There are two things you need to do if you want to be successful in eCommerce: 1) find an online business idea, and 2) don’t just pick an idea off a list. In 2020, 4.35 million businesses were launched. This number is expected to increase in the future.
Successful online business ideas are those that solve the problems of their target customers. What are some common pain points and challenges someone encounters when starting a new business?
This guide can help turn your first idea into something strong and long lasting for your online business.
Why Choosing the Right Ecommerce Idea Is So Important
You can have the life you dream about by finding the right online business idea. Reduced hours, more freedom to choose when to work, and a salary that enables one to comfortably support a family, travel, and save for future goals. An online business doesn’t have to be something that only exists in your imagination. It can be a reality if you are willing to put in the work. It will take effort to turn your online business idea into a company that will have a big impact on your life.
50% of businesses fail in their first five years. The most important part of choosing the right online business idea is product-market fit. This means that your online business ideas should fill a need or demand that already exists in the market.
If you want your business to be successful, make sure that the demand for your product or service is greater than your ambition. If your idea did not come from your life, community, or experience, there’s a chance your new online product does not have an audience. If you’re having trouble developing your idea into a functional business concept, keep reading for some tips.
Quick Tips To Improve Your Online Business Ideas
Do you have an idea of what you want to do but are unsure if it will work out? By following these tips, you can quickly focus your idea.
If you want your new business to succeed, you should focus on a specific idea or audience, rather than trying to appeal to everyone. There is no smarter way to connect with a group of avid fans in today’s eCommerce landscape than to use social media. These fans will help to launch an online business that does very well.
Narrow your online business idea with keyword research
Search engine optimization is important for businesses that rely on web traffic. When you are trying to improve your business ideas, you can use SEO methods like keyword research to see what products people are searching for online.
Over 76,000 people are looking online for social media marketing, but there is also intense competition for that keyword. Other businesses are selling these services online. In order to make this business idea a success, examine the search suggestions related to this keyword.
With a little research on Ahrefs, we found that a lot of people are looking for:
- Social media marketing books
- Social media marketing consultants
- Social media marketing for ebooks
There is less competition for social media marketing in these niches, so they could be great online business ideas.
Ahrefs is an amazing SEO tool. It’ll help you research your competitor’s websites, understand what people are searching for, follow your rankings, check your website for issues, and learn from a range of great resources.
The starting price for using Ahrefs is $99 per month, but you can try out the toolset for a week at a cost of $7.
Plan your idea around funding
Almost half of business owners rely on loans to pay for everyday operating costs, while over 60% use their personal savings to manage any financial difficulties they face. For many business ideas, their initial cost exceeds their profit.
If you don’t want to or can’t borrow money, the online business you choose should be relatively inexpensive to operate. You will also need to create a business plan and budget in order to be successful. This will help ensure that you have the financial resources to cover unexpected costs during and after startup.
Watch for trends
The demand for a product is affected by world events. This includes factors like what product is in demand, when the demand is highest, and how much needs to be produced. The demand for most business ideas will fluctuate over time, although not every product is trend-sensitive. Online businesses need to be aware of trends so they can adjust their strategies accordingly.
An example of this would be the increased demand for virtual events, loungewear and at-home food services when social distancing first began in 2020. Loungewear sales alone jumped 1303%!
To track trends online, keep tabs on news sites in your niche and subscribe to industry newsletters. Every day, schedule ten minutes to review the news.
Sprout Social is a social CRM that allows you to track trends and expand or refine your digital business ideas.
It’s all in the timing
although they had good ideas, many early businesses that moved digitially failed because their target audiences were not yet accustomed to that medium There are many examples to learn from, such as Pets.com, eToys, and WebVan.
Most people are not ready when technology comes up with life-changing ideas. One example of this is self-flying planes. This technology is almost ready to be used on commercial flights and has assisted pilots for years. This venture is on hold because it is estimated that only one in six commercial fliers are ready to fly in a self-flying plane.
While it’s great to be excited about your online business idea, don’t forget that you’ll need to save up some money and that it needs to be convenient in order to be successful.
Don’t just launch any new business
Some people are eager to start a business and become profitable immediately. If they can’t think of a good idea, they get angry and start working on the first idea that sounds reasonable. This approach can be a great learning experience, but it can also be an expensive way to learn.
You can avoid falling into this trap by taking a few online personality tests. The following quizzes can help you determine your strengths, weaknesses, and passions. Examine your current time habits and see how they would work with having an online business.
To be successful in an online business, it is important to have a long-term plan and be patient. It can take a few years to reach the full earning potential of a new online business. Think about what qualities your business idea will need to be profitable and enjoyable for you to operate in the long run if you want it to last long-term.
“Easy to Start” Online Business Ideas
Some people feel security in having a steady income from a job where somebody else tells them what to do every day. This can provide a consistent schedule.
You tell yourself, “You know what? This year is a little too crazy. I’ll start that online business next year!”
But “next year” never comes.
We believe that starting your own online business in 2022 is a great idea! Now is the time to take advantage of all the opportunities that are available!
We’ve gathered 27 online business ideas to help you get started. After you have read through the options below, choose the one you most connect with and begin researching it further. Then get started with one, it’s that simple!
Start a Blog and Monetize it
This website provides a lot of information on how to start a blog.
A blog can be a big potential source of income in 2022 if you know how to monetize it. It is easier to start a blog than ever before.
Keep in mind that you don’t just start a blog and expect the money to roll in. Your content must be created on a consistent basis and must be interesting to your audience. capture their interest
Not only do you need a blog, but you need to sell something through it. There are many potential sources of revenue for a website, including ads, selling products, digital products, sponsored posts, coaching, and ebooks.
If you’re willing to work hard and stick with it, blogging can be very profitable. Some bloggers make $50,000 a month or more.
Get Started With Affiliate Marketing
Affiliate marketing is a way to make money by promoting products for other people.
There are two main ways most people do affiliate marketing:
- Information products. You promote products like ebooks, membership sites, video series, etc. This type of affiliate marketing can earn you up to 50% or more in commission, has relatively low barriers to entry, and it’s easy to find products to promote.
- Amazon partners. Many affiliate marketers have success with Amazon. There are millions of products to choose from, and it can be quite profitable. For more information, you can check out the Amazon Associates Program.
Whilst it is not essential to have a detailed understanding of SEO and copywriting before beginning affiliate marketing, it is certainly beneficial to have at least a basic understanding of these concepts before getting started. This will help you to better understand how to market your affiliate products effectively.
Set Up an E-Commerce Site
An e-commerce store is a great way to earn online income.
The best affiliate marketers focus on three main niches: dating, weight loss, and making money online. To be successful, you would need to be better than the competition.
As e-commerce becomes more popular, you will be competing against traditional businesses who may not have any experience with internet marketing. Many of the businesses have websites that are not up-to-date and have glitches, which means there is a lot of opportunity for you to improve and take advantage of their weaknesses.
It’s still not easy by any means. You’ll need to put in the hard work to make your e-commerce website or online store stand out amongst the hundreds of thousands of others that are out there. You can make your e-commerce store successful by finding a niche that no one else is filling and using the right marketing techniques.
Here are some tips to help you get started with your e-commerce store:
- Find a profitable market. Brainstorm some ideas, do keyword research, and try to get as specific as possible. For example, there is probably a lot of competition for selling surfboards. But if you narrow it down to surfboard racks, you may have a better chance of standing out in the market.
- Ask yourself, “Is the product expensive?” There are costs associated with manufacturing, distribution, reselling, etc. If your product isn’t expensive (at least $50 or more), there may be no profit left by the time you sell the product.
- Ask yourself, “Is the product in a growth market?” If your market has already passed its peak (i.e., the VCR market) and is on the downslope, you probably don’t want to get involved. Instead, you want to get into an industry that’s on the upswing – that’s where you’ll have the most profit and growth potential.
- Consider building a Shopify store. Shopify is a system built for e-commerce. With some basic web knowledge, you can set up a good-looking store very quickly, with a low-cost investment and with no coding needed. Shopify has a 30-day free trial too, so you can get started without spending a dime.
Self-Publish a Book on Amazon
Have you ever thought of writing a book, but didn’t know where to get started? All the publishing nonsense, editing, formatting, marketing, etc.?
It’s easy to self-publish a book with Amazon and make money from it. There are some guides that can help you write your book and make it generate income continuously that are simple and not expensive.
This is the key to success: if you can sell a few hundred copies of your book in the first week after it comes out, Amazon will start promoting it for you. You can make real money from it this way. Although it may seem difficult, it is actually not so complicated. We will discuss this in more detail soon.
Here are a few tips for writing a book:
- Validate the book by giving a survey to friends, an email list, and/or survey sites like PickFu. By validating your idea before you write the book, you’ll improve the odds of people willing to buy your book (and you’re not wasting your time by writing it.)
- Create an outline and stick to it if possible.
- Set aside at least 30 minutes to an hour each day to write.
- Format the book according to Amazon’s standards.
You can go to KDP.amazon.com once the book is written and formatted. To create a new Kindle eBook, log into your Amazon account and select “Kindle eBook” under “Create a New Title.”
Here’s a good strategy for your book’s launch week (to get 100+ sales):
- Set the price at 99 cents for the first week.
- Run a 99-cent promotion with sites like Buck Books and Robin Reads.
- Post a book excerpt on a relevant subreddit and link it to your book page at the end.
- Post 1-2 guest posts during the launch week that link back to your book page.
- Blast your email list multiple times.
- By the end of the week, hopefully, your book has eclipsed the top 5,000 or 10,000 overall paid ranking. From there, raise the price to $2.99, and continue raising the price by $1 at a time every few days until it stops selling (then, lower it back by a dollar). This will tell you the optimal price for your book.
THE PROBLEM: YOUR BUSINESS ISN’T GROWING AS FAST AS IT SHOULD!
Your sales have stagnated or decreased, and you can’t figure out why. Discover what’s holding you back from achieving predictable sales growth in your business.
If you want to grow your business, you need a proven plan and framework. That’s what you get with the 2X Your Sales Discovery Session.
Want to learn about a formula for Predictable Growth that will put your business on a 90-day path to 2X Your Sales?