Best Online Business Ideas To Make Money in 2023
Are you looking for an online business idea this year 2023? bother no more because you now have a lot to choose from. Whether you’re new to making money online or you’ve had some good earnings elsewhere you can still find something that you’ll want to invest your time and resources on.
No matter how your daily schedule is, you can still make out time to invest, which with time will bring good returns.
It is not advisable to quit your day job for an online business just at the moment.
You should be able to test the waters and see what it’s like; whether it’s working for you or not.
The reason for this is that getting established online might take longer than you imagine. Sometimes after doing everything right you just might not get the expected result so, you’ll need to give it time and figure out things as time passes.
I’ve been there myself so I know what it’s like.
On our list are the best online business ideas to make money in 2023
VERY IMPORTANT: 4 Things You Must Do Before Starting An Online Business In Nigeria
1) Start a Blog: A blog is a website but in this case, it’s for sharing updates and information. It’s not common you find a blog that’s meant for rendering services. An example of a blog is this website you’re on. The information shared on blogs can be tutorials, news, and maybe something that interests you, etc.
Starting a blog is not expensive, it can be done with a few dollars. You can also opt for a free blogging platform until you’re ready to invest.
This is not a get-rich-quick scheme, it does take time. In the first 3 months, you’re likely not to make anything unless you invest in advertising. In any case, getting traffic from search engines will serve you better in the long run since it’s free and more targeted.
A lot goes into making money from a blog on today’s internet. You must first of all offer quality, quality in this context translates to value. The information on your blog should be able to give answers to people’s questions.
There are various platforms for setting up your blog, the most well-known are WordPress (free and paid) and Blogger (free). Depending on if you have the budget, starting with WordPress is better.
The self-hosted WordPress platform offers a lot more than the free Blogger platform. In terms of Search Engine Optimization (SEO) and plugins are necessary for solving problems or adding something to the blog. That’s not playing down the Blogger platform as we’ve seen lots of people earn good income on the platform.
READ 👉 These Blog Money Making Ideas Are Best For Nigerians 2019
2) Selling Products on Amazon: Amazon is the biggest online store for physical products and it has thousands of sellers worldwide.
To become a seller on Amazon, you have to go through a learning process as you wouldn’t want to make mistakes here. Remember, you’re going to invest your money so you better do it right.
The first thing is finding the niche that’s profitable yet not so competitive. Then the right product with good demand. When choosing the products, it is better you choose a product that’s affordable where you’ll be able to make sales.
3) Affiliate Marketing: Affiliate marketing is simply helping businesses sell their products or services and you’re paid a fixed percentage of the sales called commission.
There are lots of companies offering affiliate programs to people who promote their products. Obviously, joining an affiliate program is not the challenge here but actually earning from it is.
A lot goes into convincing people to buy a product you’re affiliated to. You can advertise products on social media or blogs. You have to make people see that the product you’re bringing to them is good enough in exchange for their money. People should perceive you wanting to help rather than only being a concern with selling a product.
Choosing a good product with quality will also make it easier to make sales since it is most likely already well known.
We have affiliate products on almost all the niche on the internet, do well to choose a niche you’re already familiar with as this will enable you to tell easily the cash of the products to potential buyers. It could be a product you make use of personally.
In any case, you can still pick an interest in a product and gain enough knowledge about it. That’s what a lot of affiliate marketers do.
4) Starting a Dropshipping Business: This is a business with one of the lowest risk associated with lost. The merchant does not have to stock the product he sales.
When there is an order from a customer, all the merchant does is contact a third party supplier (usually the manufacturer) and the supplier supplies the product to the customer through a given address.
There are so many positives to this business model some are: low startup capital compared to the conventional retail outlets, there is no need to stock the listed products, there is no need to have a physical store (warehouse) and a physical address all of this makes it a low-risk business model
Getting started will require you to gain a lot of knowledge about how it works. You know just like many other businesses, you need to make sales to make a profit and this will mean continuity.
So, importantly, doing product research is the beginning of everything. Your product research will look at what will sell, your target audience and the profit margin. The profit should be worth your investment.
Having arrived at the chosen products, now it’s time to choose a platform which will serve as where you list the available products.
Now, there are 2 well-known and used platforms which are: Shopify and Woocommerce. Woocommerce is free to set up while Shopify’s minimum plan is $29. Shopify will be a better option if you’re really new to setting up a website of any sort, that will make their support really handy.
5) Running an E-commerce website: E-commerce website is a website for selling goods over the internet. A buyer orders for good through the website and has the option of paying on delivery or paying via an online payment method like VougePay for Nigerians or PayPal for international buyers.
You need a substantial amount in starting this business as there are so many things to pay for.
First, is the e-commerce website where you will have to hire a buyer to develop for or buy a ready-made platform from Shopify or use WooCommerce. These platforms come with payment methods and other necessary function like cart and listing panes.
After getting the site ready, you can decide to stock the goods or allow third parties to advertise their goods on your e-commerce site while you earn some percentage per sale.
Before getting out there, you’ll need to spend a lot on branding and advertisement. To put things clearly, you’ll have to spend 3 times the money used in creating your e-commerce site on advertisements.
6) Starting a Print on Demand Store: This is a low-risk investment model too, printings are done on products only when there is an order. The products could be mugs, shirts, caps etc
The owner of the store usually works with a supplier of those products and the supply is done under his brand.
One concern here is usually the shipping cost, it can go a long way in determining the profit made after a supply. So, it’s important to always take the shifting cost into consideration when billing clients.
7) Social Media Manager: Every business needs a social media presence to reach people and also get feedback, this is where a social media manager comes in.
As a social media manager, you should be conversant with the spins of taking a brand to social media users. Causing interactions and convincing your employees that it’s worth investing in.
Becoming a social media manager isn’t the most difficult task given the right dedication. You can start by buying a good course that will expose you to the best practices.
After getting a lot of knowledge in the field both from courses and interactions from like minds on other platforms, it is time to taste your skill.
One way of doing this is running a test personally, you can volunteer to join a team for a little pay just to get the needed experience before heading to the market to find clients.
Finally, after feeling confident about what you’ve learnt you can now get a name, get branded. If you’ve never thought of branding, you have to. Almost all businesses on the internet need proper branding to attract the right customers.
8) Become a WordPress Developer: More than 70% of the worldwide web is runs on WordPress and the demand for experts on this platform is on the increase.
A WordPress developer develops and creates plugins and themes for the WordPress platform. They also create and edit a WordPress site for clients.
Learning to become a WordPress developer is not the challenge here as there are a lot of resources and a couple of communities to help you start. The challenge is actually becoming one to fasten this process you should choose a field.
9) Running your own Youtube Channel: Youtube is the biggest online video sharing platform with millions of watch hours and users daily.
People go to youtube to watch different things cutting across different niches, like entertainment, politics, education, movies etc
All these videos are uploaded by people and most of them have a primary goal of making money from their contents. It starts by putting something interesting that people will like to watch.
If you fancy the idea of making videos for Youtube with the idea of making money from it, with a little guide you can get started.
First, you sign up on Youtube then create a channel where you’re to upload your videos. You will have to get at least one thousand subscribers and a minimum of 4 thousand watch hours to be able to monetize your channel.
10) Graphics Design: A lot of companies and business require designs which will carry their unique identity. This is where a graphic designer comes in, a graphics designer makes use of tools to make designs of various kinds.
Some of the tools used are Corel Draw, Photoshop, Illustrator etc.
To be able to use this tool, you must spend time practising on various designs and the good thing here is, you can master this skill by self-taught.
You’ve heard of the saying “Practise makes perfect”, it does apply here a lot of times more than it will apply to many other fields. The more you make use of the tools, the more you become familiar with the interface and you’ll be able to pitch something very unique.
Finding clients isn’t difficult in any way, there are various platforms out there that make this really easy.
11) Writing Job: If you really feel good about your written English then you should consider becoming a freelance content writer. In any case, even if you’re not so confident about your writing skills you can still get the needed help online.
There are a lot of practical help online you can get and improve drastically in no time if you put in the needed effort.
After learning the basics of English writing or any other language you wish to write with, the next thing is to choose a niche.
A niche is simply a topic or scope an example is “Sport” or “Tech”, you’ll have to write about sport. It will help you get further if you narrow your focus to a micro-niche like Football.
After practicing your own skill and getting some samples ready for potential clients, it time to go searching for them.
The good news is, there are numerous platforms willing to help you land your first writing job.
Platforms like Fiverr, Upwork, Freelancer, etc.
12) Become an Online Coach: There are a lot of good in becoming an online coach or tutor. One of them is saving money, in other words, it’s very cost-friendly compared to conventional coaching or tutoring arrangement.
Before becoming an online coach, you must have a skill you master and want to teach others. Next thing is, getting a site or advertising your service as a tutor of a particular skill.
Getting students won’t just happen, you have to prove that you’ve gotten enough knowledge and it’s enough to teach others and the best way to do this is by showing results.
Say you’re an SEO and would love to teach others search engine optimization, you must be able to show some metrics of a site you’ve ranked, and giving your thoughts on topics is also a good way to tell readers that yes, you’re good with what you do.
You can get students by getting a website of your own and showing course outlines and what students stand to gain when they learn from you.
The secret to a successful online coach is getting people to believe you’re good at what you teach and can definitely help them acquire the knowledge
Choosing a tutoring fee should be base on the industry. Don’t go too low or high but leave it where most people can afford.
13) Writing and Publishing E-books: This still follows the line where you have the knowledge and want to sell it.
Before just going about packaging anything in a PDF, there are things you should know.
A lot goes into writing books that sell, people don’t just buy a book that contains a wealth of knowledge but rather they look at how it will help them in ways they can imagine.
Don’t just put down information that can easily be found anywhere else, things that aren’t really a problem or a concept that has so many solutions to it.
14) Sell Courses Online: If you have mastery of any course, you could create a course and sell it using different online platforms.
Don’t just be in a haste to produce a course, make sure it will be worth a buyer’s every penny. To have good sales, you will need a lot of recommendations from early buyers. Advertisements can also bring sales when you’re just starting out.
15) App Development: An application developer creates applications for operating systems. It could be for mobile phones or computers or base on any operating system.
Of course, you’re going to choose your area so it fastens your learning process and advancement.
To start you need to learn a programming language. There are many options when it comes to programming languages and the type of apps and platform should guide you in choosing. Some of the programming languages are Java, PHP, Python, Ruby, C++ and Django.
Don’t make the mistake of trying to learn more than one language at a time. And also know that it takes time to get somewhere with app/software development but the huge resources and help available on the internet does go a long way in making it easy.
Seek help when you’re stuck, joining communities with like minds will really be very helpful.
After trying your hands on some applications, it’s time to go in search of jobs and there are so many opportunities out there.
16) SEO Expert: No matter what people do, so far it can be called business then it needs to be found on search engines.
Search engine optimization (SEO) is making sites show or show better on search engines. On related forums, we have lots of SEO experts and we have many businesses or blog owners hiring SEOs every now and then.
To become an SEO, you need to, first of all, know how a search engine works. A lot of people are quite conversant with the basics which will make getting to more complex concept easier.
After wrapping your head around how search engines work to some extent it’s time to look at search engines marketing concepts.
Finally, you hit SEO. There’s a lot under SEO, it will surely take some time for things you read to connect but it will eventually make sense at some point.
SEO is a continuous thing it never stops, you need to keep yourself updated so you don’t miss out on important changes.
Again, there are a lot of resources that will help you get started. It’s best when you choose a course to take and always see that you get to the end of it.
Finding jobs will not take time especially when you can show results of your previous projects.
17) Domain Flipping: This is a business with one of the best return on investment (ROI). With as little as $10 you can get started.
But before trying the business, know it requires a lot of patience as you can’t say when someone will buy your domains.
With that said, a lot of things go into buying flipping of domains, knowing a good domain name to buy has to be the most important of them all and that’s where you’ll probably spend most of your time researching.
You need to develop a strategy for weighing domain value and knowing its worth when reselling. A site like NameBio.com can help you have an idea of what a domain name will likely cost in the resell market.
The domain flipping process goes this way:
First, you buy a domain you think will suit into a business name.
Second, you park it using a site like SILO.
Third, you sell it when a buyer agrees to buy.
There’s a lot more in between and requires you to make more research on it.
A lot of businesses have failed because of lack of the right knowledge. Don’t make the mistake of rushing into an online venture when you’ve not acquired the necessary knowledge or advice.
Getting a business established online isn’t so straightforward, you may see already established businesses in the niche and think it’s going to just be the same for you but that might not be the case.
You also learn gradually and try to improve the business to meet people’s demands.
Above all, give it time to grow.