Imagine someone talked about running a business in a virtual space some five decades ago. People would have termed that person crazy and the person would become a laughing stock. The internet has changed the system of things and now people earn lots of income online.
For example, at least 30 million Americans run online businesses. We might be able to provide a figure for Nigerians working online but we are certain many businesses are making the move. Have you been thinking of the best online businesses to operate? We have put together a couple in this post to help you out.
Why you should start an online business
Before we discuss online business ideas in 2020, let’s talk about why you should start one. There are tons of reasons.
Imagine reading through this post and in the next few hours, you have a business running online. This is what the internet has helped us to achieve. Here are some of the important reasons why you should run an online business in 2020.
Low capital requirement
One of the constraints of starting a business is raising capital. Online businesses don’t require as much capital. In fact, you can start with nothing or very little and grow into a huge empire.
Most online businesses require less than $100 (N38,797.40). Why does it cost so little? You don’t need to pay rent, hire staff, or spend on running an office.
This is one of the greatest benefits of running an online business. There’s something about being able to choose where you want to work from and how many hours a day you’ll dedicate to working.
When you have this sort of freedom, there’s no cap on your creativity. Amazing right?
Unlimited income potential
A regular 9-5 job has a specific income potential, with the best online businesses, the case is different. It is simple, the more clients you get, the more income for you. Better still, you determine the price of your products or services.
Let’s face it, while some of us don’t like a day job, some people are in love with theirs. If you fall into the second category, you can keep your job and run an online business as a side hustle. This flexibility is why many people prefer online business models.
Best Online Businesses to Start in 2020
By now, you must be itching to start an online business. Way to go, friend!!! Hold on, what online business can you pick up?
Not to worry, we have put together the top ten online businesses currently. Choose one that you have a passion for from the list below.
Many of us do this already without knowing, even though it’s not online. Remember when you help a friend recommend their products to others and gain a commission? That’s affiliate marketing.
To do this, you need to sign up for an affiliate program first. Many companies are in search of affiliate marketers and pay heavily for this service. Upon signing up, you get an affiliate link.
Share this link via your social media handles and when a person buys through your link, you get a commission. It’s that simple. You can do this through a blog, social media site (Instagram and Facebook), and YouTube.
Start a Blog
How do you get in-depth information online these days? From blogs. Many people will rather read a blog than read a book.
Seize the opportunity to make some money for yourself. What will you write about? Anything you feel like. However, it is best to check out the top trending blog niches and focus your writing on one of the niches.
Some ways to make money from your blog asides traffic include sponsored ads, affiliate marketing, selling digital products, and Google Adsense.
This is one of the best online businesses for individuals that have a knack for writing. Can you write? Have you been keeping a journal forever? Your writing skill can become a money-spinner.
Sign up on freelance sites and start selling your services. Most of these sites allow you to sign up at no cost. You can make a huge amount of money every month from freelance writing.
Do you know why consulting is a great business? There are no limits. People consult about anything. From relationship issues to anger management, from starting businesses to personal development.
What are you passionate about and feel like an authority in? Start an online business around this.
What skills can you teach? Tutoring online is simple and comes with lots of fun. Technology has made it easy to run classes from the convenience of your home.
You can make use of several apps like Skype, Zoom, VIPKID, etc. to run your classes. Another way to continue earning as a tutor is by signing up on a study platform. Examples include Udemy and Skillshare.
One of the ways big brands get customer data and improve their products is running surveys. They are ready to pay you to carry out surveys on their behalf.
Surveys don’t pay so much but the cumulative income is what matters. This is a great idea if you have a regular job and need a side hustle. Spend a few hours running surveys and make some money on the side.
We’ve got apps for everything these days. If you can build apps, then you should jump on this idea. All you need to do is find a sector or business that needs your services and build an app to solve their problem.
On the other hand, sign up to freelance sites for programmers and bid for gigs here. This opens the door to unlimited income from your home.
An eBook is simply a book in electronic format. We have so many of these nowadays. Do you have an idea you want to share or a problem you want to solve? Put it in an eBook and sell it.
Run a YouTube Channel
YouTube allows you to create video s about anything. This means you can earn so much once you can attract views and subscribers. You don’t need to spend much, all you need is a good camera and interesting content.
There are tons of ways to make money on YouTube including product reviews, tutorials, sports analysis, etc. What is your passion? Transform it into a video and make money.
Sell your products
How can we discuss the best online businesses without talking about your products? If you have a physical product or service to sell, you can take it online.
Build a website and set up a social media account. Post your products or services online and attract patronage like never before.
Still wondering what the best online businesses are? There are so many. We have given you a few ideas. You can build on these to start yours.
We have also shown you a few reasons why you should start an online business. Share your comments or questions with us in the comments section.