Posted by The internet has challenged the notion that you need to invest lots of money in a business before you can start making money. Its advent has enabled anyone to start an online business, even if they don’t have money. Yes, it’ll take you some creativity, and you’ll expend some more effort, but if you want to become an entrepreneur and become financially independent, then read on because, in this article, we will discuss the 10 best online businesses that you can start for free.
Check out this link for expert tips to help you stand out and succeed online.
1. Blogging
Do you have a thing for storytelling, content creation, or just sharing your passion, expertise, and life with the world? Then, you should try blogging.
Is blogging profitable? You bet!
The average blogger earns up to $10,000 annually, and many top guns earn $100,000 annually.
Although you could speed up your progress if you had money, you can begin your blogging journey with nothing at all.
Start by joining a blogging platform like WordPress, Blogger, or Tumblr. These platforms allow you to create a blog without paying a dime for web hosting or a domain name. Then, promote your blog on social media to drive traffic to it.
Pros and Cons of Blogging
- Pros
- You can begin with little or nothing.
- Due to the online nature of this business, you can do it from anywhere in the world.
- You can build your brand and establish yourself as an expert in a niche through blogging.
- Cons
- Blogging is time-consuming.
- Blogging requires a lot of self-motivation. You must find out what to write or when to publish your posts. You need to be self-motivated and disciplined to keep your blog going.
- Blogging is competitive. There are over 400 million blogs on the internet. To make your voice heard, you must be unique.
2. Freelance Writing
If you want to avoid going all in and becoming a blogger, you can do freelance writing while focusing on niches such as content writing, copywriting, technical writing, and editing.
In addition to not needing to invest money, you don’t need any academic qualifications to start a career as a freelance writer. You need a fantastic understanding of and proficiency in the language you’ll be writing in (usually English), and you’re good to go!
The average freelance writer makes between $30-$60 per hour, while an experienced freelancer can rake in an impressive $100 per hour!
How do I start?
- Improve your writing skills.
- Open an account on a freelance platform
- Build an impressive portfolio
- Bid for jobs and deliver them on time
Pros and Cons of Freelance Writing
- Pros
- Like blogging, freelance writing is highly flexible. You can do it from anywhere.
- There’s high earning potential as a freelance writer.
- Cons
- There needs to be more certainty in freelance writing. There are times when you’d have lots of jobs on your hands and times when you’d have little. This uncertainty impacts your earnings.
- Like blogging, there’s also stiff competition in the writing industry. You’d have to be truly exceptional to stand out.
3. Virtual Assistant
A virtual assistant (VA) is a person who manages the administrative, technical, or creative aspects of the business of a client from a remote location, usually a home office.
There’s a high demand for virtual assistants as businesses seek ways to save money and improve efficiency. Upwork predicts that the need for virtual assistants will grow by 85% by 2025.
If you want to be a virtual assistant, you must build and improve specific skills, like:
- Communication
- Organization
- Time management
- Technical skills,
- Problem-solving and more
Virtual assistants can make anything between $29000 — $55000 per year.
Pros and Cons of Virtual Assistant Jobs
- Pros
- There’s flexibility: you can work from anywhere.
- You can earn a good income through a career in VA
- A career in virtual assistance can help you develop yourself and your skills and become a better person.
- Cons
- If you get very lonely, VA can intensify this feeling as you’ll be isolated for most of your working periods.
- You must be acquainted with several software tools to do this job effectively.
4. Dropshipping
Dropshipping is a rapidly expanding e-commerce business model. With a valuation of approximately $155.6 billion, this colossal industry is anticipated to achieve a value of $1670.1 billion by 2031. Its growth trajectory entails a compound annual growth rate (CAGR) of 27.1% from 2022 to 2031.
Despite these impressive numbers, you can start dropshipping with virtually nothing. You don’t need to invest in inventory or warehousing to create. So, how do you sell? Simple. When a customer orders, the seller purchases the item from a third party — usually a wholesaler — and has it shipped directly to the customer.
If you want to start dropshipping, you must begin with research and choose a niche and products you’re passionate about.
Then,
- Use a free e-commerce platform like Shopify or WooCommerce.
- Find a dropshipping supplier who offers free shipping.
- Promote your business on social media and other online channels.
- Provide excellent customer service.
You can do all this without spending a dime.
Pros and Cons of Dropshipping
- Pros
- You don’t need to invest in inventory or warehousing.
- You don’t have to worry about storing or shipping products, so that you can focus on marketing and customer service.
- You have a global reach.
- Cons
- Because you’re not buying products in bulk, your profit margins will be lower than selling products from your inventory.
- Free shipping may come with delivery delays, leading to customer dissatisfaction.
- You have no control over product quality.
5. Affiliate Marketing
Affiliate marketing is just like drop shipping. However, in this business model, you are given unique links and paid a commission when a potential buyer clicks on them and makes a purchase. Affiliate marketing is an excellent business to start without money because you don’t have to create your products or services.
To get started, sign up for an affiliate network. It’s free on most platforms. Then, research a niche, choose a product, and start marketing.
You can market your affiliate products through various means, such as social networks, blogs, and YouTube.
Some of the top affiliate networks include:
- Amazon Associates
- ClickBank
- ShareASale
Pros and Cons of Affiliate Marketing
- Pros
- There are a wide variety of products and commission plans. So there’s something you’ll find that you’re passionate about.
- You can earn a side income or a living from affiliate marketing.
- Cons
- The average conversion rate for affiliate marketing is 2%, so you’ll need to drive a lot of traffic to your affiliate links to make significant money.
- You’re at the merchant’s mercy, as you have no control over the products you’re promoting.
6. Online Courses
If you’ve got knowledge and are passionate about imparting it to others — for a fee, of course — then you should consider online classes.
Prices for online courses range between $10-$350, with many classes sitting somewhere near the $70 mark. Imagine what that cash flow could do for you as a side or a total income.
Moreover, online courses will likely continue, as many people turn to the internet to seek knowledge and information.
To begin, create an online course on a subject or topic you’re passionate about, create a landing page where you’d sell your program, and promote it on social media.
Pros and Cons of Online Course Businesses
- Pros
- There’s scalability. You can continually update your course, review your prices, and control access to your content.
- The profit margin for online courses is relatively high, with some estimates at around 75%.
- There’s flexibility. You do it on your own time.
- Cons
- Online courses lack the traditional face-to-face experience that many people consider essential for learning.
- There’s also stiff competition in this industry.
- You may need to invest in marketing and promotion to reach your target audience.
7. Podcasting
Podcasting is one of the more recent models of business on this list. The peculiar name is a portmanteau of two words: “iPod” and “broadcasting.” It was coined in 2004 when the first iPods were released, and the first podcast was released in 2005.
Podcasts are typically episodic and released at regular intervals. They can be in audio or video formats (usually the former) and cover various topics.
Podcasts are becoming quite popular, although different from blogging. There are already 2 million podcasts in the world. So, if you’ve got something to say and are passionate about talking, why not convert your passion into money?
Here’s how:
- Use your smartphone or computer as a microphone (you know, because you can’t afford an actual microphone yet). But you should, as you begin to make some money.
- Use free editing software like Audacity or GarageBand.
- Host your podcast on a free platform like Anchor or Podbean.
- Promote your podcast on social media and other online channels.
Pros and Cons of Podcasting
- Pros
- You can build a community of loyal listeners who care about what you have to say
- Podcasting is a fantastic creative outlet that helps you unleash your creativity.
- Cons
- Podcasting can be time-consuming. It takes time to research topics, record episodes, and edit audio.
- Unlike other forms of content sharing, like blogs and vlogs, listeners cannot quickly leave feedback on podcasts.
- Although it’s less stiff than blogging, podcasting still has considerable competition.
8. Social Media Marketing
Social media marketing is a powerful way to connect with customers, build relationships, and promote products or services. Because of the massive reach of social media, this form of marketing is one of the most effective ways to reach a large audience.
Although running ads gets the job done faster, you can start without running ads. You’ll just have to work harder. Just start with what you’ve got: a social media account.
Pros and Cons of Social Media Marketing
- Pros
- There’s the potential to reach hundreds of thousands of users and potential clients.
- There’s a low cost to start.
- Cons
- Social media marketing is a complex process that requires some expertise to be done effectively.
- There are so many social media platforms and ways to use them that it can be overwhelming to know where to start.
9. Graphic Design
This is another good business you could start without money. Graphic design is for you if you have a talent for art, especially digital skills.
The business has money, and the ever-growing demand for good graphic designers is reflected in the median rate for graphic designers on Upwork, which is $35.
Even if you don’t have an excellent eye for color and are “art-savvy,” you can still learn. There are many graphic design courses- some are cheap and can get you started.
How do I become a graphic designer and get gigs for free?
- Learn the ropes
- Participate in online contests
- Build a portfolio
- Showcase your expertise on freelance platforms like Upwork and Fiverr
- Get hired!
Pros and Cons of Graphic Design
- Pros
- Graphic designers earn good money, and their job outlook is projected to grow faster than average in the coming years.
- There’s a high demand for graphic designers.
- It’s a rewarding feeling of accomplishment to see a project come to life and be used in real-life situations.
- Cons
- Graphic designers often work long hours, especially when deadlines are tight.
- Clients may frustrate designers by requesting several revisions.
- Graphic design is constantly evolving, so graphic designers must be willing to learn new things and stay current on the latest trends.
10. Web Development
Finally, web development is another high-paying business you can start with little or nothing. This business entails designing and maintaining websites and web applications.
To be an accomplished web developer, you must familiarize yourself with programming languages such as HTML, CSS, JavaScript, and PHP.
The average salary for a web developer in the United States is $105,000 annually, making this business a lucrative venture.
Pros and Cons of Web Development
- Pros
- Financially rewarding
- Flexible: You can work remotely as well as from an office
- Cons
- Website development can be time-consuming and not a good fit for impatient people.
- Requires the learning and mastery of specific specialized skills.
Frequently Asked Questions
What’s the Easiest Business to Start?
Technically, there’s no “easiest business to start.” Every business comes with its peculiarities and difficulties. However, online-based businesses like e-commerce stores, graphic design, and freelance writing are generally easier to start than physical brick-and-mortar businesses.
What Business Can I Do With My Phone?
You can start most of the online businesses discussed here with your phone, including:
- Content writing
- Podcasting
- YouTube vlogging
- Online sales
Conclusion
Many people have wrongfully assumed you need a lot of money to start a business. But the truth is that most of the big businesses you see today also started small — that’s one thing they all have in common. Therefore, your limitations only exist in your mind. If you’ve got the dream and the expertise, then get started. Who knows. Your business could be the next inspiring success story.