There has always been quite a lot of misconception about questions like what kind of online business is legit and profitable? how can I start an online business with or without education or a laptop? how can I start? and who can I advise and mentor me?
These questions are endless and very true for each and every one of us irrespective of age, gender and race especially growing up in a third-world country in various parts of Africa where inflation, and unemployment is on the high.
Here is something to note about every online business, it comes wrapped like a gift with several other packages which you must unravel in order to make money on the side as a part-time or full-time business owner
For example, when you consider social media management as an online business. You can decide to manage social media for brands, organisations etc or grow a community in a particular industry and then become an influencer which then affords you the chance to advertise for brands at will.
In this article, we are exploring what you need to know about an online business in 2023.
What is an Online Business?
An Online Business is any business carried out over the internet, this simply means any device connected via data to the internet can be used to start or scale an online business such as laptops, phones, tablets etc
An online business is simply a mirror (reflective) of how we carry out an offline or physical business, just as we have a traditional shop by the roadside, an online marketplace is the same thing. As a traditional bank is available so also is an online bank with a wallet for you to save and withdraw money, there are a lot of similarities and differences between online and offline business
Despite these similarities and differences, it’s easier to move from an offline business to an online business in minutes without leaving your shop or office than vice versa
However, most people miss it at this point for a variety of reasons such as imitating their friends, little or no research, and following the crowd etc which then leads to questions like Is online business legit?
An online business needs to be researched, analysed and then planned before you venture into any online business
Top 5 classes of Online Businesses in 2023
Whatever can be considered a business across the internet is broken into 5 categories, Here are the 5 categories
- Online Marketplace
- Freelancing/Virtual Assistance
- Online Banking/Investment
- Online Marketing
- Online Management
- An online Marketplace is a location designed on the internet which allows access, distribution and payment of products and services by individuals (customers and sellers), this online business encourages buying and selling of physical and digital goods. Examples include
- Ecommerce
- Dropshipping
- Logistics/Courier Services
- Mini Importation
- Graphic design
- Video editing
- Blogging
- Social media
2. Freelance/Virtual Assistance: This is a business done via the Internet (freelancing platforms such as Upwork, freelancer, Fiverr, Guru), it includes people working for other people. It could be for a stipulated time period, remote or hybrid, examples include
- Transcriptionist
- Teleprompter
- Copywriter
- Data Entry Specialist
- Video Editor
3. Online Investment/Banking is quite similar to the online marketplace but with a thin difference, this business includes the saving and investment of one’s money with the goal for it to appreciate over time. Online Businesses under this include
- blockchain
- cryptocurrency
- stocks and shares
- Forex etc.
4. Online Marketing: This includes every form of advertisement and promotion done via the Internet, for example:
- affiliate marketing
- content marketing
- digital marketing
- influential marketing
5. Online Management: This involves every sort of business that demands control, and administration, they vary in scope, personnel etc. Some of the businesses include
- Consulting
- Social media management
- Website Management
- Cyber Security
There is no perfect(best) online business in the world right now, these various online businesses got the potential to make money irrespective of your location, age, skills or experience.
All that is demanded is for you to find out what business aligns with your interest(passion), and then ensure it is solving a problem with significant market demand.
Understanding what has been discussed will not cause trauma or stress about whether the online business is profitable or sustainable. However, you must take caution in trying to see results overnight.
The process is much more interesting than the end result itself so kindly give it time, be consistent and analyse your business from time to time.
Have you any questions, challenges or inquiries? feel free to ask in the comment below or kindly write to us
