Despite the pandemic slowing global economic activity, it has led to a massive surge in online business opportunities. With lockdowns and remote working as the new normal, businesses had no choice but to move towards digital spaces, providing their consumers with goods and services online. Consequently, online businesses worldwide are expected to earn up to $5.4 trillion in 2022.
Unsurprisingly, there are industries that offer more rewarding ventures compared to others. If you’re an aspiring business owner, below are the most lucrative online business opportunities you can take advantage of at the moment.
As aforementioned, the pandemic caused many businesses to shift their operations online. This will still be the case over the next few years, with more tech-savvy consumers looking to continue shopping online. In fact, in the first quarter of this year, global ecommerce sales reached $876 billion — a 38% year-over-year increase compared to 2019’s numbers.
Because of the potential of the ecommerce industry, many aspiring entrepreneurs have established their own businesses. And over the past year, many of these startups have thrived. One of them is Chowbus, a Chicago-based online food ordering and delivery platform. Although the business was formed in 2016, it was only last year that the company raised over $60 million in investment, expanding its reach in North America and Australia.
Following the growth of online user activity, the demand for digital marketers has grown exponentially. After all, unless companies have a full in-house digital marketing team, they’re going to need outside help to improve their online presence and add significant value to their business.
As a testament to the industry’s growth, San Diego digital marketing firm, Ignite Visibility, has recently been recognized as the Number One Amazon Advertising PPC Company. This is in spite of the fact that the agency isn’t even 10-years-old, and they are still growing. The same can be said for other startups like GrowthRocks, Shopify partner P3 Media, and Odysseus Arms.
Online PCB Designing
In this increasingly tech-savvy market, there has been a surge in the demand for electronics, especially smart and IoT devices, like mobile phones, wearable fitness trackers, smart home appliances, and even vehicles. As a direct result, printed circuit boards (PCBs), which serve as the building blocks of these devices, are also seeing significant growth in market demand.
As a matter of fact, the global PCB market is projected to be worth $75.7 billion by 2025. So, while there is an ongoing component shortage in the PCB supply chain, said parts are becoming more readily available, allowing PCB manufacturers to slowly return to normal production speeds. In fact, the shortage is expected to be resolved by 2022 — or, at least, for microchips used by tech brands like NVIDIA and Intel.
With so many people launching startups and looking to grow their business these past few months, the market for business coaching looks great. For example, professional marketer Breanna Michel shared that she was able to grow her business (The Promotions Lab) by 174% by providing online coaching services last year. Dedicated business coaches like Jenn Faith, Ali Daniel, and Erica Carrico also reported a rise in their number of clients.
While these business ventures require some effort to break into (especially with the number of competitors in the market), the opportunities for growth that they bring are near-limitless. In fact, more than the revenue potential, starting a business in said fields will allow you to grow your network and provide you with many personal development opportunities, too.
Post Contributed by Sarah Barry
Sarah is a 24-year-old local activist who enjoys watching market trends during her free time. She started investing in stocks last year in hopes of living a comfortable retirement.