Whether you’re a student or work at a full-time job, there’s always plenty of room to monetize your hobbies, passions, and creative ideas. On the other hand, some may have the drive and motivation to start a business but draw a blank when it comes to ideas and inspiration. This is where an online store comes in.
E-commerce businesses have been gaining traction over the last decade, and some of the most successful ones started as family-owned enterprises or a small online store. Some typical reasons to take the plunge include:
- Want to be your own boss
- See the opportunity to monetize a hobby/passion
- Lay-offs, retirement, being outsourced
- Change in circumstances like motherhood, divorce, empty nest, sudden windfall, etc.
- Have been selling informally to friends and family
Studies show that an estimated 1.92 billion digital buyers are expected to patronize online businesses worldwide in 2019, with e-commerce sales accounting for 13.7% of retail sales globally. The average online spending by Americans in 2014 was pegged at about $2674 annually. Furthermore, turnover for American e-commerce enterprises grew by more than 11% annually.
The bottom line is that this is a great time to start an e-commerce business, and it’s relatively painless if you use the right tools like Shopify.
How To Find The Perfect Business Idea
Brainstorming with like-minded friends generates great ideas
- Talk to people: Friends, family, co-workers, and nearly everyone you know have at least one great idea. Tap into this huge pool of inspiration when you’re looking for business ideas.
- Know what gives you satisfaction and what frustrates you: This is the cornerstone of sustaining your motivation. Find a line of business that satisfies, motivates, and drives you. Or, look for something that drives you up the wall and solve the problem. There are probably lots of people out there who feel the same way as you do, and giving them a solution is a great business idea.
- Welcome innovation and transformation: Ideas may evolve and change once you put them into practice, so don’t lock the door and throw away the key once you’ve set up an online store.
Top 10 Business Ideas For 2020 For Your Online Store
1. Fashion: Setting up an online store that retails apparel, jewelry, footwear, make-up, accessories, etc. can be a successful venture. Explore everything ranging from discount products to high-end, deluxe offerings. New designers, big brands, hand-crafted/organic/upscaled/recycled products, and vintage or heirloom items are great if you want to retail niche products. If you’re of a practical bent of mind, get into the business of selling uniforms, work-apparel, custom-tailoring, clothes/bags/shoe repair, or tourism-centered clothes.
2. Art And Crafts: As an artist, hobbyist, or part of an artistic community or culture, whether in painting, music, photography, ethnic arts, local folk crafts, film, or theater you could set up an online business that combines passion, creativity, and monetary benefits.
3. Automotive/Electronics Spares/Accessories: Though this is quite a crowded area in the online market, as an expert you can certainly build a robust brand to retail niche, hard-to-find, aftermarket items like spares for outmoded brands, etc.
4. Repairs And Refurbishing: With increased awareness about recycling and responsible use of products, there’s a huge need for experts who can repair appliances and refurbish and recycle antiques, used-products, etc. to make them usable again.
5. Catering, Hospitality, Craft Foods: Home-based food enterprises combine a passion for cooking and business opportunities in the form of food-trucks, coffee-shops, fast-food outlets, fine-dining, luxury chocolates, craft beer/wine, gluten-free bakery, organic foods, espresso carts, etc.
6. VR Arcades/3D Printing: are emerging technologies in international cities, providing superb opportunities for tech experts.
7. Financial Services: Crowdfunding, online escrow payment solutions, taxation, accounting, financial consultancy, and online currency exchange offer great business opportunities. However, you need the qualifications, expertise, and experience to avoid risks and challenges.
8. Dropshipping: Serves as a medium between the supplier and buyer, and the biggest advantage is that you don’t need to worry about stocking an inventory, safe storage, or even finding a market for the product. All you need to do is find the right product and suppliers.
9. Travel: Tourism-related services, transportation, vehicle-booking/hiring, etc. are a great way to go if you love to get around.
10. Training And Business Skills: If you have the experience, knowledge, and skills, mentoring start-ups and helping new entrants into the business sphere is a great way to keep your interest in enterprise development alive and kicking.
You’re the boss when it comes to the core ideas, but you’ll benefit from seeking professional assistance from platforms like Shopify to set up, grow, and manage your online store. It helps you right from the start, in building, designing, and running your online store. Shopify also provides your customers with security, seamless shopping cart, safe payment services, data protection, and helps with marketing and SEO.