13 Most Profitable Online Businesses to Start in 2024
You want to start a business, but don’t know what the most profitable online businesses are. It’s important to know in case of the inevitable…
It’s not uncommon to lose a job, have a medical emergency, or need to step in and care for a family member.
What then? How would you handle such a dramatic financial shift in your life?
That’s one reason why so many people have opted to start their own online business…
It’s usually either a fall-back plan or an escape plan.
But whatever the reason, there’s no point starting a business if it’s not profitable.
If you want to start an online business, there’s a niche for every aspiring online entrepreneur, ranging from creative endeavors like copywriting and digital products to others like eCommerce and options trading.
In this article, I’ll discuss the 13 most profitable online businesses and how you can start one today.
#1 – Selling Digital Services Is One of the Most Profitable Online Businesses
Offering your skills and services in areas like writing, graphic design, website design or funnel building allows you to set your rates and choose your clients.
You can do this as a freelancer, paid per project (hourly isn’t worth it).
One way to go about this is by using freelancing platforms like Upwork and Fiverr to connect with businesses in need of your services.
You can also offer your skills and services with an agency, your own or someone else’s.
Either way you choose to offer your services – freelancing or with an agency – it’s most profitable by having your own website or funnel. That way you can set your own prices, charging what you’re worth.
#2 – Website Design / Funnel Building
As more and more businesses move online, the need for good website designers and funnel builders is on the rise. It’s a highly valuable skill to have under your belt.
By learning the ropes of web design and funnel building, you not only open the door to offer these services, you can also create your own website that will convert more customers.
This skill, when marketed right, can bring in thousands of dollars per website or funnel.
#3 – Copywriting Is Also One of the Most Profitable Online Businesses
Copywriting is one of the most profitable online businesses you can choose.
Every time someone asks me what I do and I say I’m a copywriter, I’m asked ‘what is a copywriter?’
In short, copywriting is the art of persuasive writing to help people take some kind of action, like buying a product or service.
It’s something EVERY business needs for websites and funnels, ads, sales letters, marketing emails, or anything else requiring words.
A skilled and reputable copywriter can charge high fees – thousands of dollars per project – because they can turn words into sales.
#4 – Consulting Is One of the Most Profitable Online Businesses
Do you have any expertise? Do you know something you could teach someone else?
If so, you could do consulting, a service that most consultants charge thousands of dollars for.
It could be consulting for business, taxes, interior design, writing, home selling or buying, diet and nutrition, marital counsel, homeschooling or teaching other ways, or any other topic or expertise you have.
The sky’s the limit.
The best way to market your consulting is through a website or funnel. Social media can also be helpful in getting the word out about what you do.
#5 – Selling Digital Products
Creating and selling digital products helps you build massive scalability and near-passive income.
Examples of digital products you could sell are eBooks, templates, guides, checklists, online courses, or software.
Once the product is created, you can sell it to an unlimited number of customers without incurring additional production or time costs.
Again, you will want to market your digital products through a website or funnel.
#6 – Software development Is One of the Most Profitable Online Businesses
Building and selling software, whether it’s a mobile app, SaaS (Software as a Service), or a specialized tool, can lead to substantial income.
The key to success is to solve a specific problem for an audience.
Keep in mind that developing software can take a good amount of upfront capital. But in the end, it can be very profitable and make that initial investment well worth it.
#7 – Courses
Online education is booming. In fact, it’s a multi-billion dollar industry.
So creating and selling courses in your area of expertise can be highly profitable.
What’s more, you make the course once by recording it and then sell it to many. You don’t have to keep recreating it. So it has the potential to become near-passive income.
Some of the more popular platforms to use for selling your course are Udemy and Teachable, which make it easy to reach a global audience.
You can also use a funnel or website to sell it and keep all the profit from the sales.
#8 – Affiliate Marketing
Affiliate marketing is simply promoting other people’s products and getting a commission for it.
There is very little, if any, overhead to get started and can be a great way to start an online business.
Check out my article How to Start Affiliate Marketing without Money.
#9 – eCommerce Store
Ecommerce is selling physical products online through platforms like Shopify or Amazon. It can bring in a great income if done right.
However, there is more of an overhead for most eCommerce stores than for affiliate marketing, for example.
You could sell any physical products, including books, t-shirts and other clothing, cat toys, beauty products…any product you can think of.
And some can be POD or print on demand, when the product is only printed when an order is made.
Print on demand is a way to lower costs and overhead.
#10 – Writing and Selling eBooks
With the rise of self-publishing platforms like Amazon Kindle Direct Publishing, writing and selling eBooks has become a simple source of income.
Writing about your expertise and selling it online is an option…
And outsourcing the writing to a freelance writer on Fiverr or Upwork.
So there are no excuses for those who don’t want to write.
If you want to be a published author and make money from your books, this is a very good option.
#11 – Blogging
There are various ways to monetize a blog.
You can do so through advertising, sponsorships, affiliate marketing, and selling your own products.
Though it takes some time to build an audience and start seeing results, when done right, a blog can become near-passive income over time and can be very profitable.
#12 – YouTube Is One of the Most Profitable Online Businesses
YouTube is a search engine, so like blogging, it usually takes time to build a profitable income after starting.
However, the videos you create and post to YouTube can get traction for years, creating a near-passive income.
Though you can start with nothing more than a smartphone, it takes some significant time to create and edit videos unless you outsource the editing of your videos.
Even with the slower startup of this opportunity, it’s a great option to choose and can be very profitable, through ads, sponsorships, affiliate marketing, or your own products.
#13 – Options Trading & Investing Is One of the Most Profitable Online Businesses
Trading and investing is strategically buying and selling of financial investments.
There may be a bigger learning curve to options trading and investing, however, once learned, the potential for significant returns is great.
You may be wondering what options trading is. Ryan Coisson, an options trading veteran, gives a great definition:
“Options are essentially contracts that give investors the right but not the obligation to buy or sell an underlying security (such as ETFs, indexes, or securities) at pre-designated prices, limited to specific timeframes.”
It’s a way to do trading with more control and less risk.
And in short, when mastered, it is a significantly lucrative option.
Check out my article 5 Steps to Start Options Trading and Get Better Results.
FAQ Section
How much money will starting an online business require?
That depends on what business you decide to start.
It’s been said that it takes money to make money, but that isn’t always the case.
Sometimes it takes more time than money. And once you start making money, you can put that money back into the business to help it grow faster.
How much time does it take to start and grow an online business?
If you have more money than time, you can start a business without spending a lot of time. You do this by outsourcing most of the work and then just oversee things.
However, most people want to leave their 9-5 or want an extra income to help them have more freedom.
And that means using less money upfront.
This requires more time to get things off the ground, but most businesses can be started, either with more money or more time, working only an hour a day.
It all depends how quickly you want to grow your business.
In a Nutshell
The world of online business offers a variety of opportunities for anyone with the desire to start or grow their own business, no matter your interests.
Between copywriting and selling digital products and services to affiliate marketing and trading, there’s something for everyone.
The possibilities are limitless.
Disclosure: I may receive affiliate compensation for some of the links in this post at no cost to you if you decide to purchase a paid plan. You can read our affiliate disclosure in our privacy policy. This site is not intended to provide financial advice. This is for entertainment only.