After the pandemic, we have seen the challenges being faced by our economy. So the leaders are working on finding the tools and techniques to overcome the effect of crises as soon as possible. Oil crises are another challenge being faced by the economy after the war between Russia and other oil-producing countries. In this situation, new startups with respect to technologies will be beneficial for the economy to grow. Always keep in mind the benefits and risk this economic crisis has brought on new startups. (Hura et al., 2023)
With the passage of time, online business is taking the place of physical one gradually. One should work on finding the online as soon as possible. There is a huge competition for businesses in the virtual world. To stay competitive in that world people have to start thinking about online business in 2023.
Some online business ideas for 2023 have been discussed below which surely will generate profit.
Start a blog:
Blogging is for those who are interested in online businesses but do not have the technical skills, they can utilize their writing skills in blogging. If you do not treat blogging as a source of income but as a business then you will be able to make an income of 5 figures. It is a misconception that for blogging you need to know about coding but it is not like that. With coding blog, writing and designing can be started.
Search engine optimization business (SEO):
SEO is the set of techniques that are used in ranking any website at the top of the search engine results page (SERP). As we can see that many businesses are online, and ranking on the top is becoming difficult for them, specifically on Google SERP. There are SEO experts who helps the businesses to achieve the goal of top ranking. Businesses pay them for this task. They do some analysis of competitors, research of keywords, on-page optimization, and building link to achieve the target.
IoT development business:
IoT is known as internet of things. It is not popular in this year but it is expected that is will grow rapidly in the upcoming year. It includes the development of applications and devices which shares the data with one other through internet. Such as through a smart home application one can track and control all the devises connected to that smartphone in his/her home. Or your fitness data can be tracked by smart watch. There are more chances of other applications to be introduced. You are required to have some knowledge of IoT devices and protocols and experience in developing these mobile applications.
Create and sell SaaS-base software:
SaaS is known as software as a service. It is the model of software distribution in which software is stored on the server and allow the customer to access through their web browser. Through subscription they are allowed to get the license. It is getting preference because for using it, no any specific location or installation is required. Customers are not required to make any updates because company is the responsible for it.
For those who are developing the virtual software it is beneficial that marketing cost is lower than the physical one. Because people want the upgradation rather than replacing the whole that lowers the risk of privacy to zero.
For the creation of SaaS-based software it is necessary to have some brilliant idea of working on the software that will be beneficial for end user as well as lower competitive. Along with this one should have enough money to develop and promote that software.
Web-development and design business:
In the growing era of online businesses, demand for online businesses is also growing. Every business either physical or online has its own website. For creating the website, businesses needs to keep the customer’s experiences in their mind, it does not only require pictures or some content. It has been researched that credibility of any website consists 75% on its design. It’ not compulsory for a business man to become the website designer of their own business, they can hire someone or partner some web designer or developers or assign this task to outsider or any freelancer. Only the required thing for you as a business man is to have some knowledge about the process of web development and design. So that communicating the requirements with the designer will be easy.
Android development business:
Share of android devices in the market is on the top. That’s why applications are on high demand in google play store. If someone have knowledge related to development of android, can start working on developing the applications for a good income. You as a business man are required to have information of Java and Kotlin. You can hire the freelancer for this task as well. Also you are required to have some knowledge of designing applications for communication to those freelancers.
Become google analytics 4 expert:
When businesses make the websites, then it is necessary for them to keep update about the website and its performance. So google has a software known as google analytics, which helps the businesses in tracking their website traffic and the performance.
It has been announced by google that they are going to replace the google analytics 3 by google analytics 4. That’s why experts of google analytics 4 will be on high demand in upcoming year by making them an important asset for a business opportunity.
Become a startup advisor:
Scope for startup advisors is increasing with a pace since last few years and it will keep growing in the upcoming year as well. Startup advisors are able to give an advice to the people for startup of new business keeping in mind different things like marketing, recruitment, development of product or service, etc.
Online marketing business:
If someone is good at promoting or marketing the product or service, then this business will be very profitable for him/her. Campaigns are being created and executed on the websites or through social media to promote the products or services. Mostly small businesses or newly started business are the targets of these business because they are unable to hire the experts of online marketing. As an online marketer you are required to have some knowledge of Digital marketing channels i.e. SEO, SMM, email marketing and paid advertisement. You should have the ability of creating the unique marketing campaigns that will attract the targeted audience.
Start affiliate marketing business:
There is a linked being used known as an affiliate link, which is used in the process of earning some commission via promoting the products or services of the company. This process is known as affiliate marketing. When affiliate link is clicked by someone and he/she makes a purchase from there, then you will be paid a commission for that. Sometimes you are paid for generating the sales for them. This is positive thing about the affiliate marketing that it generate passive income.
Content writing business:
For a content writing business, you are required to be good at words. As many business are working online and growing their business online, there is need of creative content writers for their websites and blogs. Freelance content writer helps the companies in meeting all content requirements through working with many companies. Little investment is required for this business, only laptop and good internet is required for this business.
Social media marketing:
Everyone today uses social media in their free time or the after having some hectic day. It is cost effective for people to start their here because they can reach their target audience easily and also helps in connecting with them easily for getting feedback for the improvement if needed.
Those people who are writers, can work as selling their eBook. Positive point is that it requires little investment, only laptop and good internet connection is needed. Another positive point is that it is passive income source. After publishing the eBook for one time, with some marketing efforts one can keep making money. But keep one thing in mind that you have to provide the quality content to those who are willing to purchase.
For eBook you can take many topics to write upon. Most of the times these books are read by students if they find the related topic to their assignments. Such as, if they are assigned with business assignment then they will try to take business assignment help from these eBooks.
As this is the online business so the book you publish can be read by people all over the world.
If you write an eBook on international law, then Students will be provided with international law assignment help if they are assigned with such task.
Online tutoring business:
Online tutoring business can help you when you are an expert in a specific course, you can teach the students online. For this you are required to have in-depth knowledge about that course.
Sell your online course:
You can also start a business of creating and selling the course if you are not good at teaching by creating a website and promoting it or you can sell it through other websites. Only you are required to be expert in that course so that you can write a detailed content on it. It can be text based or video based, depending on the understanding of the audience.
Everyone has their own skills and abilities. Online businesses ideas discussed above can help them to consider the idea and start working on it with respect to their skills.
Due to pandemic also students has been diverted to eLearning so online learning has affected directly on the online businesses at a great level. Marketer consider the needs and wants of their targeted audience, because of this online businesses has given a rise to freelancing and other technological opportunities. This has made the students learn online effectively in this competitive era. (bestassignmentwriter, 2020)
Hura, J., Al-Rabeei, S., Korba, P., Hovanec, M., & Šváb, P. (2023). Possible Methods of Valuing Startups. In 6th EAI International Conference on Management of Manufacturing Systems (pp. 273-284). Springer, Cham.
BAW. 20202. The impact of E-Learning on Digital Marketing in 2020. Online available at https://bestassignmentwriter.co.uk/blog/impact-of-e-learning/ [Accessed on 23rd September 2020]