Top 5 Best Types of Online Businesses You Can Start in 2024
Now that we are embracing the digital age, the Internet has become a common yet most effective platform for businesses and brands to reach their target market.
Regardless of their aimed demographics, there is always an online platform to promote their businesses and tools to help them increase their online presence.
While the idea of setting up an online business is great, choosing the right types of online business is a challenging task. There are tons of business opportunities on the Internet that you can try today, but the question is, which one suits you best?
Starting an Online Business
Launching an online business is surely an enticing opportunity for aspiring or small entrepreneurs. It enables them to experience significant growth in their business by reaching a broader market.
However, the success of an online business will depend on the marketing strategy that they apply, or the tools they use to improve their visibility online. To top it all, it is a process that cannot be achieved overnight.
It takes time, preparation, efforts, and commitment to obtain your desired business goals. To top it all, the competition in the web market is getting tougher every day.
Statistic shows that there are now more than 1 billion websites on the internet and more than 200 websites are being launched every minute. The study also shows that 70 percent of businesses today have their own website and most of which have emerged during the peak of the Covid19 outbreak.
In this ever-growing battlefield in the web market, it takes careful planning and effective marketing strategy to stand out. 2024 is certainly a great year to start an online business!
With the digital economy continuously expanding and with the use of innovative technologies like AI, businesses and brands can utilize these opportunities to build a successful online venture.
Five Best Online Businesses You Can Start in 2024
The list below will showcase ten of the leading types of online business that you can start this year.
E-Commerce Stores
The concept behind e-commerce is simple. It features an online market where users can either sell or buy products and services. It provides buyers the convenience and freedom of purchasing items or service without the need to visit an actual store.
The history of online shopping can be traced back many decades ago when Internet was made publicly available to the world. This shopping system, however, continued to evolve and innovate, adapting to various digital changes over time.
In a business perspective, e-commerce is one of the most cost-effective ways to promote your brand or business. The majority of these platforms like Amazon or Shopify come with the opportunity to list your products for free.
This feature is very beneficial to starters to reduce the initial financial burden or the financial risk associated with their new business.
To leverage the experience or to make your product stand out from millions of different sellers, you can consider upgrading your account through a fee-based subscription. Presenting your products also plays a crucial role in ecommerce to attract more potential buyers.
Here are some of the leading ecommerce websites in 2024
| Name of Ecommerce Store | Estimated Number of Visitors Daily |
| Amazon | 300 million daily visitors |
| Alibaba | 200 million daily visitors |
| Shopify | 6-7 million daily visitors |
| Walmart | 50 million daily visitors |
| eBay | 50-60 million daily visitors |
| FlipKart | 25-30 million daily visitors |
| Rakuten | 10-15 million daily visitors |
| Mercado Libre | 20 million daily visitors |
| Target | 10-12 million daily visitors |
Affiliate Marketing
Affiliate marketing is another great platform to generate revenue. Here, you are promoting other companies’ products and earn commission in return for every product you sold.
This form of business requires an effective digital marketing strategy. You need to be able to promote products the best way possible to drive more potential customers and convince them to buy the items.
You must, however, choose the right Affiliate program. Choose one that is relevant to your niche or area of expertise and one that offers fair commission rates. You can get commission from 10 to 50 percent, depending on the product type.
Since most of the items in the program comes with affiliate link, you can utilize this link and promote it in many other platforms, including your own website or blog, social media, or emails.
Here are some Affiliate Programs that offer high commission rates in 2024
| Name of Affiliate Program | Maximum Commission Rates Offered |
| SEMRush | $200 for every sale and 10% commission from Trial activation |
| Trip Advisor | Up to 50% Commission for every successful booking |
| Amazon Associates Program | Up to 10% commission based on the product type |
| Wishup | $500 for every VA hired through your referral |
| Coursera | 10-45% commission for each courses booked |
| eBay Partner Network | Up to 4% commission based on the product type |
| HubSpot | Up to 30% commission |
| ClickFunnels | Up to 30% commission |
| Teachable | Up to 30% commission |
| WP Engine | $200 per sale minimum |
| *All rates are subject to changes | |
Online Freelancing
The demand for online freelancers has become increasingly overwhelming these past years, making it an effective and viable business model in 2024.
Particularly during the pandemic, many companies were urged to embrace the remote setup for their employees. It also made most businesses more open to embrace such work model and hire more freelancers as part of their growing team.
As a freelancer, you have the option to work in your most convenient time, choose the project you are comfortable at, and pick a client you want to work with.
As long as you have a computer at home and a stable Internet connection, you can start your freelancing journey in no time.
Another great thing about freelancing is that you can work with multiple clients and provide different kinds of services. You can get a writing job from one client and a consulting gig from another. As long as your time permits and you can manage your schedule well, you can develop a good life and work balance in this industry.
To top it all, there are many online platforms that can connect you to different clients. Here are some of the most reliable online freelancing platforms today.
- Upwork – Offers hourly and fixed rate contracts, competitive bidding system, and downloadable tracker to log your work.
- com– Offers Milestone payments, hourly contracts, contests, and more
- Fiverr – Offers a so-called “gig system” that allows freelancer to create and offer specific services in their preferred rate
- Toptal – If you managed to pass their assessments, you can be part of its exclusive talent pool, connecting you to top-tier clients with higher compensation rates.
- Guru – It features “WorkRooms” for collaborative projects between clients and freelancers, different types of payment terms and a reliable payment system.
Vlogging and Content Creation
The increasing demand for digital content gave birth to the popularity of many internet personalities today. Interestingly, vlogging and content creation is not just a form of entertainment but also a decent source of online revenue.
Content creators or sometimes referred to as “influencers” can monetize their content through ads or product sponsorships. They can easily take advantage of their massive following or fanbase to drive more traffic which then equates to increased views and engagements.
If lucky enough, content creators might also get offers directly from brands. They will be asked to create content showcasing or promoting the product and be compensated in return. This is also a win-win situation for bigger enterprise because this form of marketing is way cheaper than advertising through well-established form of media.
Here are some excellent platforms for vlogs and content creation
- YouTube
- TikTok
- Twitch
- Snapchat
- Patreon
- OnlyFans
Online Coaching and Consulting
Whether it is about career, business, health and wellness, or even life choices, there is an increasing demand for personal and professional development. This makes online coaching or consulting an ideal business model for 2024.
Unlike traditional business, online coaching can be done successfully over the Internet without the need for a physical office space or any extensive equipment. As long as you have a stable Internet connection and all the right online communication tools, you can conduct your coaching or consulting sessions with your clients seamlessly.
On top of your one-on-one session, you can also establish pre-recorded coaching sessions and online courses and use a subscription system to help you earn extra revenue even without putting additional effort.
Other Ways to Earn Money Online
There are many other ways to earn money online. If you know how to develop apps, you can generate income through ads or by integrating a subscription system or inputting an in-app store.
Domain Flipping is also a great business model for people who knows how to manipulate websites’ structure and making them more appealing to attract potential buyers. In this process, you will buy an existing domain, refine its structure and sell it to a higher price.
Takeaways
We are halfway done with the year 2024 but that should not stop you from starting your own online business journey. With so many options available, better choose the types of online business that will utilize the best of your skills.
Understand all the potential risks and evaluate all the factors to help your business grow and to effectively reach your target market. With right amount of determination, passion, and perseverance, you can smoothly put your online business on top of the game!
