As business conditions improved steadily in 2018 and the positive trend is expected to continue throughout 2019, the time may be right to launch your own web-based business. Having the right idea, however, will be one of the most important success determinants.
Statistics suggest that 42 percent of startups will fail because they create a product/service that the market doesn't have a need for. The lack of a sustainable business model will lead to 17 percent of all failures.
Taking some time to plan in advance will determine whether you're going to make it past the one-year, five-year and even 10-year mark. Explore online startup ideas that are hot right now and that bring the promise of long-term monetization. Here are a few such ideas worth paying attention to.
Both large and small businesses know one important thing already – social media marketing offers some of the best opportunities for connecting with an audience.
Thus, businesses are willing to outsource social media marketing and management to a knowledgeable and experienced team.
If you have a background in marketing, promotion and digital advertising, this may be the niche for you. Of all companies, 63 percent believe that social media marketing will be the primary channel for reaching customers in 2020 and beyond. Take advantage of the trend right now.
Starting a dropshipping business is another incredibly hot trend because you can have your own online store without worrying about products.
In this methodology, a retailer does not have to keep an inventory of products in stock. Instead, order and shipment details are transferred to a manufacturer or a wholesale distributor. That company will be responsible for the inventory and for shipping items to clients.
Do a basic online search – there are dozens of large companies that offer drop shipping partnership opportunities to niche e-commerce website owners.
Monthly box services are available for nearly everything – from local farm goods to craft beers and makeup.
This is a subscription-based business idea that taps into a niche market.
Because customers subscribe to the monthly box, the business enjoys continuity and stability in terms of revenue generation.
To make this idea work, however, you will need to carry out thorough research. The competition is already quite intense, which is why you'll have to develop a unique monthly box concept to tap into a niche not yet occupied by others.
The dating website niche already has a vast range of well-established players. Take a look at DoULike.com or just type "dating site" in Google.
Thus, launching a general dating website isn't going to create easy to monetize business opportunities.
Niche specialization is once again the thing to focus on if you want to build a successful online startup.
Niche dating sites cater to an array of audiences – those looking for love on the basis of religious affiliation, interests, and even body type specifics. Think of something that brings people together and base the website concept around it. The idea should be niche enough, yet capable of bringing a sufficiently large audience to your platform.
Those looking for online monetization opportunities know one thing – content is the most important factor for the launch of a successful project.
One of the easiest ways to start a content-based online startup is to launch a series of blogs.
Blogs can be monetized in many ways – through paid content, display ads, affiliate marketing, and product sales.
You will need to dedicate some time to grow your audience before you can see a return on investment. Still, the investment in the business idea is minimal and the monetization potential is limited solely by your imagination.
Self-publishing has turned the table in the realm of monetizing your books.
You can easily self-publish your ebooks on Amazon to begin earning a nice passive income.
Ebook writing can still be monetized quite effectively but the competition in this field has also become fierce.
You need a strategic approach in order to turn ebook writing into a business.
Multiple books created for cross-promotional purposes are the heart and soul of this idea. In addition, you'll need to invest some money in marketing and building your online reputation. If readers are viewing you as an authority in a certain field, they'll be much more likely to purchase your books.
Ebooks aren't the only digital products you can create and sell.
The alternatives are also great. You can draft a course and sell it on Udemy. You can create podcasts and YouTube videos (which can be monetized in more than one way). Infographics, whitepapers and licensed photographs for sale will add up to a nice portfolio resulting in a steady, long-term stream of income.
To sell digital products, you will also need to build a website and make sure it is properly optimized. Eventually, you can quit some of the large marketplaces out there and sell entirely through your corporate website. This process will help you increase your revenue because you'll no longer have to give up some of your income in the form of commissions.
App development will continue providing hot startup and business growth opportunities.
Even if you don't know how to code, you can pay someone to develop the app for you. What matters is having a great, original and functional idea to begin with.
Apps can be monetized in many ways – by featuring ads, through premium account payments and VIP add-ons/in-app purchases.
The app market is pretty saturated right now so the more specific you go, the better. Regardless of the fact that a small investment is required in the idea, you should still be making sure you'll get a decent ROI.
Finally, don't forget to explore startup concepts you're passionate about. This business is something you'll be growing and evolving in the long run. Thus, you should be happy with your engagement in the respective field. If the idea brings you satisfaction, you'll probably stick with it even when the going gets tough.
The struggle associated with launching a startup can feel all-consuming. Developing the idea, engaging with others, securing funding, refining concepts, and implementation require the majority of an entrepreneur's time. While these are essential components to developing your startup, it is also necessary to spend time planning to protect what's being built. This begins with protecting your startup idea, hiring the right people, and guarding your finances.
Intellectual property is an intangible, but essential component of your startup that must be protected. It can include patents, copyrights, trademarks, logos, and registered designs. Your company needs a policy that covers establishing intellectual property rights, chronicles the steps taken to ensure their security, and recourse when people fail to respect them.
Begin by completing trademark and patent searches to make sure the idea and specifics you want to use for the startup haven't already been claimed. If they are free, file your paperwork as soon as possible. This needs to happen before you put the idea out into the public and begin discussing it openly with other people.
Asking people to sign over intellectual property rights to the company can feel uncomfortable when you're building a business together. In the beginning, everyone is enthusiastic, and it's difficult to imagine everyone not being on the same page. The reality is people and circumstances change. It's important at every step along the way the intellectual property rights are assigned to the company so the startup is protected from issues further down the line.
The question of who needs to sign over those property rights is quickly answered: everyone who works on any aspect of the development of the company. Founders can wander off, and employees may want to take the idea they come up with and start their startup. By assigning the rights to the company rather than to an individual, the company is protected.
At the same time, you must protect your data. Startups and small business owners often mistakenly believe their data would be of no interest to hackers and fail to employ an adequate IT team to construct and maintain data security protocols. You may think antivirus software will be enough to protect your data. It's not. Many cloud-based data management companies can help smaller businesses set up security procedures that will more fully protect their data.
Businesses can also improve their data security in-house. In significant part, this relies on consistent management techniques. Keep your software current. Frequent updates are necessary to secure your network. Backing up computers and networks is the next component to internal security. Even the most secure system can experience a power surge or hardware damage. If the data stored on those systems haven't been appropriately backed up, all of the information can be lost. Ideally, backups should be stored offsite for optimal security.
Finding employees you trust can be a challenge. Hiring the right person for an open position is more complicated than simply filling out a help wanted advertisement in an online database; at least it should be. The first step is to outline the core values of the company. If there is more than one person involved in the startup, it's essential that everyone discuss what values new employees need to embody. Outline, review, and revise until everyone is on the same page, and then winnow out candidates who don't match; regardless of their skill set.
Once the values and attitude needed have been established, you have to decide where to recruit. It's possible to join a massive job board and hope for the best, but some of the best talent isn't sitting around stalking the newest openings. Consider advertising on your website and using social media to spread the word, or look for prospective candidates on LinkedIn or niche job sites. When you find a good match — move fast. Please make an appointment to interview prime prospects before they are snapped up by the competition.
When the candidate pool has been narrowed, it's time to look beyond education, experience, and compatibility. It would be ideal if everyone could be trusted to tell the truth about themselves and their skills, but the gulf between ideals and reality is vast. Background checks are essential regardless of the size of the business. Every component of creating a secure environment rests on the trustworthiness of the employees.
Find an attorney that fits within the defined parameters of your company's culture. Choose an attorney with experience, authority in the industry, case history, and client reviews.
Many new startups are in the on-demand services industry. Some of the most well-known include Uber, TaskRabbit, GrubHub, and SpotHero. These kinds of startups require a different type of protection because their workforce is made up of independent contractors rather than traditional employees. Legal counsel will make sure your contracts and agreements are appropriate to your business, even if you're working in a relatively new industry.
While protecting the various aspects of your startup are vital for your business, you also need to protect your finances. One of the most critical steps in protecting your wealth is to establish business credit. There are several reasons to do this; the most important being if the startup falters at any point, those involved in starting the business will limit the impact on their finances. Established business credit also looks good to potential investors, and it can make it easier to borrow more considerable sums.
Another resource to consider is credit insurance, sometimes referred to as receivable insurance. Primarily, a business purchases an insurance policy that will pay a set amount if a customer fails to pay their bill. The maximum limit directly affects the cost of the policy so it is essential to be realistic about what must be covered and the premium the company can afford. As a new startup, it is unlikely that your business will have the financial cushion needed to absorb losses. If the money is available for this type of insurance, it can be the difference between success and having to close the doors.
Most entrepreneurs have no idea what they are getting themselves into when they decide to develop their excellent idea. Initiating a startup requires careful planning that goes far beyond a stellar idea. Take the time to ensure you bring the right people in to help make the business a success, protect your finances, and keep your ideas safe. Then start working on the next great idea.