It’s easier now than ever to start a business. With a professional website and an effective marketing strategy, small businesses can appear to be bigger than they actually are.
So if you’re looking to create multiple revenue streams or free yourself from the financial restrictions of a 9-5 job, now is a good time to start exploring business opportunities.
But the important question is: where do you begin your search for a profitable business idea in a sea of a thousand possible choices?
This article will provide you with some inspiration. Here, you’ll find 20 of the world's best business opportunities that you can easily earn money from, and tips on how to identify a good business opportunity.
- Best online business opportunities
- Online Course Creation
- Website Flipping
- Airbnb Rental Arbitrage
- Amazon FBA
- Virtual Recruiter
- Thrift Clothes
- Selling on Ebay
- Freelance Writing
- Video Games
- Vending Machines
- Customer Support
- 3D Printing
- Digital Marketing
- Real Estate
- Pet Products
- Virtual Assistant
- Graphic Design
- How to identify new business opportunities
01. Dropshipping Business
Dropshipping is an eCommerce business model where you don’t keep inventory of the products you sell. Instead, you send a customer’s order directly to your supplier who handles packaging and fulfillment.
This way, you don’t have to worry about buying inventory or managing a warehouse. What you focus on instead is marketing and customer support.
This inventory-less approach to eCommerce makes dropshipping an ideal business to start with little capital. What you need to do is find a supplier or manufacturer that sells the product you want, create an online store using Shopify, and list the products on your store.
Some of the dropshipping product niches you can get started with include: Health & Beauty, Jewellery, Women Clothing, Home & Garden, and many more.
Examples of dropshipping stores you can gain inspiration from are: Meowingtons, Inspire Uplift, and Warmly Decor.
02. Online Course Creation
If you have specific knowledge or expertise that is valuable to other people, you should consider packaging that knowledge in the form of an online course. The market for online courses is booming. Recent studies reveal that the industry will hit $325 billion by 2025.
You don’t need to spend a huge fortune to become an online course creator.
Your knowledge and expertise is the most important resource. And there are multiple platforms that you can leverage for content creation and distribution. Some of them include Learnworlds, Skool, Kajabi, and Podia.
If you eventually decide to create online courses, you must pay attention to how you’ll differentiate your course from your competitors’.
The eLearning market gets more and more crowded everyday. So ensure that your content fills a market gap before you launch.
Identify potential course opportunities by sending out surveys, engaging with your followers on social media, or even scouring platforms like Quora or reddit.
You can then validate your course by pre-selling. Create a landing page for your course and drive traffic to it via ads or word of mouth. If people purchase your course, then you’ve probably got a winner.
In this day and age, anyone can be a consultant. The dictionary defines a consultant as “a person who provides expert advice professionally.”
So what you need to become a “good” consultant is to be knowledgeable in what you want to consult in. Maybe you worked in the nonprofit space for years and you understand how nonprofits can raise money. You can turn this experience into a lucrative business by advising these organizations on how to raise the money they seek.
One perk of consulting is you can offer your services while still keeping your day job. For instance, you work as a paid ads manager for a software company full-time. As a way to augment your income, you can also work with other companies as a consultant to help them define their paid ads strategy.
Consulting is a huge business opportunity to tap into.The global consulting market is expected to hit $973 billion in 2022.
If you’re looking to get started with consulting, follow these steps:
- Identify your area of expertise
- Choose your target audience
- Obtain social proof
- Create a website
- Network with prospects
If you know how to take high-quality, beautiful pictures, then photography is a business opportunity you should consider. In 2022, the photography industry generated 10 billion dollars.
One way to get your slice of that cake is to sell your work on sites like 500px, Getty Images, and Alamy, or sell photos directly to your audience.
But it’s notoriously expensive to get started with photography. The equipment you need to get up and running does not come cheap. For instance, you might need to budget $1500 - $2000 for your camera. And your lenses can be bought for $1000 each.
There are other costs involved like memory cards, laptop, and website. But despite the high startup costs, photography is a business opportunity that can help you create a comfortable life if you invest time and resources into it.
To increase your chances of success if you decide to delve into photography, here are 3 tips for you:
- Think carefully about your niche and understand your target audience
- Build new relationships and stay connected to your network.
- Identify your best customers and make them happy.
05. Website Flipping
Another business opportunity is website flipping.
Website flipping is the practice of purchasing websites with huge opportunities for growth, improving their revenue, and then selling them at a profit.
Website flipping isn’t an easy business. It requires a huge amount of due diligence and research. Plus you need to own (or have the ability to purchase) the skills required to grow the website.
But if you do this successfully, you could be in for outsized rewards.
Let’s say you find an undervalued website with high traffic but bad SEO or monetization practices. You can purchase this website for a good deal and then improve its revenue and profits using your skills.
The average valuation for a website is 35-40x monthly income. This means if you bought a $500 per month website for $17,500 (at 35x the revenue) and grew it to $1500 per month, you can expect to sell it for $52,500.
That’s a $35,000 jump in value.
There are numerous websites built to help you find opportunities for website flipping. Some of these websites include Flippa, Trade My Site, and Freemarket.
06. Airbnb Rental Arbitrage
Airbnb rental arbitrage is the practice of renting apartments just to sublet them on Airbnb. And as you can see from the Google Trends image below, it attracts consistent interest yearly.
In major cities, there’s always a need for short-term accommodation. Hotels are expensive and it’s not economical to rent an apartment for an extended period. That’s where Airbnb comes in.
Even if you don’t have a property to list on the platform, you can rent an apartment and then make sure that your listed rate is more than what it costs you to manage the apartment. This way, you can always make profits.
Before you start though, get familiar with your local regulations to make sure that short-term rentals aren’t illegal. And also confirm that your landlord will allow you to rent out the apartment on Airbnb.
07. Amazon FBA
50% of Amazon sellers make $1000-$25,000 per month and new Amazon sellers earn an average of $30,000 annually. So, Amazon FBA is another e-commerce business opportunity that promises great benefits.
Here’s how it works.
Amazon FBA is a service by Amazon that allows you to outsource your product’s fulfillment and customer follow ups to the eCommerce giant.
You send your products to one of Amazon's fulfillment centers so when a customer makes a purchase, Amazon packs and ships the order for you. The eCommerce giant can also provide customer service and process returns for orders that were shipped out. This potentially takes a huge chunk of work from your plate.
To get started with Amazon FBA:
- Find a product that can sell on Amazon’s marketplace.
- Identify suppliers or manufacturers that can create the product you desire.
- Sample and make modifications to your products.
- Order and ship them to Amazon warehouses.
08. Virtual Recruiter
As a virtual recruiter, you play an important role for businesses looking to hire employees. Your main objective is to help your clients fill their open positions with talented job seekers.
You become the middleman between a prospective employer and the applicants looking to get hired, helping to narrow the number of options your client has to the most qualified and best fit candidates.
If this is something you think you might enjoy, then it is a good time to get in this space. The rise of remote work means companies are now looking to hire employees remotely. And theonline recruitment market’s value is estimated to hit $43 billion by 2027 as a result.
There are no formal education requirements needed to become a virtual recruiter. But you’ll definitely get a boost if you have experience in recruiting, human resources, business, or marketing.
09. Thrift Clothes
If you have some old clothes you want to dispose of, now is the time to capitalize on the growing demand for secondhand apparel. The total value of the secondhand and resale apparel market was valued at $96 billion in 2021. And that number is expected to double by the end of 2025.
But setting up a thrift store is not just about disposing of clothes you forgot at the back of your closet. Think of your thrift store as a place to sell used clothes that are still in good condition. This way, you can promise your customers a “curated” experience.
Instead of making them sift through tons of junk to find clothing they like, you’ll do the work for them and provide only the best choices.
You can create an online thrift store on an eCommerce platform like Shopify.
- Focus on a niche: With an online thrift store, your aim is to reduce the time it takes for your customers to find a product they want. So focus on a specific set of customers and products. For instance, womens’ shoes or vintage dresses for millennials.
- Define your brand: The fashion industry is competitive. To stand out, you have to create a brand message that resonates with your audience. Your brand’s name and logo should align with your message, and it should portray the value you propose to your customers.
- Set up your online store: If you’re looking to get started quickly, setting up your store on a platform like Shopify is the best way to go. You’ll be able to launch your store quickly and showcase your products to the market.
- Source for inventory: Instead of splashing out on a big collection when you launch, start small and test the market waters. You can get your items from flea markets, garage sales, Ebay.
- Drive traffic to your store: Now, it’s time to let your customers know about you. Use a mixture of SEO, social media, influencer marketing, and paid ads to generate interest in your brand and products.
10. Selling On Etsy
In 2021, roughly 7.5 million sellers sold their products on Etsy. And despite recent changes to the platform, Etsy is still a favorite for creative business owners looking to sell their artistic products.
Some of the popular items on the platform include art, handmade jewelry, and crafts. If you can produce any of these as a hobby and you’re looking to monetize that it, then Etsy is an ideal platform for you
Other than listing your product, Etsy can also create ads for you and in return, takes a commission of every product sold on its platform.
11. Freelance Writing
Every business–especially those that maintain an online presence–needs content to attract and educate their customers. If you fill this gap and can create compelling content, you can get paid to write for these businesses.
There are different types of writing you can help a business with: long-form article writing, ads, emails, whitepapers, ebooks.
You can earn a healthy income as a freelance writer. According toPeak Freelance’s survey, the most popular rate for creating a 1500-word article is between $250-$399. And you can expect to charge more as you gain more experience and improve your portfolio.
You can find freelance writing business opportunities on platforms like Superpath, LinkedIn, Twitter, and Upwork. Or you could simply cold email the brand you want to work with.
12. Video Games
One of the fastest-growing industries you can bet on is gaming. This industry is tipped to be worth$321 billion by 2026. And the good part is, you don’t have to be a gamer to earn a living from gaming. There’s a multitude of opportunities that can be leveraged from the industry.
You can be a writer or developer. You can even start a YouTube or Twitch channel dedicated to streaming games live. Or start an online store where you sell gaming accessories or merchandise.
Whichever path you choose to go down, you can be sure to find an audience as there are currently 3 billion active gamers worldwide.
13. Vending Machines Business
Creating a business out of vending machines isn’t a new idea. But it still works till this day. If you have a strategic location for your machine and enough startup capital, you can create a profitable side business (or a full time operation) by helping people get easy access to items they need.
There are approximately 2 million vending machines located in the US. And these machines collectively bring in $7.4 billion in annual revenue.
But despite the huge amount of money flowing in the market, the vending industry isn’t monopolized by a handful of companies. There’s no clear winner so you can get into business, claim a few routes, and make daily profits.
14. Customer Support
Ensuring customer satisfaction is a priority for every business. But for small teams, handling customer support is time-intensive. They need help with the task and you can earn money by positioning yourself as their customer support specialist.
You’ll handle queries on behalf of your clients via email, phone, or chat. You might also be required to help customers complete purchases, upgrades, and provide necessary technical assistance.
If you think you’ll thrive in this role, here are some of the skills that are deemed important:
- Active listening
- People skills
- Attention to details
- Familiarity with computers.
As you scale your business and attract more clients, you can hire more remote customer support agents to help you.
If you wonder whether this role has a future in it, know that the Global Customer Experience market size–of which customer support is a part of– was valued at $9.5 billion in 2021. It’s expected to grow to $16.9 billion by 2026
15. 3D Printing
3D printing is the process of creating a physical object from a digital file. The aim of this technology is to help improve manufacturing productivity. But unfortunately, it’s currently too slow to be used in mass production.
So how can you create a business out of 3D printing?
There are different options you can explore. According to Statista, the most common use for 3D printers is prototyping. You can take advantage of this by helping small-scale manufacturers in your area create prototypes of their devices.This will help reduce their cost of production and cut down the time it takes to bring their product to market.
Another 3D printing-related idea you can consider is selling 3D printed products online. You can create a Shopify store and sell on-demand 3D-printed items like keys, phone cases, bottle openers, and so on.
Other ideas you can explore include starting a 3D printing YouTube channel or selling a 3D printing online course.
16. Digital Marketing
Digital marketing is a large industry with opportunity for anyone that can provide value to businesses. It is projected to reach a market size of $786 billion by 2026.
As a digital marketer, you are responsible for promoting brands and their products via online channels like search engines, social media, and emails.
The barrier for getting into industry is low. You don’t need any degree in marketing to get started. What you need instead is proof that you can use your skills to help businesses grow.
The core skills you develop depend on the channel you want to specialize in.
For instance, if you decide to master Search Engine Optimization (SEO), some of the skills you want to show a potential client include content writing, link building, content distribution, and outreach.
Other lucrative digital marketing channels include social media marketing and paid advertising.
17. Real Estate Business
A real estate business deals with the buying, selling, managing, and investing in real estate properties. This industry is a huge one–about $3.7 trillion in value as of 2021–and with the right business model, you can build a very lucrative source of income.
While real estate is all about lands and buildings, you don’t always have to own them. You can also start:
- House Hacking: this is where you buy a multi unit or multi family home and live in one unit while renting the rest out.
- Real Estate Blogging: Create content around real estate topics that people are searching for and monetize your blog using ads, affiliate links, and/or courses.
- Real Estate General Contractor: You handle the general repair and construction work involved in the development and management of real estate properties.
- Real Estate Wholesaling: You find a buyer for a home that is already for sale. You can sell the property for a price greater than the listed fee and pocket the profits.
18. Pet Products
Pet owners do not hold back when it comes to making their pets comfortable and happy. And this is good news for you if you decide to venture into the pet industry. There’ll always be a market for your product or service as people won’t stop taking care of their furry friends.
There are different business types you could start in this industry.
For instance, you could create an eCommerce store that designs and sells outfits for pets. This niche is a popular one and Shopify brands like Pawshmere and Campcloon have built successful businesses from it.
You can also choose to start a pet grooming service. The beauty of this is it can be bundled with your online store, helping you provide more value to your customers.
Other businesses that can be started in the pet niche include pet boarding service, pet food store, dog walking service.
19. Virtual Assistant
A virtual assistant provides administrative support to businesses. This person helps them with tasks such as scheduling appointments, making phone calls, and managing email accounts.
If working from home is important to you and you have some work experience in an administrative role, then you might love this opportunity. According to FlexJobs, Virtual Assistant is one of the fastest-growing remote careers.
While you perform administrative tasks in this role, your specific duties vary depending on the type of businesses you work with.
For instance, as a virtual bookkeeping assistant, you can expect to document finances, manage invoices, and pay bills.
You can get remote virtual assistant jobs on platforms like LinkedIn, Remote.co, Upwork, and so on.
20. Graphic Design
Graphic designers are visual storytellers for businesses they work with. They combine images, words, and graphics to help brands engage with their audience.
Graphic design can be a ripe business opportunity for you if you have the right skills. The industry is awash with so many designers that it can be tough to find great ones. But there’s undoubtedly a market for people with great design skills as seen in the screenshot below.
Get started by learning key graphic design principles and enrolling in free or paid courses. Then build a portfolio as proof of your expertise.
How to identify new business opportunities
These business ideas are suggestions that could work for you. But you should also do your own research to find business ideas that you resonate with. How do you do this?
You’ll find steps below.
Look at market trends
Market trends are a good indicator of where a niche is headed or what a particular set of customers are currently interested in.
There are different tools you can leverage to get access to this information. The most popular one is Google Trends.
Google Trends helps you gauge how frequently a keyword is searched for on Google’s search engine. You can also use it to compare the popularity of two or more search terms or discover event-triggered spikes in a keyword’s popularity.
Other trend discovery tools you can use include:
Do Competitor Research
Studying your competitors before you launch can show you gaps in your business plan or introduce you to new ideas that you didn’t think of before.
Before you delve into a new business opportunity, find a couple of your competitors and evaluate their strengths and weaknesses. Doing this will help you:
- Uncover market gaps
- Improve your marketing
- Create a strategic plan for your business
Here’s a little checklist to guide you:
- Identify your main competitors
- Analyze their online presence (online reviews, website, social media, emails)
- Track your findings
- Identify areas for improvement
Listen to your customer base
A business that isn’t in touch with its market won’t last very long. Your customers and prospects can provide you with great insights on how to position your business and sell your services.
Before you launch your business idea, find out what they think of your value proposition. What do they have to say about your competitors? How do they currently solve the problem you want to solve for them?
These insights will help you create the best experience for them.
Collaborate and network
Your network is a great asset when it comes to idea discovery and product validation. Create new relationships and collaborate with people within your niche. Networking helps you discover new business opportunities, and also open access to valuable mentorship.
What is an example of a good business opportunity?
Some good business opportunity examples include:
- Website flipping
- Real Estate
- Amazon FBA
What are good business ideas for beginners?
Beginners can easily get started with:
- Vending Machines
- Freelance Writing
- Thrift Clothes
- Social Media Management
What is a good business opportunity?
A good business opportunity is one that does not only align with your passion but also has the potential for growth. Ensure that your solution serves a market need and that you have the motivation to build your business.
It would be great if we could intuitively know what business opportunity is life-changing before we invest in it. But unfortunately, that doesn’t always happen.
But with enough research and skill, one of the ideas in this article could help you earn money and build the life you want.