With inflation going through the sky, AI replacing the workforce, and interest rates completing with inflation, it’s safe to say, that long gone are the days of only depending for your bread and butter on that 9-5 job.
The Australian Parliamentary Budget Office (PBO) projects slow growth for real household disposable income in Australia, with an average annual increase of only 1.4% from 2022 to 2027—down from the pre-pandemic average of 2.9%.
Similarly, wage growth is expected to remain weak, averaging just 2.1% annually during the same period, compared to the 3.4% average before the pandemic.
What does all this mean?
This means that the extended period of sluggish income growth will likely hinder the improvement of living standards and purchasing power for Australians.
Adding to these challenges is the significant household debt amassed by Australians. With incomes set to grow slowly, the burden of debt repayment could worsen financial pressures for many households.
“Dreaming of that new house, that beautiful Porsche 911, taking your family to a beautiful dinner, things will get difficult in the coming years”
It is great to bet on other passive incomes in these troubled times. One of the ones is an online business.
According to recent studies, passive income can account for up to 40% of total income for some individuals, offering a lucrative opportunity to diversify revenue streams and achieve financial independence.
This is the List of actionable plans which can help you start your online venture.
List of tables
- What online business can you start?
- Pick your niche
- Research your niche
- Research your Audience
- Find out who your competition is
- Watch youtube videos
- Make a plan and set goals everyday
- Don’t fear the Result of ‘what if……’
- Register your business
- Outsource your work
- Learn and Implement new things
- Nurture your Audience
- Reach out to people
1)What online business can you start?
What sort of Online Business can you start? We have noted down the most popular online businesses and the ones gaining popularity in 2024. These are types of businesses where it has worked for a good majority of the crowd.
Dropship
One of the easiest ways to enter the online business realm is through dropshipping.
You need a website such as Shopify, Wix, SquareSpace or BigCommerce, a domain name (from providers like GoDaddy or Namecheap), and some funds for running ads on Facebook and Instagram.
The fascinating aspect of dropshipping is that you don’t have to maintain inventory. Suppliers or agents can handle bulk shipping periodically, directly fulfilling orders to customers’ doorsteps.
You can take your initial steps into dropshipping, and as you accumulate capital, you may transition to e-commerce. Sourcing products from AliExpress or Alibaba is common. Though delivery fulfilment times may be longer, as you scale up, you can transition to an e-commerce model.
E-commerce
Running a retail store can be overwhelming with high leasing costs and maintenance expenses. However, with e-commerce, you can launch a successful business with minimal overhead costs.
The flexibility to sell anywhere in your country and the ability to manage operations independently are key advantages.
Starting small, you can manage inventory from your home or dorm, gradually scaling up with the help of third-party logistics (3PL) companies as your business grows.
It’s a cost-effective and efficient way to enter the market and pursue entrepreneurial success.
’Remember, the key to any successful business lies in marketing’
Some Marketing tools that you can consider for your E-commerce business are Google Search Console, Hootsuite, Meta Ads Manager, MailChimp and Survey Monkey
You can monetise your skills and expertise by selling digital products like photography, music, e-books, guides, or recipes on platforms such as Kajabi, Podia and Thinkfic
Affiliate marketing
Platforms like the Amazon Affiliate program, ClickBank, and other affiliate programs offer opportunities in this regard.
Utilising platforms like Instagram or YouTube, similar to influencers, allows you to promote products effectively. For instance, if you run a food vlog, endorsing kitchenware can be lucrative.
This approach offers a pathway to passive income, with commissions varying depending on the product.
Online Agency
Setting up an agency is indeed a fantastic online business idea. You can start as a freelancer specialising in a specific area, and then establish a website to showcase your services.
By organically growing your audience through educational content, you can gradually convert them into clients. Alternatively, if you have a budget, you can invest in running ads on platforms like Facebook, Instagram, or Google to drive traffic to your website.
While it may require time and effort, the payoff can be significant in the long run.
These are some great ideas to consider, each offering unique opportunities for entrepreneurship and growth:
- Web Design or Web Development Business: Providing services to create visually appealing and functional websites for clients can be lucrative in today’s digital landscape.
- Remote Tech Support Business: Offering remote technical support services can cater to individuals and businesses seeking assistance with troubleshooting software, hardware, or network issues.
- Social Media Consultancy: Assisting businesses in developing and executing effective social media strategies to increase brand visibility, engagement, and conversions.
- SEO Consultancy: Helping businesses optimise their online presence to improve search engine rankings, drive organic traffic, and enhance visibility.
- PPC Expert: Specialising in pay-per-click advertising strategies to help businesses maximise their ROI through targeted ad campaigns.
Each of these ideas offers the potential for success, and you can choose the direction that aligns best with your skills, interests, and market demand.
Sell Digital Products
You can monetise your skills and expertise by selling digital products like photography, music, e-books, guides, or recipes on platforms such as Kajabi, Podia and Thinkfic.
Digital products typically offer higher profit margins compared to physical products and can be an excellent source of passive income.
While they may have lower perceived value than physical products in some cases, the scalability and ease of distribution make them an attractive option for online entrepreneurs
Make Online Course
If you excel in a particular skill or area of expertise, you can monetise it by offering online courses.
LMS (Learning Management System) software, such as Docebo, Absorb LMS, TalentLMS, and Teachable, can help you create interactive courses that are easy to manage for students.
Once your courses are ready, you can sell them on your website and promote them through social media or targeted ad campaigns to attract potential students.
Remember to ensure your courses are easy to understand and offer unique value that sets them apart from others in the market.
Build a membership website
If you have something exclusive to offer in a particular niche, a membership website can provide great value to your audience.
Membership websites generate revenue by offering premium content and community features, such as access to exclusive forums or groups.
You don’t have to build the website from scratch; there are many membership software builders available, such as Memberpress, Unscreen, SureMembers and Membershipworks that can help you create and manage your online community effortlessly.
Start a Podcast
Starting a podcast is an exciting venture that offers opportunities to have fun, meet interesting people, and build a strong network while promoting products and running ads.
Podcasting is an inexpensive way to build an audience, as you don’t need expensive gear to begin; you can use whatever equipment you have available.
Some podcast recording software options include Audacity, Adobe Audition, and Riverside.
Additionally, there are affordable podcasting microphones available, such as the BOYA Wireless Lavalier Lapel Microphone, Razer Seiren Mini Ultra-Compact, and the RØDE PodMic Broadcast-Quality Dynamic Microphone (although this one may be a bit more expensive).
With these tools, you can start creating engaging content and growing your audience in no time.
AI
“According to a report by Statista, the global AI market size is projected to reach $733.7 billion by 2027, growing at a CAGR of 42.2% from 2020 to 2027.
This significant growth is fueled by increasing adoption across various industries, including healthcare, finance, retail, and manufacturing.
With AI becoming increasingly integrated into everyday life, there is a wealth of opportunities for entrepreneurs to leverage AI-driven technologies and innovate in their respective fields.”
“Discover the Hottest trending AI Business Ideas for 2024!”
Buy and Sell Domain Names
You can visit websites like GoDaddy and Namecheap to purchase domain names, such as real estate, and then auction or sell them for a profit.
The beauty of this business is that you can acquire domain names for a low cost and potentially sell them for a significant profit. However, it’s important to remember that, like real estate, success is not guaranteed. But then again, what is guaranteed?
For more Detailed Online business Ideas make sure to check this out!
Now from this list pick something that you have had some sort of personal experience or even that you know is interesting for you.
2) Pick your niche
Picking your niche is vital. Most of you out there have a regular job, or even if you are doing this full-time, picking your niche is vital.
Results are a part of your actions and actions are part of your consistency. To be consistent with your business you need to pick something which you will stick on.
For example, if you are planning to start an E-commerce business, picking a product or service that you are familiar with and have a particular interest in can keep this going.
Like how Oprah said“ Passion is energy. Feel the power that comes from focusing on what excites you”
3) Research your niche
While researching your niche. Research the ways that your niche can make you money. Jot down five to ten niches. Now along with your passionate niches think about the niche which will make you the most money.
When we say most money, the product or service which offers you more than the average profit margin is a key strategy to keep in mind when researching your niche.
4) Research your Audience
Well, you got your Niche, then what? We need to understand our Audience. Who is going to be the client or customers? This information can save you a lot of money when you are going to market your services or products.
From design aspects to ads you need to run, knowing your target audience will give you a direction from the beginning. Rather than spending a whole lot of money on ads and shooting for a broader audience, it’s better to narrow it down and get more quality prospects.
You can use tools like Glimpse, SimilarWeb, Answer the Public and SurveyMonkey for this.
5) Find out who your competition is.
What is that one thing that you offer different from others? How is the service you are selling different from the competition? How is that benefitting your customers? Why do they need to choose you, is it the price, or is it the quality?.
To get all this information you need to make your offerings unique so that customers choose you over others.
You need to research your competitors. Don’t go all Sherlock on them, just do a rough study. What do they sell, and who are thier customers? What are the things they are good at? What are the things they suck at?
Similarweb, Sprout Social, Ahrefs and Owler are some of the popular tools that can be used.
6) Watch YouTube videos
You don’t have to enrol on endless courses to learn something. You can go to YouTube on that particular topic and learn most of the things there are to it.
If you are struggling on any topic, there are some or other videos on YouTube that have been already covered.
Watch and implement the things gained from watching those videos so your time is well invested and you are getting some use from it.
7) Make a plan and set goals every day.
Embarking on new ventures can be daunting, whether it’s taking your first step, learning a new skill, or pursuing ambitious goals like running a marathon.
However, by breaking down tasks into small, actionable steps and making consistent progress every day, we can overcome these challenges and achieve success.
Tools like Notion, Coda, Mem and Upbase can be invaluable for organising and planning your journey. You can create a rough plan and set a launch strategy for your venture, whether it’s starting an agency or pursuing any other goal.
For example, if you’re starting a design agency, begin by outlining the necessary steps. Then, create 2-3 checklists each day to tackle specific tasks.
Over time, completing these checklists will lead to significant progress, and before you know it, you’ll have built a thriving business.
Remember, it’s okay to start small. You don’t have to become a million-dollar company overnight. By focusing on manageable tasks and steadily moving forward, you’ll gain confidence and momentum to tackle more significant challenges in the future.
8) Don’t fear the Result of ‘what if……’
The fear of failure often holds us back from pursuing our dreams. We’re plagued by thoughts like “What if things go wrong?” or “What if it doesn’t work out?” But how will we ever know if we don’t give it a try? Instead of living with regret in the future, seize the opportunity now.
Just by reading this, you’ve taken the first step towards your goals. Remember, it’s okay to stumble and make mistakes at the beginning.
Through consistency and learning from failures, your chances of success will increase over time. It’s not rocket science or art—it’s simple: take action, learn, and keep moving forward.
”Everything you want is on the other side of fear” -Jack Canfield
(Founder, Chicken Soup for the Soul)
9) Register your Business
Now you need to register your Business by deciding on the type of business structure that suits you best, whether it’s a sole trader, partnership, company, or trust. Then, hop onto the Australian Securities and Investments Commission (ASIC) or Australian Business Register (ABR) websites to register your business name.
Get your unique identifier with an Australian Business Number (ABN) from the Australian Business Register. Next, check out the Australian Taxation Office (ATO) website to understand your tax obligations and register for taxes like GST or PAYG withholding. Don’t forget to look into any industry-specific licenses or permits you might need.
10) Outsource your work
You don’t have to master everything. While it’s beneficial to explore new skills, it’s best to focus on what you excel at and outsource tasks that may require significant time to learn and implement.
Data shows that outsourcing non-core functions can significantly improve business efficiency. According to a study by Deloitte, businesses that outsource certain tasks experience a 26% increase in productivity and a 21% reduction in operating costs.
For tasks like designing a logo or creating ads for social media platforms, platforms like Upwork and Fiverr offer access to skilled and creative professionals.
By outsourcing these tasks, you can find the right person for the job within your budget, freeing up your time to focus on what you do best.
Tip: When outsourcing tasks to freelancers, it’s advisable to communicate with at least 3-4 different professionals.
This allows you to assess their skills, expertise, and how well they understand your business needs. Ultimately, choose the freelancer who aligns best with your requirements and vision for the project.
11) Run ADS
You have everything set up and live, but now it’s crucial to drive traffic to your online forum or website and convert visitors into customers.
Running ads on platforms like Facebook, Instagram, or Google can be highly effective for this purpose. You can start with a small daily budget, even just one dollar, and gradually increase it as you see results and revenue coming in.
If you don’t have the time or expertise to learn how to run ads or create compelling ad content, again you can always hire experts.
They can help you design and execute effective ad campaigns tailored to your business goals and target audience.
12) Learn and Implement new things
Even when your business is thriving and you’re making money, it’s important to never stop learning.
Continuously educate yourself by reading, watching videos, and staying updated on trends within your particular niche.
Implementing new knowledge and striving for improvement each day is key to staying ahead and maintaining success in the long run
13) Nurture your Audience
Make use of Social Media to grow your audience. Whatever is that you selling make sure to promote it on your IG page or any social media platforms.
Most of the audience will be coming from there. You can talk about your new product or if you are into services. Showcase how much you know about that particular field by posting videos.
This will make people gain your business’s trust and take the initiative to make that cling cling sound. What’s wrong with me?
14) Reach out to people.
It’s important to acknowledge that no one has all the answers. When faced with obstacles or challenges, don’t hesitate to seek advice from experts in your industry. While some may ignore your inquiries, others will respond and offer valuable insights.
Draft a message and reach out to 10-15 people on platforms like LinkedIn, Meetup, Behance, Github, or Network After Work.
However, avoid the mistake of blindly following everyone’s opinion. Ultimately, the decision should be yours. Even if someone is at the top of their game, they may not have all the answers. Trust your instincts and only incorporate valuable insights that resonate with you.
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