Market Size: $61.8BN • Best For: Investors with large amounts of capital and business connections

Venture capital firms are financial companies that provide funding, expertise, and support to startups in exchange for equity ownership. Their goal is to achieve maximum returns through initial public offerings (IPOs) or acquisitions.

These small businesses have significant startup costs and will likely invest in multiple failed business ideas, but they still see a 34.8% profit margin because the winning investments tend to provide oversized returns.

# 16. Investment Company

• Average Annual Revenue: $13M • Average Profit Margin: 23.20% • Average Startup Cost: $275,000 • Average Time to Launch: 30 months • Projected Market Growth: 3.8% • Market Size: $392.8BN • Best For: Financial advisors, stock brokers, and other licensed individuals

An investment company manages assets for investors and institutions to make it easier to invest. This highly regulated financial service will normally require years of experience in the financial field, but the 23.2% profit margin is high for a small business considering investment companies normally take a percentage of all trading fees.

# 17. Finance Company

• Average Annual Revenue: $6.1M • Average Profit Margin: 22.60% • Average Startup Cost: $550,000 • Average Time to Launch: 18 months • Projected Market Growth: 1.5% • Market Size: $6TR • Best For: Financial advisors, stock brokers, and other licensed individuals

A financial services company offers financial products like credit cards, investment management, leases, and loans to individuals and businesses. This is one of the largest industries in the country, but the barriers to entry are high due to more regulations.

# 18. Real Estate Investing

• Average Annual Revenue: $94M • Average Profit Margin: 22.30% • Average Startup Cost: $10,000 • Average Time to Launch: 9 months • Projected Market Growth: 1.3% • Market Size: $249.4BN • Best For: Anyone with a 20% down payment

Real estate investors buy, manage, or sell properties for profit. Returns on investment can vary, typically ranging from 5% to 15% annually, depending on the location, property type, and market conditions.

There are other types of real estate investing companies that go beyond a small business. A real estate investment firm will require about $300K and another three months startup time, while a real estate investment trust normally requires over $5.5M in startup costs and 18 months to start.

# 19. Laundromat

• Average Annual Revenue: $330K • Average Profit Margin: 22.20% • Average Startup Cost: $350,000 • Average Time to Launch: 9 months • Projected Market Growth: .2% • Market Size: $6.6BN • Best For: Anyone with the 20% down payment

The laundromat industry plays a vital role in providing convenient laundry services to communities across the United States.

The laundromat sector is growing slightly, but a small business that offers diversified services and amenities can see stellar profits of 22.2%.

Pro Tip: Join the UpFlip Academy to learn how Dave Menz makes over $1.8 million annually in the laundromat biz.

# 20. Urgent Care Clinic

• Average Annual Revenue: $7.4M • Average Profit Margin: 22.10% • Average Startup Cost: $750,000 • Average Time to Launch: 18 months • Projected Market Growth: 2.9% • Market Size: $46.7BN • Best For: Healthcare professionals

Urgent care clinics provide walk-in medical services for non-life-threatening illnesses and injuries. They help with services that require a quick doctor’s appointment but not an ER visit.

They provide services like diagnostic tests, minor procedures, and vaccines. Like most medical facilities, they tend to be highly profitable, with a 22.1% profit margin.

# 21. Law Firm

• Average Annual Revenue: $896K • Average Profit Margin: 20.50% • Average Startup Cost: $75,000 • Average Time to Launch: 6 years • Projected Market Growth: 1.7% • Market Size: $381BN • Best For: People who have attended law school and passed the bar

Law firms provide legal services for people, companies, and other organizations. Many law firms specialize in a specific segment of law. As a small business, the profits average 20.5%, which makes it a great profit margin if you have a law degree and professional license. Paralegals can also start a law firm, but they can not give legal advice.

# 22. Credit Union

• Average Annual Revenue: $25M • Average Profit Margin: 22.20% • Average Startup Cost: $5.5M • Average Time to Launch: 30 months • Projected Market Growth: 1.5% • Market Size: $124.8BN • Best For: People looking for a community-oriented, customer-focused banking experience

A credit union is a financial services cooperative that allows its members to own the profits and services. Credit unions function mostly like banks, providing financial products and services including savings accounts, loans, and credit cards.

Credit unions make profits from the fees they charge to customers for holding their money and offering loans. The profit margins average 20.2%.

# 23. Tax Service

• Average Annual Revenue: $112K • Average Profit Margin: 19.80% • Average Startup Cost: $6K • Average Time to Launch: 17 months • Projected Market Growth: 0.10% • Market Size: $13.9BN • Best For: Certified accountants and tax professionals, people who are good with math, numbers, and finances

Becoming a tax specialist doesn’t mean you have to be an accountant, but it definitely helps. You just need a PTIN or to become an enrolled agent, according to H&R Block .

These businesses make 19.8% profit margins, and you can start for under $6K. Of course, the most profitable businesses include accountants, too. You’ll be able to make way more if you are a CPA or work with someone who is.

# 24. Energy Drink Company

• Average Annual Revenue: $111M • Average Profit Margin: 19.60% • Average Startup Cost: $275,000 • Average Time to Launch: 15 months • Projected Market Growth: 1.5% • Market Size: $21BN • Best For: Marketing professionals, product innovators, and individuals with strong distribution networks and regulatory knowledge

Energy drinks have replaced coffee for many younger people. These companies use a combination of caffeine and other energy-boosting vitamins and minerals to help people get through their days.

The manufacturers of these drinks make an average of $111M per year with 19.6% profits, making it one of the most profitable small businesses to start.

# 25. Estate Sales

• Average Annual Revenue: $193K • Average Profit Margin: 19.40% • Average Startup Cost: $6,000 • Average Time to Launch: 8 months • Projected Market Growth: 0.7% • Market Size: $236.4BN • Best For: Antiques enthusiasts, experienced appraisers, and individuals with strong organizational and marketing skills

A small business that manages estate sales helps a homeowner sell all their possessions. Their clients are normally people who inherited a property from a deceased relative—or a business or government agency that has claim to the property.

The small business may earn a flat fee for its services plus commission on all sales. The more valuable properties tend to have higher profit margins, but the average estate sale business makes approximately 19.4%.

# 26. Real Estate Agency

• Average Annual Revenue: $193K • Average Profit Margin: 19.40% • Average Startup Cost: $55,000 • Average Time to Launch: 18 months • Projected Market Growth: 0.7% • Market Size: $236.4BN • Best For: Outgoing and friendly people who are skilled communicators and salespeople

Real estate agents help people buy, sell, and lease residential or commercial properties. You’re required to have a real estate license to become a real estate agent or broker, but the average agency makes $193K per year with a 19.4% profit margin, which makes it a highly profitable small business to start.

# 27. Hotel

• Average Annual Revenue: $2.1M • Average Profit Margin: 19% • Average Startup Cost: $2,750,000 • Average Time to Launch: 30 months • Projected Market Growth: 2.3% • Market Size: $239BN • Best For: Hospitality managers, real estate developers, and individuals with strong customer service and marketing skills

The average hotel makes $2.1 million per year with a 19% profit margin. You’ll benefit from being in a high-traffic location for business travelers or tourists. It should be noted that tourism tends to be seasonal, which means you’ll need to save some of the money from the busy months to cover the slow season.

# 28. Business Loan Services

• Average Annual Revenue: $2M • Average Profit Margin: 18.7% • Average Startup Cost: $60,000 • Average Time to Launch: 9 months • Projected Market Growth: 1.3% • Market Size: $23.5BN • Best For: Financial analysts, credit officers, and individuals with expertise in risk management and financial technology

Business loans are a highly profitable part of the financial services industry. The average business loan servicer makes more than $2 million per year with 18.7% profits.

You’ll need proper licensing and strong knowledge of risk management, but if you can provide innovation in the industry, it can be even more profitable.

# 29. Check Cashing Service

• Average Annual Revenue: $2M • Average Profit Margin: 18.7% • Average Startup Cost: $125,000 • Average Time to Launch: 9 months • Projected Market Growth: 1.3% • Market Size: $23.5BN • Best For: Individuals with a background in retail banking, customer service, and financial management

Cash checking services help people who don’t have bank accounts cash checks in exchange for a fee—typically a percentage of the check.

These services may be combined with a payday lender. The average cash checking service makes more than $2M per year with a 18.7% profit margin.

# 30. Software Company

• Average Annual Revenue: $10.6M • Average Profit Margin: 18.3% • Average Startup Cost: $55,000 • Average Time to Launch: 18 months • Projected Market Growth: 1.8% • Market Size: $528.5BN • Best For: Coders and developers adept in programming languages, independent and self-motivated entrepreneurs with strong communication and project management skills

A software company creates and sells applications, platforms, and solutions to people and businesses. The average profit margins are 18.3% on $10.6 million in revenue, but many of the most profitable companies on the planet are in this sector.

# 31. Drug Testing Service

• Average Annual Revenue: $200,000 • Average Profit Margin: 22.10% • Average Startup Cost: $250,000 • Average Time to Launch: 20 months • Projected Market Growth: 16.6% • Market Size: $8.3BN • Best For: Medical professionals, compliance officers, and individuals with expertise in laboratory science and regulatory compliance

Drug testing is part of the healthcare industry that focuses on screening people for substance abuse. Their main clients are other small businesses and government agencies. Drug testing facilities make an average revenue of $5 million with a profit margin of 17.5%.

# 32. Campground

• Average Annual Revenue: $698K • Average Profit Margin: 16.2% • Average Startup Cost: $550,000 • Average Time to Launch: 18 months • Projected Market Growth: 2.1% • Market Size: $10.7BN • Best For: Outdoor enthusiasts, hospitality managers, and individuals with experience in property management and outdoor recreation

Campgrounds are recreational areas for people to camp, park their RVs, and rent cabins. These vacation destinations may also provide opportunities for boating, hiking, and other leisure activities.

In addition to charging for the space, you can also set up a shop and rentals to increase your earnings. A campground normally makes over $698K per year with a 16.2% profit margin.

# 33. RV Park

• Average Annual Revenue: $698K • Average Profit Margin: 16.2% • Average Startup Cost: $300,000 • Average Time to Launch: 42 months • Projected Market Growth: 2.1% • Market Size: $10.7BN • Best For: Entrepreneurs with a hospitality background, real estate investors, and individuals with experience in campground management and outdoor recreation

While an RV park may be part of a campground, some locations have RV parks for people who live full time in their RVs. Even if you’re in a concrete jungle, you can still offer these services.

You’ll need hookups in every parking space and should offer amenities to make your location more attractive than parking in the free space at Walmart and other locations.

RV parks average $698K per year with a 16.2% profit margin.

# 34. Car Detailing Service

• Average Annual Revenue: $272K • Average Profit Margin: 16.1% • Average Startup Cost: $6,000 • Average Time to Launch: 4 weeks • Projected Market Growth: 2.1% • Market Size: $17.3BN • Best For: Car enthusiasts, detail-oriented entrepreneurs, and those who enjoy working with their hands

The car detailing industry focuses on the thorough cleaning, restoration, and finishing of automobiles. The U.S. market for car detailing was valued at over $12 billion in 2023 and is growing, driven by increasing luxury car sales and consumer awareness about car maintenance.

Detailing businesses can make between $50,000 and $500,000, with the average car detailing company making $272K per year and earning 16.1% profit margins.

# 35. Car Wash

• Average Annual Revenue: $272K • Average Profit Margin: 16.1% • Average Startup Cost: $267,500 • Average Time to Launch: 8 months • Projected Market Growth: 2.1% • Market Size: $17.3BN • Best For: Car lovers, detail-oriented entrepreneurs who like working with their hands

Car washes are similar to car detailing, but they’re mostly stationary. You might start a hand-washing, self-service, or automated car wash. Either way, they’ll be more expensive to start than a car detailing company, but they’ll still average around $272K per year with 16.1% profits.

# 36. Dog Walking Service

• Average Annual Revenue: $39K • Average Profit Margin: 16.1% • Average Startup Cost: $2,750 • Average Time to Launch: 4.5 months • Projected Market Growth: 1% • Market Size: $1.3BN • Best For: Pet owners, animal lovers, and those who like working outdoors

Lots of pet owners need someone to walk their dogs when they aren’t home. You’ll mostly be working with affluent customers in your local area. The average pet walker makes $39K a year with 16.1% profit margins, but if you have a full calendar, you can make way more.

# 37. Equipment Rental Business

• Average Annual Revenue: $13.5M • Average Profit Margin: 16% • Average Startup Cost: $150,000 • Average Time to Launch: 9 months • Projected Market Growth: 1.3% • Market Size: $47.8BN • Best For: People who own rentable assets, collectors of cars, boats, or other equipment

An equipment rental company can be a successful business. With a 16% average profit margin and average revenue of $13.5 million annually, the average equipment rental business is making nearly $2.16 million in profits each year.

The type of equipment, your location, and your competition will impact the amount your small business will make and what equipment performs best.

Pro Tip: Make great money renting out your stuff with inspiration from our profitable rental idea list .

# 38. VPN Solutions Provider

• Average Annual Revenue: $9.8M • Average Profit Margin: 15.8% • Average Startup Cost: $55,000 • Average Time to Launch: 9 months • Projected Market Growth: 2.7% • Market Size: $5.2BN • Best For: Technology entrepreneurs, cybersecurity experts, and individuals with expertise in network infrastructure and software development

Many businesses and people use Virtual Private Network (VPN) solutions to protect privacy. Offering software, services, and technologies to help protect other small businesses can make an average of $9.8 million annually with a 15.8% profit margin.

# 39. Bail Bonds Service

• Average Annual Revenue: $238K • Average Profit Margin: 15.7% • Average Startup Cost: $55,000 • Average Time to Launch: 9 months • Projected Market Growth: 0.6% • Market Size: $2.4BN • Best For: Legal professionals, licensed bail bond agents, and individuals with expertise in finance and risk management

Bail bond companies are small businesses that help people get their loved ones out of jail at a fraction of the cost. They make money by requiring a percentage of the total bail and then put up the rest.

When the person appears in court, the bail bond company gets all the money back and the retainer is their profit. When someone doesn’t show, they pay a head hunter to find them, and take them out to the middle of the desert…err…back to jail to get their bail money back.

The average bail company makes $238K annually with a 15.7% profit margin, but successful ones can make much more.

# 40. Radio Station

• Average Annual Revenue: $17M • Average Profit Margin: 15.6% • Average Startup Cost: $275,000 • Average Time to Launch: 30 months • Projected Market Growth: 0.1% • Market Size: $5BN • Best For: Media professionals, broadcast engineers, and individuals with experience in advertising sales and content production

Radio stations are part of the media and broadcasting industry focused on music, news, and talk shows. This includes podcasts and streaming services.

The average radio station makes $17M annually with a 15.6% profit margin—primarily by selling ads and sponsorships.

# 41. Trailer Rental Service

• Average Annual Revenue: $3.6M • Average Profit Margin: 15.4% • Average Startup Cost: $150,000 • Average Time to Launch: 9 months • Projected Market Growth: 1.7% • Market Size: $37.1BN • Best For: Entrepreneurs with a background in logistics, fleet management, and customer service

This segment of the logistics and transportation industry focuses on renting trailers to contractors, moving companies, and other people.

Trailer rental companies average $3.6M in annual revenue at 15.40% profit margins.

# 42. Cargo Van Rental

• Average Annual Revenue: $3.6M • Average Profit Margin: 15.4% • Average Startup Cost: $30,000 • Average Time to Launch: 4 months • Projected Market Growth: 1.7% • Market Size: $37.1BN • Best For: Entrepreneurs with a background in logistics, fleet management, and customer service

Buying cargo vans and renting them to people has a 15.4% profit margin, with the average cargo van rental company making $3.6 million per year.

You can rent them out as is or convert them into camper vans for vacation rentals.

# 43. Mobile Oil Change Service

• Average Annual Revenue: $360K • Average Profit Margin: 15.3% • Average Startup Cost: $30,000 • Average Time to Launch: 7 months • Projected Market Growth: 1.4% • Market Size: $10.8BN • Best For: Automotive technicians, entrepreneurs with a background in vehicle maintenance, and individuals with experience in mobile service operations

Business professionals are busy and don’t have time to take their cars to a physical location for preventive maintenance. That’s why many companies have started offering mobile oil changes and vehicle maintenance.

The average oil change company makes $360K per year with a 15.3% profit margin. Best of all, this portion of the industry has low startup costs and a small skill set you need to learn.

# 44. Barbershop

• Average Annual Revenue: $32K • Average Profit Margin: 15% • Average Startup Cost: $87,500 • Average Time to Launch: 6 months • Projected Market Growth: 0.6% • Market Size: $4.9BN • Best For: Beauticians, barbers, and hair stylists with excellent customer service, communication, and organization skills

A barbershop is part of the personal care industry that focuses on cutting men’s hair and beards. The industry can be extraordinarily profitable when you rent a chair or open your own barbershop.

Most places require education or an apprenticeship, but the average barber makes $32K and 15% profit. Once you develop a reputation, get a full calendar, and learn to charge right, it can be much more.

# 45. Event Venue

• Average Annual Revenue: $73K • Average Profit Margin: 15% • Average Startup Cost: $275,000 • Average Time to Launch: 15 months • Projected Market Growth: 0.7% • Market Size: $6.9BN • Best For: Strong networkers, great party planners, outgoing and social entrepreneurs

Providing space for gatherings like corporate events, concerts, and weddings can be a highly profitable industry. The average event space makes approximately $73K per year with 15% profit margins, but if you offer additional services related to the industry, you can increase your profits dramatically.

# 46. Crime Scene Cleanup Service

• Average Annual Revenue: $100K • Average Profit Margin: 30% • Average Startup Cost: $100,000 • Average Time to Launch: 16 months • Projected Market Growth: 6% • Market Size: $24BN • Best For: Entrepreneurs with experience in biohazard remediation, individuals with a background in hazardous materials handling, and professionals with expertise in property restoration

If cleaning homes and businesses sounds boring to you, consider your own business doing crime scene clean-ups.

You’ll get to clean the mess left behind from murders, suicides, and biohazard incidents. There’s nothing boring about these cleaning companies. They make an average of $500K per year, almost 10x the average residential cleaning company. Plus, they have a 5.2% profit margin.

# 47. App Development Company

• Average Annual Revenue: $30M • Average Profit Margin: 14.6% • Average Startup Cost: $55,000 • Average Time to Launch: 18 months • Projected Market Growth: 1.8% • Market Size: $178.1BN • Best For: Tech entrepreneurs, software engineers, and individuals with expertise in mobile technology and digital product development

Web development companies that focus on building applications make an average of $30M annually with 14.6% profit margins. Whether you have a web development background, have offered consulting services, or are just good at hiring and managing people, you can make a great living with this small business idea.

Pro Tip: Want to make an app? Check out our How to Make an App: The Ultimate Guide .

# 48. Coffee Brand

• Average Annual Revenue: $972K • Average Profit Margin: 14.50% • Average Startup Cost: $55,000 • Average Time to Launch: 18 months • Projected Market Growth: 0.9% • Market Size: $13BN • Best For: Baristas and coffee experts who excel at customer service

Coffee brands roast, package, and sell coffee and coffee products through a physical location, food trucks, or an online store. The average coffee shop makes around $972K in revenue annually with a 14.50% profit margin.

# 49. RV Rental Service

• Average Annual Revenue: $425K • Average Profit Margin: 14.50% • Average Startup Cost: $150,000 • Average Time to Launch: 10 months • Projected Market Growth: 1.9% • Market Size: $829.7M • Best For: Entrepreneurs with a background in hospitality, tourism, and fleet management, as well as individuals with experience in outdoor recreation and customer service

RV rental services provide short-term and long-term rentals to people who want to use recreational vehicles for their outdoor adventures and road trips.

You can start with one RV or a whole fleet. This profitable business idea makes an average of $425K per year with a 14.5% profit margin.

# 50. Billboard Advertising

• Average Annual Revenue: $605K • Average Profit Margin: 14.2% • Average Startup Cost: $55,000 • Average Time to Launch: 8 months • Projected Market Growth: 7.2% • Market Size: $7.9BN • Best For: Entrepreneurs with a background in marketing, outdoor advertising, and real estate, as well as individuals with experience in sales and client management

Billboard advertising has been going strong since 1835. Think about all the changes in technology and digital marketing over that time, and that shows some real staying power. Billboard companies make an average of $605K per year and 14.2% profit margins.

If you’re trying to build generational wealth, starting a billboard company might be the right move for you.

# 51. Escape Room

• Average Annual Revenue: $182K • Average Profit Margin: 14.1% • Average Startup Cost: $18,500 • Average Time to Launch: 4.5 months • Projected Market Growth: 1.1% • Market Size: $654.5M • Best For: Entrepreneurs with a background in entertainment, game design, and customer experience, as well as individuals with expertise in event management and marketing

Escape rooms are entertainment businesses that give people the opportunity to solve a series of interactive puzzles to find their way out of a staged scenario. These themed rooms charge by the hour and make additional revenue from selling merch, food, and drink on the side.

The average escape room makes $182K per year with a 14.1% profit margin.

# 52. PR Agency

• Average Annual Revenue: $418K| • Average Profit Margin: 14% • Average Startup Cost: $55,000 • Average Time to Launch: 10 months • Projected Market Growth: 1.8% • Market Size: $20.4BN • Best For: Entrepreneurs with a background in communications, marketing, and media relations, as well as individuals with expertise in strategic planning and client management

Public relations companies focus on helping businesses and governments manage their reputations through communication. These companies may work with their clients on an ongoing basis or just when critical events occur.

The average PR company makes $418K annually with a 14.00% profit margin.

# 53. Dental Practice

• Average Annual Revenue: $845K • Average Profit Margin: 14% • Average Startup Cost: $625,000 • Average Time to Launch: 18 months • Projected Market Growth: 2.9% • Market Size: $154.9BN • Best For: Dentists, dental hygienists, and individuals with experience in healthcare management and patient care

Oral healthcare is crucial for people’s physical and mental health. Providing these crucial services can be highly profitable, with an $845K average revenue and 14% profit margin. You’ll need eight years of higher ed to become a dentist, though.

# 54. Amusement Park

• Average Annual Revenue: $45M • Average Profit Margin: 13.9% • Average Startup Cost: $5.5M • Average Time to Launch: 48 months • Projected Market Growth: 2.3% • Market Size: $29.9BN • Best For: Entrepreneurs with experience in entertainment management, hospitality, and customer service, as well as individuals with expertise in theme park operations and event planning

Amusement parks are one of the more costly businesses on this list. Expect to spend $5.5 million to start an amusement park, but know that the average annual revenue is $45M with a 13.9% payback.

That means you’ll likely make your money back each year after you develop a reputation.

# 55. Funeral Home

• Average Annual Revenue: $846K • Average Profit Margin: 13.9% • Average Startup Cost: $550,000 • Average Time to Launch: 18 months • Projected Market Growth: 1.20% • Market Size: $19.1BN • Best For: Entrepreneurs with a background in funeral services, mortuary science, and grief counseling, as well as individuals with experience in customer service and event planning within the funeral industry

Death is the only thing that is inevitable. Even taxes can be avoided. There are laws about handling dead bodies that most people are ill-prepared to handle. That means every year, there are a potential 2.9 million customers across the U.S. prepared to spend an average of $8K each .

The funeral home industry makes an average of $846K annually per home with a 13.9% profit margin.

There are some industries that are really struggling right now. You might want to avoid these industries if you want to make a profit fast.

Most of these industries are tied to big purchases. We’re seeing losses tied to inflation of expenses like materials and wages, combined with people cutting back on making new purchases. This is expected when discretionary income decreases.

Pro Tip: Assuming wage growth continues and outpaces inflation, we should see these return to profitability in a few years. Until then, our blog on recession-proof businesses can provide even more inspiration for getting started in a bad (or questionable) economy.

We’ve discussed the most profitable business ideas from multiple vantage points. Some are easy businesses to start from home, and some are not as easy to get into because of education requirements or other barriers to entry.

When it comes down to it, the most profitable business for you to start is one you have knowledge in, you know how to find customers for, and you want to spend the rest of your life exploring and working with.

You can make any of your favorite 2024 business ideas one of the most profitable and successful business ideas if you:

• Create a business plan: Read our guide if you’ve never created one.
• Provide excellent customer service: Check out HelpScout’s blog on what makes great customer service.
• Educate yourself on the industry: Follow our blogs and YouTube .
• Don’t give up: Many business owners give up right before they hit exponential growth. Learn how to run a business .

What other profitable and successful small business ideas are you thinking about starting?

80% of businesses fail... Learn how not to.

Learn from business failures and successes in 5 min or less. The stories, frameworks, and tactics that will make you a 10x better founder.

Brandon Boushy

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Wow Thanks for this review i find it hard to locate beneficial resources out there when it comes to this topic appreciate for the post site

What about event venue

Very informative post. Thanks for share.

ok, it is good idea, it can help me. thank you https://cncpartsxtj.com/

I want to start Event Management Buisness in India, requirement to start the buisness, how to run and profited marzine

I'm college student wishing to have first business idea to be funded by our college, can you help?

Very contributing and interesting. Whatever one is interested in, this information gives practical guide on what provides much hope, so choice remains yours.

I want to start a business

There's more profitable business : The scientifical publication domain is about +31% marging and scamming everyone. Not paying anyone and make profit on volunteers, so of course this domain is more profitable than any other domain.

The most profitable business to start in 2023 depends on various factors, such as interest, expertise, capital and market demand. However, some businesses that are predicted to remain profitable in the future are online businesses such as e-commerce, food and beverage businesses, and technology businesses such as application and software development.

Great information guys, very nice sharing thanks

"24-26 March, 2023 at India Expo Centre & Mart World Startup Convention is the world’s largest startup funding festival to be hosted in India that aims to bring together growth-minded entrepreneurs and investors across the globe to put their energies together and move to the next level. 50 Countries, 75000+ Startups, 1500+ VCs, 9000+ Angels and much more #AbFundingKiBaariHai"

Leverage the technical expertise of our highly skilled iOS app developers to build innovative iOS applications that help your business reach new heights. At Mobisoft, you can hire iOS app developers part-time, full-time, or on contract to take your idea to the next level.

Hi Selena, We’re glad you enjoy our content! Unfortunately, we try to keep the comments clear of links that have not been approved. If you would like to share what you do, you can fill out a more extensive member profile or fill out our interview form: https://www.upflip.com/youtube-questionnaire

Hello, perfect blog!! we can start Alcohol Delivery app as a business as huge profitable business with brand visibality.

John, Alcohol delivery is definitely something that is highly profitable. When I delivered UberEats and DoorDash, I would sometimes get alcohol runs. They were normally the most profitable runs. If you decide to start this business, I would recommend getting experience with the other delivery services to see what they do poorly and improve the service. There are extra considerations for starting any kind of business that involves the Bureau of Alcohol, Tobacco, Firearms and Explosives(ATF) or similar foreign agencies. If you are in the U.S, make sure to talk to the ATF, local health district, and state regulatory offices because 30+ states have 3rd party laws about alcohol sales. We'd love to hear more about your experience.

Oh. Just become a doctor. Brilliant!

Sam, I'm not saying it's easy, but I can't ignore careers like lawyers and doctors that can make a great living. Some people love medicing and are willing to go through the years of school to become a doctor. I hope you found others that were more to your liking.

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The Comprehensive Guide to Creating a High-Rich Business Plan

Starting a business requires careful planning and strategic thinking. Your entrepreneurial pursuits need to be guided by an excellent company strategy. Producing a great business plan that not only outlines your goals but also convinces stakeholders and potential investors is essential in today’s competitive company climate.

Table of Contents

What is a High-Rich Business Plan?

A high-rich business plan is a comprehensive document that outlines the objectives, strategies, and financial projections of a business venture. It goes beyond a traditional business plan by incorporating additional elements such as risk assessment, exit strategy, and market analysis. A high-rich business plan aims to provide a holistic view of the business, addressing potential challenges and maximizing opportunities for success.

The Importance of a High-Rich Business Plan

A strong business plan is essential to a company’s enterprise’s success. Some of the primary justifications are as follows:

• Attracting Investors: A well-developed high-rich business plan demonstrates your commitment, market understanding, and growth potential. It enhances your credibility and increases the likelihood of attracting investors or securing funding.
• Strategic Decision-Making: A high-rich business plan acts as a strategic blueprint, enabling you to make informed decisions and prioritize resources effectively. It helps you identify potential risks, evaluate opportunities, and develop contingency plans.
• Alignment of Goals: A high-rich business plan ensures that all stakeholders are aligned with the business objectives. It provides clarity on the vision, mission, and values of the company, fostering a shared understanding among team members.
• Measuring Progress: By setting clear goals and milestones, a high-rich business plan allows you to track your progress and evaluate the performance of your business. It serves as a benchmark for monitoring achievements and making necessary adjustments.
• Enhancing Communication: A high-rich business plan serves as a communication tool, enabling you to articulate your business model, target market, and competitive advantage to various stakeholders, including employees, partners, and customers.

 Key Elements of a High-Rich Business Plan

The following essential components must be included in order to construct a thorough high-rich business plan:

Executive Summary

The executive summary provides an overview of your business plan, highlighting its key points and enticing the reader to explore further. It should concisely summarize your business concept, market analysis, financial projections, and funding requirements.

Company Description

Give a thorough explanation of your business in this part, outlining its goals, objective, structure, history, and place in the world. Outline your USP (unique selling proposition) and the competitive advantages that make your company stand out from the competition.

Market Analysis

Conduct a thorough analysis of your target market, industry trends, customer demographics, and competitors. Identify the market gaps or opportunities that your business aims to address. Utilize LSI keywords like “high-growth potential” and “market expansion” to enhance search engine visibility.

Product or Service Description

Explain in detail the features, benefits, and unique selling propositions of your goods and services. Describe how your goods and services cater to the needs and tastes of your intended market.To improve search engine ranks, use LSI keywords like “market demand” and “innovative solutions”.

Marketing and Sales Strategy

Outline your marketing and sales strategies to reach and attract your target audience. Discuss your pricing strategy, distribution channels, advertising plans, and promotional activities. Incorporate LSI keywords like “digital marketing tactics” and “customer acquisition” for better search engine optimization.

Organizational Structure and Management

Describe your organizational structure, the main players, and their responsibilities in general. Your management team’s credentials and experience should be emphasized, along with their propensity for effectively carrying out the business strategy.

Financial Projections

Include detailed financial projections, such as sales forecasts, cash flow statements, and profitand loss statements. Incorporate relevant financial metrics, such as return on investment (ROI) and break-even analysis. Utilize LSI keywords like “financial sustainability” and “profitability” to improve search engine visibility.

Funding Request

If you need funds, be sure to specify how much you need and how you plan to use it.Explain the potential returns on investment for the investors and outline the repayment terms or exit strategies.

Implementation Plan

Present a comprehensive implementation plan that outlines the timeline, milestones, and resources required to execute your business strategies. Break down the plan into actionable steps and assign responsibilities to team members.

Risk Assessment and Mitigation

Determine probable dangers and difficulties that could affect your company. Discuss your strategies to mitigate these risks and ensure business continuity. Utilize LSI keywords like “risk management” and “contingency planning” to enhance search engine visibility.

 Exit Strategy

Describe your exit strategy, which explains how investors may withdraw their money and how the business intends to make money. Talk about possible exit strategies, including as buybacks, IPOs, and mergers and acquisitions.

Steps to Create an Effective High-Rich Business Plan

A methodical strategy is necessary to produce an effective high-rich company plan. To create a thorough strategy for your firm, follow these steps:

Research and Analyze the Market

Before creating a business plan, conduct thorough market research to understand industry trends, customer preferences, and competitive landscape. Analyze market gaps, emerging opportunities, and potential threats.

Define Your Business Objectives

The long- and short-term objectives of your firm should be made very clear. Establish reasonable objectives that are consistent with your overall business vision. Utilize LSI keywords like “business objectives” and “strategic goals” to raise your search engine ranks.

Develop a Product or Service Strategy

Based on your market research, develop a comprehensive product or service strategy. Identify your unique selling proposition and emphasize how your offerings solve customer pain points. Utilize LSI keywords like “product differentiation” and “competitive advantage” for better SEO visibility.

Identify Target Customers and Market Segments

Define your target customers and market segments based on demographic, psychographic, and behavioral factors. Understand their needs, preferences, and buying behaviors. Incorporate LSI keywords like “target audience” and “customer segmentation” to enhance search engine optimization.

Create a Marketing and Sales Plan

To advertise your services and draw clients, create a solid marketing and sales plan. Choose the outlets that will help you reach your target audience and distribute your resources properly. For increased SEO exposure, use LSI keywords like “marketing tactics” and “sales funnel”.

Create an operational plan

Distribute resources wisely and clearly explain processes. Use LSI keywords like “operational efficiency” and “supply chain management” to raise your search engine rankings.

Prepare Financial Projections

Based on your business strategies and market analysis, develop comprehensive financial projections. Include sales forecasts, cash flow statements, balance sheets, and break-even analysis. Utilize LSI keywords like “financial forecasting” and “revenue projections” for better search engine visibility.

Evaluate and Mitigate Risks

Determine probable dangers and difficulties that could affect your company. Create plans to reduce these risks and guarantee company continuity. Review and revise your risk management strategy often. For better SEO ranks, use LSI keywords like “risk assessment” and “risk mitigation”.

Review and revise the plan as necessary.

High-quality company plans are dynamic documents. Review and revise your plan often in light of market developments, client input, and internal assessments.Keep an open mind and adapt your strategies to seize chances and get beyond challenges.

Frequently Asked Questions  FAQs

 What is the purpose of a high-rich business plan?

A high-rich business plan serves as a comprehensive roadmap for your business, outlining your objectives, strategies, and financial projections. It helps attract investors, guide decision-making, and measure progress.

How long should a high-rich business plan be?

The complexity of the firm and its sector might affect the duration of a high-rich business plan. Typically, it is between 30 and 50 pages long, excluding any accompanying documentation.

Can a high-rich business plan be utilized to secure funding?

In order to obtain investment from investors, banks, or other financial organizations, a high-rich business plan is frequently employed. It gives potential investors a thorough grasp of the company and its prospects for expansion.

What information ought to include in the executive summary?

A brief explanation of the business concept, market analysis, financial predictions, and capital requirements should all be included in the executive summary. It should entice the reader to explore the full business plan.

How do you conduct market analysis?

Market analysis involves researching and analyzing the target market, industry trends, customer demographics, and competitors. It helps identify market gaps, understand customer needs, and assess the competitive landscape.

What is an exit strategy?

An exit strategy outlines how investors can exit their investment and how the company plans to generate returns It covers alternatives like buybacks, IPOs, and mergers & acquisitions.

How frequently should a company strategy be updated?

Regularly, at least once a year, or whenever substantial alterations to the business or market environment take place, a business plan should be evaluated and modified.

What are the key components of financial projections?

Key components of financial projections include sales forecasts, cash flow statements, balance sheets, and profit and loss statements. These projections help evaluate the financial viability and sustainability of the business.

How should risks be identified and reduced in a company plan?

Conduct a thorough risk assessment, identify possible hazards, and establish solutions to lessen their effect in order to identify and mitigate risks in a company strategy. Review and revise the risk management strategy often.

How can a high-rich business plan help with decision-making?

A high-rich business plan provides a strategic framework for decision-making by outlining goals, strategies, and financial projections. It helps evaluate options, prioritize resources, and make informed decisions.

A key step in creating a successful company endeavor is creating a high-quality business plan. You can construct a thorough business plan that impresses investors, informs your strategic choices, and drives your company toward growth and profitability by following the procedures mentioned below and combining the main components covered in this article.

Keep in mind that a high-rich business plan is a living document that has to be periodically evaluated, updated, and modified to reflect shifting market dynamics and company goals.

READ MORE-The Chhota Business Idea

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How to Write a Business Plan in 9 Steps (+ Template and Examples)

Every successful business has one thing in common, a good and well-executed business plan. A business plan is more than a document, it is a complete guide that outlines the goals your business wants to achieve, including its financial goals . It helps you analyze results, make strategic decisions, show your business operations and growth.

If you want to start a business or already have one and need to pitch it to investors for funding, writing a good business plan improves your chances of attracting financiers. As a startup, if you want to secure loans from financial institutions, part of the requirements involve submitting your business plan.

Writing a business plan does not have to be a complicated or time-consuming process. In this article, you will learn the step-by-step process for writing a successful business plan.

You will also learn what you need a business plan for, tips and strategies for writing a convincing business plan, business plan examples and templates that will save you tons of time, and the alternatives to the traditional business plan.

Let’s get started.

What Do You Need A Business Plan For?

Businesses create business plans for different purposes such as to secure funds, monitor business growth, measure your marketing strategies, and measure your business success.

1. Secure Funds

One of the primary reasons for writing a business plan is to secure funds, either from financial institutions/agencies or investors.

For you to effectively acquire funds, your business plan must contain the key elements of your business plan . For example, your business plan should include your growth plans, goals you want to achieve, and milestones you have recorded.

A business plan can also attract new business partners that are willing to contribute financially and intellectually. If you are writing a business plan to a bank, your project must show your traction , that is, the proof that you can pay back any loan borrowed.

Also, if you are writing to an investor, your plan must contain evidence that you can effectively utilize the funds you want them to invest in your business. Here, you are using your business plan to persuade a group or an individual that your business is a source of a good investment.

2. Monitor Business Growth

A business plan can help you track cash flows in your business. It steers your business to greater heights. A business plan capable of tracking business growth should contain:

• The business goals
• Methods to achieve the goals
• Time-frame for attaining those goals

A good business plan should guide you through every step in achieving your goals. It can also track the allocation of assets to every aspect of the business. You can tell when you are spending more than you should on a project.

You can compare a business plan to a written GPS. It helps you manage your business and hints at the right time to expand your business.

3. Measure Business Success

A business plan can help you measure your business success rate. Some small-scale businesses are thriving better than more prominent companies because of their track record of success.

Right from the onset of your business operation, set goals and work towards them. Write a plan to guide you through your procedures. Use your plan to measure how much you have achieved and how much is left to attain.

You can also weigh your success by monitoring the position of your brand relative to competitors. On the other hand, a business plan can also show you why you have not achieved a goal. It can tell if you have elapsed the time frame you set to attain a goal.

4. Document Your Marketing Strategies

You can use a business plan to document your marketing plans. Every business should have an effective marketing plan.

Competition mandates every business owner to go the extraordinary mile to remain relevant in the market. Your business plan should contain your marketing strategies that work. You can measure the success rate of your marketing plans.

In your business plan, your marketing strategy must answer the questions:

• How do you want to reach your target audience?
• How do you plan to retain your customers?
• What is/are your pricing plans?
• What is your budget for marketing?

How to Write a Business Plan Step-by-Step

1. create your executive summary.

The executive summary is a snapshot of your business or a high-level overview of your business purposes and plans . Although the executive summary is the first section in your business plan, most people write it last. The length of the executive summary is not more than two pages.

Generally, there are nine sections in a business plan, the executive summary should condense essential ideas from the other eight sections.

A good executive summary should do the following:

• A Snapshot of Growth Potential. Briefly inform the reader about your company and why it will be successful)
• Contain your Mission Statement which explains what the main objective or focus of your business is.
• Product Description and Differentiation. Brief description of your products or services and why it is different from other solutions in the market.
• The Team. Basic information about your company’s leadership team and employees
• Business Concept. A solid description of what your business does.
• Target Market. The customers you plan to sell to.
• Marketing Strategy. Your plans on reaching and selling to your customers
• Current Financial State. Brief information about what revenue your business currently generates.
• Projected Financial State. Brief information about what you foresee your business revenue to be in the future.

The executive summary is the make-or-break section of your business plan. If your summary cannot in less than two pages cannot clearly describe how your business will solve a particular problem of your target audience and make a profit, your business plan is set on a faulty foundation.

Avoid using the executive summary to hype your business, instead, focus on helping the reader understand the what and how of your plan.

View the executive summary as an opportunity to introduce your vision for your company. You know your executive summary is powerful when it can answer these key questions:

• Who is your target audience?
• What sector or industry are you in?
• What are your products and services?
• What is the future of your industry?
• Is your company scaleable?
• Who are the owners and leaders of your company? What are their backgrounds and experience levels?
• What is the motivation for starting your company?
• What are the next steps?

Writing the executive summary last although it is the most important section of your business plan is an excellent idea. The reason why is because it is a high-level overview of your business plan. It is the section that determines whether potential investors and lenders will read further or not.

The executive summary can be a stand-alone document that covers everything in your business plan. It is not uncommon for investors to request only the executive summary when evaluating your business. If the information in the executive summary impresses them, they will ask for the complete business plan.

If you are writing your business plan for your planning purposes, you do not need to write the executive summary.

2. Add Your Company Overview

The company overview or description is the next section in your business plan after the executive summary. It describes what your business does.

Adding your company overview can be tricky especially when your business is still in the planning stages. Existing businesses can easily summarize their current operations but may encounter difficulties trying to explain what they plan to become.

Your company overview should contain the following:

• What products and services you will provide
• Geographical markets and locations your company have a presence
• What you need to run your business
• Who your target audience or customers are
• Who will service your customers
• Your company’s purpose, mission, and vision
• Information about your company’s founders
• Who the founders are
• Notable achievements of your company so far

When creating a company overview, you have to focus on three basics: identifying your industry, identifying your customer, and explaining the problem you solve.

If you are stuck when creating your company overview, try to answer some of these questions that pertain to you.

• Who are you targeting? (The answer is not everyone)
• What pain point does your product or service solve for your customers that they will be willing to spend money on resolving?
• How does your product or service overcome that pain point?
• Where is the location of your business?
• What products, equipment, and services do you need to run your business?
• How is your company’s product or service different from your competition in the eyes of your customers?
• How many employees do you need and what skills do you require them to have?

After answering some or all of these questions, you will get more than enough information you need to write your company overview or description section. When writing this section, describe what your company does for your customers.

The company description or overview section contains three elements: mission statement, history, and objectives.

• Mission Statement

The mission statement refers to the reason why your business or company is existing. It goes beyond what you do or sell, it is about the ‘why’. A good mission statement should be emotional and inspirational.

Your mission statement should follow the KISS rule (Keep It Simple, Stupid). For example, Shopify’s mission statement is “Make commerce better for everyone.”

When describing your company’s history, make it simple and avoid the temptation of tying it to a defensive narrative. Write it in the manner you would a profile. Your company’s history should include the following information:

• Founding Date
• Major Milestones
• Location(s)
• Flagship Products or Services
• Number of Employees
• Executive Leadership Roles

When you fill in this information, you use it to write one or two paragraphs about your company’s history.

Business Objectives

Your business objective must be SMART (specific, measurable, achievable, realistic, and time-bound.) Failure to clearly identify your business objectives does not inspire confidence and makes it hard for your team members to work towards a common purpose.

3. Perform Market and Competitive Analyses to Proof a Big Enough Business Opportunity

The third step in writing a business plan is the market and competitive analysis section. Every business, no matter the size, needs to perform comprehensive market and competitive analyses before it enters into a market.

Performing market and competitive analyses are critical for the success of your business. It helps you avoid entering the right market with the wrong product, or vice versa. Anyone reading your business plans, especially financiers and financial institutions will want to see proof that there is a big enough business opportunity you are targeting.

This section is where you describe the market and industry you want to operate in and show the big opportunities in the market that your business can leverage to make a profit. If you noticed any unique trends when doing your research, show them in this section.

Market analysis alone is not enough, you have to add competitive analysis to strengthen this section. There are already businesses in the industry or market, how do you plan to take a share of the market from them?

You have to clearly illustrate the competitive landscape in your business plan. Are there areas your competitors are doing well? Are there areas where they are not doing so well? Show it.

Make it clear in this section why you are moving into the industry and what weaknesses are present there that you plan to explain. How are your competitors going to react to your market entry? How do you plan to get customers? Do you plan on taking your competitors' competitors, tap into other sources for customers, or both?

Illustrate the competitive landscape as well. What are your competitors doing well and not so well?

Answering these questions and thoughts will aid your market and competitive analysis of the opportunities in your space. Depending on how sophisticated your industry is, or the expectations of your financiers, you may need to carry out a more comprehensive market and competitive analysis to prove that big business opportunity.

Instead of looking at the market and competitive analyses as one entity, separating them will make the research even more comprehensive.

Market Analysis

Market analysis, boarding speaking, refers to research a business carried out on its industry, market, and competitors. It helps businesses gain a good understanding of their target market and the outlook of their industry. Before starting a company, it is vital to carry out market research to find out if the market is viable.

The market analysis section is a key part of the business plan. It is the section where you identify who your best clients or customers are. You cannot omit this section, without it your business plan is incomplete.

A good market analysis will tell your readers how you fit into the existing market and what makes you stand out. This section requires in-depth research, it will probably be the most time-consuming part of the business plan to write.

• Market Research

To create a compelling market analysis that will win over investors and financial institutions, you have to carry out thorough market research . Your market research should be targeted at your primary target market for your products or services. Here is what you want to find out about your target market.

• Your target market’s needs or pain points
• The existing solutions for their pain points
• Geographic Location
• Demographics

The purpose of carrying out a marketing analysis is to get all the information you need to show that you have a solid and thorough understanding of your target audience.

Only after you have fully understood the people you plan to sell your products or services to, can you evaluate correctly if your target market will be interested in your products or services.

You can easily convince interested parties to invest in your business if you can show them you thoroughly understand the market and show them that there is a market for your products or services.

How to Quantify Your Target Market

One of the goals of your marketing research is to understand who your ideal customers are and their purchasing power. To quantify your target market, you have to determine the following:

• Your Potential Customers: They are the people you plan to target. For example, if you sell accounting software for small businesses , then anyone who runs an enterprise or large business is unlikely to be your customers. Also, individuals who do not have a business will most likely not be interested in your product.
• Total Households: If you are selling household products such as heating and air conditioning systems, determining the number of total households is more important than finding out the total population in the area you want to sell to. The logic is simple, people buy the product but it is the household that uses it.
• Median Income: You need to know the median income of your target market. If you target a market that cannot afford to buy your products and services, your business will not last long.
• Income by Demographics: If your potential customers belong to a certain age group or gender, determining income levels by demographics is necessary. For example, if you sell men's clothes, your target audience is men.

What Does a Good Market Analysis Entail?

Your business does not exist on its own, it can only flourish within an industry and alongside competitors. Market analysis takes into consideration your industry, target market, and competitors. Understanding these three entities will drastically improve your company’s chances of success.

You can view your market analysis as an examination of the market you want to break into and an education on the emerging trends and themes in that market. Good market analyses include the following:

• Industry Description. You find out about the history of your industry, the current and future market size, and who the largest players/companies are in your industry.
• Overview of Target Market. You research your target market and its characteristics. Who are you targeting? Note, it cannot be everyone, it has to be a specific group. You also have to find out all information possible about your customers that can help you understand how and why they make buying decisions.
• Size of Target Market: You need to know the size of your target market, how frequently they buy, and the expected quantity they buy so you do not risk overproducing and having lots of bad inventory. Researching the size of your target market will help you determine if it is big enough for sustained business or not.
• Growth Potential: Before picking a target market, you want to be sure there are lots of potential for future growth. You want to avoid going for an industry that is declining slowly or rapidly with almost zero growth potential.
• Market Share Potential: Does your business stand a good chance of taking a good share of the market?
• Market Pricing and Promotional Strategies: Your market analysis should give you an idea of the price point you can expect to charge for your products and services. Researching your target market will also give you ideas of pricing strategies you can implement to break into the market or to enjoy maximum profits.
• Potential Barriers to Entry: One of the biggest benefits of conducting market analysis is that it shows you every potential barrier to entry your business will likely encounter. It is a good idea to discuss potential barriers to entry such as changing technology. It informs readers of your business plan that you understand the market.
• Research on Competitors: You need to know the strengths and weaknesses of your competitors and how you can exploit them for the benefit of your business. Find patterns and trends among your competitors that make them successful, discover what works and what doesn’t, and see what you can do better.

The market analysis section is not just for talking about your target market, industry, and competitors. You also have to explain how your company can fill the hole you have identified in the market.

Here are some questions you can answer that can help you position your product or service in a positive light to your readers.

• Is your product or service of superior quality?
• What additional features do you offer that your competitors do not offer?
• Are you targeting a ‘new’ market?

Basically, your market analysis should include an analysis of what already exists in the market and an explanation of how your company fits into the market.

Competitive Analysis

In the competitive analysis section, y ou have to understand who your direct and indirect competitions are, and how successful they are in the marketplace. It is the section where you assess the strengths and weaknesses of your competitors, the advantage(s) they possess in the market and show the unique features or qualities that make you different from your competitors.

Many businesses do market analysis and competitive analysis together. However, to fully understand what the competitive analysis entails, it is essential to separate it from the market analysis.

Competitive analysis for your business can also include analysis on how to overcome barriers to entry in your target market.

The primary goal of conducting a competitive analysis is to distinguish your business from your competitors. A strong competitive analysis is essential if you want to convince potential funding sources to invest in your business. You have to show potential investors and lenders that your business has what it takes to compete in the marketplace successfully.

Competitive analysis will s how you what the strengths of your competition are and what they are doing to maintain that advantage.

When doing your competitive research, you first have to identify your competitor and then get all the information you can about them. The idea of spending time to identify your competitor and learn everything about them may seem daunting but it is well worth it.

Find answers to the following questions after you have identified who your competitors are.

• What are your successful competitors doing?
• Why is what they are doing working?
• Can your business do it better?
• What are the weaknesses of your successful competitors?
• What are they not doing well?
• Can your business turn its weaknesses into strengths?
• How good is your competitors’ customer service?
• Where do your competitors invest in advertising?
• What sales and pricing strategies are they using?
• What marketing strategies are they using?
• What kind of press coverage do they get?
• What are their customers saying about your competitors (both the positive and negative)?

If your competitors have a website, it is a good idea to visit their websites for more competitors’ research. Check their “About Us” page for more information.

If you are presenting your business plan to investors, you need to clearly distinguish yourself from your competitors. Investors can easily tell when you have not properly researched your competitors.

Take time to think about what unique qualities or features set you apart from your competitors. If you do not have any direct competition offering your product to the market, it does not mean you leave out the competitor analysis section blank. Instead research on other companies that are providing a similar product, or whose product is solving the problem your product solves.

The next step is to create a table listing the top competitors you want to include in your business plan. Ensure you list your business as the last and on the right. What you just created is known as the competitor analysis table.

Direct vs Indirect Competition

You cannot know if your product or service will be a fit for your target market if you have not understood your business and the competitive landscape.

There is no market you want to target where you will not encounter competition, even if your product is innovative. Including competitive analysis in your business plan is essential.

If you are entering an established market, you need to explain how you plan to differentiate your products from the available options in the market. Also, include a list of few companies that you view as your direct competitors The competition you face in an established market is your direct competition.

In situations where you are entering a market with no direct competition, it does not mean there is no competition there. Consider your indirect competition that offers substitutes for the products or services you offer.

For example, if you sell an innovative SaaS product, let us say a project management software , a company offering time management software is your indirect competition.

There is an easy way to find out who your indirect competitors are in the absence of no direct competitors. You simply have to research how your potential customers are solving the problems that your product or service seeks to solve. That is your direct competition.

Factors that Differentiate Your Business from the Competition

There are three main factors that any business can use to differentiate itself from its competition. They are cost leadership, product differentiation, and market segmentation.

1. Cost Leadership

A strategy you can impose to maximize your profits and gain an edge over your competitors. It involves offering lower prices than what the majority of your competitors are offering.

A common practice among businesses looking to enter into a market where there are dominant players is to use free trials or pricing to attract as many customers as possible to their offer.

2. Product Differentiation

Your product or service should have a unique selling proposition (USP) that your competitors do not have or do not stress in their marketing.

Part of the marketing strategy should involve making your products unique and different from your competitors. It does not have to be different from your competitors, it can be the addition to a feature or benefit that your competitors do not currently have.

3. Market Segmentation

As a new business seeking to break into an industry, you will gain more success from focusing on a specific niche or target market, and not the whole industry.

If your competitors are focused on a general need or target market, you can differentiate yourself from them by having a small and hyper-targeted audience. For example, if your competitors are selling men’s clothes in their online stores , you can sell hoodies for men.

4. Define Your Business and Management Structure

The next step in your business plan is your business and management structure. It is the section where you describe the legal structure of your business and the team running it.

Your business is only as good as the management team that runs it, while the management team can only strive when there is a proper business and management structure in place.

If your company is a sole proprietor or a limited liability company (LLC), a general or limited partnership, or a C or an S corporation, state it clearly in this section.

Use an organizational chart to show the management structure in your business. Clearly show who is in charge of what area in your company. It is where you show how each key manager or team leader’s unique experience can contribute immensely to the success of your company. You can also opt to add the resumes and CVs of the key players in your company.

The business and management structure section should show who the owner is, and other owners of the businesses (if the business has other owners). For businesses or companies with multiple owners, include the percent ownership of the various owners and clearly show the extent of each others’ involvement in the company.

Investors want to know who is behind the company and the team running it to determine if it has the right management to achieve its set goals.

Management Team

The management team section is where you show that you have the right team in place to successfully execute the business operations and ideas. Take time to create the management structure for your business. Think about all the important roles and responsibilities that you need managers for to grow your business.

Include brief bios of each key team member and ensure you highlight only the relevant information that is needed. If your team members have background industry experience or have held top positions for other companies and achieved success while filling that role, highlight it in this section.

A common mistake that many startups make is assigning C-level titles such as (CMO and CEO) to everyone on their team. It is unrealistic for a small business to have those titles. While it may look good on paper for the ego of your team members, it can prevent investors from investing in your business.

Instead of building an unrealistic management structure that does not fit your business reality, it is best to allow business titles to grow as the business grows. Starting everyone at the top leaves no room for future change or growth, which is bad for productivity.

Your management team does not have to be complete before you start writing your business plan. You can have a complete business plan even when there are managerial positions that are empty and need filling.

If you have management gaps in your team, simply show the gaps and indicate you are searching for the right candidates for the role(s). Investors do not expect you to have a full management team when you are just starting your business.

Key Questions to Answer When Structuring Your Management Team

• Who are the key leaders?
• What experiences, skills, and educational backgrounds do you expect your key leaders to have?
• Do your key leaders have industry experience?
• What positions will they fill and what duties will they perform in those positions?
• What level of authority do the key leaders have and what are their responsibilities?
• What is the salary for the various management positions that will attract the ideal candidates?

Additional Tips for Writing the Management Structure Section

1. Avoid Adding ‘Ghost’ Names to Your Management Team

There is always that temptation to include a ‘ghost’ name to your management team to attract and influence investors to invest in your business. Although the presence of these celebrity management team members may attract the attention of investors, it can cause your business to lose any credibility if you get found out.

Seasoned investors will investigate further the members of your management team before committing fully to your business If they find out that the celebrity name used does not play any actual role in your business, they will not invest and may write you off as dishonest.

2. Focus on Credentials But Pay Extra Attention to the Roles

Investors want to know the experience that your key team members have to determine if they can successfully reach the company’s growth and financial goals.

While it is an excellent boost for your key management team to have the right credentials, you also want to pay extra attention to the roles they will play in your company.

Organizational Chart

Adding an organizational chart in this section of your business plan is not necessary, you can do it in your business plan’s appendix.

If you are exploring funding options, it is not uncommon to get asked for your organizational chart. The function of an organizational chart goes beyond raising money, you can also use it as a useful planning tool for your business.

An organizational chart can help you identify how best to structure your management team for maximum productivity and point you towards key roles you need to fill in the future.

You can use the organizational chart to show your company’s internal management structure such as the roles and responsibilities of your management team, and relationships that exist between them.

5. Describe Your Product and Service Offering

In your business plan, you have to describe what you sell or the service you plan to offer. It is the next step after defining your business and management structure. The products and services section is where you sell the benefits of your business.

Here you have to explain how your product or service will benefit your customers and describe your product lifecycle. It is also the section where you write down your plans for intellectual property like patent filings and copyrighting.

The research and development that you are undertaking for your product or service need to be explained in detail in this section. However, do not get too technical, sell the general idea and its benefits.

If you have any diagrams or intricate designs of your product or service, do not include them in the products and services section. Instead, leave them for the addendum page. Also, if you are leaving out diagrams or designs for the addendum, ensure you add this phrase “For more detail, visit the addendum Page #.”

Your product and service section in your business plan should include the following:

• A detailed explanation that clearly shows how your product or service works.
• The pricing model for your product or service.
• Your business’ sales and distribution strategy.
• The ideal customers that want your product or service.
• The benefits of your products and services.
• Reason(s) why your product or service is a better alternative to what your competitors are currently offering in the market.
• Plans for filling the orders you receive
• If you have current or pending patents, copyrights, and trademarks for your product or service, you can also discuss them in this section.

What to Focus On When Describing the Benefits, Lifecycle, and Production Process of Your Products or Services

In the products and services section, you have to distill the benefits, lifecycle, and production process of your products and services.

When describing the benefits of your products or services, here are some key factors to focus on.

• Unique features
• Translating the unique features into benefits
• The emotional, psychological, and practical payoffs to attract customers
• Intellectual property rights or any patents

When describing the product life cycle of your products or services, here are some key factors to focus on.

• Upsells, cross-sells, and down-sells
• Time between purchases
• Plans for research and development.

When describing the production process for your products or services, you need to think about the following:

• The creation of new or existing products and services.
• The sources for the raw materials or components you need for production.
• Assembling the products
• Maintaining quality control
• Supply-chain logistics (receiving the raw materials and delivering the finished products)
• The day-to-day management of the production processes, bookkeeping, and inventory.

Tips for Writing the Products or Services Section of Your Business Plan

1. Avoid Technical Descriptions and Industry Buzzwords

The products and services section of your business plan should clearly describe the products and services that your company provides. However, it is not a section to include technical jargons that anyone outside your industry will not understand.

A good practice is to remove highly detailed or technical descriptions in favor of simple terms. Industry buzzwords are not necessary, if there are simpler terms you can use, then use them. If you plan to use your business plan to source funds, making the product or service section so technical will do you no favors.

2. Describe How Your Products or Services Differ from Your Competitors

When potential investors look at your business plan, they want to know how the products and services you are offering differ from that of your competition. Differentiating your products or services from your competition in a way that makes your solution more attractive is critical.

If you are going the innovative path and there is no market currently for your product or service, you need to describe in this section why the market needs your product or service.

For example, overnight delivery was a niche business that only a few companies were participating in. Federal Express (FedEx) had to show in its business plan that there was a large opportunity for that service and they justified why the market needed that service.

3. Long or Short Products or Services Section

Should your products or services section be short? Does the long products or services section attract more investors?

There are no straightforward answers to these questions. Whether your products or services section should be long or relatively short depends on the nature of your business.

If your business is product-focused, then automatically you need to use more space to describe the details of your products. However, if the product your business sells is a commodity item that relies on competitive pricing or other pricing strategies, you do not have to use up so much space to provide significant details about the product.

Likewise, if you are selling a commodity that is available in numerous outlets, then you do not have to spend time on writing a long products or services section.

The key to the success of your business is most likely the effectiveness of your marketing strategies compared to your competitors. Use more space to address that section.

If you are creating a new product or service that the market does not know about, your products or services section can be lengthy. The reason why is because you need to explain everything about the product or service such as the nature of the product, its use case, and values.

A short products or services section for an innovative product or service will not give the readers enough information to properly evaluate your business.

4. Describe Your Relationships with Vendors or Suppliers

Your business will rely on vendors or suppliers to supply raw materials or the components needed to make your products. In your products and services section, describe your relationships with your vendors and suppliers fully.

Avoid the mistake of relying on only one supplier or vendor. If that supplier or vendor fails to supply or goes out of business, you can easily face supply problems and struggle to meet your demands. Plan to set up multiple vendor or supplier relationships for better business stability.

5. Your Primary Goal Is to Convince Your Readers

The primary goal of your business plan is to convince your readers that your business is viable and to create a guide for your business to follow. It applies to the products and services section.

When drafting this section, think like the reader. See your reader as someone who has no idea about your products and services. You are using the products and services section to provide the needed information to help your reader understand your products and services. As a result, you have to be clear and to the point.

While you want to educate your readers about your products or services, you also do not want to bore them with lots of technical details. Show your products and services and not your fancy choice of words.

Your products and services section should provide the answer to the “what” question for your business. You and your management team may run the business, but it is your products and services that are the lifeblood of the business.

Key Questions to Answer When Writing your Products and Services Section

Answering these questions can help you write your products and services section quickly and in a way that will appeal to your readers.

• Are your products existing on the market or are they still in the development stage?
• What is your timeline for adding new products and services to the market?
• What are the positives that make your products and services different from your competitors?
• Do your products and services have any competitive advantage that your competitors’ products and services do not currently have?
• Do your products or services have any competitive disadvantages that you need to overcome to compete with your competitors? If your answer is yes, state how you plan to overcome them,
• How much does it cost to produce your products or services? How much do you plan to sell it for?
• What is the price for your products and services compared to your competitors? Is pricing an issue?
• What are your operating costs and will it be low enough for you to compete with your competitors and still take home a reasonable profit margin?
• What is your plan for acquiring your products? Are you involved in the production of your products or services?
• Are you the manufacturer and produce all the components you need to create your products? Do you assemble your products by using components supplied by other manufacturers? Do you purchase your products directly from suppliers or wholesalers?
• Do you have a steady supply of products that you need to start your business? (If your business is yet to kick-off)
• How do you plan to distribute your products or services to the market?

You can also hint at the marketing or promotion plans you have for your products or services such as how you plan to build awareness or retain customers. The next section is where you can go fully into details about your business’s marketing and sales plan.

6. Show and Explain Your Marketing and Sales Plan

Providing great products and services is wonderful, but it means nothing if you do not have a marketing and sales plan to inform your customers about them. Your marketing and sales plan is critical to the success of your business.

The sales and marketing section is where you show and offer a detailed explanation of your marketing and sales plan and how you plan to execute it. It covers your pricing plan, proposed advertising and promotion activities, activities and partnerships you need to make your business a success, and the benefits of your products and services.

There are several ways you can approach your marketing and sales strategy. Ideally, your marketing and sales strategy has to fit the unique needs of your business.

In this section, you describe how the plans your business has for attracting and retaining customers, and the exact process for making a sale happen. It is essential to thoroughly describe your complete marketing and sales plans because you are still going to reference this section when you are making financial projections for your business.

Outline Your Business’ Unique Selling Proposition (USP)

The sales and marketing section is where you outline your business’s unique selling proposition (USP). When you are developing your unique selling proposition, think about the strongest reasons why people should buy from you over your competition. That reason(s) is most likely a good fit to serve as your unique selling proposition (USP).

Target Market and Target Audience

Plans on how to get your products or services to your target market and how to get your target audience to buy them go into this section. You also highlight the strengths of your business here, particularly what sets them apart from your competition.

Before you start writing your marketing and sales plan, you need to have properly defined your target audience and fleshed out your buyer persona. If you do not first understand the individual you are marketing to, your marketing and sales plan will lack any substance and easily fall.

Creating a Smart Marketing and Sales Plan

Marketing your products and services is an investment that requires you to spend money. Like any other investment, you have to generate a good return on investment (ROI) to justify using that marketing and sales plan. Good marketing and sales plans bring in high sales and profits to your company.

Avoid spending money on unproductive marketing channels. Do your research and find out the best marketing and sales plan that works best for your company.

Your marketing and sales plan can be broken into different parts: your positioning statement, pricing, promotion, packaging, advertising, public relations, content marketing, social media, and strategic alliances.

Your Positioning Statement

Your positioning statement is the first part of your marketing and sales plan. It refers to the way you present your company to your customers.

Are you the premium solution, the low-price solution, or are you the intermediary between the two extremes in the market? What do you offer that your competitors do not that can give you leverage in the market?

Before you start writing your positioning statement, you need to spend some time evaluating the current market conditions. Here are some questions that can help you to evaluate the market

• What are the unique features or benefits that you offer that your competitors lack?
• What are your customers’ primary needs and wants?
• Why should a customer choose you over your competition? How do you plan to differentiate yourself from the competition?
• How does your company’s solution compare with other solutions in the market?

After answering these questions, then you can start writing your positioning statement. Your positioning statement does not have to be in-depth or too long.

All you need to explain with your positioning statement are two focus areas. The first is the position of your company within the competitive landscape. The other focus area is the core value proposition that sets your company apart from other alternatives that your ideal customer might consider.

Here is a simple template you can use to develop a positioning statement.

For [description of target market] who [need of target market], [product or service] [how it meets the need]. Unlike [top competition], it [most essential distinguishing feature].

For example, let’s create the positioning statement for fictional accounting software and QuickBooks alternative , TBooks.

“For small business owners who need accounting services, TBooks is an accounting software that helps small businesses handle their small business bookkeeping basics quickly and easily. Unlike Wave, TBooks gives small businesses access to live sessions with top accountants.”

You can edit this positioning statement sample and fill it with your business details.

After writing your positioning statement, the next step is the pricing of your offerings. The overall positioning strategy you set in your positioning statement will often determine how you price your products or services.

Pricing is a powerful tool that sends a strong message to your customers. Failure to get your pricing strategy right can make or mar your business. If you are targeting a low-income audience, setting a premium price can result in low sales.

You can use pricing to communicate your positioning to your customers. For example, if you are offering a product at a premium price, you are sending a message to your customers that the product belongs to the premium category.

Basic Rules to Follow When Pricing Your Offering

Setting a price for your offering involves more than just putting a price tag on it. Deciding on the right pricing for your offering requires following some basic rules. They include covering your costs, primary and secondary profit center pricing, and matching the market rate.

• Covering Your Costs: The price you set for your products or service should be more than it costs you to produce and deliver them. Every business has the same goal, to make a profit. Depending on the strategy you want to use, there are exceptions to this rule. However, the vast majority of businesses follow this rule.
• Primary and Secondary Profit Center Pricing: When a company sets its price above the cost of production, it is making that product its primary profit center. A company can also decide not to make its initial price its primary profit center by selling below or at even with its production cost. It rather depends on the support product or even maintenance that is associated with the initial purchase to make its profit. The initial price thus became its secondary profit center.
• Matching the Market Rate: A good rule to follow when pricing your products or services is to match your pricing with consumer demand and expectations. If you price your products or services beyond the price your customer perceives as the ideal price range, you may end up with no customers. Pricing your products too low below what your customer perceives as the ideal price range may lead to them undervaluing your offering.

Pricing Strategy

Your pricing strategy influences the price of your offering. There are several pricing strategies available for you to choose from when examining the right pricing strategy for your business. They include cost-plus pricing, market-based pricing, value pricing, and more.

• Cost-plus Pricing: This strategy is one of the simplest and oldest pricing strategies. Here you consider the cost of producing a unit of your product and then add a profit to it to arrive at your market price. It is an effective pricing strategy for manufacturers because it helps them cover their initial costs. Another name for the cost-plus pricing strategy is the markup pricing strategy.
• Market-based Pricing: This pricing strategy analyses the market including competitors’ pricing and then sets a price based on what the market is expecting. With this pricing strategy, you can either set your price at the low-end or high-end of the market.
• Value Pricing: This pricing strategy involves setting a price based on the value you are providing to your customer. When adopting a value-based pricing strategy, you have to set a price that your customers are willing to pay. Service-based businesses such as small business insurance providers , luxury goods sellers, and the fashion industry use this pricing strategy.

After carefully sorting out your positioning statement and pricing, the next item to look at is your promotional strategy. Your promotional strategy explains how you plan on communicating with your customers and prospects.

As a business, you must measure all your costs, including the cost of your promotions. You also want to measure how much sales your promotions bring for your business to determine its usefulness. Promotional strategies or programs that do not lead to profit need to be removed.

There are different types of promotional strategies you can adopt for your business, they include advertising, public relations, and content marketing.

Advertising

Your business plan should include your advertising plan which can be found in the marketing and sales plan section. You need to include an overview of your advertising plans such as the areas you plan to spend money on to advertise your business and offers.

Ensure that you make it clear in this section if your business will be advertising online or using the more traditional offline media, or the combination of both online and offline media. You can also include the advertising medium you want to use to raise awareness about your business and offers.

Some common online advertising mediums you can use include social media ads, landing pages, sales pages, SEO, Pay-Per-Click, emails, Google Ads, and others. Some common traditional and offline advertising mediums include word of mouth, radios, direct mail, televisions, flyers, billboards, posters, and others.

A key component of your advertising strategy is how you plan to measure the effectiveness and success of your advertising campaign. There is no point in sticking with an advertising plan or medium that does not produce results for your business in the long run.

Public Relations

A great way to reach your customers is to get the media to cover your business or product. Publicity, especially good ones, should be a part of your marketing and sales plan. In this section, show your plans for getting prominent reviews of your product from reputable publications and sources.

Your business needs that exposure to grow. If public relations is a crucial part of your promotional strategy, provide details about your public relations plan here.

Content Marketing

Content marketing is a popular promotional strategy used by businesses to inform and attract their customers. It is about teaching and educating your prospects on various topics of interest in your niche, it does not just involve informing them about the benefits and features of the products and services you have,

Businesses publish content usually for free where they provide useful information, tips, and advice so that their target market can be made aware of the importance of their products and services. Content marketing strategies seek to nurture prospects into buyers over time by simply providing value.

Your company can create a blog where it will be publishing content for its target market. You will need to use the best website builder such as Wix and Squarespace and the best web hosting services such as Bluehost, Hostinger, and other Bluehost alternatives to create a functional blog or website.

If content marketing is a crucial part of your promotional strategy (as it should be), detail your plans under promotions.

Including high-quality images of the packaging of your product in your business plan is a lovely idea. You can add the images of the packaging of that product in the marketing and sales plan section. If you are not selling a product, then you do not need to include any worry about the physical packaging of your product.

When organizing the packaging section of your business plan, you can answer the following questions to make maximum use of this section.

• Is your choice of packaging consistent with your positioning strategy?
• What key value proposition does your packaging communicate? (It should reflect the key value proposition of your business)
• How does your packaging compare to that of your competitors?

Social Media

Your 21st-century business needs to have a good social media presence. Not having one is leaving out opportunities for growth and reaching out to your prospect.

You do not have to join the thousands of social media platforms out there. What you need to do is join the ones that your customers are active on and be active there.

Businesses use social media to provide information about their products such as promotions, discounts, the benefits of their products, and content on their blogs.

Social media is also a platform for engaging with your customers and getting feedback about your products or services. Make no mistake, more and more of your prospects are using social media channels to find more information about companies.

You need to consider the social media channels you want to prioritize your business (prioritize the ones your customers are active in) and your branding plans in this section.

Strategic Alliances

If your company plans to work closely with other companies as part of your sales and marketing plan, include it in this section. Prove details about those partnerships in your business plan if you have already established them.

Strategic alliances can be beneficial for all parties involved including your company. Working closely with another company in the form of a partnership can provide access to a different target market segment for your company.

The company you are partnering with may also gain access to your target market or simply offer a new product or service (that of your company) to its customers.

Mutually beneficial partnerships can cover the weaknesses of one company with the strength of another. You should consider strategic alliances with companies that sell complimentary products to yours. For example, if you provide printers, you can partner with a company that produces ink since the customers that buy printers from you will also need inks for printing.

Steps Involved in Creating a Marketing and Sales Plan

1. Focus on Your Target Market

Identify who your customers are, the market you want to target. Then determine the best ways to get your products or services to your potential customers.

2. Evaluate Your Competition

One of the goals of having a marketing plan is to distinguish yourself from your competition. You cannot stand out from them without first knowing them in and out.

You can know your competitors by gathering information about their products, pricing, service, and advertising campaigns.

These questions can help you know your competition.

• What makes your competition successful?
• What are their weaknesses?
• What are customers saying about your competition?

3. Consider Your Brand

Customers' perception of your brand has a strong impact on your sales. Your marketing and sales plan should seek to bolster the image of your brand. Before you start marketing your business, think about the message you want to pass across about your business and your products and services.

4. Focus on Benefits

The majority of your customers do not view your product in terms of features, what they want to know is the benefits and solutions your product offers. Think about the problems your product solves and the benefits it delivers, and use it to create the right sales and marketing message.

Your marketing plan should focus on what you want your customer to get instead of what you provide. Identify those benefits in your marketing and sales plan.

5. Focus on Differentiation

Your marketing and sales plan should look for a unique angle they can take that differentiates your business from the competition, even if the products offered are similar. Some good areas of differentiation you can use are your benefits, pricing, and features.

Key Questions to Answer When Writing Your Marketing and Sales Plan

• What is your company’s budget for sales and marketing campaigns?
• What key metrics will you use to determine if your marketing plans are successful?
• What are your alternatives if your initial marketing efforts do not succeed?
• Who are the sales representatives you need to promote your products or services?
• What are the marketing and sales channels you plan to use? How do you plan to get your products in front of your ideal customers?
• Where will you sell your products?

You may want to include samples of marketing materials you plan to use such as print ads, website descriptions, and social media ads. While it is not compulsory to include these samples, it can help you better communicate your marketing and sales plan and objectives.

The purpose of the marketing and sales section is to answer this question “How will you reach your customers?” If you cannot convincingly provide an answer to this question, you need to rework your marketing and sales section.

7. Clearly Show Your Funding Request

If you are writing your business plan to ask for funding from investors or financial institutions, the funding request section is where you will outline your funding requirements. The funding request section should answer the question ‘How much money will your business need in the near future (3 to 5 years)?’

A good funding request section will clearly outline and explain the amount of funding your business needs over the next five years. You need to know the amount of money your business needs to make an accurate funding request.

Also, when writing your funding request, provide details of how the funds will be used over the period. Specify if you want to use the funds to buy raw materials or machinery, pay salaries, pay for advertisements, and cover specific bills such as rent and electricity.

In addition to explaining what you want to use the funds requested for, you need to clearly state the projected return on investment (ROI) . Investors and creditors want to know if your business can generate profit for them if they put funds into it.

Ensure you do not inflate the figures and stay as realistic as possible. Investors and financial institutions you are seeking funds from will do their research before investing money in your business.

If you are not sure of an exact number to request from, you can use some range of numbers as rough estimates. Add a best-case scenario and a work-case scenario to your funding request. Also, include a description of your strategic future financial plans such as selling your business or paying off debts.

Funding Request: Debt or Equity?

When making your funding request, specify the type of funding you want. Do you want debt or equity? Draw out the terms that will be applicable for the funding, and the length of time the funding request will cover.

Case for Equity

If your new business has not yet started generating profits, you are most likely preparing to sell equity in your business to raise capital at the early stage. Equity here refers to ownership. In this case, you are selling a portion of your company to raise capital.

Although this method of raising capital for your business does not put your business in debt, keep in mind that an equity owner may expect to play a key role in company decisions even if he does not hold a major stake in the company.

Most equity sales for startups are usually private transactions . If you are making a funding request by offering equity in exchange for funding, let the investor know that they will be paid a dividend (a share of the company’s profit). Also, let the investor know the process for selling their equity in your business.

Case for Debt

You may decide not to offer equity in exchange for funds, instead, you make a funding request with the promise to pay back the money borrowed at the agreed time frame.

When making a funding request with an agreement to pay back, note that you will have to repay your creditors both the principal amount borrowed and the interest on it. Financial institutions offer this type of funding for businesses.

Large companies combine both equity and debt in their capital structure. When drafting your business plan, decide if you want to offer both or one over the other.

Before you sell equity in exchange for funding in your business, consider if you are willing to accept not being in total control of your business. Also, before you seek loans in your funding request section, ensure that the terms of repayment are favorable.

You should set a clear timeline in your funding request so that potential investors and creditors can know what you are expecting. Some investors and creditors may agree to your funding request and then delay payment for longer than 30 days, meanwhile, your business needs an immediate cash injection to operate efficiently.

Additional Tips for Writing the Funding Request Section of your Business Plan

The funding request section is not necessary for every business, it is only needed by businesses who plan to use their business plan to secure funding.

If you are adding the funding request section to your business plan, provide an itemized summary of how you plan to use the funds requested. Hiring a lawyer, accountant, or other professionals may be necessary for the proper development of this section.

You should also gather and use financial statements that add credibility and support to your funding requests. Ensure that the financial statements you use should include your projected financial data such as projected cash flows, forecast statements, and expenditure budgets.

If you are an existing business, include all historical financial statements such as cash flow statements, balance sheets and income statements .

Provide monthly and quarterly financial statements for a year. If your business has records that date back beyond the one-year mark, add the yearly statements of those years. These documents are for the appendix section of your business plan.

8. Detail Your Financial Plan, Metrics, and Projections

If you used the funding request section in your business plan, supplement it with a financial plan, metrics, and projections. This section paints a picture of the past performance of your business and then goes ahead to make an informed projection about its future.

The goal of this section is to convince readers that your business is going to be a financial success. It outlines your business plan to generate enough profit to repay the loan (with interest if applicable) and to generate a decent return on investment for investors.

If you have an existing business already in operation, use this section to demonstrate stability through finance. This section should include your cash flow statements, balance sheets, and income statements covering the last three to five years. If your business has some acceptable collateral that you can use to acquire loans, list it in the financial plan, metrics, and projection section.

Apart from current financial statements, this section should also contain a prospective financial outlook that spans the next five years. Include forecasted income statements, cash flow statements, balance sheets, and capital expenditure budget.

If your business is new and is not yet generating profit, use clear and realistic projections to show the potentials of your business.

When drafting this section, research industry norms and the performance of comparable businesses. Your financial projections should cover at least five years. State the logic behind your financial projections. Remember you can always make adjustments to this section as the variables change.

The financial plan, metrics, and projection section create a baseline which your business can either exceed or fail to reach. If your business fails to reach your projections in this section, you need to understand why it failed.

Investors and loan managers spend a lot of time going through the financial plan, metrics, and projection section compared to other parts of the business plan. Ensure you spend time creating credible financial analyses for your business in this section.

Many entrepreneurs find this section daunting to write. You do not need a business degree to create a solid financial forecast for your business. Business finances, especially for startups, are not as complicated as they seem. There are several online tools and templates that make writing this section so much easier.

Use Graphs and Charts

The financial plan, metrics, and projection section is a great place to use graphs and charts to tell the financial story of your business. Charts and images make it easier to communicate your finances.

Accuracy in this section is key, ensure you carefully analyze your past financial statements properly before making financial projects.

Address the Risk Factors and Show Realistic Financial Projections

Keep your financial plan, metrics, and projection realistic. It is okay to be optimistic in your financial projection, however, you have to justify it.

You should also address the various risk factors associated with your business in this section. Investors want to know the potential risks involved, show them. You should also show your plans for mitigating those risks.

What You Should In The Financial Plan, Metrics, and Projection Section of Your Business Plan

The financial plan, metrics, and projection section of your business plan should have monthly sales and revenue forecasts for the first year. It should also include annual projections that cover 3 to 5 years.

A three-year projection is a basic requirement to have in your business plan. However, some investors may request a five-year forecast.

Your business plan should include the following financial statements: sales forecast, personnel plan, income statement, income statement, cash flow statement, balance sheet, and an exit strategy.

1. Sales Forecast

Sales forecast refers to your projections about the number of sales your business is going to record over the next few years. It is typically broken into several rows, with each row assigned to a core product or service that your business is offering.

One common mistake people make in their business plan is to break down the sales forecast section into long details. A sales forecast should forecast the high-level details.

For example, if you are forecasting sales for a payroll software provider, you could break down your forecast into target market segments or subscription categories.

Your sales forecast section should also have a corresponding row for each sales row to cover the direct cost or Cost of Goods Sold (COGS). The objective of these rows is to show the expenses that your business incurs in making and delivering your product or service.

Note that your Cost of Goods Sold (COGS) should only cover those direct costs incurred when making your products. Other indirect expenses such as insurance, salaries, payroll tax, and rent should not be included.

For example, the Cost of Goods Sold (COGS) for a restaurant is the cost of ingredients while for a consulting company it will be the cost of paper and other presentation materials.

2. Personnel Plan

The personnel plan section is where you provide details about the payment plan for your employees. For a small business, you can easily list every position in your company and how much you plan to pay in the personnel plan.

However, for larger businesses, you have to break the personnel plan into functional groups such as sales and marketing.

The personnel plan will also include the cost of an employee beyond salary, commonly referred to as the employee burden. These costs include insurance, payroll taxes , and other essential costs incurred monthly as a result of having employees on your payroll.

3. Income Statement

The income statement section shows if your business is making a profit or taking a loss. Another name for the income statement is the profit and loss (P&L). It takes data from your sales forecast and personnel plan and adds other ongoing expenses you incur while running your business.

Every business plan should have an income statement. It subtracts your business expenses from its earnings to show if your business is generating profit or incurring losses.

The income statement has the following items: sales, Cost of Goods Sold (COGS), gross margin, operating expenses, total operating expenses, operating income , total expenses, and net profit.

• Sales refer to the revenue your business generates from selling its products or services. Other names for sales are income or revenue.
• Cost of Goods Sold (COGS) refers to the total cost of selling your products. Other names for COGS are direct costs or cost of sales. Manufacturing businesses use the Costs of Goods Manufactured (COGM) .
• Gross Margin is the figure you get when you subtract your COGS from your sales. In your income statement, you can express it as a percentage of total sales (Gross margin / Sales = Gross Margin Percent).
• Operating Expenses refer to all the expenses you incur from running your business. It exempts the COGS because it stands alone as a core part of your income statement. You also have to exclude taxes, depreciation, and amortization. Your operating expenses include salaries, marketing expenses, research and development (R&D) expenses, and other expenses.
• Total Operating Expenses refers to the sum of all your operating expenses including those exemptions named above under operating expenses.
• Operating Income refers to earnings before interest, taxes, depreciation, and amortization. It is simply known as the acronym EBITDA (earnings before interest, taxes, depreciation, and amortization). Calculating your operating income is simple, all you need to do is to subtract your COGS and total operating expenses from your sales.
• Total Expenses refer to the sum of your operating expenses and your business’ interest, taxes, depreciation, and amortization.
• Net profit shows whether your business has made a profit or taken a loss during a given timeframe.

4. Cash Flow Statement

The cash flow statement tracks the money you have in the bank at any given point. It is often confused with the income statement or the profit and loss statement. They are both different types of financial statements. The income statement calculates your profits and losses while the cash flow statement shows you how much you have in the bank.

5. Balance Sheet

The balance sheet is a financial statement that provides an overview of the financial health of your business. It contains information about the assets and liabilities of your company, and owner’s or shareholders’ equity.

You can get the net worth of your company by subtracting your company’s liabilities from its assets.

6. Exit Strategy

The exit strategy refers to a probable plan for selling your business either to the public in an IPO or to another company. It is the last thing you include in the financial plan, metrics, and projection section.

You can choose to omit the exit strategy from your business plan if you plan to maintain full ownership of your business and do not plan on seeking angel investment or virtual capitalist (VC) funding.

Investors may want to know what your exit plan is. They invest in your business to get a good return on investment.

Your exit strategy does not have to include long and boring details. Ensure you identify some interested parties who may be interested in buying the company if it becomes a success.

Key Questions to Answer with Your Financial Plan, Metrics, and Projection

Your financial plan, metrics, and projection section helps investors, creditors, or your internal managers to understand what your expenses are, the amount of cash you need, and what it takes to make your company profitable. It also shows what you will be doing with any funding.

You do not need to show actual financial data if you do not have one. Adding forecasts and projections to your financial statements is added proof that your strategy is feasible and shows investors you have planned properly.

Here are some key questions to answer to help you develop this section.

• What is your sales forecast for the next year?
• When will your company achieve a positive cash flow?
• What are the core expenses you need to operate?
• How much money do you need upfront to operate or grow your company?
• How will you use the loans or investments?

9. Add an Appendix to Your Business Plan

Adding an appendix to your business plan is optional. It is a useful place to put any charts, tables, legal notes, definitions, permits, résumés, and other critical information that do not fit into other sections of your business plan.

The appendix section is where you would want to include details of a patent or patent-pending if you have one. You can always add illustrations or images of your products here. It is the last section of your business plan.

When writing your business plan, there are details you cut short or remove to prevent the entire section from becoming too lengthy. There are also details you want to include in the business plan but are not a good fit for any of the previous sections. You can add that additional information to the appendix section.

Businesses also use the appendix section to include supporting documents or other materials specially requested by investors or lenders.

You can include just about any information that supports the assumptions and statements you made in the business plan under the appendix. It is the one place in the business plan where unrelated data and information can coexist amicably.

If your appendix section is lengthy, try organizing it by adding a table of contents at the beginning of the appendix section. It is also advisable to group similar information to make it easier for the reader to access them.

A well-organized appendix section makes it easier to share your information clearly and concisely. Add footnotes throughout the rest of the business plan or make references in the plan to the documents in the appendix.

The appendix section is usually only necessary if you are seeking funding from investors or lenders, or hoping to attract partners.

People reading business plans do not want to spend time going through a heap of backup information, numbers, and charts. Keep these documents or information in the Appendix section in case the reader wants to dig deeper.

Common Items to Include in the Appendix Section of Your Business Plan

The appendix section includes documents that supplement or support the information or claims given in other sections of the business plans. Common items you can include in the appendix section include:

• Additional data about the process of manufacturing or creation
• Additional description of products or services such as product schematics
• Additional financial documents or projections
• Articles of incorporation and status
• Backup for market research or competitive analysis
• Bank statements
• Business registries
• Client testimonials (if your business is already running)
• Copies of insurances
• Credit histories (personal or/and business)
• Deeds and permits
• Equipment leases
• Examples of marketing and advertising collateral
• Industry associations and memberships
• Images of product
• Intellectual property
• Key customer contracts
• Legal documents and other contracts
• Letters of reference
• Links to references
• Market research data
• Organizational charts
• Photographs of potential facilities
• Professional licenses pertaining to your legal structure or type of business
• Purchase orders
• Resumes of the founder(s) and key managers
• State and federal identification numbers or codes
• Trademarks or patents’ registrations

Avoid using the appendix section as a place to dump any document or information you feel like adding. Only add documents or information that you support or increase the credibility of your business plan.

Tips and Strategies for Writing a Convincing Business Plan

To achieve a perfect business plan, you need to consider some key tips and strategies. These tips will raise the efficiency of your business plan above average.

1. Know Your Audience

When writing a business plan, you need to know your audience . Business owners write business plans for different reasons. Your business plan has to be specific. For example, you can write business plans to potential investors, banks, and even fellow board members of the company.

The audience you are writing to determines the structure of the business plan. As a business owner, you have to know your audience. Not everyone will be your audience. Knowing your audience will help you to narrow the scope of your business plan.

Consider what your audience wants to see in your projects, the likely questions they might ask, and what interests them.

• A business plan used to address a company's board members will center on its employment schemes, internal affairs, projects, stakeholders, etc.
• A business plan for financial institutions will talk about the size of your market and the chances for you to pay back any loans you demand.
• A business plan for investors will show proof that you can return the investment capital within a specific time. In addition, it discusses your financial projections, tractions, and market size.

2. Get Inspiration from People

Writing a business plan from scratch as an entrepreneur can be daunting. That is why you need the right inspiration to push you to write one. You can gain inspiration from the successful business plans of other businesses. Look at their business plans, the style they use, the structure of the project, etc.

To make your business plan easier to create, search companies related to your business to get an exact copy of what you need to create an effective business plan. You can also make references while citing examples in your business plans.

When drafting your business plan, get as much help from others as you possibly can. By getting inspiration from people, you can create something better than what they have.

3. Avoid Being Over Optimistic

Many business owners make use of strong adjectives to qualify their content. One of the big mistakes entrepreneurs make when preparing a business plan is promising too much.

The use of superlatives and over-optimistic claims can prepare the audience for more than you can offer. In the end, you disappoint the confidence they have in you.

In most cases, the best option is to be realistic with your claims and statistics. Most of the investors can sense a bit of incompetency from the overuse of superlatives. As a new entrepreneur, do not be tempted to over-promise to get the interests of investors.

The concept of entrepreneurship centers on risks, nothing is certain when you make future analyses. What separates the best is the ability to do careful research and work towards achieving that, not promising more than you can achieve.

To make an excellent first impression as an entrepreneur, replace superlatives with compelling data-driven content. In this way, you are more specific than someone promising a huge ROI from an investment.

4. Keep it Simple and Short

When writing business plans, ensure you keep them simple throughout. Irrespective of the purpose of the business plan, your goal is to convince the audience.

One way to achieve this goal is to make them understand your proposal. Therefore, it would be best if you avoid the use of complex grammar to express yourself. It would be a huge turn-off if the people you want to convince are not familiar with your use of words.

Another thing to note is the length of your business plan. It would be best if you made it as brief as possible.

You hardly see investors or agencies that read through an extremely long document. In that case, if your first few pages can’t convince them, then you have lost it. The more pages you write, the higher the chances of you derailing from the essential contents.

To ensure your business plan has a high conversion rate, you need to dispose of every unnecessary information. For example, if you have a strategy that you are not sure of, it would be best to leave it out of the plan.

5. Make an Outline and Follow Through

A perfect business plan must have touched every part needed to convince the audience. Business owners get easily tempted to concentrate more on their products than on other sections. Doing this can be detrimental to the efficiency of the business plan.

For example, imagine you talking about a product but omitting or providing very little information about the target audience. You will leave your clients confused.

To ensure that your business plan communicates your full business model to readers, you have to input all the necessary information in it. One of the best ways to achieve this is to design a structure and stick to it.

This structure is what guides you throughout the writing. To make your work easier, you can assign an estimated word count or page limit to every section to avoid making it too bulky for easy reading. As a guide, the necessary things your business plan must contain are:

• Table of contents
• Introduction
• Product or service description
• Target audience
• Market size
• Competition analysis
• Financial projections

Some specific businesses can include some other essential sections, but these are the key sections that must be in every business plan.

6. Ask a Professional to Proofread

When writing a business plan, you must tie all loose ends to get a perfect result. When you are done with writing, call a professional to go through the document for you. You are bound to make mistakes, and the way to correct them is to get external help.

You should get a professional in your field who can relate to every section of your business plan. It would be easier for the professional to notice the inner flaws in the document than an editor with no knowledge of your business.

In addition to getting a professional to proofread, get an editor to proofread and edit your document. The editor will help you identify grammatical errors, spelling mistakes, and inappropriate writing styles.

Writing a business plan can be daunting, but you can surmount that obstacle and get the best out of it with these tips.

Business Plan Examples and Templates That’ll Save You Tons of Time

1. hubspot's one-page business plan.

The one-page business plan template by HubSpot is the perfect guide for businesses of any size, irrespective of their business strategy. Although the template is condensed into a page, your final business plan should not be a page long! The template is designed to ask helpful questions that can help you develop your business plan.

Hubspot’s one-page business plan template is divided into nine fields:

• Business opportunity
• Company description
• Industry analysis
• Target market
• Implementation timeline
• Marketing plan
• Financial summary
• Funding required

2. Bplan’s Free Business Plan Template

Bplans' free business plan template is investor-approved. It is a rich template used by prestigious educational institutions such as Babson College and Princeton University to teach entrepreneurs how to create a business plan.

The template has six sections: the executive summary, opportunity, execution, company, financial plan, and appendix. There is a step-by-step guide for writing every little detail in the business plan. Follow the instructions each step of the way and you will create a business plan that impresses investors or lenders easily.

3. HubSpot's Downloadable Business Plan Template

HubSpot’s downloadable business plan template is a more comprehensive option compared to the one-page business template by HubSpot. This free and downloadable business plan template is designed for entrepreneurs.

The template is a comprehensive guide and checklist for business owners just starting their businesses. It tells you everything you need to fill in each section of the business plan and how to do it.

There are nine sections in this business plan template: an executive summary, company and business description, product and services line, market analysis, marketing plan, sales plan, legal notes, financial considerations, and appendix.

4. Business Plan by My Own Business Institute

My Own Business Institute (MOBI) which is a part of Santa Clara University's Center for Innovation and Entrepreneurship offers a free business plan template. You can either copy the free business template from the link provided above or download it as a Word document.

The comprehensive template consists of a whopping 15 sections.

• The Business Profile
• The Vision and the People
• Home-Based Business and Freelance Business Opportunities
• Organization
• Licenses and Permits
• Business Insurance
• Communication Tools
• Acquisitions
• Location and Leasing
• Accounting and Cash Flow
• Opening and Marketing
• Managing Employees
• Expanding and Handling Problems

There are lots of helpful tips on how to fill each section in the free business plan template by MOBI.

5. Score's Business Plan Template for Startups

Score is an American nonprofit organization that helps entrepreneurs build successful companies. This business plan template for startups by Score is available for free download. The business plan template asks a whooping 150 generic questions that help entrepreneurs from different fields to set up the perfect business plan.

The business plan template for startups contains clear instructions and worksheets, all you have to do is answer the questions and fill the worksheets.

There are nine sections in the business plan template: executive summary, company description, products and services, marketing plan, operational plan, management and organization, startup expenses and capitalization, financial plan, and appendices.

The ‘refining the plan’ resource contains instructions that help you modify your business plan to suit your specific needs, industry, and target audience. After you have completed Score’s business plan template, you can work with a SCORE mentor for expert advice in business planning.

6. Minimalist Architecture Business Plan Template by Venngage

The minimalist architecture business plan template is a simple template by Venngage that you can customize to suit your business needs .

There are five sections in the template: an executive summary, statement of problem, approach and methodology, qualifications, and schedule and benchmark. The business plan template has instructions that guide users on what to fill in each section.

7. Small Business Administration Free Business Plan Template

The Small Business Administration (SBA) offers two free business plan templates, filled with practical real-life examples that you can model to create your business plan. Both free business plan templates are written by fictional business owners: Rebecca who owns a consulting firm, and Andrew who owns a toy company.

There are five sections in the two SBA’s free business plan templates.

• Executive Summary
• Company Description
• Service Line
• Marketing and Sales

8. The $100 Startup's One-Page Business Plan

The one-page business plan by the $100 startup is a simple business plan template for entrepreneurs who do not want to create a long and complicated plan . You can include more details in the appendices for funders who want more information beyond what you can put in the one-page business plan.

There are five sections in the one-page business plan such as overview, ka-ching, hustling, success, and obstacles or challenges or open questions. You can answer all the questions using one or two sentences.

9. PandaDoc’s Free Business Plan Template

The free business plan template by PandaDoc is a comprehensive 15-page document that describes the information you should include in every section.

There are 11 sections in PandaDoc’s free business plan template.

• Executive summary
• Business description
• Products and services
• Operations plan
• Management organization
• Financial plan
• Conclusion / Call to action
• Confidentiality statement

You have to sign up for its 14-day free trial to access the template. You will find different business plan templates on PandaDoc once you sign up (including templates for general businesses and specific businesses such as bakeries, startups, restaurants, salons, hotels, and coffee shops)

PandaDoc allows you to customize its business plan templates to fit the needs of your business. After editing the template, you can send it to interested parties and track opens and views through PandaDoc.

10. Invoiceberry Templates for Word, Open Office, Excel, or PPT

InvoiceBerry is a U.K based online invoicing and tracking platform that offers free business plan templates in .docx, .odt, .xlsx, and .pptx formats for freelancers and small businesses.

Before you can download the free business plan template, it will ask you to give it your email address. After you complete the little task, it will send the download link to your inbox for you to download. It also provides a business plan checklist in .xlsx file format that ensures you add the right information to the business plan.

Alternatives to the Traditional Business Plan

A business plan is very important in mapping out how one expects their business to grow over a set number of years, particularly when they need external investment in their business. However, many investors do not have the time to watch you present your business plan. It is a long and boring read.

Luckily, there are three alternatives to the traditional business plan (the Business Model Canvas, Lean Canvas, and Startup Pitch Deck). These alternatives are less laborious and easier and quicker to present to investors.

Business Model Canvas (BMC)

The business model canvas is a business tool used to present all the important components of setting up a business, such as customers, route to market, value proposition, and finance in a single sheet. It provides a very focused blueprint that defines your business initially which you can later expand on if needed.

The sheet is divided mainly into company, industry, and consumer models that are interconnected in how they find problems and proffer solutions.

Segments of the Business Model Canvas

The business model canvas was developed by founder Alexander Osterwalder to answer important business questions. It contains nine segments.

• Key Partners: Who will be occupying important executive positions in your business? What do they bring to the table? Will there be a third party involved with the company?
• Key Activities: What important activities will production entail? What activities will be carried out to ensure the smooth running of the company?
• The Product’s Value Propositions: What does your product do? How will it be different from other products?
• Customer Segments: What demography of consumers are you targeting? What are the habits of these consumers? Who are the MVPs of your target consumers?
• Customer Relationships: How will the team support and work with its customer base? How do you intend to build and maintain trust with the customer?
• Key Resources: What type of personnel and tools will be needed? What size of the budget will they need access to?
• Channels: How do you plan to create awareness of your products? How do you intend to transport your product to the customer?
• Cost Structure: What is the estimated cost of production? How much will distribution cost?
• Revenue Streams: For what value are customers willing to pay? How do they prefer to pay for the product? Are there any external revenues attached apart from the main source? How do the revenue streams contribute to the overall revenue?

Lean Canvas

The lean canvas is a problem-oriented alternative to the standard business model canvas. It was proposed by Ash Maurya, creator of Lean Stack as a development of the business model generation. It uses a more problem-focused approach and it majorly targets entrepreneurs and startup businesses.

Lean Canvas uses the same 9 blocks concept as the business model canvas, however, they have been modified slightly to suit the needs and purpose of a small startup. The key partners, key activities, customer relationships, and key resources are replaced by new segments which are:

• Problem: Simple and straightforward number of problems you have identified, ideally three.
• Solution: The solutions to each problem.
• Unfair Advantage: Something you possess that can't be easily bought or replicated.
• Key Metrics: Important numbers that will tell how your business is doing.

Startup Pitch Deck

While the business model canvas compresses into a factual sheet, startup pitch decks expand flamboyantly.

Pitch decks, through slides, convey your business plan, often through graphs and images used to emphasize estimations and observations in your presentation. Entrepreneurs often use pitch decks to fully convince their target audience of their plans before discussing funding arrangements.

Considering the likelihood of it being used in a small time frame, a good startup pitch deck should ideally contain 20 slides or less to have enough time to answer questions from the audience.

Unlike the standard and lean business model canvases, a pitch deck doesn't have a set template on how to present your business plan but there are still important components to it. These components often mirror those of the business model canvas except that they are in slide form and contain more details.

Using Airbnb (one of the most successful start-ups in recent history) for reference, the important components of a good slide are listed below.

• Cover/Introduction Slide: Here, you should include your company's name and mission statement. Your mission statement should be a very catchy tagline. Also, include personal information and contact details to provide an easy link for potential investors.
• Problem Slide: This slide requires you to create a connection with the audience or the investor that you are pitching. For example in their pitch, Airbnb summarized the most important problems it would solve in three brief points – pricing of hotels, disconnection from city culture, and connection problems for local bookings.
• Solution Slide: This slide includes your core value proposition. List simple and direct solutions to the problems you have mentioned
• Customer Analysis: Here you will provide information on the customers you will be offering your service to. The identity of your customers plays an important part in fundraising as well as the long-run viability of the business.
• Market Validation: Use competitive analysis to show numbers that prove the presence of a market for your product, industry behavior in the present and the long run, as well as the percentage of the market you aim to attract. It shows that you understand your competitors and customers and convinces investors of the opportunities presented in the market.
• Business Model: Your business model is the hook of your presentation. It may vary in complexity but it should generally include a pricing system informed by your market analysis. The goal of the slide is to confirm your business model is easy to implement.
• Marketing Strategy: This slide should summarize a few customer acquisition methods that you plan to use to grow the business.
• Competitive Advantage: What this slide will do is provide information on what will set you apart and make you a more attractive option to customers. It could be the possession of technology that is not widely known in the market.
• Team Slide: Here you will give a brief description of your team. Include your key management personnel here and their specific roles in the company. Include their educational background, job history, and skillsets. Also, talk about their accomplishments in their careers so far to build investors' confidence in members of your team.
• Traction Slide: This validates the company’s business model by showing growth through early sales and support. The slide aims to reduce any lingering fears in potential investors by showing realistic periodic milestones and profit margins. It can include current sales, growth, valuable customers, pre-orders, or data from surveys outlining current consumer interest.
• Funding Slide: This slide is popularly referred to as ‘the ask'. Here you will include important details like how much is needed to get your business off the ground and how the funding will be spent to help the company reach its goals.
• Appendix Slides: Your pitch deck appendix should always be included alongside a standard pitch presentation. It consists of additional slides you could not show in the pitch deck but you need to complement your presentation.

It is important to support your calculations with pictorial renditions. Infographics, such as pie charts or bar graphs, will be more effective in presenting the information than just listing numbers. For example, a six-month graph that shows rising profit margins will easily look more impressive than merely writing it.

Lastly, since a pitch deck is primarily used to secure meetings and you may be sharing your pitch with several investors, it is advisable to keep a separate public version that doesn't include financials. Only disclose the one with projections once you have secured a link with an investor.

Advantages of the Business Model Canvas, Lean Canvas, and Startup Pitch Deck over the Traditional Business Plan

• Time-Saving: Writing a detailed traditional business plan could take weeks or months. On the other hand, all three alternatives can be done in a few days or even one night of brainstorming if you have a comprehensive understanding of your business.
• Easier to Understand: Since the information presented is almost entirely factual, it puts focus on what is most important in running the business. They cut away the excess pages of fillers in a traditional business plan and allow investors to see what is driving the business and what is getting in the way.
• Easy to Update: Businesses typically present their business plans to many potential investors before they secure funding. What this means is that you may regularly have to amend your presentation to update statistics or adjust to audience-specific needs. For a traditional business plan, this could mean rewriting a whole section of your plan. For the three alternatives, updating is much easier because they are not voluminous.
• Guide for a More In-depth Business Plan: All three alternatives have the added benefit of being able to double as a sketch of your business plan if the need to create one arises in the future.

Business Plan FAQ

Business plans are important for any entrepreneur who is looking for a framework to run their company over some time or seeking external support. Although they are essential for new businesses, every company should ideally have a business plan to track their growth from time to time.  They can be used by startups seeking investments or loans to convey their business ideas or an employee to convince his boss of the feasibility of starting a new project. They can also be used by companies seeking to recruit high-profile employee targets into key positions or trying to secure partnerships with other firms.

Business plans often vary depending on your target audience, the scope, and the goals for the plan. Startup plans are the most common among the different types of business plans.  A start-up plan is used by a new business to present all the necessary information to help get the business up and running. They are usually used by entrepreneurs who are seeking funding from investors or bank loans. The established company alternative to a start-up plan is a feasibility plan. A feasibility plan is often used by an established company looking for new business opportunities. They are used to show the upsides of creating a new product for a consumer base. Because the audience is usually company people, it requires less company analysis. The third type of business plan is the lean business plan. A lean business plan is a brief, straight-to-the-point breakdown of your ideas and analysis for your business. It does not contain details of your proposal and can be written on one page. Finally, you have the what-if plan. As it implies, a what-if plan is a preparation for the worst-case scenario. You must always be prepared for the possibility of your original plan being rejected. A good what-if plan will serve as a good plan B to the original.

A good business plan has 10 key components. They include an executive plan, product analysis, desired customer base, company analysis, industry analysis, marketing strategy, sales strategy, financial projection, funding, and appendix. Executive Plan Your business should begin with your executive plan. An executive plan will provide early insight into what you are planning to achieve with your business. It should include your mission statement and highlight some of the important points which you will explain later. Product Analysis The next component of your business plan is your product analysis. A key part of this section is explaining the type of item or service you are going to offer as well as the market problems your product will solve. Desired Consumer Base Your product analysis should be supplemented with a detailed breakdown of your desired consumer base. Investors are always interested in knowing the economic power of your market as well as potential MVP customers. Company Analysis The next component of your business plan is your company analysis. Here, you explain how you want to run your business. It will include your operational strategy, an insight into the workforce needed to keep the company running, and important executive positions. It will also provide a calculation of expected operational costs.  Industry Analysis A good business plan should also contain well laid out industry analysis. It is important to convince potential investors you know the companies you will be competing with, as well as your plans to gain an edge on the competition. Marketing Strategy Your business plan should also include your marketing strategy. This is how you intend to spread awareness of your product. It should include a detailed explanation of the company brand as well as your advertising methods. Sales Strategy Your sales strategy comes after the market strategy. Here you give an overview of your company's pricing strategy and how you aim to maximize profits. You can also explain how your prices will adapt to market behaviors. Financial Projection The financial projection is the next component of your business plan. It explains your company's expected running cost and revenue earned during the tenure of the business plan. Financial projection gives a clear idea of how your company will develop in the future. Funding The next component of your business plan is funding. You have to detail how much external investment you need to get your business idea off the ground here. Appendix The last component of your plan is the appendix. This is where you put licenses, graphs, or key information that does not fit in any of the other components.

The business model canvas is a business management tool used to quickly define your business idea and model. It is often used when investors need you to pitch your business idea during a brief window.

A pitch deck is similar to a business model canvas except that it makes use of slides in its presentation. A pitch is not primarily used to secure funding, rather its main purpose is to entice potential investors by selling a very optimistic outlook on the business.

Business plan competitions help you evaluate the strength of your business plan. By participating in business plan competitions, you are improving your experience. The experience provides you with a degree of validation while practicing important skills. The main motivation for entering into the competitions is often to secure funding by finishing in podium positions. There is also the chance that you may catch the eye of a casual observer outside of the competition. These competitions also provide good networking opportunities. You could meet mentors who will take a keen interest in guiding you in your business journey. You also have the opportunity to meet other entrepreneurs whose ideas can complement yours.

Exlore Further

• 12 Key Elements of a Business Plan (Top Components Explained)
• 13 Sources of Business Finance For Companies & Sole Traders
• 5 Common Types of Business Structures (+ Pros & Cons)
• How to Buy a Business in 8 Steps (+ Due Diligence Checklist)

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Martin luenendonk.

Martin loves entrepreneurship and has helped dozens of entrepreneurs by validating the business idea, finding scalable customer acquisition channels, and building a data-driven organization. During his time working in investment banking, tech startups, and industry-leading companies he gained extensive knowledge in using different software tools to optimize business processes.

This insights and his love for researching SaaS products enables him to provide in-depth, fact-based software reviews to enable software buyers make better decisions.

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Executive summary, company overview.

Problem Statement

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Additional Features

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Frequently Asked Questions (FAQ)

• Initiate with Your Business Concept: Lay the Groundwork: Start by introducing your business idea into Plannit AI's Business Plan Generator. This first step is crucial, as it sets the tone for a tailored, insightful business plan that truly resonates with your vision. Capture the Essence: Our platform is designed to grasp the nuances of your concept, ensuring that the generated plan accurately reflects the core and potential of your business.
• Navigate Through the AI-Guided Questionnaire: Tailored Interactive Experience: Plannit AI’s AI-guided questionnaire is your interactive guide through the planning process. It meticulously gathers information about your business's objectives, strategies, and market positioning, ensuring a comprehensive and reflective plan. Intelligent Feedback and Suggestions: As you progress through the questionnaire, benefit from smart prompts and suggestions, ensuring that your plan is not just detailed but also strategically sound and aligned with industry standards.
• Generate Your Plan with Advanced AI: Intuitive Plan Creation: With the questionnaire complete, Plannit AI's advanced algorithms intelligently analyze your responses. They then craft a detailed, customizable, and strategically aligned business plan, providing you with a structured, coherent, and actionable format. Benefit from AI-Powered Insights: Plannit AI offers AI-driven insights and suggestions, ensuring your plan is not just a document but a strategic tool equipped with tailored AI prompts and an in-app plan editor. Get inspired by browsing through our sample business plans, a collection of successful strategies across various industries.
• Finalize Your Plan with Confidence: Dynamic Adaptation and Refinement: Plannit AI recognizes that a business plan is a living document. Our platform allows for continuous adaptation and refinement, ensuring your strategy remains agile, relevant, and aligned with your evolving business goals. Professional Presentation and Sharing: Once your plan meets your standards, utilize Plannit AI's export features to present your plan professionally. Choose between various formats for exporting your business plan, ready to impress stakeholders, attract investors, or guide your team. Review and Adapt: Ensure your business plan is a living document, ready to evolve with your growing business. Plannit AI's dynamic platform allows you to adapt your strategy as new opportunities or challenges arise.
• Roadmap for Success: At its core, a business plan acts as a strategic guide, providing detailed steps on how your business will achieve its objectives. It helps you navigate the startup phase, manage growth effectively, and tackle unforeseen challenges with a well-thought-out strategy.
• Securing Funding: For startups and businesses looking to expand, a business plan is crucial for securing loans or attracting investors. It demonstrates to potential financial backers that your business has a clear vision, a solid strategy for profitability, and a plan for delivering returns on their investment.
• Informed Decision-Making: A well-prepared business plan offers valuable insights into your market, competition, and potential challenges. This information is vital for making informed decisions, from day-to-day operations to long-term strategic shifts.
• Market Analysis and Strategy: It allows you to conduct an in-depth analysis of your target market, understand customer needs, and position your product or service effectively. The marketing strategy outlined in your business plan helps in identifying the best channels and tactics to reach your audience and achieve market penetration.
• Financial Planning: One of the most critical components of a business plan is the financial forecast. It outlines your funding requirements, expected revenue, profit margins, and cash flow projections. This section is essential for budgeting, financial management, and ensuring the financial viability of your business.
• Goal Setting and Performance Measurement: A business plan sets clear, measurable goals and objectives. It provides a framework for monitoring performance, measuring success, and making necessary adjustments to stay on track.
• Aspiring Entrepreneurs: If you're at the idea stage, looking to transform your vision into a viable business, Plannit AI offers the tools and guidance to bring your concept to life. Our platform helps you articulate your business idea, define your target market, and develop a solid plan to turn your dream into reality.
• Students and Educators: For students delving into the intricacies of business planning and educators teaching the fundamentals of entrepreneurship, Plannit AI serves as an invaluable resource. It provides a practical, hands-on tool for learning and teaching how to create detailed business plans, analyze markets, and understand financials in a real-world context.
• Startup Founders: In the dynamic startup environment, Plannit AI is the ideal partner for founders looking to pivot quickly, secure funding, or understand their competitive landscape. With our AI-driven insights and market analysis tools, startups can make informed decisions and adapt their strategies to thrive in competitive markets.
• Small Business Owners: For small business owners seeking to optimize their operations, expand their customer base, or explore new markets, Plannit AI offers targeted solutions. Our platform simplifies the planning process, enabling owners to focus on growth while managing the day-to-day challenges of running their business.
• Consultants and Freelancers: Consultants and freelancers specializing in business development, strategic planning, or financial advising will find Plannit AI a powerful addition to their toolkit. It allows them to provide clients with comprehensive, data-driven business plans and strategies, enhancing the value of their services.
• Non-Profit Organizations: Leaders of non-profit organizations can leverage Plannit AI to plan initiatives, secure funding, and manage resources more efficiently. Our platform helps non-profits articulate their mission, set achievable goals, and measure their impact, ensuring they can make a difference in their communities.
• Innovators and Inventors: Individuals looking to commercialize innovative products or technologies can use Plannit AI to navigate the complexities of bringing new ideas to market. From patent strategies to go-to-market plans, our platform covers all bases, ensuring innovators can focus on what they do best.
• Small Business Development Centers (SBDCs) and Government Agencies: Government and SBA backed entities can greatly benefit from integrating Plannit AI into their services, enhancing their ability to support a larger number of clients more efficiently. By facilitating quicker, more in-depth business plan development, these organizations can spend more time assisting with plan execution and less time on creation, ultimately serving their communities more effectively.
• Anyone with a Business Idea: Ultimately, Plannit AI is for anyone with a business idea, regardless of industry, experience, or stage of business development. Our mission is to democratize business planning, making it accessible, understandable, and actionable for everyone.
• Interactive Questionnaire and ChatGPT Integration: Plannit AI transforms the business planning process into an engaging conversation. Through our advanced ChatGPT integration, we offer a questionnaire that dynamically adapts to your responses, ensuring your plan is personalized, comprehensive, and aligned with your business goals.
• Dynamic Planning Environment: Unlike static templates provided by many, Plannit AI introduces a living platform that grows with your business. It features real-time updates, strategic insights, and a feedback mechanism that keeps your business plan current and actionable.
• Extensive Educational Resources: Our Education Center is packed with articles, guides, and sample plans to bolster your planning process. It's designed to arm you with the knowledge to navigate the complexities of your industry confidently.
• Enhanced Collaboration and Customization: Recognizing the collaborative essence of business planning, Plannit AI supports team efforts with multi-user editing, annotations, and feedback features, ensuring a comprehensive approach to your strategy.
• Customer Success Stories: Our users' achievements are a testament to Plannit AI's effectiveness. These success stories illustrate how diverse businesses have utilized our platform for strategic planning and growth.
• Tailored Business Plan Creation: Our platform stands out with its tailored approach, featuring customizable templates that directly cater to your business type and industry, making plan creation straightforward and relevant.
• Content Generation:: ChatGPT helps draft various sections of a business plan, from executive summaries to marketing strategies, by providing structured and coherent text based on the prompts given.
• Strategic Insights: It can offer suggestions on business strategies by analyzing trends and providing examples from a wide range of industries.
• Financial Planning: While it can't replace professional financial advice, ChatGPT can guide the structure of financial projections and statements, helping you consider important financial aspects of your plan.

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Software Reviewer at Business.org

Here’s how LivePlan makes it surprisingly simple to write a convincing business plan

You get a step-by-step process to follow

LivePlan asks you questions about your business, you plug in the answers. It’s as easy as that. You’ll get straight-forward instructions with examples on:

• Writing a pitch that grabs investors’ attention
• What to include in your marketing plan
• Every other essential piece of your business plan

“ LivePlan is incredibly simple and easy to use. The financial sales forecasting tool is very intuitive and makes writing a business plan more fun.”

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LivePlan tells you exactly what financial information you need to enter and then does all the calculations automatically using built-in formulas. So you end up with razor-accurate financial statements that include all the tables that a lender or investor expects to see.

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Lavender Kisses Farm

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It’s proven, companies that plan and track against their plan grow 30% faster than those that don’t. No matter your industry, location, or size — LivePlan helps you get your business off the ground and grow

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What is highrich-Company details, Business Plan, login

HighRich is an online marketplace which rewards its customers through network marketing as a business model. HighRich Online Shoppe Pvt Ltd is a firm.

It operates it’s Highly Prosperous Online Shopping Platform legally registered on the 22nd of October, 2019 on the 22nd of October, 2019 in India (Registration number 060038). The company’s directors comprise Kolat Dasan Pratapan and Kattukaren Sridharan Sarina.

Table of Contents

Company Profile

Happy Health India Full Details-Product, Price and Plan

Share Capital & Number of Employees

Mi lifestyle marketing Pvt ltd-Company Profile, Products, Business Plan

What kinds of categories are there Highrich Products?

There are three kinds of categories of High Online Shoppe Products:

1. First Purchase Product

2. Repurchase Products

3. Digital ID Activation Package

Highrich Business Plan

Highrich has a very effective business plan for digital marketing as well as for those who prefer working offline. Its business strategy company is built on the E-commerce business model.

So, you must concentrate your efforts on Internet marketing rather than organizing events as well as convincing your friends and family.

Type Of Income

Highrich Business is using a Network Marketing Business Model. It is possible to earn money when a person becomes a client with privileges or when they purchase a particular product.

The income can be divided into five parts.

* First Purchase Proceeds.

* Repurchase Income.

* Digital pool revenue.

* Referral income from Digital ID.

* Royalties and Bonuses

1. First Purchase Proceeds

It is the money earned that is earned when a person becomes an active member through gaining the privilege of registering using the sponsor ID. In order to distribute the income, the business follows an unidirectional business model.

This is a Binary Business Model that means that you earn money by completing 2 legs left and right. If you have a similar number of participants of your Right and Left rank, then it’s considered as two people.

Pair Matching Income in Highrich Online Shopping Business is 200 INR. The daily Limit of this amount is 5000 INR.

2. Repurchase Income.

You’ll earn money when someone purchases an item through your downline Highrich site or application.

A portion of the profits of the sale will be divided across the chain of multi-level marketing, which is 18 levels higher than them.

3. Digital Pool Income.

The Digital Pool income is offered to Digital Customers only. To become a digital client you need to purchase an entire package of goods valued at 12000 INR.

The digital pool comprises half of the earnings derived by the digital marketing process for the online customer. The 50% is given to digital customers. The daily limit of this revenue is 3000 INR.

4. Digital ID Referral Income.

This Referral Earnings are offered only to Digital Customers. If a person is made Digital Customer after entering the Sponsor’s ID you’ll receive Rs. 1000 as a Referral Commission. No limit is placed to your earnings.

I believe it’s difficult to convince someone since the item you need to purchase to become a customer is costly. You must purchase the package of items that costs you 12000 Indian rupees.

5. Royalties and Bonuses

If you can increase the number of digital customers you attract The company will award you a certain rank and an incentive.

IMC Business -Business Plan, Company details, Product

HighRich Is Fake Or Real?

HighRich Company is not Fake Highrich is a real business through a registered company called Highrich Online Shopping Private Limited.

Is HighRich Legal or Illegal in India?

Yes, e-commerce and network marketing business is legally permitted in India. Highrich Business is using these two strategies to grow its business.

The company is registered as a company. It is possible to check the details of registration on the official site of the Ministry of Corporate Affairs (MCA). The Corporate Identification Number (CIN) is U72900KL2020PTC06507.

Does Highrich Online Business Have Potential?

Yes, it is a great opportunity. As you are aware, Highrich is a mix of an e-commerce company and networking marketing. Based on IBEF (India Brand Equity Foundation) the e-commerce industry in India is projected to reach USD 99 billion by 2024.

They also mention that the market for groceries is expected to expand by 57 per cent. The Highrich online shoppe site offers groceries to purchase.

I don’t believe that people are likely to visit the market or go shopping for their needs in the near future. With the Cash Delivery System If you can receive everything you require in just one click, then there’s no reason to go to a store or even a supermarket. Highrich Online Shoppe is doing exactly that.

In general, it is difficult to earn money through Multilevel Marketing. However, the situation is different in the High Rich Network Marketing Business. It doesn’t matter failing in network marketing. You will receive discounted rates of 1 to 2 per cent on your products. The products come made by top brands such as Colgate, Britannia, Pear and many more.

Network marketing is only one component of this business. The problem with network marketing can be that consumers aren’t ready to utilize the latest product from the company.

They like using the products of their preferred brand. Integration of e-commerce companies (with the most popular products) along with network marketing can solve this problem.

HighRich Application |

Hightech also offers an Android application that makes it easy to buy. It comes with a user-friendly interface. It is accessible on the Google Play Store.

More information about this source textSource text is required to provide additional translation details

Advantages and Disadvantages

* The company sells well-known brands of products.

* The initial investment is not too high.

* First Purchase Products are not made by popular brands.

* It is difficult for anyone to make a sale for Digital ID.

3 thoughts on “What is highrich-Company details, Business Plan, login”

Yah Ek Chor Company hai mere account se ₹2500 nikal Diye Hain Meri message ke account Ke ₹5000 Nikal gaye hain

Kya 3 mahine Tak pata hi nahin Chala Jab civil check karaya Jab Pata Chala Maine Aadhar card pan card ISI company ko diye the

I wish to be a registered member of High Rich Business. A friend told me about it and the Bronz, Silver, Gold, Platinum and Ruby membership. Forward me the details of becoming a member and the different fees to be paid or membership categories.

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Blog Business 8 Best Business Plan Software for 2024

8 Best Business Plan Software for 2024

Written by: Krystle Wong Jan 01, 2024

Gone are the days of staring at blank pages and struggling to structure a business plan effectively. With user-friendly interfaces and a wide range of business plan templates catering to various industries, creating business plans that are polished, professional and data-driven can now be done in a fraction of the time.

For startups, business plan software guides them through the crucial early stages with comprehensive business plan templates and financial modeling tools. Established businesses on the other hand benefit from the software’s collaborative features, enabling seamless teamwork as they pivot, innovate and pursue new growth opportunities.

In this article, let’s delve into exploring the seven best business plan software for 2024. Whether you’re an aspiring entrepreneur with a groundbreaking idea or a seasoned business owner ready to elevate your enterprise to new heights, these software solutions have all you need to create a solid business plan.

Click to jump ahead:

What is a business plan software?

• 7 Best business plan software for 2024

Factors to consider when choosing a business plan software

7 steps to create your own business plan, business plan software faq, key takeaway.

A Business plan software is a specialized digital tool designed to assist entrepreneurs, startups and established businesses in creating, organizing and presenting comprehensive business plans. 

Business plan software significantly reduces the time and effort required to create a comprehensive business plan . The availability of business plan templates, financial modeling tools and automated features streamlines the process of business planning and eliminates the need for starting from scratch.

Some advanced business planning software even integrates market research capabilities. This feature provides users with access to market trends, industry benchmarks and relevant data. Access to such data helps users make informed decisions and demonstrate a thorough understanding of their target market.

8 Best business plan software for 2024 

1. venngage.

Venngage specializes in transforming traditional business plans into captivating visual stories. Visuals can communicate complex information effectively, ensuring your ideas stand out and resonate with your audience.

When it comes to business planning, conveying your ideas with impact is just as important as the content itself. In this digital age, visual storytelling has emerged as a powerful way to captivate audiences and leave a lasting impression. That’s where Venngage steps in.

With a rich library of templates, Venngage offers a variety of themes and styles to suit different industries and business types. Customize your business plans with our user-friendly drag-and-drop tools by adding your brand elements, customizing colors, fonts and visuals to make your business plan truly unique. Check out our library of sample business plans to get started today.

However, while Venngage excels in visual storytelling, it might not be the go-to tool for in-depth financial forecasts and analysis. Users seeking extensive financial modeling might want to complement Venngage with a comprehensive business planning tool.

Pricing options:

Create your first 5 designs with Venngage for free and upgrade to a premium or business plan for $10/month per user and $24/month per user respectively to enjoy premium features. For larger teams who need extra support, controls and security, the enterprise plan starts from $499/month for 10+ seats.

Can I collaborate with team members using this business plan software?

Yes, absolutely! Venngage offers collaborative features that allow you to work seamlessly with multiple team members when creating business plans. You can invite team members to join your Venngage account and they can contribute to the design process in real time. 

Can I export my business plan to different file formats?

Upgrade to a premium or business plan on Venngage to export your professional business plan to different file formats. After designing your business plan, you can choose to export it as a high-quality PDF document, which is ideal for sharing and printing. Additionally, Venngage allows you to export your business plan as an image file (PNG or JPG), making it easy to use in presentations or on your website. 

Is this business plan software suitable for startups or established businesses? 

Venngage is great for entrepreneurs and businesses looking to enhance their business plans with visually engaging infographics and visual assets.

Instead of sharing a lengthy, 50-page document that may bore your audience and fail to effectively convey your message — present your business plan with infographics. Here’s how you can create a business plan infographic that will wow your readers and showcase your business at its best. 

2. LivePlan

Source: Screenshot from LivePlan

In the realm of business planning software, LivePlan stands out as a reliable and user-friendly tool. With a focus on seamless financial forecasting and budgeting capabilities, LivePlan streamlines the planning process, helping businesses transform their visions into reality.

The software’s financial forecasting tools provide users with the ability to project revenue, expenses and cash flow accurately. This financial insight is invaluable for making informed decisions and setting realistic goals.

For hassle-free data integration, the business plan software offers seamless integration with accounting software . This feature allows users to import financial data effortlessly, saving time and reducing manual data entry.

While LivePlan excels in financial planning and user-friendliness, some users may find the customization options for design and layout to be limited. For businesses seeking highly tailored visual aesthetics, LivePlan’s template-based approach might be less ideal.

The standard plan is available at $20/month for monthly billing and $15/month for annual billing. For businesses seeking extensive financial tools to support their operations and growth, the Premium plan costs $20 for the first month and $40/month (monthly billing) or $30/month (annual billing) for subsequent months.

LivePlan facilitates seamless collaboration among users within your account, allowing multiple individuals to work on the same plan concurrently. To prevent conflicting edits, LivePlan restricts access to specific sections, allowing only one user to edit at a time while others observe the locked section.

You can export your business plan by using the print to PDF feature. This generates your plan content in a standard file format compatible with Adobe Reader and other free reader programs. Alternatively, you can export your plan to Microsoft Word (2007 or later).

A great tool for small businesses, startups and entrepreneurs looking for easy-to-use software with solid financial planning tools.

3. Upmetrics

Upmetrics is an AI-powered business planning software that helps businesses of all sizes and industries write their business plan.

With Upmetrics AI Assistant, you can write your plan faster, get answers to any business-related queries, and prepare financial forecasts in no time. 

Besides, the subscription includes access to 400+ sample business plans, various informative guides, and video tutorials to keep your business plan writing process on track. 

Additionally, it has collaborative features, so that everyone on the team can share their insights. Not just that, the software provides you with an AI pitch deck generator, so you can make a stellar pitch.

As an AI business plan builder , Upmetrics is suitable for entrepreneurs, startups, and small businesses to write their plans at any stage. Although it has various cover page designs and immense customization options, it might still lack visual appeal. 

Pricing plan options 

• Starter plan – $7 monthly 
• Premium plan – $14 monthly 

Yes, you can collaborate with your team members while using Upmetrics. It offers collaboration tools that allow you to work effortlessly with your team on the business plan. You can invite team members to collaborate, assign tasks, and track the progress together. 

You can download your business plan as a PDF or directly as a document in Word. Besides, you can share the business plan directly to any email, and they will get the viewer access to the plan. 

Upmetrics is a versatile business planning software suitable for startups and established businesses. But its financial planning features, step-by-step guidance, and AI Assistant make it more useful for startups writing business plans for the first time.

4. BizPlan by Startups.com

Source: Screenshot from BizPlan

If you’re a startup aiming to raise investments, BizPlan is the one for you. As a universal professional business plan builder, BizPlan offers the added advantage of seamless integration with all the tools within the Startups.com network.

Designed with startups in mind, BizPlan’s step-by-step approach allows you to break down the entire scope of work into manageable steps and the built-in Progress Tracker tool keeps you on track towards success.

Once you subscribe, BizPlan opens the door to utilizing all the tools offered by Startups.com, making it a one-stop shop for your entrepreneurial needs. Whether it’s lifetime access to the service, connectivity to Findable to attract financial investments, a wealth of online educational programs or the ability to connect multiple owners to a single account, BizPlan delivers comprehensive support.

While the business plan software offers an array of benefits, it’s essential to consider the possible downsides. The absence of a free version and a mobile app, along with a lack of industry-specific templates for business plans may be worth considering before making your decision

Pricing plan options:

• Monthly plan ($29 per month)
• Annual plan ($20.75 per month or $249/year)
• Lifetime access (one-time fee of $349)

Bizplan encourages collaboration with partners, team members, advisors and subject matter experts by allowing threaded comments throughout the entire plan. It provides control over who can access sensitive financial data and enables convenient cloud-based access from anywhere.

Bizplan provides multiple options for sharing your business plan with others. You can generate an online version of your plan, which can be set as private by default or made publicly accessible through a unique shareable URL. Additionally, Bizplan offers the option to create a custom-branded PDF of your business plan. 

BizPlan is great for entrepreneurs and small businesses who value a vast collection of resources and need support in financial analysis.

Source: Screenshot from Enloop

Enloop emerges as one of the best business plan tools for startups, catering to entrepreneurs who crave a streamlined planning process. With the ability to automatically generate basic text for each section of your plan, Enloop saves time and effort in crafting your business vision.

A highlight of the business plan tool is its automatic generation of financial projections, offering accurate insights based on your entered data. This powerful feature empowers entrepreneurs to make informed decisions and project future outcomes with confidence.

For those with a penchant for strategic thinking, Enloop’s “what-if” scenario analysis becomes an invaluable tool. It allows users to explore various business strategies and assess their potential impact on plan outcomes, enabling sound decision-making.

Enloop doesn’t stop at generating numbers; it goes a step further by providing a business plan grading system. This insightful feature assesses plan quality, giving users valuable feedback to refine and enhance their business plans.

However, it’s essential to consider the software’s limitations as customization and design options are relatively limited. Additionally, the basic version of Enloop might not meet the needs of all users, as it lacks certain advanced features. 

• Seven day free trial (no credit card required)
• Detailed plan ($19.95/month or $11/month when billed annually)
• Performance plan ($39.95/month or $24/month when billed annually)

Enloop’s online business plan writing app lets you invite and collaborate with anyone on your business plans using the ‘Invite & Share’ feature.

Enloop allows you to download your business plan in PDF format whenever you’re ready. The plans remain accessible in your paid account, encouraging regular updates to keep track of your business’s health and have an up-to-date plan ready for financing needs.

Suitable for entrepreneurs seeking a tool that simplifies financial forecasting and scenario analysis.

6. PlanGuru

Source: Screenshot from PlanGuru

PlanGuru’s standout feature lies in its ability to forecast all three financial statements – income statement, balance sheet and cash flow statement so that users can make data-driven decisions.

Creating detailed analyses becomes a breeze with PlanGuru’s general ledger import utilities, allowing seamless historical data import. The software facilitates budget vs actual reporting and enables building rolling forecasts with just a few clicks each month.

Unlimited budgeting flexibility is another advantage offered by the business plan builder. Users can craft simple high-level small business budgets or delve into intricate multi-department operating budgets with ease.

With scenario analysis capabilities, PlanGuru empowers users to interpret the financial impact of specific events accurately. This feature enables making critical investments and strategic decisions with confidence, knowing thorough due diligence has been performed.

Given its sophisticated features, PlanGuru may be more suitable for financial professionals and analysts looking for in-depth financial analysis and budgeting tools. Users not familiar with financial modeling may face a steeper learning curve when utilizing Enloop’s robust capabilities.

• Single entity ($99/month or $75/month when billed annually)
• Multi-department consolidations ($299/month or $225/month when billed annually)

You can add up to 3 users with the multi-department consolidation plan. Additionally, all plans allow you to add on $29/month (billed monthly) or $25/month (billed annually) for each extra user.

What other apps does PlanGuru integrate with?

The cloud-based platform is also accessible as a Windows-based desktop version, giving you the freedom to choose the format that suits you best. Additionally, PlanGuru seamlessly integrates with MS Excel, QuickBooks Online and Xero, providing further flexibility and convenience in using the software.

The cloud-based version is suitable for SMBs or nonprofits budgeting for a single entity while the multi-department consolidations plan is for companies with multiple departments needing consolidated budgets.

7. Business Sorter

Source: Screenshot from Business Sorter

With Business Sorter’s card sort system, crafting the foundation of your plan becomes a breeze. Featuring 273 cards covering various business situations, the business plan generator offers flexibility, allowing users to customize their plan by adding their cards or modifying existing ones, tailoring the plan to their specific needs.

The platform also provides the convenience of viewing your plan on any device, including smartphones, which not many business plan apps have. Additionally, guidance is at hand with Business Sorter as the software provides valuable tips and advice for every key step, empowering users to implement their business strategy with confidence.

While Business Sorter excels in its interactive features, it may not offer as extensive financial analysis tools as other business plan software. For businesses requiring advanced financial modeling capabilities, Business Sorter might not fully meet their requirements.

• For small teams with up to 3 users ($10/month or $80/year)
• For medium teams with up to 10 users ($30/month or $240/year)
• For large teams with up to 30 users ($80/month or $640/year)
• For enterprises with unlimited users (custom pricing)

Your business plan can be edited by only one user at a time. When a user opens a plan, it automatically locks to prevent any data loss and remains locked until the user finishes their work and exits the plan.

You can print each business plan directly from the plan summaries on your dashboard. 

Suitable for both entrepreneurs and businesses looking for an interactive and visually appealing planning approach.

9. AchieveIt

Source: Screenshot from AchieveIt

AchieveIt stands as a versatile software for business plans, designed to simplify the planning process for businesses of all sizes and planning methods. With AchieveIt, you can easily build plans, ensuring alignment and engagement among your employees and optimizing plans for seamless execution.

Regardless of your preferred planning method, AchieveIt empowers you to construct plans effortlessly, providing a flexible solution for any planning use case. The software ensures your plans are well-aligned with your organization’s objectives, engaging all team members for successful plan execution.

The business plan tool provides robust tracking and reporting features, allowing businesses to monitor the progress of their plans and measure performance against set goals. Users can create customized dashboards to visualize key performance metrics, making it easier to identify trends and insights.

That said, In comparison to most business plan software, AchieveIt’s pricing might be relatively higher with its extensive features. On top of that, for users new to strategic planning software, AchieveIt may present a learning curve during the initial adoption phase.

The business plan software packages for AchieveIt varies based on factors like organization size, required functionality and the number of users. AchieveIt being an enterprise-level software offers custom pricing to cater to the specific needs of each business. For accurate pricing details, it’s best to contact their sales or customer support team.

AchieveIt allows team members, stakeholders and advisors to have shared access to the platform, providing them with visibility into the latest updates and progress on the plans. Users can assign tasks to team members and track their progress within the platform. 

Can AchieveIt integrate with existing systems?

AchieveIt’s Data Integration API lets you import key metric data from existing systems, saving time and reducing errors by eliminating the need for data entry in multiple places.

AchieveIt is best suited for medium to large-sized businesses and organizations that require a comprehensive and collaborative strategic planning platform. It caters to teams and enterprises seeking to improve their planning processes, track performance and drive organizational alignment to achieve business objectives effectively.

No idea what your business plan should look like? Check out these business plan examples for inspiration. 

When searching for the best business planning software, you may be wondering — what features should I look for in business plan software? You want to make sure it meets your specific requirements and streamlines the planning process effectively. Here are the top six factors to consider:

Ease of use

The software should have a user-friendly interface that simplifies the process of creating a business plan. Look for intuitive navigation, clear instruction and a layout that makes it easy to input and organize your information.

Features and business plan templates

Check the range of features and business plan templates the software offers. Look for a diverse selection of business plan templates catering to various industries and business types. The software should provide essential sections like executive summaries, market analysis, financial projections and more.

Financial modeling tools

Your business plan software should allow you to input financial data and generate accurate and comprehensive financial projections. These business plan creation tools are vital for assessing the financial viability of your business.

Collaboration and sharing

If you’ll be working with a team or seeking feedback from others, consider software that enables real-time collaboration and easy sharing. The ability to work together seamlessly can enhance productivity and improve the quality of your business plan.

Built for fast-moving teams that need to be on the same page, Venngage’s real-time collaboration enables you to polish your design with your team in real time, leave comments on each other’s work,and save your designs in one shared folder. With your  Venngage Business  account, you can easily invite and manage your team members to collaborate on a design, all in real time.

Security and data protection

Since a business plan contains sensitive information, prioritize software that prioritizes security. Ensure that the software uses encryption and data protection measures to keep your data safe from unauthorized access.

Exporting and sharing options

Check the software’s export options. You’ll likely want to share your business plan with others, so ensure it can be exported in popular formats like PDF or PowerPoint.

Are you an entrepreneur starting a new business or expanding your existing business? This guide on how to create a small business plan might come in handy for you. 

Creating business plans can be a crucial step in setting your entrepreneurial vision on the right track. To help you through the process, here are 7 steps to guide you in crafting a comprehensive business plan:

Step 1: Executive summary

Start with an attention-grabbing executive summary. This section provides an overview of your business. In your executive summary, make sure to highlight your mission, goals, products or services, target market and the unique value you offer. Keep it concise, yet compelling.

Step 2: Company description

Give a detailed description of your company. Explain your business’s history, its legal structure (e.g. sole proprietorship, LLC, corporation) and the reasons why your business will succeed in the market.

Step 3: Market analysis

Conduct thorough market research to understand your industry, target market and competition. Identify your ideal customers, their needs and preferences. Analyze your competitors and highlight your competitive advantages.

Step 4: Products and Services

Describe your products or services in depth. Explain their features, benefits and how they meet the needs of your target customers. Emphasize what sets your offerings apart from the competition.

Step 5: Marketing and sales strategy

Outline your marketing and sales strategies to reach your target audience. Explain your promotional activities, pricing strategies, distribution channels and sales tactics. Detail how you plan to acquire and retain customers.

Step 6: Financial projections

Project your financial performance over the next three to five years. Include estimated revenue, expenses and cash flow. Detail your startup costs and funding requirements if applicable. Be realistic and supported by market research.

Step 7: Implementation plan

Create a detailed roadmap for executing your business plan. Set specific goals and milestones. Break down tasks and assign responsibilities. Include timelines and a plan for measuring progress.

A great tip here is to start with a well-structured outline. This guide on how to create a business plan outline will help you in creating your blueprint to easily identify your business’ resource needs, including finances, personnel and equipment. 

Is my business data safe with business plan software?

Most reputable business plan software providers prioritize data security and employ encryption and other measures to keep your business data safe from unauthorized access.

What are the benefits of using business planning tools?

Business planning tools offer time efficiency, professional presentation, error reduction, collaborative features and accessibility, making it easier to create a comprehensive business plan that impresses investors and stakeholders.

Do I need any specific skills or expertise to use business plan software?

No, many business plan software solutions are designed to be user-friendly, requiring no specific skills or expertise. They often come with templates and step-by-step guidance to assist you through the planning process.

In the dynamic landscape of 2024, businesses are on the lookout for innovative tools to stay ahead of the curve and drive their growth. These 7 business plan software picks for 2024 offer a wide range of features, from user-friendly interfaces and real-time collaboration to sophisticated financial analysis tools and customizable dashboards.

Whether you’re looking for user-friendly platform business planning tools that aligns with your business planning processes or a business plan writing software that allows you to tailor the business plan according to your industry, goals and unique requirements — I’m quite certain I’ve got them all covered. 

The value of these business plan software options lies not only in their efficiency but also in their ability to save time and reduce errors. By integrating with existing systems through Data Integration APIs, users can seamlessly import key metric data, eliminating redundant data entry and streamlining the process.

If you’re still unsure about which is the right business plan software for your business, you can always take advantage of free trials or video tutorials and demos offered by software providers. Testing the platform firsthand will give you a practical understanding of its usability and suitability for your business.

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Highrich Online Shoppe Private Limited popular as  Highrich is working on a product-based direct selling business model. In this article, I will be sharing Highrich Company details, Company Profile, Legal Information, Income Plan, and Product Details.

So, If you are planning to join the company then read  Highrich Business Plan and get the plan pdf for better understanding.

• Company Details
• Business Plan PDF
• Products Information
• Joining Process & Package
• and many more

So, Let’s get to know Highrich Business Plan PDF & Company details .

Highrich Company Details

Highrich is an E-commerce product-based direct selling company that is operated by Highrich Online Shop Private Limited from Kerala, India.

The products offered by the company are quality products with reasonable prices which include grocery products, fashion, clothing, and more.

Any person can join as Join affiliate program and business owners can also sell on their platform.

Founders of Highrich

Kattukaren Sreedharan Srina and Kolatt Dasan Prathapan are directors of the company and the head office of the company is located in Thrissur, Kerala.

Highrich Company Address & Contact Details

The company's head office is located in Thrissur, Kerala.

• Head Office : Highrich Online Shoppe Pvt. Ltd. Capital Art Businesses Spaces, Neruvissery, Arattupuzha P.O Thrissur, Kerala - 680562
• Phone : +91 9744338134
• Mail : [email protected]
• The Registered Office : Highrich Online Shoppe Pvt. Ltd. 2nd Floor, Kanimangalam Tower, Main Road, Valiyalukkal Thrissur, Kerala - 680027

Contact Detail for Query:

• For Queries / Suggestions/ Complaints : +91 9544500023, +91 9544500025, +91 9544500024 ( Malayalam ) & +91 7559900081 , +91 9744338134, +91 9744338138 ( Hindi and English )
• For Queries / Suggestions / Complaints (Multi Vendor / Sellers) : +91 95445 00096, +91 81370 0844
• For Smart Rich Queries (National & International)- Franchise Chief Operating Officer (COO) : +91 6238014065

Is Highrich is MCA Registered Company?

Yes, The Highrich is a Legal MCA registered company which is registered on 22nd October 2019.

Note : All the Above information is collected from the official website. Let us know if need to make any changes.

Highrich Company Profile

Following is legal information about the company.

Join Highrich

To Start Selling Products and earn income you first need to join Highrich Business by registering as a distributor. And, To become a distributor in the company, you have to purchase products worth at least Rs 750 or more from the list of first purchase products of the company.

While registering you will need some legal identity proof like a PAN card, Aadhar card, and bank account.

You can find many types of branded products as well.

For a complete list of Products, you can visit our previous article about  Highrich Products Price List .

Highrich Business Plan Income

Unlike, popular direct selling companies Highrich offers genuine and branded products in a reasonable price range. This is a good opportunity for someone who is looking for online E-commerce based earning platform.

As I mentioned earlier, After your first Purchasing you become eligible to do business.

There are 3 types of income in the highrich business plan.

First Purchase Income

Self purchase income, repurchase income.

This income you earn when someone uses your sponsor ID and purchases a product. For the distribution of income, the company uses a binary business model.

Binary Business Model means that you will get income when you complete 2 Legs, Left and Right. When you have an equal number of members on your left and right ranks then it forms a pair.

On every product purchase, you will earn 200 BV and the company gives the 100% commission of the Total Match BV under this income.

For Example, If you earn 2000 BV in the downline, then you will get Rs.2000 from the company. And the Daily Limit of this income is 5000 INR.

As the name suggests, you can also buy products from the company’s product list. By this, you can get a discount of about 3% to 20% depending on the product.

You can sell discounted products on Mrp in the retail market to earn Retail Profit.

Now, the most important income type is repurchase income because your most income will be generated from your downline team. You will get income when someone buys a product from your downline from the website or application.

You will get income up to 18 levels from your downline. Income is calculated in terms of the percentage of SI points.

The full form of SI point is the Sales Incentive point. And SI points are fixed for a particular product.

Following are SI Percentage you will earn from 18 levels.

HighRich Business Plan PDF

Many users are looking for good Business Plan PDFs in Hindi and English. So following are 3 PDFs I found for you.

Business Plan - PDF 1

More Information about Company and Plan - PDF 2

HighRich Business - PDF 3

HighRich Company Review

According to us, the company is a product-based network marketing company that has a good business plan. The focus and income generated are done via buying and selling products.

Under the Direct selling guideline , there will be no earnings by just adding people to it. Rather, the commission is available on product purchases made through downlines.

This makes it safe to work.

The company offers daily use and quality product which is a plus point But, how many people will buy regularly?

Well, to earn a good income you need to build a strong team. So to join or not the final decision is yours.

Is HighRich Fake Or Real?

The Company focuses on real quality products as a major source of income and is an MCA Registered Company, Therefore HighRich is not a Fake Company.

Is HighRich Legal in India?

Yes, Network marketing and E-commerce direct selling business models are legal in India and it is using these two business strategies. So it is legal in India.

The company is a registered company. You can check the registration details on the website of the Ministry of Corporate Affairs (MCA). The Corporate Identification Number (CIN) is U72900KL2020PTC06507 .

I hope that from the above information you have understood Highrich's business plan and company details . Before joining do your own research and check the products offered by the company.

If you liked our article and our explanation then you can share this article with anyone who wants to know about the company.

So, Are you already a member of this company?

Let me know in the comment now.

As we are not an advisor or emphasis joining any company and using our website we just trying to provide you with publically available information.

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Highrich Business Plan & Company Details [PDF]

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Highrich Business Plan Pdf Download | High Rich MLM हाईरिच लेटेस्ट पीडीएफ

क्या आप  Highrich Business Plan Pdf Download  ढूंढ रहे हैं ?।

अब आपको कहीं और जाने की आवश्यकता नहीं है, आपकी तलाश यहाँ ख़त्म होती है, आप सही ब्लॉग पर आयें हैं, यहाँ आपको हाईरिच बिजनेस प्लान का पीडीएफ मिल जायेगा।

हाईरिच कंपनी के और भी बहुत से पीडीएफ उपलब्ध हैं जैसे की फर्स्ट पर्चेस प्रोडक्ट, रेपर्चेस प्रोडक्ट, कंपनी के सर्टिफिकेट्स, पूल इनकम, बिजनेस प्लान प्रेजेंटेशन आदि। अगर आप ये सब पीडीएफ भी प्राप्त करना चाहते हैं तो इस लेख के नीचे बताया गया है की उसे कैसे डाउनलोड करना है।

जैसा की आपको मालूम है आज के समय सभी लोग तकनीक का भरपूर इस्तेमाल कर रहें हैं, इस वजह से पुस्तकों का चलन धीरे धीरे कम होता जा रहा है और क्योंकि पुस्तकों को हर वक़्त अपने साथ रख पाना संभव नहीं हो पाता, इसलिए इसके समाधान के लिए पीडीएफ उभर के सामने आया।

भारत में अभी भी बहुत से लोगों को अंग्रेजी भाषा का ज्ञान नहीं है जिसके कारण उन्हें अंग्रेजी में किसी जानकारी को पढना या समझना मुश्किल हो जाता है, इसलिए हमने ऐसे लोगों को ध्यान में रखते हुए यह पूरा लेख हिंदी में लिखा गया है।

यहाँ हमने आपके लिए कुछ और महत्वपूर्ण जानकारी भी दिया है जिसे आपको अवश्य ही पढना चाहिए और इस लेख में डाउनलोड करने के लिए  Highrich Business Plan Pdf  भी दिया है।

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Highrich Business Plan Pdf Kya Hai

प्रिय पाठक, किसी भी व्यवसाय के बारे में लोगों को जानकारी देने के उद्देश्य से कंपनी द्वारा विभिन्न मुद्रित सामग्री का प्रकाशन किया जाता है जैसे की पुस्तकें, ब्रोशर, लीफलेट, पम्पलेट, पोस्टर इत्यादि, उसी प्रकार पीडीएफ भी एक डिजिटल सामग्री होता है, इन सभी सामग्री में मुख्यतः कंपनी की जानकारी, उसके व्यवसाय का प्रकार, कानूनी दस्तावेज एवं सर्टिफिकेट, प्रोडक्ट की जानकारी, इनकम प्लान एवं अन्य जानकारी दी गयी होती है।

समय समय पर कंपनी द्वारा नए प्रोडक्ट, ऑफर, रिवॉर्ड, बोनस की जानकारी भी इसी पीडीएफ में दिया जाता है और इसीलिए इन सामग्रियों में बदलाव किया जाता है और नए पीडीएफ जारी किये जाते हैं, सामान्यतः अधिकतर कंपनियों के पीडीएफ मुफ्त में उपलब्ध होते हैं और उनके वेबसाइट से उन्हें प्राप्त किया जा सकता है।

कई बार कंपनी का बिजनेस प्लान पीडीएफ नहीं मिल पाता है, इसलिए हमने आपके सुविधा के लिए इस लेख पर  High rich Online Business  का पीडीएफ उपलब्ध कराया है, जिसे आप कंप्यूटर, मोबाइल और टेबलेट पर डाउनलोड करके इस्तेमाल कर सकते हैं।

टीप- पीडीएफ मुफ्त है।

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ऊपर दिए गए जानकारी से आप जान चुके होंगे की पीडीएफ क्या है, अब हम  Highrich Pdf  के फायदे के बारे में बात करेंगे, चूँकि यह भौतिक वस्तु नहीं है बल्कि डिजिटल रूप में है इसलिए इसके अनेकों फायदे हैं जैसे की इसे हम कहीं भी इस्तेमाल कर सकते हैं, दूसरों को ट्रान्सफर कर सकते हैं, कंप्यूटर,मोबाइल,टेबलेट जैसे किसी भी डिजिटल उपकरणों में इस्तेमाल किया जा सकता है, यह अधिक सुरक्षित होता है, इसके बहुत से कॉपी बनाया जा सकता है और संशोधन भी किया जा सकता है।

अगर आप इस कंपनी के बारे में ज्यादा जानना चाहते हैं तो Highrich Company Details In Hindi जरुर पढ़ें।

चूँकि यह एक डिजिटल सामग्री है इसलिए इसे दूसरों तक पहुँचाना आसान है, इसके लिए व्हाट्सएप, टेलीग्राम, इमेल जैसे सोशल मीडिया का इस्तेमाल कर सकते हैं और अगर आप चाहें तो इसका प्रिंट आउट निकलवा सकते हैं और एक प्रेजेंटेशन फोल्डर के रूप में उसे इस्तेमाल कर सकते हैं।

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अब आगे बढ़ते हुए आइये हम जान लेते हैं की इस पीडीएफ का इस्तेमाल कब, कहाँ और कैसे किया जा सकता है। अगर आप इस कंपनी के साथ मिलकर काम करना चाहते हैं तो इस पीडीएफ को पढ़कर तथा समझकर कंपनी के बारे में बहुत सी जानकारी प्राप्त कर सकते हैं।

अब बात करते हैं उनलोगों की जो इस कंपनी के साथ वर्तमान में काम कर रहे हैं, ऐसे सभी लोगों के पास इस पीडीएफ का होना बहुत जरुरी है, क्योंकि कई बार कम्पनी के ब्रोशर, लीफलेट आदि मुद्रित सामग्री समय पर नहीं मिल पाता जिस वजह से उन्हें परेशानी का सामना करना पड़ता है।

जब कभी आप किसी दूसरे काम से कहीं गए हुए होते हैं और उस वक़्त कोई प्रोस्पेक्ट आपसे बिजनेस के बारे में पूछता है तब समय आपके पास कोई लीफलेट या फोल्डर नहीं होता है, ऐसे समय में यह पीडीएफ आपके बहुत काम आता है और इसके द्वारा आप अच्छे से अपना प्रेजेंटेशन दे पाते हैं।

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जैसा की इस लेख में पहले ही बताया जा चुका है की पीडीएफ को आप डिजिटल डिवाइसेस कंप्यूटर, मोबाइल जैसे उपकरण पर चला सकते हैं और किसी भी पीडीएफ को चलाने के लिए आपके डिवाइस में पीडीएफ रीडर का होना जरुरी, आजकल के अधिकतर उपकरण में रीडर पहले से ही उपलब्ध होते हैं, अगर आपके डिवाइस में इनबिल्ट रीडर नहीं है तो नीचे दिए गए स्टेप्स का पालन करें।

मोबाइल फोन एवं टेबलेट पर चलाने के लिए-

• सबसे पहले प्ले स्टोर पर जाएँ
• पीडीएफ रीडर सर्च करें
• अपने पसंद का रीडर डाउनलोड करें
• रीडर इंस्टाल होने के बाद आपका फोन तैयार हो जायेगा
• अब  Highrich Pdf  को खोलें

कंप्यूटर पर चलाने के लिए-

• गूगल सर्च पर पीडीएफ रीडर सर्च करें
• अपने पसंद का पीडीएफ सॉफ्टवेर चुनें
• डाउनलोड और इंस्टाल करें
• अब आपका कंप्यूटर तैयार हो चुका है

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यहाँ हमने हाईरिच बिजनेस का दो अलग अलग पीडीएफ दिया हुआ है जिसे आप आसानी से डाउनलोड कर सकते हैं, नीचे दिए गए डाउनलोड बटन का इस्तेमाल करें।

अगर आप नेटवर्क मार्केटिंग कैसे करें जानना चाहते हैं तो ये लेख Network Marketing Kaise Karen जरुर पढ़ें।

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अगर आप हाईरिच बिजनेस में सफल होना चाहते हैं तो इस लेख को जरुर पढ़ें  Network Marketing Kya Hota Hai

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अगर आप हाईरिच के बारे में पूरी और जबरदस्त जानकारी चाहते हैं तो Highrich Details पर जाकर देख सकते हैं, जहाँ पर इसके हरएक पहलुओं पर बारीकी से प्रकाश डाला गया है और हाईरिच से जुडी सभी जानकारियों को सम्मिलित किया गया है।

मुझे उम्मीद है आपने हाई रिच का बिजनेस पीडीएफ डाउनलोड कर लिया होगा, डाउनलोड करने में किसी प्रकार की कोई समस्या होने पर आप नीचे दिए गए कमेंट बॉक्स में लिखकर जरुर बताएं।

हमारे द्वारा इस ब्लॉग में और भी दूसरे बिजनेस का पीडीएफ मिल जायेगा जैसे की - 

• Smart Value Kya Hai
• Vestige Company Details In Hindi

दोस्तों अगर आप बिना पैसे लगाये नेटवर्क मार्केटिंग करना चाहते हैं तो  Mall91  जरुर करें।

हम आपके उज्जवल भविष्य की कामना करते हैं।

हाई रिच बिजनेस के बारे में दो शब्द

हाईरिच कंपनी केरला में स्थित है, इसका बिजनेस मॉडल नेटवर्क मार्केटिंग और मल्टी मर्सेटाइल का मिलाजुला रूप है, अभी तक इस बिजनेस ने पूरे भारत में अच्छे तरह से अपना कारोबार किया है, प्रोडक्ट डिलीवरी, पेआउट, टीम बिल्डिंग, सपोर्ट जैसी चीजों पर भी उत्कृष्ट प्रदर्शन रहा है।

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यह भारत की एकलौती कंपनी है जो मार्किट में पहले से ही उपलब्ध प्रोडक्ट्स को लेकर व्यवसाय कर रही है अगर आप इस बिजनेस में काम करना चाहते हैं तो यह सही समय और सही मौका है।

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More From Forbes

7 Tips On How To Earn Passive Income Online In Your Business

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Earning passive income online has become more accessible than ever. With the right strategies, you can create multiple income streams that work for you, even while you sleep.

Passive income is when you earn money with little to no ongoing effort after the initial setup is done. Unlike active income, which requires continuous labor or services, passive income streams generate revenue consistently without needing constant attention.

It’s important to note that some forms of passive income, such as creating an online course, developing a mobile app, or building a blog, require a significant amount of work upfront to set up. Once established, these income streams can become passive, generating revenue with minimal ongoing effort.

Passive income is appealing to many as it has potential to provide financial security and freedom, allowing you to earn money even while you focus on other pursuits or enjoy free time.

Let’s explore some of the most effective ways to earn passive income online, helping you build financial security and freedom:

1. create an online course.

This is by far the most popular means of passive income for business owners. You can build out a course that complements your business and host it on a platform like Teachable. Once your course is live, it can generate income for years with minimal ongoing effort.

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Tips to Get Started:

• Identify a topic you’re knowledgeable about that has demand.
• Outline your course content and create engaging video lessons.
• Upload your course to an online platform and set a price.
• Promote your course through social media, email marketing, and collaborations with influencers.

2. Create a Blog and Monetize It

Blogging can be a highly profitable way to earn passive income, but it requires time and effort to build up initially. Once your blog gains traction, you can monetize it through ads, sponsored posts, affiliate marketing, and selling digital products.

• Choose a niche that you can write hundreds of articles about and not get bored and that people want to read about.
• Create high-quality content that provides value to your readers.
• Direct traffic to your blog through SEO, social media, and email marketing.
• Monetize your blog through ad networks like Google AdSense, sponsored content, and affiliate marketing.

3. Sell Digital Products

Digital products, such as eBooks, printables, templates, and software, can be a great source of passive income. Digital products are great as you can sell repeatedly without any additional production costs.

• Identify a need in your target market that can be solved with a digital product.
• Create the product using tools like Canva or Adobe Creative Suite.
• Sell your product on platforms like Etsy or your own website.
• Promote your product through content marketing, social media, and email campaigns.

4. Create a YouTube Channel

YouTube is another platform where you can generate passive income by creating videos. Once your channel is monetized, you can earn money through ads, sponsorships, and affiliate marketing. It takes a lot of effort upfront, but once you build a large audience, it can be very lucrative.

• Choose a niche and content style that resonates with your audience.
• Consistently upload high-quality videos that provide value or entertainment.
• Build your subscriber base and meet the requirements for YouTube’s Partner Program.
• Monetize your channel with ads, sponsored content, and affiliate links.

5. Affiliate Marketing

Affiliate marketing is promoting products or services from other companies, and you earn a commission for every sale made through your unique affiliate link. The key to success in affiliate marketing lies in choosing the right niche and products, creating valuable content, and building an audience that trusts your recommendations.

• Choose products that complement your business.
• Join affiliate programs like Amazon Associates or CJ Affiliate.
• Create content (blogs, videos, social media posts) that promotes your affiliate products.
• Drive traffic to your content through SEO, social media, and email marketing.

6. License Your Photography

If you have a talent for photography, you can earn passive income by licensing your photos to stock photography websites like Shutterstock, Adobe Stock, and Getty Images. Each time someone downloads your photo, you earn a royalty.

• Create a portfolio of high-quality, marketable images.
• Join stock photography websites and upload your photos.
• Optimize your photos with keywords to increase visibility and downloads.
• Continuously add new images to expand your portfolio and income potential.

7. Develop a Mobile App

If you have coding skills or the resources to hire a developer, creating a mobile app can be a lucrative source of passive income. Apps can generate revenue through in-app purchases, monthly subscriptions, and ads.

• Identify a gap in the market or a problem that your app can solve.
• Design and develop the app and focus on user experience and functionality.
• Launch your app on platforms like the Apple App Store.
• Monetize your app through in-app purchases, ads, and monthly subscriptions.

The bottom line is that earning passive income online requires effort, especially in the beginning, but the potential rewards can be worth it. By diversifying your income streams and focusing on scalable opportunities, you can build a sustainable passive income that grows over time.

Melissa Houston, CPA is the author of Cash Confident: An Entrepreneur’s Guide to Creating a Profitable Business and the founder of She Means Profit . As a Business Strategist for small business owners, Melissa helps women making mid-career shifts, to launch their dream businesses, and I also guide established business owners to grow their businesses to more profitably.

The opinions expressed in this article are not intended to replace any professional or expert accounting and/or tax advice whatsoever.

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Advertisement

19 Facts About Tim Walz, Harris’s Pick for Vice President

Mr. Walz, the governor of Minnesota, worked as a high school social studies teacher and football coach, served in the Army National Guard and chooses Diet Mountain Dew over alcohol.

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By Simon J. Levien and Maggie Astor

• Published Aug. 6, 2024 Updated Aug. 9, 2024

Until recently, Gov. Tim Walz of Minnesota was a virtual unknown outside of the Midwest, even among Democrats. But his stock rose fast in the days after President Biden withdrew from the race, clearing a path for Ms. Harris to replace him and pick Mr. Walz as her No. 2.

Here’s a closer look at the Democrats’ new choice for vice president.

1. He is a (very recent) social media darling . Mr. Walz has enjoyed a groundswell of support online from users commenting on his Midwestern “dad vibes” and appealing ordinariness.

2. He started the whole “weird” thing. It was Mr. Walz who labeled former President Donald J. Trump and his running mate, Senator JD Vance of Ohio, “weird” on cable television just a couple of weeks ago. The description soon became a Democratic talking point.

3. He named a highway after Prince and signed the bill in purple ink. “I think we can lay to rest that this is the coolest bill signing we’ll ever do,” he said as he put his name on legislation declaring a stretch of Highway 5 the “Prince Rogers Nelson Memorial Highway” after the musician who had lived in Minnesota.

4. He reminds you of your high school history teacher for a reason. Mr. Walz taught high school social studies and geography — first in Alliance, Neb., and then in Mankato, Minn. — before entering politics.

5. He taught in China in 1989 and speaks some Mandarin. He went to China for a year after graduating from college and taught English there through a program affiliated with Harvard University.

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