4. Start an Online Store
- Estimated income: $1,000-$100,000+/year, depending on the eCommerce business, its expenses, and the market size
- Requirements: business management, digital marketing, and site maintenance skills
Creating an eCommerce store to sell clothes or other items is one of the best small business ideas to pursue. Find online store ideas by researching trending products or tapping into a micro niche. Segmenting your niche may initially attract low traffic volumes, but it helps reduce competition and provide substantial growth potential.
Neuro, a caffeinated gum and mint company, is an excellent example of a successful micro niche business. The founders created the product to provide a healthier alternative to energy drinks and coffee.
Before starting your online store, calculate the startup costs carefully. A website’s development cost depends on many factors, including its features and platform.
A simple small business site may cost around $100-$500. But if the eCommerce site is huge and complex, the cost may amount to $10,000 or more.
Besides displaying products on your eCommerce website, consider selling on social media platforms like Facebook or Instagram. Diversifying sales channels can widen your audience reach and increase revenue.