Thinking of starting an online business in 2024? With so many opportunities ripe for the picking, there has never been a better time. Over recent years, we’ve seen various sectors enjoy rapid growth during the transition into the digital age, and there are several particularly burgeoning industries right now that are worth considering if you’re wondering which route to take with bringing your dreams of being a business owner to life.
From e-commerce to online education, the possibilities are endless. Here, we take a look at four new online industries that are booming, offering plenty of inspiration for aspiring entrepreneurs like you.
E-commerce and direct-to-consumer brands
The rise of e-commerce has revolutionised the way we shop, with online platforms now the go-to for purchasing goods and services. At a time when we value convenience and accessibility more than ever, it’s little wonder, with online shopping and services making it possible to access what we need, when we need it, without leaving the comfort of our homes, beachfront sun loungers or wherever else we happen to be.
Direct-to-consumer (DTC) brands, in particular, have enjoyed significant growth by leveraging digital channels as a means of bypassing traditional retail channels and connecting directly with customers.
From niche apparel brands to organic beauty product producers, DTC brands are capturing market share by offering unique products, personalised experiences, and transparent pricing, and with the global appetite for quality products and services showing no signs of slowing down, there are myriad opportunities for budding entrepreneurs to build their own e-commerce brands and take advantage of this.
Online education and e-learning platforms
The online education industry, too, has seen dramatic growth over the past ten years, and was given quite the boost during the global Covid-19 pandemic, when swathes of people found themselves furloughed and with endless and unprecedented amounts of time on their hands. Many used that time to learn new skills and gain knowledge in new areas with the help of online educational platforms and tools, sparking a new era in which even post-pandemic, our appetite for both personal and professional growth remains at an all-time high.
For university students, online resources have made it possible to enhance the study experience and improve course results, offering support that simply wouldn’t have been available some ten to twenty years ago. The EduBirdie platform, which provides various types of assistance to students, is a prime example – but students aren’t the only ones seeking educational platforms that can help them in our modern age.
With the increasing demand for lifelong learning and skills development, e-learning platforms serve as handy and accessible alternatives to traditional education institutions for adults and professionals, too – and from job-related professional certification courses to help them get ahead, to language learning apps that are just for fun, the wide range of courses now available span a diverse array of interests and career goals.
The projected growth of the online education market is looking promising over the coming years, presenting lucrative opportunities for entrepreneurs seeking to create and monetise their own educational content and platforms.
Remote work and freelancing services
Another shift we have the global Covid-19 pandemic to thank for is the widespread shift towards remote working, which in the years since, has proved that it is here to stay. As a result, the way companies operate has been transformed, and numerous doors have been opened for those looking to pursue a remote career path or set up as a freelancer in a host of different fields.
As employers increasingly embrace more flexible work arrangements, copywriters, graphic designers, web developers and digital marketers are just some examples of the types of roles that are now being fulfilled on a freelance or remote basis. And, as more people than ever seek to start up online businesses of their own, the need for these types of services is also at an all time high.
Freelancing platforms like Upwork and Fiverr are great places to start if you’re unsure where to find your first clients, but as you build your reputation as a freelancer, you can move beyond these and command higher prices for the work that you produce, and market yourself directly to your ideal customers.
With the gig economy showing no signs of slowing down, now is a great time for aspiring entrepreneurs to leverage their talents to offer freelance services and carve out a niche in this rapidly growing industry.
Health and wellness tech
The trend towards health and wellness is another that shows no signs of slowing down anytime soon, which can only be a good thing – not just for individuals, but for the business world, too. As our understanding of the significance of self care and the importance of preventative healthcare grows, so too has the number of new start-ups we’re seeing within the space, with telemedicine platforms, meditation apps and online counselling services just some examples of where current opportunities lie.
When it comes to developing innovative solutions to help individuals monitor their health, track their fitness goals, and improve their overall well-being, there is still plenty of space for would-be entrepreneurs to get their feet in the door and enjoy a slice of the financial pie whilst helping others – and what could be a more fulfilling way to make money?
