If someone told you decades back that you can earn millions by simply talking about your favourite makeup on youtube, no one would believe it and also probably think that the person is crazy. Fast forward to the scenario today and the career options available are so dynamic that half of them were unheard of even a few years back.
Also, thanks to the pandemic, the world has seen the hybrid or the work-from-home model of working which is a huge transition from the traditional 9 to 5 office jobs. This has also created new career opportunities for the masses today which may require niche skills and not traditional degrees but rather simply an internet connection and a laptop or mobile. Some of the top online business ideas in India today are discussed hereunder.
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10 best online business ideas
There are multiple online career or business options available in India. Some of the most common and preferred online business ideas for Indian markets are mentioned hereunder.
1. Content writing
Content writing is one of the most popular online business options that a person can start. It includes the content in written, audio, or video format. This is almost a zero-investment business and all it requires is a laptop or a mobile and a stable internet connection. Content writing can include article writing, blog writing, ghostwriting, rewriting a blog or eBooks writing, and content writing in the form of marketing for small businesses. The basic skills for this business are to have the ability to have a good knowledge of the topic and convey one’s thoughts in a better and more efficient manner.
2. Affiliate marketing
Affiliate marketing is a type of marketing where a business or brand partners with other individuals or businesses (affiliates) in order to promote their products or services. The consideration for this type of marketing is in the form of commission or any other form of compensation. Such marketing can be done through numerous channels like their website, blog, social media platforms, email marketing, or paid advertising. When a consumer clicks on an affiliate link and makes a purchase, the affiliate earns a commission on that sale.
3. Digital marketing
Digital marketing is the practice of promoting products or services through digital channels, such as the internet, social media, search engines, email, and mobile apps. Digital marketing has become an essential part of online businesses because it allows businesses to reach their target audience more effectively and efficiently.
4. Online trading
Online trading is not new but the scale of new traders in the market today has definitely increased. It refers to the online buying and selling of financial instruments like stocks, bonds, commodities, and currencies, through online platforms or registered brokerages. The user-friendly interface provided by newage stockbrokers and the increased awareness in relation to the financial markets has given more push to online trading in recent years.
5. Online tutoring
Online tutoring is a business that provides one-on-one or group academic assistance to students through an online platform. Over the past few years, there has been a rise in the online tutoring business with many major players like Byjus, Cuemath, etc. trying to increase their student base. The online tutoring business has gained more popularity on account of the Covid-19 pandemic.
6. Online data entry jobs
Online data entry jobs are jobs that involve entering data into digital platforms, such as spreadsheets, databases, or content management systems. This job can be done easily through remote locations either on a full-time or part-time basis.
7. Online transcription/translation jobs
Online transcription/translation jobs involve transcribing audio or video files or translating written documents from one language to another using digital platforms. Some common types of online transcription or translation jobs include audio or video transcription, closed captioning, or subtitling. This business requires excellent proficiency in languages for increasing efficiency.
8. Youtuber / Vlogger
A YouTuber or vlogger is a person who creates and publishes video content on YouTube or other video-sharing platforms. These videos can include a wide range of content which can be educational and informative videos to personal vlogs and entertainment content. In order to be successful in this type of business, the person needs to create a niche for themselves through their unique content and brand.
9. SEO analyst
The core function of an SEO (Search Engine Optimization) analyst is to improve the visibility and ranking of a company’s website in search engine results pages (SERPs). To achieve this task, the SEO analyst uses many techniques and strategies aimed at optimizing the website’s content and structure to make it more attractive to search engines like Google.
10. Create a market for homemade products
Creating an online market for homemade products can be a great way to monetise one’s expertise or interest or support local artisans. It can also be in the form of a platform and connect them with customers who appreciate handmade, unique products. People can sell their products on online platforms like Amazon, Flipkart, Snapdeal, and more.
What are the benefits of online business in India?
Online businesses are not new or unique to the Indian market today and are only going to grow. Some of the key benefits of online businesses are given below.
- Cost-effective mode of starting a business
- Excessive reach even to the remotest parts of the country or abroad
- Flexibility in opening and operating the business and managing the work hours
- Increased visibility among competitors using SEO techniques
- Increase in convenience and 24/7 accessibility
Online businesses are not limited to a specific industry or a specific genre anymore. In this fast-evolving world, traditional jobs will see many alternatives and there will be increased scope for individuals to start their online businesses even from remote locations and be part of the mainstream economy.
Some key limitations of online business include dependence on technology, intense competition, lack- of face-to-face interaction and personal touch, security risks and data privacy issues, legal and regulatory issues, logistic issues, etc.
Online businesses can be part of both the organized and unorganized sectors, depending on various factors such as the nature of the business, its size, and its level of compliance with regulations. However, the line between organized and unorganized sector online businesses is not always clear as many online businesses may fall somewhere in between.
The basic requirements for setting up an online business include primarily a business idea and executing it efficiently. Other essentials include ensuring legal compliances, getting a unique domain name and developing a website that reflects the essence of the business, marketing strategy, setting a secure payment gateway
There are many businesses that have converted from the initial online model to a large-scale offline base after growing significantly or have been operating in the online or offline business from their initial stage itself. The need or scope of converting online businesses to conventional ones depends on the nature of the business, its size and the organisational structure and the target consumers.