As the gap between wages and cost of living continues to grow, the opportunity to tap into the power of the internet and create an extra source of income (or even a full-time career) is just too exciting to ignore.

But so many people believe that the old way of doing business is still the only way of doing business... and that comes with barriers to entry.

It's a common misconception that starting an online business means selling physical products online, having to invest money in inventory, storage and shipping, struggling with the hassle of logistics, returns and refunds.

But this couldn't be further from the truth.

When I quit my corporate job three years ago to start my own online business, I took the leap before being sure of the idea I was going to pursue, so I did my research and stumbled across the world of digital products.

I started out designing simple digital planner PDF documents that customers would purchase online and print out at home.

I created each design once, sold it multiple times and soon realised that the scalability of this kind of business was infinite! There wasn't a maximum number of times I could resell the same design and no limit to the different kinds of designs I could create!

Once that was up and running, I wanted to find out if I could turn the knowledge and skills I had acquired in the corporate world and simply work directly with clients from the comfort of my own home.

I started providing marketing and copywriting services as a freelancer and within 18 months was working with three different clients and earning four times as much as I had been in my corporate job.

Selling digital products and building an online service-based business completely changed my life, gave me the freedom I always dreamt of and helped me increase my income while doing work I absolutely loved.

I've seen countless women create and build successful online businesses without ever selling a single physical product... simply by selling knowledge, skills or services online.

So in today's article I wanted to share with you four business ideas that go against this grain, where the barriers of entry are as low as simply being willing to take action:

1. Share your knowledge or expertise through online education: Every single one of us knows some piece of information or insight that other people would pay money to learn. Because of this, the online education market is set to grow to $350 billion by 2025!

Whether that involves baking cakes, playing an instrument, learning maths or knitting blankets, people are sharing their knowledge and choosing to learn new skills online every single day.

So why not you? Is there a topic you are truly passionate or knowledgeable about that you could teach others through an online medium? Whether you create an online course or teach individual online lessons, there's no limit to the number of students and therefore no limit to the income you can create.

2. Turn your expertise into an online service-based business: If you work in a corporate environment, are qualified in a specific skill or provide a service of some sort - there are endless opportunities to offer services online.

Providing online services such as marketing, coaching, personal training, accounting, and administrative support to name a few, means you can work with clients from all over the world and set your own rates.

3. Create and sell digital products: If you have some knowledge, talent or skill that can be turned into a digital product, the possibilities are endless.

From video and audio programs, to PDF documents, templates, designs, guides and eBooks, digital products are simply goods purchased online and used digitally or printed at home by the customer.

Ideas can range from printable party invitations, guides on keeping the house clean, PDF meal plans, video training programs and checklists for going on holiday among so much more.

4. Build an online community: Online communities bring together people from all over the world around a shared interest or a desire to achieve the same result.

From knitting to golfing to gardening, if you are passionate about a specific topic and know that others around the world are interested in the same, you could create an online community and invite people to join through a monthly membership fee.

Starting a business used to be reserved for the select few, but in this age of hunger for knowledge and as we shift more of our lives online, you can turn any knowledge, skill, passion or talent into an online income.

You know what's possible now, the next step is to simply start today.

Jessica Camilleri is a Business Strategist and Founder of Have It All And More, an online education platform and community for women who want to confidently pursue their bold business ideas. We help women turn their ideas into the income, impact and freedom they deserve. Find out more on: haveitallandmore.com and connect with me on Instagram: @haveitallandmore