If I was to go bankrupt tomorrow and ended up over a million dollars in debt, these are 1 of the 5 businesses that I would start right away to pay off that debt & start making money again. These are all online business ideas, so they are perfect for today's economy & can operate under most circumstances.
1. Use Your Existing Skills & Freelance
Let's say you're a graphic designer, blogger, etc. Use those skills and create a profile on websites such as, UpWork and Fiverr. If you have skills this in an incredible opportunity to make money on your own. Also, since you accept the amount of work you take on, you can make as much money as you want. No one sets your hours but you. This is one of the easiest businesses to start & its one of the most profitable since all you have to do is create an account.
2. Teach The Skills You Have
If you do have skills that you're currently making money from, teach those skills to other people. This could be taught to others in the form of an online course, downloadable PDF, etc. The margins from teaching online are very large since you just build that course once, and you can sell it forever. We recommend once you make sales, update your course every year as things change if you're in an evolving niche, which most of us are.
3. Start An E-Commerce Business
Here there are a few options. First, you can start a private label brand, which is sourcing products over seas & creating a brand with them. This is going to require a large amount of capital for purchasing inventory + shipping fees to get the products here + advertising costs & storage fees. I recommend you do this once you've found success with an online store. Next, drop shipping, this is when you create a website full of products that you don't have sitting in a warehouse. When you drop ship from your website you only purchase inventory when someone buys something. Another way is retail arbitrage, and that's when you buy hot selling items you know are selling from stores & sell them online. So, here there are a few ways to skin a cat lol.
4. Start A Blog
This only takes your time to create content & you can learn everything about SEO online for FREE! Not to mention, once you gain a following you can start using affiliate links to monetize your blog & earn commissions from your recommendations. Also, you can sell advertising & sponsorships from other brands and companies. Another this is creating an email list for of people that love your content so that if you ever do launch a product business, you'll have raving fans & sales!
5. Become A Consultant or Coach
This costs minimal amounts of money to start, does take some time, but it has large profit margins. Again, you must have a skill that you can coach others through. Also, you can build a team of consultants that work with you so you can help more people. This way you can build an actual business that has employees, and make a small commission from each of your consultants when they teach others. In addition to this you can teach people one on one or one to many using webinars and others online forums or group chats such as Zoom.
Out of these 5 business ideas, which would you try? Leave a comment below!!