Best Online Business Ideas to Invest in 2024 [And, How to Launch One]
Table of Content
Quick Summary: Are you still running your business offline? Or are you an entrepreneur willing to enter the online business industry to gain better profits? What business should you invest in? Here is the list of the top online business ideas you consider for your startup and small business. Read through to discover how you can build one for your brand or startup.
Running your business online is what your brand needs nowadays. An offline shop is just not enough in a market where the target audience looks for fast and reliable product delivery. The numbers show that about 70% of small and medium-sized brands invest more in their digital presence.
The online presence has become so crucial that 71% of small businesses have their own website to pull in clients.
Are you a keen entrepreneur wanting to invest in an online store but have no idea where to begin?
The first step towards it is to think of an idea that provides accurate solutions to the customers. But there are so many businesses that you start online; how do you figure out the best for you?
We have listed top online businesses that you can invest in 2023. Check it out and discover you can start your own online business with simple steps.
Top Online Business Ideas to Invest in 2023
Here is the list of the best online businesses to start without investing too much money.
1. Food and Grocery Delivery
Food and grocery delivery apps are one of the most profitable business ideas to invest in. The on-demand food delivery app industry is projected to reach $165 billion by 2029. On the other hand, the revenue for the grocery delivery app industry is expected to reach US$1,140.00bn by 2027.
Investing in food and grocery delivery apps is a great idea for several reasons:
- Customers can get their desired food or grocery deliveries directly to their doorsteps.
- Food and grocery delivery cater to the growing demand for on-demand services.
- These apps provide various offers and discounts, giving a better experience.
- Users can order their favorite food or grocery without moving out of their houses.
So, building a food delivery app or an online grocery platform can help you connect local service providers with customers. Multiple brands like Uber Eats, Instacart, Zomato, and DoorDash has proven their success in this market.
2. Handyman Services App
Another online business idea with little investment is the on-demand handyman app. Did you know the handyman service market is projected to reach USD 1.8 billion by 2033, indicating its huge growth? Whether you are already into handyman services or are a startup, taking these services online through an app can help boost revenue.
Creating a handyman app with top-notch features like real-time tracking, digital payments, search nearby handyman professionals, and hassle-free booking can ensure brand growth.
Another reason to invest in online handyman apps is that people don’t have much time to go out and find professionals like plumbers, electricians, furniture movers, carpenters, and more. Hence, they opt for handyman apps to book the services.
With your app, you can ensure that you connect the users with nearby handyman professionals so that they can get their work done quickly.
3. Taxi Booking App
Taxi booking apps like Uber, BlaBla, and DiDi have resolved the pain points of their target audience by providing just the services they need. For example, they allow their users to book a specific type of ride based on their preferences and budget.
People will always need to travel from one place to another to go to work or for personal reasons. Hence, there will always be a need for improved taxi services. As of 2023, there are over 300 million people worldwide who use taxi apps.
Creating an app with all the necessary features and engaging UI/UX ensures that your online taxi booking app stands out from the rest.
4. Beauty and Salon App
Developing a salon booking app is the perfect idea if you are interested in the beauty industry. These apps not only allow users to book services at their convenience but also provide an option to buy beauty products online from their favorite stores.
Some reasons why one should invest in the online beauty industry are:
- The beauty industry generates about $100 billion in revenue worldwide.
- By 2030, the men’s personal care market will reach $276.9 billion.
- Skincare alone is expected to generate up to $177 billion by 2025.
The top players in the online beauty industry are adopting new technology and methods to expand their products and web services. This startup idea is also beneficial for both those who provide beauty services or want to build a platform to connect the audience with nearby salons.
5. Health and Fitness App
People have become very conscious of their health. From counting the daily calorie intake to tracking water consumption, recording physical activity, and more, the target audience wants all the data on one single app.
Popular fitness apps like MyFitnessPal, FitBit, and Nike have proven that maintaining and tracking health can be easy and hassle-free. The popularity of these apps has increased so much that its user penetration is expected to hit 12.21% by 2027 from 9.76% in 2023.
You can build a fitness app that provides a single service or various health and fitness services, health tracking options, and more. Further, you can enhance these services by embedding features like live sessions, personal coaching, online health products, and personal fitness sessions.
6. Drop Shipping
There’s no doubt that drop shipping is among the best online business opportunities. After all, there is no need for a warehouse to keep up with inventory to run your business. It’s an excellent way to kickstart a business on a budget.
In simpler terms, dropshipping is a business model that lets you buy products directly from a manufacturer and ship them directly to your customers.
Dropshipping business opportunities are never-ending. Also, according to the Ministry of Commerce & Industry, the e-commerce market was valued at USD 38.5 billion in 2017 and is predicted to reach USD 200.0 billion by 2026, at a CAGR of 51%.
Importantly, it eliminates the risk of finding out that there’s no market for your product after placing a bulk order with the manufacturer.
7. eCommerce and M-commerce
Businesses should engage in M-commerce and eCommerce because they provide a wealth of options to expand their consumer base, boost revenues, and improve the purchasing experience in general. By 2026, 24% of all retail purchases are expected to occur online. You can access worldwide markets by using eCommerce to contact customers who are located elsewhere than where they are physically located.
On the other hand, M-commerce uses the accessibility and pervasiveness of mobile devices to help businesses reach the expanding mobile user population. Mobile commerce boomed in 2020 and is expected to increase by 2026. The US alone is projected to have over 187 million active mobile shoppers by 2024.
You can provide clients with a seamless and personalized shopping experience with eCommerce and Mcommerce, offer many products, simplify purchasing, and use data-driven insights to optimize their marketing campaigns and spur growth.
How to Start Your Online Business?
Once you have decided upon the online business you want to invest in, you’ll have to plan to bring it to life. Below are the steps to start your online business.
1. Conduct Market Research to Validate Your Idea
You may have a great online business idea, but if it does not have a market, it won’t work. So, the first step is to conduct thorough market research to understand the idea, its target audience, and their demands. These will further help you plan and develop the business better.
2. Create the Business Plan
Once you have done complete market research, it’s time to work on the business plan. Outline your business goals, strategies, and financial projections. The planning must also include what services you will provide and its USPs.
3. Develop Your Product
Now that you have planned your business, you must develop the product. For this, you can hire the right professionals. For example, ValueAppz is a leading on-demand delivery app development company that helps clients launch their apps quickly, built with the latest technology.
4. Connect With Vendors and Suppliers
Whatever industry you choose, you will need to connect with several vendors and suppliers to run your services. For instance, if you are building a food delivery app, you must register restaurants, cafes, and other eatery outlets so that users can connect. Same way, to develop your eCommerce platform, you must connect with local suppliers.
5. Market Your Online Business
Once you have developed your online business, you must build a strong marketing strategy to reach your target market. It can be done through marketing techniques like social media marketing, content marketing, SEO, and so on to catch your customers’ attention.
Top Examples of Online Businesses
Let’s take a look at the top online businesses that have gained enormous success and a broader target audience by providing excellent services through their on-demand apps in their respective industries.
Uber is the leading on-demand taxi booking app. Launched in 2009, the brand has over 130 million monthly users. One of the primary reasons for its success is that Uber provides several ride-booking options like Uber X, Uber XL, Uber Black, and many more. Further, it has enhanced its services with the latest technology and includes essential features to the app.
Careem is a super app in the Middle East, headquartered in Dubai. The brand began by providing on-demand taxi services and slowly expanded to food, grocery, and online payments. Its taxi services are spread across 12 countries, with over 50 million customers registered on the platform.
Instacart is a leading on-demand grocery delivery app. Based in California, USA, the brand allows its users to conveniently shop from various grocery stores. With over 500 million products and 40,000 stores registered on its app, Instacart generated a revenue of $2.5 billion in 2022. The platform also provides contactless services to ensure its customer’s safety.
EatSure is one of the best examples of online food delivery apps. It is an Indian-based company that brings together restaurants and customers on one platform. The platform focuses on quality and customer convenience. As per the reports, EatSure generated a revenue of ₹859 crore (US$110 million) in the financial year 2022.
Convert Your Digital Business Idea to Reality
So, are you ready to invest in your online business? ValueAppz is a leading on-demand delivery app development company that can help you build a scalable and robust app. Whether you want to invest in food, grocery, handyman, beauty, taxi, or eCommerce industry, our services are built for all.
We design apps with the latest technology to ensure they provide a complete solution to their users and an exceptional experience. Get your app developed at a price that fits your budget and meets the brand’s goals.
Contact us now to discuss the idea.
Frequently Asked Questions
Q1. Which business will be profitable in 2023?
Some of the most profitable businesses 2023 are home services, real estate, virtual assistance, eCommerce, and food and delivery apps.
Q2. What kind of business can I start at home in 2023?
In 2023, some businesses that you can start at home include eCommerce stores, digital marketing, on-demand delivery apps, and drop shipping businesses.
Q3. How can I grow my online business in 2023?
To grow your online business in 2023, you must focus on building a solid online presence via strategic marketing, optimizing websites, and providing exceptional customer services.
Q4. What business can I invest in 2023?
As of 2023, some businesses you can invest in and gain a better ROI include a food delivery app, grocery delivery app, handyman services app, eCommerce store, and on-demand taxi app.
Q5. Is it possible to start an online business with limited technical skills?
Yes, it is possible. A number of online platforms and tools provide user-friendly interfaces and resources to help create and manage online businesses. Further, hiring the right company can help build an online business with limited technical expertise.
As an expert in Digital Marketing, I always look forward to keeping up with the latest trends and customers’ changing demands. Hence, I focus on content that updates the readers in-depth about the industry.