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The cost of setting up a new business has never been so low. Especially for online based businesses. Technology has made starting your own business easy, affordable and possible. All you need to start a business online is a phone, a computer, and an internet connection.
Steve Jobs once said, ?Life can be much broader once you discover one simple fact, and that is: Everything around you that you call life was made up by people that were no smarter than you. And you can change it, you can influence it, you can build your own things that other people can use.?
Great ideas are everywhere. There are thousands in plain sight right now, but we don?t see them.
To recognize them takes creativity, and to cultivate creativity takes patience, perseverance, and passion.
Ideally (and for you to succeed), your perfect business idea should consist of three things:
- It should be something you like doing,
- It should be something you are good at, and
- It should be something that is in demand (i.e., people would pay for).
So without further delay, here are the top 10 million dollar business ideas you can launch with low investment:
1. E-commerce store
Unlike opening a brick-and-mortar storefront, an eCommerce site is easy to build and doesn?t require the monetary investment and time commitment. And, you?re not limited to one location or business hours since you can sell to customers anywhere in the world 24/7. Websites like BigCommerce and Shopify have a ton of priceless guides to get you started.
Not only online stores have much less startup costs than actual retail stores but also, you?re not restricted to one area or business idea hours since you can pitch to clients anyplace on the planet every minute of every day.
Opening an online e-commerce store is just as viable a way to make a living as it was a decade ago. Yes, the completion is tougher, but you have access to a wide range of free tools that you can use to set everything up with very little effort.
2. Web Design Agency
Having a website isn?t a luxury anymore. It?s a necessity. While there are plenty of free website templates, organizations still want a website that fits their brand ? which is why they?re willing to invest in a web designer. If you really want to make some cash, though, consider targeting emerging markets where the competition isn?t as high, but the demand is steadily growing.
Since we live in an advanced world, it?s normal that you have a site ? particularly for organizations who need to direct people to build deals. In the event that you have the right stuff then you can begin making customized sites for clients. Begin little by creating sites on a stage like WordPress Development and work your way up.
Dropshipping, in a nutshell, is a business model whereby an online store doesn?t own the inventory it sells. Instead, when a customer places an order, the store purchases that item from a third party that will then ship it directly to the buyer.
Put another way, the online store is a middleman, taking orders from customers, which it then forwards to a supplier or manufacturer to fulfill on its behalf.
The practice is often touted as a get-rich-quick scheme for sellers. The internet is littered with videos, blogs and online tutorials from people who claim to have made thousands of dollars in a few months ? by setting up a dropshipping store.
Yes. Blogging is alive and well. Best of all it only require low investment to get started.
Patience, along with a basic knowledge of SEO and being able to create quality content is essential. If so, you may be able to join the top bloggers who earn high six figures.
Blogging is alive and thriving in 2019. It still demands low capital initially to get started, but be patient: it will take a while to get exposure and grow your audience. These days, the competition is fierce. There are over a billion websites and blogs, and over 200 million are active. A good knowledge of SEO is essential, as is creating excellent content.
Top bloggers can earn high six figures despite working only 20 or so hours every week.
But these days, the competition is so fierce that getting on first pages of major search engines is no piece of cake. However, if you can master social media and build an audience, you can still achieve massive success without the help of search engines. Think outside of the box for marketing and growing a blog.
5. Chatbot development
?Where 10 years ago every company needed a website and five years ago every company needed an app, now every company needs to embrace messaging with AI and chatbots,? said ChatBot expert Murray Newlands.
Chatbots are artificial intelligence systems that we interact with via text or voice interface.
Those interactions can be straightforward, like asking a bot about the weather report, or more complex, like having a bot troubleshoot a problem with your internet service.
The following steps will be helpful when developing a chatbot:
Identify the opportunities for an AI-based chatbot
Understanding what are the goals of building a chatbot
Designing a chatbot conversation
Building a chatbot using frameworks or development (non-coding) platforms.
6. Drone videographer
If you like piloting drones, perhaps you should consider working as a drone videographer. You get to go to interesting places, meet cool people, and eventually develop a portfolio that could even land you a job in Hollywood.
Professional drones are very expensive, but you can start small with a mid-sized drone and a GoPro camera and go from there.
Drones are scorching hot right now. In fact, drone sales boomed from 224 percent in 2015 to 2016 to almost $200 million.
The drone services market size is expected to grow from USD 4.4 billion in 2018 to USD 63.6 billion by 2025, at a CAGR of 55.9% during the forecast period.
As Susan Ward writes for The Balance, ?Drones are rapidly becoming an indispensable tool in a variety of industries.? If you want to capitalize on this trend you could start a drone-based business such as sales, customization, repair, training, photography, mapping, surveying, or security surveillance.
7. Create an online course
One of the most popular platforms where people can access massive open online courses (MOOCs), Coursera, has more than 15 million users, who are hungry for knowledge. Such online courses go far beyond the traditional high-school curriculum.
If you have any skill at all that you think people might be interested in, there?s nothing stopping you from giving it a go. All it takes is a web camera, capture software, and basic editing skills.
First thing?s first. Why should you even build an online course at all? As you?ll see below, it?s not rocket science, but it is quite a commitment.
For starters, it?s important to note some radical changes happening in education today. You may traditionally think of learning in the context of a huge lecture hall, chalkboards, or even kids programming like Sesame Street and Mister Rogers.
In fact, according to market research firm Global Industry Analysts, the online education industry will grow from $107 billion in 2015 to $325 billion in 2025. In 2017 alone, investors poured $8.15 billion in the EdTech industry, which on its own generated almost $200 billion in revenue.
8. Mobile App Developer
Mobile applications are more popular than ever, and people are willing to pay good money for ways to manage their lives from their smartphones.
If you have a great idea and know how to code (or learn to code), you can run with it and create your app yourself.
If you just have an idea, there are plenty of software developers looking to collaborate with people on app creation.
As the cost of smartphones decreases, more and more people are starting to join the mobile revolution. It?s estimated that by 2020 there will be close to 3 billion smartphones globally. And, what are these users demanding? Mobile apps that help them manage their lives, or a game that they love. If you have an idea and some coding skills then you can start developing your own mobile apps. And, if you aren?t a coder, but have an awesome idea, then reach out to a software developer to make your app a reality.
9. YouTube channel
There are people now making a living creating viral YouTube videos. If you create a unique and entertaining video then it could soon be getting thousands of views online within a short span of time and even it can get millions of views if it goes viral. YouTube pays you as a partner for the advertisements that are in front of your videos meaning you do not have to find time looking for advertisers. There are also other potential revenue streams such as endorsing products and affiliate marketing.
There are still vast, unexplored seas filled with opportunities for anyone on YouTube who dares to go after them.
10. Affiliate Marketing
Affiliate marketers promote the products of other people and earn commissions on their sales. Amazon is currently the most popular platform for affiliate marketing, but there are many alternatives as well. Affiliate marketing is often combined with blogging to create a seamless mix of content and promotion.
While not as easy as making money with ads on your website, it?s still a relatively simple and more profitable way to generate income online.
Affiliate marketing allows you to make money online, even if you don?t have a blog, website, or any products of your own.
The formula for affiliate marketing remains relatively constant no matter what your market or niche. Your main task will always be traffic generation (i.e. driving prospects to the merchant?s website via your unique ?affiliate? link). You can start by finding ways to drive free traffic and then adding paid advertising methods to your traffic mix.