“Online Business Ideas That Could Make You Rich”
The National Retail Federation (NRF) recently made an estimate that within 2018 there is a projected increase in non-store sales (online sales) by up to four times the growth rate of sales made within a brick-and-mortar store. It’s obvious that online sales are the future of business, but what does this imply to an entrepreneur who wishes to pursue their dreams in this big blue ocean called the “internet”? It can imply a lot, and deciphering where to begin can seem extremely overbearing.
I recently heard a quote that if you want to build a billion dollar idea you must look to the future and determine which direction our world is headed (from a consumer standpoint, obviously). While researching online entrepreneurial endeavors I came across an article written by R.L. Adams who is the founder of wanderlustworker.com and frequently writes for Forbes and Entrepreneur Maganzine. Adams outlines seven possible business ideas that he believes are the future of potential billion dollar online industries. Of those seven, I found three strategies that have huge potential for new online businesses.
- Box Subscription Businesses- Box-subscription businesses have taken off at a huge rate, and have earned the trust of consumers. One of the greatest examples is the Dollar Shave Club. The ability to take an everyday product, delivery it to the customer in the most convenient way possible, and still undercut most competitors was a guaranteed win for the Dollar Shave Club. However, what I believe has potential is to look at industries in which the same type of business model could be established. A few other companies doing this are Graze, Blue Apron, FabFitFun, and LeTote. All these companies offer subscriptions of varying types, as well as add-ons for most packages. This idea is going places!
- SEO business- Adams addresses SEO (Search engine optimization) by making the statement that although paid ads are continually growing at an astounding rate, there is something to be greatly noticed about being organically found through search engines (like Google). 40% of users click on the first search result that they see which makes the first page of results the utmost coveted position by all companies with an online presence. This desire then creates the need for jobs and businesses that specialize specifically in SEO. Of course this takes the knowledge of understanding SEO, but with the right direction this industry could be filled with profit from an internet entrepreneurial standpoint.
- Vacation rental business- While this may seem like an odd market to enter, there is a huge increase in the current generation with vacation rental homes. Although there are the recognized larger companies like AirBnB or HomeAway, there are also many other profitable niche businesses that have capitalized on other markets. This business idea would take some obvious initial equity, however it’s proven to be successful being run completely online, down to the smallest booking details. There are other variations of this that could be utilized in managing smaller rental homes or apartments. Nevertheless, the online presence of being accessible and having your services readily available are the main draw for the consumer.
If you wish to further investigate some of these options I discussed please visit:
Reference(s): https://www.entrepreneur.com/article/299734, https://www.wanderlustworker.com/