Microbusiness on the Internet

Start monetizing as a solopreneur

Microbusiness — an online business run by an individual , who is usually called a solopreneur, so-called individual Internet entrepreneur.

Starting and Running an Online Business Is Cheaper Than an Offline Business

There is no need to buy or rent an office (retail space, warehouses) and therefore there will be no other associated costs (furniture, office equipment, utilities, etc.). An online shopping business (such as an online store) may require warehouses or showrooms, but this is not the same as the costs of a regular offline store. Running an online business is cheaper. Marketing, customer support, working with contractors and suppliers online is much faster and requires fewer financial resources.

Online Businesses Have a Larger Target Audience

Online business products can be purchased not only by local Internet users, but also by those who live in other cities or countries. If a business sells digital products, its audience is the whole world. But even if you want to trade physical goods, you don’t have to be limited to the local market. Delivery services, due to the fact that they are also online businesses, are now much more efficient and faster. This allows you to send the goods to a buyer who is thousands of kilometers away from you.

Online Business Is More Flexible Than Traditional Offline Business

To solve a wide range of necessary tasks, a beginner in online entrepreneurship does not need to bear the costs of paying a permanent staff of employees. In many cases, the services of freelancers or solopreneurs will be sufficient.

Do not forget about the legal restrictions that businesses have faced due to the pandemic. No one can say with certainty when all boundaries will finally be demolished. However, you can be sure that online businesses will suffer the least from such restrictions. The invisible hand (not the one you know from economic theory) has begun to change the structure of the economy. Therefore, now online business is in an advantageous position: it can occupy those niches in which analogue companies could not survive while the crisis. Further let’s move on to considering the most popular areas of microbusinesses.

Microbusiness in E-commerce

1. Online Stores. One of the most popular areas of online business development. You can create an online store:

• as a website, having developed a unique system along with your desires and needs (self-written site);
• using ready-made CMS solutions (Wordpress, Bitrix, Insales, Simpla, Amiro, Storeland, Tilda etc.);
• with the help of website builders. Large constructors have dozens of templates for online stores (Wix, Site123, Squarespace, etc.);
• in social networks. A lot of online stores work on the basis of the capabilities of Instagram, Facebook and other large networks, sharpened for “visual”;
• message boards. On large message boards like Avito or Olx, you can create an online store with all the basic functions.

2. Trading on Marketplaces

You can trade without creating an online store. There are a lot of marketplaces that allow you to create your own e-commerce microbusiness with functionality which is very close to conventional online stores. Today the most popular are Amazon and Ebay (for trading internationally) and Wildberries (if online trading is focused on the CIS countries).

Microbusiness in the Service Sector

1. Online Courses

The boom in online learning has attracted a huge number of entrepreneurs into this area, many of them have entered educational microbusiness as solopreneurs.

Educational online microbusiness is a promising direction for those who feel a passion for educational activities.

2. Tutoring

Tutoring is often an additional activity for school teachers. However, there are also professional tutors for whom this work is the major one.

Many of them appeared after the transition of schools to online education. One of the consequences of this was the increase in parents’ referrals to tutors.

3. Consulting

For microbusiness, the amount of ideas is unimaginable in the field of consulting. Choose the sphere where where you have monetized competencies (business, finance, law, etc.) and biggest interest as well.

Nowadays some companies outsource certain tasks (like marketing, accounting or HR) and if you are highly competent in any of these areas why not consider consulting microbusiness?

4. Coaching (personal transformation, child coaching, etc.)

Imagine that you are helping people to achieve their goals in life, such as achieving material well-being, improving relationships, and so on.

This relatively new area is now experiencing growth, because more and more people are thinking about self-development with the assistance of a mentor. Perhaps, you are the one who can help them to change their lives for the better.

Digital Business Projects in the Field Of Production

1. Web Development

If you have coding skills, consider the direction of web development. There is a huge demand for all types of websites: from one-page landing pages to online stores and corporate websites.

However, you can start your microbusiness in web development even without coding skills since there many tools like Wix, Tilda, Bitrix or WordPress which can ease your professional growth.

2. Mobile App Development

For many of us, smartphones have become the most used devices. Moreover, we often use them because of mobile apps loaded there: entertainment, business, and assistants. Some apps are so popular that they generate multi-million dollar income for their developers.

Now, due to the huge number of platforms that allow you to create an app without programming skills, the threshold for entry into this area has decreased.

So, if you have a lot of ideas about what apps the market might like, go for it!

3. Video Production

Consider making video content. The video hosting sites, Youtube and Vimeo, have created a great demand for video creators and editors.

Due to the active implementation of this format by social networks, now no serious blogger or business account can do without video.

Everyone needs specialists who will make high-quality videos at a competitive cost.

Don’t forget about video shots with drones: this is a new trend that has not yet been developed everywhere. You probably know the companies that could improve their marketing with a video like this.

4. Graphic Design Studio

Starting your microbusiness in graphic design can be an exciting adventure.

It’s hard to imagine popular content on the web today that doesn’t use graphic design. Capable specialists are in high demand. If you love to draw and have a good artistic taste, maybe this is your way?

5. Website Development for Sale

If you are into and know how to create and develop websites, consider a business in this area. Such a business is becoming more and more popular due to the growing interest from some investors who consider buying a promising website as a good investment.

In addition, some entrepreneurs will be glad to buy a ready-made website with good targeted traffic that suits their needs instead of creating and developing a new one.

What Should I Do?

Such a variety of digital economy areas can confuse the unprepared reader. Reasonable questions will be: what should I do? where to begin? and others. You should start with building experience, portfolio and customer base. An excellent solution would be to register on a freelance platform, where you can find orders suitable for your field of activity, establish connections with clients, and also get used to the Internet market. Among all the variety of tools, we recommend an innovative solution, Talent Powered Team. It can help you in creating you business online from zero and start monetizing from the day you registered. Platform strives to increase your material well-being and enhance professional satisfaction.

We wish you good luck, solopreneur!