Looking to earn extra income online? There’s never been a better time to start than now. Growing your own business online gives you more flexibility, more freedom – and it can even be the launchpad you need to achieve all your financial goals.
The thing is, there’s more one than one way to skin a cat. In other words, there are different types of businesses you can start today.
If you’re not sure what type of business will be the best for you, join us as we take a look at 6 of the best online business ideas in 2020.
If you’ve got a specialist skill, such as copywriting, photography or even cooking, why let all that knowledge go to waste?
Whilst it’s super generous of you to share your knowledge with your friends for free, you could also monetise your knowledge in the form of a course.
People do this all the time. They create courses based around their skillset, and sell them to people who have a huge desire to learn said skill.
For example, a copywriter could sell a training course that teaches people to launch their own successful career as a copywriter.
There are many ways you can create online courses, and lots of entrepreneurs prefer to diversify by putting premium content behind a paywall after giving away X amount of stuff for free. You could also write an eBook and create Facebook groups that bring your students together into one place. This helps you to create a brand around your courses.
If there’s a specialist subject that you’ve got a lot of experience with, you could create an online course – and you could also become a coach or consultant.
Online coaches nowadays make a lot of money (as much as $325 per hour, or even more).
How much you make depends on how specialist your skill is, as well as your level of experience. But becoming a coach is a great way to achieve financial and professional independence because you get to choose your rates, your clients and your hours.
You just have to ask yourself: What do I know that others would pay to learn? How can I help people? Am I the right type of person to help others?
If there’s a skill that’s in demand at the moment – such as SEO – it’s very likely that people will pay you to teach them how to get good at it.
You’ve probably heard of people getting rich online via affiliate marketing. But what is an affiliate and how do they manage to make SO much money?
Affiliate marketers are entrepreneurs who generate traffic for someone else’s product. The affiliate marketing model works like this:
A business is selling a product. They do a lot of marketing for themselves, but in order to expand their audience and thus sales, they want others to do some of the marketing for them.
Enter the affiliate marketer who promotes independent products online, leveraging channels such as websites, social media and email. As part of their marketing campaigns, the affiliate will write unbiased blogs and product reviews, and they will include a link to the product they’re promoting.
This link is an affiliate link. When a customer comes along, clicks the link and buys the product directly from said link, the affiliate earns a commission.
It’s a really simple marketing model that anyone can do.
Moreover, if you’re not the best at creating content yourself (such as those blog posts and product reviews), you can actually outsource this aspect to others.
Who can become an affiliate?
Literally anyone. All you need to do is get yourself onto an affiliate program (for example, Amazon offers one, as do many more businesses, from gambling sites to dating sites), and then create awesome content that drives traffic and conversions.
No one said running an online business would be easy – and opening your own online store definitely won’t be easy. But with estimates showing that online sales are expected to reach a whopping $4.2 trillion by the end of 2020, an online store can be THE most profitable of online businesses.
Of course, there’s a lot you need to decide on before you launch a store, including your niche, whether or not you want to dropship or hold your own products, and whether you want to go it alone and work with others. But the great thing about an online store is that, if you can turn it into a profitable venture, you could sell it for a profit at a later date.
In fact, you can read all about how to sell your eCommerce business here.
Scared of starting an online store from scratch? If you have a budget, you can purchase an existing online store.
Podcasts continue to grow in popularity, with 144,000,000 Americans now listening to at least one.
Podcasts are fun, educational – and literally anyone can make and monetise one. You just need to pick something you’re knowledgeable about, invest in high quality software, and start marketing it.
Getting a book published used to be hard.
These days, thanks to Amazon, anyone can do it.
And the thing is, an eBook that you publish yourself can be just the start of an amazing business that grows and grows.
For example, let’s say you write an eBook on something that a) you know lots about and b) helps people solve a particular problem. You give it away for free, and allow the fact that it’s a freebie to act as a form of promotion (after all, everyone loves a freebie).
But let’s also say that you write a second eBook that’s even better, solves even more problems, but which people must pay for.
The idea is that you use the first free eBook as “bait.” You give away some answers but leave others out. In order to get the rest of the answers, customers must buy your second eBook.
As long as your first eBook was a roaring success that people really enjoyed, many of them will fork out cash for your second one.
And, hey, over time you could release a third and maybe even a fourth eBook as you establish yourself as a bit of an expert in this particular field.
The best thing about this business idea? It doesn’t even need to cost you a dime.
These are 6 online business ideas that anyone can start today.
Naturally, you will need to do further research. But the next step right now is to decide which idea appeals to you the most, and which you think suits your strengths (and budget). Then, carry out more research into it and take things from there.
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