The prospect of starting an online business is undoubtedly greater than ever before. From delivering online personal training courses to selling paintings, there has never been a better time to turn your passion into profit.
In this guide, we’ll look at some of the most profitable and enjoyable options available while also helping you develop a winning strategy that can transform your dream into a reality.
Why Start an Online Business?
Almost 1.8 billion made at least one online purchase in 2022, and the figures for this year are set to be even higher. Frankly, whatever your niche might be, there will be a potential audience for it.
Furthermore, worldwide online sales will grow to $6.542 trillion in 2023 while the UK market is thriving too. So, even if you do not plan to generate international sales, there is plenty of money to be made.
Crucially, starting a home-based business can open the door to a brighter future. Here are just some of the reasons why this model is so popular;
- Starting a home-based business affords the opportunity to start out as a side hustle, working around your current job to remove any risk of leaving yourself unemployed.
- Home-based businesses have far fewer overheads, which instantly removes a lot of pressure and boosts your hopes of sustained profitability.
- You can work on something you actively love, which will counteract the day job you hate. Making money from a passion brings a unique sense of satisfaction too.
- The flexibility of working from home will allow you to create a better work-life balance, especially if you eventually turn this into a full-time career.
- By selling products and services online, there is no ceiling on your potential earnings or future customer base.
- When working on your passion from the comfort of your home, it will feel like a hobby rather than a business. The financial returns are a bonus.
In short, it is a far less risky approach to launching a business that will deliver short-term enjoyment and the potential for a far better future. The fact that an estimated 50-60% of UK SMEs are home-based ventures highlights the potential. And when you find an option that you love, the results are phenomenal.
5 Profitable Business Ideas You Can Start From Home
Knowing that you want to start an online business is one thing, but finding the right solution for you is another. Turning a passion into profit should be at the top of your agenda for many reasons. When you enjoy the work, you will be far less worried about slow profits in the early days. Likewise, if you genuinely love what you do, it will shine through.
While there is an endless list of prospective ventures, here are five of the best to consider in the rest of 2023 and beyond:
#1. Online Personal Training
If you love keeping fit and living a healthy lifestyle, becoming a personal trainer will stand out as the perfect career. Unfortunately, the traditional route would require you to quit your current job while your earnings will be limited to how many clients you can fit into the working week. By offering personal training online, both of those obstacles are torn down.
To start the process, you will need to invest in your education. Online studies will allow you to gain the relevant online personal training qualifications without disrupting your life. During this time, you can start to think about your brand. A dedicated PT website will allow you to sell and deliver world-class programs ranging from generic online personal training courses to tailored one-on-one plans.
Selling online personal training courses will also allow you to focus on the fitness niche that you love. Whether it’s a sports-based training program, HIIT, or weight loss plan for a certain demographic is up to you. The key is that you can do things your way and earn good money by;
- Selling online personal training courses to individuals or groups.
- Producing eBooks, video guides, and other monetised content.
- Delivering extra support through nutrition training.
- Creating branded merchandise, sports drinks, and other goods.
- Becoming a guest authoritative voice for other companies.
The convenience and costs of online personal training have seen the industry become hugely popular in recent times, which is underlined by a CAGR of 32.7%. Whether working exclusively with a small number of clients or delivering advice to the masses,
#2. Becoming a Content Creator
One of the best ways to turn your hobby into a business is to share your passion with the world. The content creator arena has continued to grow at a rapid pace and offers a host of opportunities for anyone that has a love and understanding of a specific niche. Blogging, vlogging, and podcasting are just three of the popular options out there. Meanwhile, social media channels from YouTube to Instagram allow you to reach the masses.
As a content creator, you can use your voice to entertain and educate audiences about your hobby. Whether it’s a love of travel, sports, music, or gaming really doesn’t matter. If you are truly passionate about an aspect of life, others will be too. Content creators also have the benefit of setting their own schedules and agendas. To be successful, you must;
- Focus on finding your authentic voice.
- Posting consistently and, ideally, at the same times each week/month.
- Understanding your audience and generating real connections with them.
- Finding the right balance between tested ideas and new creativity.
Content creation can additionally supplement other business models, including online personal training courses. With the industry growing at a rate of 25.7% annually, now is the perfect time to act. Not least because you can have a lot of fun expressing yourself on screen, as a writer, or through your photography.
#3. Selling Artwork
If you are a naturally artistic person, there is no doubt that you enjoy your hobby at home on a regular basis. Turning the hobby into a business gives you an extra incentive to spend more time being creative. Better still, it gives you a chance to share your gift with the world. It’s a far more enjoyable way to earn money than your current job while it will actively enable you to keep developing your talent.
Artwork doesn’t have to be limited to drawing or painting. The growth of NFTs has opened the door to potentially huge rewards for graphic artists. Meanwhile, your art may stem from photography, music, dance, and a host of other creative endeavours. Whatever your talent might be, there are several options available. Such as;
- Working as a graphic designer or artist for business clients.
- Creating one-off artwork from paintings to songs for individuals.
- Selling prints of your artwork for customers to use in their homes.
- Tutoring others through online lessons and guides.
You can also sell your art through many different platforms ranging from Etsy to your website. Likewise, prospective clients can find you on directories or social media. Whether selling digital items or print-on-demand products, you can do it from home. It gives you a great excuse to turn your guest room into an art studio too.
#4. Becoming a Meditation Expert
For anyone that has unlocked the holistic benefits of mediation, helping others as an online tutor will stand out as the perfect choice. Mindfulness courses will provide a foundation to build upon. When combined with your personal outlook, you can make a real difference to many lives. Not least your own. Aside from the financial rewards, spending more time connecting to mindfulness and spirituality will aid your peace of mind.
Meditation experts often make money by selling courses or guides that can help the user unlock a level of zen. It can be a digital download or a physical product. Either way, your overheads will be quite low while there is a huge potential to reach hundreds – or even thousands – of customers. Some additional revenue strategies include;
- Offering tuition or one-to-one coaching.
- Selling spirituality and mindfulness products.
- Giving advice on how customers can design a relaxation space.
- Running events and presentations.
Whether used to help reduce anxiety or help people get balance in their life doesn’t matter. The industry is growing with a CAGR of 13.11%. With more and more people looking to gain help in their daily lives, particularly at home, the possibilities are only set to keep growing over the coming years.
#5. Selling Merchandise
The thought of selling products from your home may feel impossible, not least due to the potential issues with stock and order fulfilment. However, there are now many ways to overcome those issues. Dropshipping, for example, enables you to sell products to customers without ever handling the stock. Likewise, you do not have to buy the products until the sale is made, which limits any financial exposure.
Print-on-demand services are another option while many home-based businesses will actively buy and sell stock. You can do this via your website and online marketplaces. As well as digital channels, it is possible to look at offline options. When selling merchandise, from homewares to fashion, you could;
- Become a retailer that sells products made by other brands.
- Specialise in used items, picking them up from boot sales and charity shops.
- Create your own merchandise with low order quantity values.
- Buy items in bulk and sell them in smaller quantities.
When you have a love of wheeling and dealing, the online arena is a truly thriving environment. It can start out as a side hustle and eventually grow into a full retail business. Given that online sales count for around one-quarter of all UK retail revenue, the opportunities are simply incredible.
Quick Tips to Get More Out of Your Online Business
Whether selling online personal training courses, merchandise, or anything else doesn’t matter. You will be eager to maximise your profits, prospects, and personal enjoyment. Here are six quick tips to help you on the journey ahead;
- Consider joining a freelancer directory to work as a temporary contractor for clients that are actively looking for services like yours.
- Be open to gaining help with jobs that you do not enjoy or are not skilled in – such as building a website or managing admin matters.
- Don’t be afraid to collaborate with other home-based business owners, especially when working together can help you land bigger contracts.
- Use automated tools where possible, particularly for issues linked to customer care and payment gateways.
- Be sure to get your accounts in order, not least because tax benefits will ensure that you ultimately see more money.
- If selling physical products, consider selling them on Amazon, eBay, Etsy, and other third-party platforms. It opens the door to a huge audience.
The Final Word
Starting an online business from home does require a leap of faith, but the potential rewards are far too huge to ignore. If you have ever considered launching a side hustle or full-time company, now is the perfect time. You’ve got this.