What Kind of Online Business Should I Build in 2023? A Comprehensive Guide
Feeling overwhelmed with choices or starting your online business? With so many options out there, it's hard to know which direction to take. That's why we've put together this comprehensive guide to help you choose the right path for your creative business.
We'll explore the most popular online business models, from selling digital products, to becoming a YouTuber.
By the end of this guide, you'll be empowered with the knowledge and tools to make an informed decision about what kind of online business you should build in 2023 that truly aligns with your unique skills, passions, and values.
So, let's navigate the exciting and ever-changing world of online entrepreneurship together and inspire you to take your creative practice to the next level! (Side note: many of us in online business overlap across several of these business models. However, we do suggest that you choose one place to start and then add on from there, once you have your footing.)
First, let's begin with an overview...
What is an online business, anyway?
An online business is any type of business that exists, at least in part, online. This could include anything from selling physical products to digital products like e-books or courses. It could also include services like coaching or consulting. Or even using your status as a famous TikToker to promote brands and products that align with your values.
The great thing about online business is that it offers TONS of flexibility.
You can work from just about anywhere in the world and will not be limited by traditional business hours. You can serve more people, which means that you and your work can have a more significant impact.
Now that we've covered the basics let's dive into some of the most popular online business models...
Thriving as a course creator
One of the most popular business models for online entrepreneurs is selling online courses. Courses are a great way to share your knowledge with others, and they can be sold for a high price point. If you have expertise in a particular subject, creating an online course is a fantastic option for bringing in a sizable income in your first year in business.
To become a successful course creator, you will need to create high-quality content that provides value to your students, be comfortable with using (or learning) technology, and be able to market your courses effectively. (Sidebar: You'll need to have a proper system in place for delivering your courses. Might we suggest Marvelous as an excellent option for delivering an online course? You can learn more about teaching on Marvelous here.)
Creating and selling online courses can be a very lucrative business model, but it does require some work upfront. If you're interested in becoming a course creator, we suggest getting started with just one course. This will help you get a feel for the process and see if it's something that you enjoy before committing to creating multiple courses.
Running an online membership site
Another popular online business model is creating and managing an online membership site. This could come in the form of exclusive content, access to experts, or helpful resources.
On Marvelous, memberships typically involve people paying a monthly or annual fee to access premium content, often in the form of video lessons, live-stream classes, or access to group calls.
If you choose to build an online membership, you must provide consistent value to your members every single month.
Building an online coaching practice
If you're a people person, coaching could be an ideal online business model for you. As a life coach, health coach, or business coach, you'll work with clients one-on-one (or in small groups) to help them achieve their goals.
This business model is best suited for those who are experts in their field and have significant training and experience to share. To be successful as an online coach, you'll need to be comfortable serving as the public face of your brand.
If that describes you, coaching may be the ideal online business model for you!
Selling physical products online
Another great option for new online entrepreneurs is selling physical products. This could include anything from arts and crafts to jewelry to yoga props. If you're creative, enjoy making things, and have an eye for detail, selling physical products online can be a fun way of expanding beyond your local market.
To be successful in this business model, you'll need to create high-quality products that people want to buy, build a strong online presence that sets your brand apart, and find creative ways to market your products. You'll also need to be comfortable with fulfillment and shipping logistics.
If you're interested in selling physical products online, we suggest starting with a small product line and using a platform like Shopify to take orders and help you sort out the shipping side of your business. This will help you get a feel for the process and see if it's something that you enjoy before investing too much time and money into inventory and supplies.
Podcasting like a pro
If you're a fan of impactful conversations (and have the gift of gab), podcasting could be a perfect online business strategy for you. In this business model, you'll create and host your own podcast. You have the freedom to talk about whatever topics interest you and your audience, and you can build your network quickly by interviewing guests on your show.
To be successful in this business model, you'll need to create high-quality content that people want to listen to. You'll also need to be comfortable with promoting your podcast and finding creative ways to grow your audience.
If you're interested in getting started with podcasting, we suggest checking out some of the top podcasts in your niche and seeing what they're doing right. Then, invest in some quality equipment and start recording your own episodes! (We use Transistor to host our podcast.)
Blogging like it's 2009
Blogging is one of the oldest online business models, but it's still going strong and—we would argue—even having a revival in 2023. If you enjoy writing and sharing your thoughts with others, starting a blog could be an excellent option for you.
To be a successful blogger, you need to find a way to stand out from the millions of other bloggers out there. We suggest doing some research on your niche and then choosing a handful of specific topics to write about—these are themes you will come back to again and again.
You'll also need to dig into SEO, commit to a consistent writing practice (ideally at least once per week), regularly produce high-quality content and keep your audience engaged in your content. Ideally, you'll want to build an online presence around your blog through social media and cultivate a community around your blog.
Selling digital downloads
Another distinguishing option for online entrepreneurs is selling downloadable digital products. This could include anything from e-books to private podcast feeds to templates. If you have knowledge or expertise that people are willing to pay for, selling digital products can be a great way to make money online.
Digital downloads are often a simple and inexpensive entry point for your audience to engage with your free content. It also can provide you with that elusive passive income we've all heard about, and (not so secretly) desire.
To get started with digital downloads, we suggest creating a lead magnet—a free piece of content that people can download in exchange for their email address. This will help you grow your list quickly and begin generating a warm audience that's primed for your paid content.
Becoming a YouTuber (it’s not too late!)
Hey there, future YouTube sensation! Are you thinking about becoming a vlogger and sharing your life with the world? Well, you're in luck because vlogging is a hot way for creators and solopreneurs to make a name for themselves in 2023!
The key to successful vlogging is to find a niche you're passionate about and know like the back of your hand. Whether you're a wellness expert or a travel addict, there's an audience waiting to be engaged by your content. But remember, becoming a successful vlogger takes more than just catchy thumbnails and interesting experiences. You'll also need to invest time in creating informative and entertaining content and developing your filming and editing skills (unless you pay the money to outsource it).
Making money as a social media influencer
Are you ALWAYS scrolling through social media on your phone? Do people enjoy following your posts and engaging with your ideas and recommendations? Do you have (not-so-secret) dreams of being famous on the Internet? If so, becoming a social media influencer could be the perfect entry point into online business for you.
As a social media influencer, you'll need to build a significant following of people who are interested in what you have to say. Once you've done this, you can start working with brands to promote their products or services.
This business model is best suited for those who are outgoing, creative and have a strong online presence. If you're interested in becoming an influencer, we suggest starting with the platform that you're most active on (probably Instagram or TikTok) and then branch out from there.
That's a wrap!
These are just a few of the most popular online business models. As you can see, there is endless opportunity out there for those who want to start an online business in 2023.
No matter what online business you decide to build, the most important thing is that you enjoy the process and are excited about the products or services you're offering. If you're not passionate about what you're doing, it'll be very challenging to stick with it long-term. So take your time, do your research, and choose an online business model that feels right for you. Best of luck on your entrepreneurial journey!
What kind of online business are YOU going to build in 2023? Let us know in the comments below
