Top 5 Business Ideas To Launch Online In 2020
Now is a perfect time to start an online business, especially with all this COVID-19 craziness that drove lots of people away from their workplaces. Perhaps your business went down the hill and you look for new opportunities? If you dream to start a business that would earn you enough cash for making it through a pandemia, we’ve outlined 5 top-pick business ideas you can start online. Some of them you can even turn into a full-time job in 2020 no matter the domain.
How to come up with recipe ideas to make money online?
It can be anything from fitness, beauty, marketing, design, to self-development, investing, consulting, handmade products, and so on. You’ll find plenty of different ideas today on how to make money online posted on the Internet. Lots of online resources are swarming with information on how to launch an online business and teach about the best ideas to make money online. Just pick one idea and start executing. Why do gurus share their ideas on how to make money online? Because it’s a hot topic today requested by many people. So, don’t wait forever to pursue your dream of financial independence and read about ideas to make money online 2020.
Table of Contents
- Top 5 Business Ideas To Launch Online In 2020
- Option 1. How to launch an online business with affiliate marketing
- Option 2. How to launch an online business by sharing your expertise
- Option 3. How to launch an online business by selling graphic designs
- Option 4. How to launch an online business with providing virtual assistance (VA) and organizing other people’s work
- Option 5. How to launch an online business with dropshipping
Option 1. How to launch an online business with affiliate marketing
How to launch a successful online business?
You don’t need a startup capital to launch an affiliate marketing business and can do it with passive income ideas to make money online. Today, it’s a proven way to make extra cash because you can make up to 75% of commission by selling digital products. For tangible goods, the commission typically varies from 2% to 10%. Obviously, the profit for the second option is less unless you’re selling thousands of merchandise.
You can make up to 75% of commission by selling digital products
How to launch a new product online? The trick of running an affiliate marketing business is authenticity and building a trusting and solid communication with your customers or followers.
For many digital products, for example, web hosting or ticket sales, referral programs are created and easy to join. The company will provide you with the links, banners, reviews, creatives you may need to successfully promote products. You will earn money by making a recurring commission from every purchase made by a person or business you refer.
Another advantage of doing affiliate marketing is that you can easily combine it with any business. Plus, this job can be taken care of once you’re free after a day job.
Option 2. How to launch an online business by sharing your expertise
Still looking on how to make fast money online ideas? Are you an expert and think you got the knowledge to share? Great, you can be an online instructor, consultant or coach and turn your experience into profit. There are many knowledge-sharing platforms and learning communities out there offering all the tools for online teaching at a reasonable price. The good news here is you don’t need to rent an office or hire employees. You can provide consultations and host webinars from your desk at home. All you need is a laptop and a fast internet.
Also, consider creating online courses. Digital learning is gaining popularity and attracts people of all ages worldwide. The reason is that people are looking for ways of gaining new skills but they are just too busy to go to class and spend time taking lectures. So, online courses give flexibility to study from home at your own pace. Grinfer or Skillshare are examples of online marketplaces where you can upload your course.
Another format is blogging or vlogging. Videos are way more popular compared to text. Create an account on Youtube and start creating videos. Post your content on LinkedIn. If you help solve real problems, your audience will expand as people spread the word about useful sources. Eventually, you’ll get earnings coming from monetization of your account. Start with free services like Blogger or Wix.
If you’re good at shaping words into sentences, think of trying freelance copywriting. This can be tricky. Choose your niche and focus on problems within one domain. Comprehensive articles on specific topics cost good money as writing them requires market analysis and lots of research.
You can be an online instructor, consultant or coach and turn your experience into profit.
Option 3. How to launch an online business by selling graphic designs
How can we earn online by giving creative ideas? Easily! You can turn your creative skills into real money by making logos for businesses, designing promo materials, creating digital advertisements, business cards, etc.
How to launch an online design business or how to launch an online store and start selling digital art? It is even easier now with the Internet technologies. Holding degrees or certificates is not necessary. Knowing how to operate Photoshop, Adobe family, or let’s say Figma, is enough to get started. The main trick is to build your professional portfolio that displays your skills to potential customers. An image is worth 1000 words, so start building your portfolio as soon as possible.
You’ll probably have to set up your own website to be able to advertise yourself or just work for teams that need graphic design services as a freelancer. There are platforms like Elance and Upwork where you can find a contract remotely.
Take a look at what other designers charge to get a clear idea of rates for this market. If you’re a newbie in the industry, you might have to work for a slightly lower price at least for a while. It’s okay, don’t stress out too much about it. Once you grow your clientele, you can raise your rates. Avoid working for free. Know the price for your time, otherwise, it can get frustrating and you’ll quit.
Once you decide to work in graphic design, don’t forget about such important legal issues, such as copyrights and trademarks. Learn more about editorial, commercial use of images, and Creative Commons types.
Option 4. How to launch an online business with providing virtual assistance (VA) and organizing other people’s work
This is another work-from-home job and one of the best ways to make money online that gained popularity in the time of digital communication. Indeed, it was quite a revelation online when it did launch. Basically, your job will be in providing administrative or technical help to businessmen and individuals who need it.
The reason why some acquire help from virtual assistants is that they don’t want to add new people to their staff, but still need help with taking care of day-to-day tasks. As a VA, you’re a self-employed independent contractor who isn’t limited to just one client and can make money by collaborating with several teams.
This online job is great for people seeking freedom from the office. You can work from any part of the world. All you need is a laptop and the internet. This job can be right for you if you are busy taking care of small kids, or you are looking for a part-time job to earn additional money on the side.
What challenges will you actually face as a virtual assistant?
- Customer service support (answering questions, processing refunds, answering phone calls, Skype, etc.).
- Helping clients with email management (working with spam and unnecessary emails).
- Helping with social media campaigns (responding to messages, creating posts)
- Management of corporate websites (usually requires good knowledge of WordPress, experience with writing blog posts, replying to comments, and so on).
- Providing remote administrative assistance (setting up schedules, order supplies, making travel arrangements).
- Providing help with creative tasks (web design, podcasts, copyrights, writing texts for posts, etc.).
Wondering how much money VAs actually make? The average hourly rate is around $30. Remember, that you’ll have to do your taxes as an independent contractor. The more experience you gain, the more money you earn. Don’t be afraid to master your skills. Frequent updating of your resume would be a great thing to do.
The more experience you gain, the more money you earn.
Use all helpful tools available for better promotion. Manage your LinkedIn account, write useful articles in professional groups and communities. Network with and seek advice from experienced VAs. Always be looking for better-paid jobs. Reach out to local businesses, or even contact clients directly to offer your help.
Option 5. How to launch an online business with dropshipping
Dropshipping has become a very popular business since such commercial giants as Amazon and eBay have expanded dramatically and became global vendors for the entire world. While considering dropshipping, you need to realize that it’s time and money consuming and will require a fair amount of commitment from your side. Don’t expect to gain profit in a month. Stick to realistic goals so you won’t get frustrated at the start.
Read as much as you can about the ins and outs of this business. Learn about different approaches, understand how it operates, decide what kind of niche you want to fill and know your clients. Reading Quora, Reddit and drop shippers forums will definitely help. Think about suppliers you want to work with and choose your sales channels.
You’ll be taking care of all the legal matters as most suppliers ask for legal documents before signing a contract. Have everything set up. If you have extra money, consider a lawyer or company registration services. The 3 most common legal enterprise types:
- Sole proprietorship – the most basic and requires minimal filing and tax headaches but lacks liability protection, which means that your personal assets will be subject to risk.
- Limited Liability Company or LLC – requires your business to be registered as a separate legal entity with a higher level of legal protection which decreases your chances to get sued.
- C Corporation or C-corp – comes with the highest level of liability protection and is the most expensive one.
When operating a business, never mix personal finances with business finances. Always separate bank accounts. This is important for tax deductions. Also, having your Employment Identification Number (EIN) registered is an important requirement to run your business legally. You’ll need it even if you’re the only employee in your company.
You can start with two approaches – either open your online store on one of the major e-commerce platforms like Shopify or BigCommerce. If this doesn’t work for you, then go to Amazon or eBay and sell with them.