3 Types of Online Businesses You Can Start From Home and Still Be Profitable in 2021

Let's face it, fam. 2020 has been somewhat of a shit show.

First of all, it seems like this year has been more like 999 days than 334 (so far). Secondly, we've all lived through so many stressful events - from political strife, to social injustices, to a whole pandemic.

And unfortunately, many people didn't make it. In addition to people losing their lives, people have lost the livelihood.

Many businesses - specifically brick and mortar businesses - have had to close their doors because they just couldn't pay the bills under the kind of stress lockdowns and limits on gatherings and public safety has placed on their bottom line.

So naturally, people who wanted to start a business, pre-pandemic, are very reluctant to do so. It seems almost counterintuitive to start a business right now.

But the truth is, now is a great time to start a business - or shall I say, now's a great time to start an ONLINE business! So if you're thinking about starting a business, just take it online and you can still build a profitable business - even in (especially in) this pandemic.

So let's talk about the three types of online businesses you can start, right from the comfort of your home, and still be profitable in 2020 and 2021.

1. Sell a tangible product online.

You could sell a tangible product. There are 3 ways to do this:

• Buy inventory for the product you want to sell.
• Dropship a product.
• Make your own product.

Buying inventory requires money, space, and time. You need money to purchase the inventory, you need space to store the inventory, and you need time to pick, pack, and ship your orders - unless you use a 3rd party fulfillment center.

Dropshipping is one way to get around the need to purchase inventory. It's a fulfillment method whereby your supplier ships your products directly to your customers. There are no minimum order quantities like there are when you purchase inventory, so you don't need much money up front. Dropshipping also eliminates the need to have a space to store products and it eliminates the need for you to spend time picking, packing, and shipping orders yourself.

Lastly, you could make your own product. When you make your product, you need to be able to buy the raw materials you need for your product. Much like buying inventory, making your own product would require that you have space to make and store the product, and time to make the product and pick, pack, and ship orders.

2. Sell a service online.

Selling a service online that you can also deliver online is a great way to turn your existing career or expertise into an online business that never requires you to have to leave the comfort of your home. You can offer consulting services, become a social media influencer, offer "done for you" services, or a plethora of other services.

One drawback to most service based businesses is that your income ends up being attached to your time, so your income is capped by how much work you can get done in a day. Still, for some, setting up an online service based business can be lucrative and freeing.

3. Sell digital products.

Lastly, you can sell digital products like ebooks, online course, digital planners, and really any digital content you can find demand for.

There are a ton of things I love about selling digital products. You literally only need a laptop and an internet connection, you create the product once and sell it over and over and over, and selling digital products means your time is not attached to your income.

To top it all off, you never have to actually deal with a tangible product, so there's no shipping, no accepting returns, no customers emailing you that they didn't receive their package. None of that!

No matter what type of business you choose to go with, starting an online business is definitely a smart move for 2021, so don't let 2020 scare you out of moving forward with a solid idea.

If you need helping starting your very own online business you can work from home, or really anywhere you choose, be sure to check out BYOB School and join the movement.