There are plenty of opportunities for budding entrepreneurs, whether you’re looking to replace your full-time career by starting an online business or add a second source of income. Online businesses offer a myriad of ways to earn money. From retail and services to e-commerce and downloadable products, there are plenty of possibilities. But, determining the depth of your chosen niche and the marketability of a particular service or product is a crucial step to ensure you’ll be successful in making a profit. It is also important to select a reputable credit card processor and implement the right technology for your online business.

Most successful online businesses make use of your strengths and address a real problem. They also have the potential to grow. This could mean online education, specialized services, subscriptions or even specific freelance services. However, whatever your business model is, the key to success is to execute with precision and implement systems that fuel growth.

Ecommerce is one of the most well-known types of online businesses because it typically requires the least amount of capital to start and is easily scaled across different markets and countries. You’ll first need to select an e-commerce platform that is reliable and offers successful online business many features at an affordable cost. You’ll need to find a wholesaler or manufacturer that can supply you with the products you need to sell on your online store.

For example, Matthew Fiore turned his love of LEGO into an online business that made money by selling the LEGO minifigures he designed to collectors all over the world. Fiore along with offering a unique product, and putting the customer first has been able to grow his business from $1.6k to over $1.6k per month.