Most Profitable Industries to Start an Online Business
Are you looking to start a business but still haven’t decided where to invest? If yes, then don’t worry! You are not alone. There are many who want to start their own business but encounter common challenges like:
- Don’t know where to start
- Which industry can generate profitable returns
- How to start
Covid19 has impacted not only healthcare but also the economy of all countries across the world, so naturally people are feeling scared to invest in the business. They want to invest in those industries that will do well in almost every type of situation.
According to S&P Global Market Intelligence report, the top 5 industries airlines, Automobiles, tourism, and oil gas have faced a negative impact.
Many businesses couldn’t survive Covid 19 impact and while some businesses are staring at bankruptcies or shut downs. Especially startups & small businesses which had funding issues. At the same time, however, there are many businesses still struggling to reset to normal. Budding entrepreneurs are preferring to invest in industries experiencing high demand or likely to expect demand in the future.
During the Covid19 pandemic, few industries have witnessed high growth. Interestingly, even after this pandemic, these industries are still experiencing high demand.
Examples include -
- E-commerce Industry
- Rental industry
- Education industry
- Healthcare
These are a few best industries to start a business and start an entrepreneurship journey.
You can download the complete report of the covid19 impact of industries. This report is prepared by FATbit Technologies. With the help of this report, you will find the details & insights about all major industries which were impacted during the COVID pandemic and after that how they are doing, future scope, etc.
With the rise of technology, most of the profitable businesses are either online only or have significant online presence.
As you would imagine, finding a good business idea is not everything. Business needs to start at the right time with the right technology & right set of people. Then the chances of success are high. I’ve created a list of the best profitable online business ideas that you can start and generate good profits.
A talented businessman is always looking to grab opportunities. If you want to become a successful entrepreneur, keep your eyes on the emerging industries. It is indeed the crucial time for entrepreneurs to set up their eCommerce business and turn the COVID19 impact in their favor.
Currently, people are preferring to buy things online. During coronavirus, everything had to be closed so now, people’s behavior have changed and they shifted offline-to-online. Not only customers but many old small to large-sized offline businesses also have adopted the power of digitalization.
Let’s see the future based most profitable business industries that you can start now:
- Rental
- Food
- Education
1. Rental business:
Rental industry is one of the most popular & profitable industries. According to stats, the rental industry is expected to grow & reach $59 billion by year 2022.
According to a poll by YouGov, 76% of people looking to rent would go to the internet first to find what they need; rising to 88% for those aged 25–34.
Cort, Turo, Tenderd, GearFlow, Rent the Runway are a few top players in the rental industries.
Above mentioned names are the best examples of rental marketplace platforms.
Peer to peer rental industry provide multiple business opportunities to aspiring entrepreneurs to start their own business in the rental industry.
Here I’ve listed a few major online rental marketplace services that you can choose and start your business on them. These industries are becoming popular in a very short span of time and it will dominate in the future as well.
- Online heavy equipment rental business
- Online peer to peer car rental business
- Start an online RV rental business like RVshare
- Online dress rental & clothing accessories business
- Online gym & fitness equipment rental business
- Online furniture rental business
- Bike/cycle rental business
How does the business model work?
How to start an Online Rental Marketplace Business?
You can start your online rental business with YoRent and grab the opportunities of this industry. With YoRent you can launch your rental business within a few hours. YoRent helps entrepreneurs by providing a set of extraordinary features that make the rental website secure & easy to use.
If you are planning to start your rental business then it’s the right time to start it. Because of the festive season you can get the discount to launch your rental platform.
2. Food industry:
The food industry has grown rapidly from the past years. After the pandemic, this industry has seen a great rise from past years. Consumers’ behavior has changed, now they are hesitant to go to crowded places. Customers are using food delivery apps like Ubereats, Zomato to order food online.
The success of top players in this segment has attracted a lot of entrepreneurs. As a result, many aspiring entrepreneurs are investing in the food delivery business.
According to leading business publications, the online food delivery services have increased by 300% since last year.
At the moment, food delivery industry is dominated by following players -
- UberEats
- Grubhub
- Zomato
- Deliveroo
According to UberEats, it has seen a rise in the number of restaurants registered on their platform in the last 2–3 months.
Starting a business in the food delivery industry is really the best opportunity for all of those who are just planning to start a new venture.
Business model — How to start an online food delivery business?
In today’s digital era, starting an online business is not hard. There are countless solutions available in the market. For instance, YoYumm. It’s a customizable readymade marketplace software that builds a features-rich food ordering & delivery app within a few hours. As it’s a fully customizable solution so you can add some additional features as per your business needs.
3. Education industry
Technology has become a major part of our lives. Now, the way of learning has changed especially after Covid, students have shifted from the old classrooms to online classes & tutoring platforms.
Technology has made it easy to share knowledge between the teachers and students. Students can choose the time as per their own schedule. Because of convenience, flexibility and ease of access has increased the popularity of online learning platforms. Now both Businesses and academic institutions are investing in digital transformation.
Udacity, Udemy and Coursera are popular names in the online education industry. .
As per current market trends, the global e-Learning market size is expected to reach $243 billion by 2022. So starting a business in the online education sector is not a bad idea. You can earn profits from this highly growing market.
How to start an online business in the Education industry?
Here I would suggest you have a look into YoCoach, a turnkey solution to build an online learning website. It’s a readymade customizable marketplace solution that meets the modern need for education & business.
Why ready-made solutions are the best choice?
When entrepreneurs have an idea to start an online business the first question that strikes their mind is how to set up their online platform? Which one is best to build it from scratch or buy a readymade solution?
As per my recommendation, ready-made marketplace solutions are always the best option to start an online business.
If you want to build it from the scratch, then the development costs are going to be very high. You will have to hire a big team of developers and it takes a lot of time, in some cases, it can take more than 10–12 months to complete the whole project. Overall depends on the features that require your business. In the end, you will have to pay a big amount for that.
By choosing a ready-made solution, you can save your time & money. Everything is ready to use so it will be ready within a few hours. So you don’t need to wait for several months. You can save your development money and use that for marketing of your business.
