Small businesses can be a great source of passive income. If you know how to plan effectively and are willing to work hard, you have every chance to make it really profitable. Even a small business can become a successful empire if you are determined and know what tools to use. The first step to success is the right choice of a profitable business idea.
There are certain things to consider before starting your own business. First, you should determine what type of business you’d like to own, conduct market research, identify risks, calculate costs, etc. Next, you’re recommended to read more about vital things to consider to make the most effective decisions. Finally, check the ideas for small businesses below if you still wonder which idea will work best in 2022.
Open an Online Store
An online store is a proven way to create a profitable business. Online shopping has become commonplace, which has led to increased sales and the rapid development of e-commerce worldwide. The best part is that opening an online store is much easier than a physical one. Startup costs are much less as there are no administrative costs such as rent, for example.
All you need to get started is a product and an online store platform. Here you have many options, among which the most popular is WooCommerce, a plugin for everyone’s favorite CMS, WordPress. An excellent alternative for beginners is a website builder. This universal platform includes everything you need to create and launch a website: from hosting and a domain name to ready-made e-commerce solutions for any new business.
If you want to make money fast, try selling low-cost products and high margins. Some popular examples of high-margin items include jewelry, video games, and phone accessories. Digital products are also a good option since you don’t have to spend money to store them. Do you want to sell online without producing your goods? Then dropshipping as a business idea for a small business might appeal to you.
Become a Blogger
Are you fond of writing and storytelling? Then, you can earn a good profit from your passion. Today, blogging is one of the most interesting and profitable small business ideas. One of its main pros is that you can manage your time and work from the comfort of your home. Create high-quality content, add cool pics and videos, and make good money. Many public figures, such as Molly Yeh, started their careers doing the same. Now, she hosts a Food Network show known as the Girl Meets Farm.
It’s essential to have high website traffic to start a commercial blog. For most companies, there is a huge conversion potential. Have you known that a blogger could earn from $1,000 to $10,000 if having about 100,000 page views monthly? Sounds great, doesn’t it?
Offer Coaching Services Online
One of the most affordable ideas for small businesses is coach services. The best about coaching is that you need only Internet access, a strong desire to be helpful to people, and a site. Are you a competent person who can help others achieve their job and personal life goals? Then, you should consider a job as a life coach. Consulting and social work experience will be of great use if you choose this business idea. Due to the fact that this business can be run entirely online, you won’t be tied to a location when looking for clients.
Design a website on your own or hire a professional to make your site original and attractive for users from different countries. You can conduct individual and group training with the help of calls and video programs. Digital advertising and social media will help you to promote your business. Alternatively, start a podcast to get more visitors and tell about your life experience.
Work as a Translator
If you speak and write in multiple languages, pay special attention to this small business idea. Use the skills you’ve gained already to translate the content of different kinds, including website text, books, and more. As a rule, such work can be done remotely, working as a freelancer or having registered your entrepreneurial activity. However, if you lack the experience, find translation classes online, sign up for them, and do some trial projects. Then, when you become more experienced and feel that you have the necessary skills, start taking small orders.
Resell Domain Names
Domain flipping is the practice of buying and reselling domain names at a higher price. This is one of the best small business ideas if you want to start an online business with little capital and almost unlimited profit potential.
Domains that have commercial potential and contain important keywords are suitable for flipping. For example, the domain Hotels.com was sold for 11 million dollars at one time. It was bought for an online hotel booking website.
However, such generic and short domain names are very rarely available today. Many flippers are buying domains with local keywords. You should follow the news. Some domains may become popular over time.
Provide Professional Resume Writing Services
Resume writing is a great small business idea for people with a background in HR. As a specialist who knows what professionally important qualities a candidate must have, you ensure that your client’s documents are attractive and understandable to employers. You must be able to write well and also understand marketing.
In addition, be sure to familiarize yourself with the selection system of candidates. Most companies use it to filter, and index resumes according to the job description. That’s why it’s essential to include the right keywords to make your client’s resume well-optimized.
Website Testing Business
We conclude our list with another great small business idea – website testing. Many IT companies and developers are willing to pay to test and evaluate the usability of their products.
Companies often look for regular users who would just try using the product. This way, they can get feedback from real people.
The way you will conduct testing depends on the client. They usually give you instructions and questions that you must answer during the verification process. While testing the site, you will record the process, commenting on your impressions. You can search for projects online on platforms like UserTesting. Take this opportunity to interact with clients and gain experience. Then you can open your own company that will specialize in testing websites and software. So you can earn more by setting your price.
Choose the idea you like best, learn what steps you need to take to achieve your goal, and become a successful small business owner.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes