The Most Successful Online Business Ideas in 2020
Why work online? The pandemic has changed the dynamic of businesses moving from office-based jobs to online home-based jobs. According to Forbes, the coronavirus pandemic has expedited the growth of e-commerce by 4 to 6 years. However, there are factors which still play a significant part in holding back people from venturing into entrepreneurship. For instance, there is the comfort zone of the daily routine, the promised salary, and the risk associated with throwing it all under the bus and starting anew. Regardless, the online business sector is growing more popular due to its convenience and opportunities provided.
There are pros and cons pertained to each business venture, but we’re looking only at the upsides today, namely:
- This is a no-brainer: you won’t have to commute to your job every day. Moreover, there is no need to buy office supplies only required for legal purposes, which will reduce your expenses, and you can save up for that dream trip you’ve been planning for a long, long time.
- The convenience offered by the flexibility of home-based jobs is priceless. You can unleash your creativity more freely when you’re in a comfortable environment.
- The 9-5 mundane routine impedes you from performing more productively when you can save a lot of time by performing more efficiently at your time and pace, at the convenience of your home.
- You can work with more clients from all areas of the world online, the diversity enabling you to develop a broad set of skills according to your niche.
- Your attention span will be optimum when there are no workplace politics to obstruct your thought process just when you start to go with the flow.
- And most importantly, online businesses can bring in a considerable profit if done right.
Things to Consider Before Launching
Starting your own business is hugely aggravating when there are so many options to choose from. Articles you look up online are also not that helpful when most pitch the concept that chasing the passion in choosing a niche is the best idea. However, the most profitable ideas are shaped at the crossroads of one’s:
- Skill set
What Is a Perfect Niche?
The perfect niche is the one likely to be most profitable. You’ll have to conduct considerable market research on various places according to your skill set and passion. Still, the focal point would be on the niche that is most probable to be successful.
Having chosen a niche, you can start thinking about other elements to commence your entrepreneurship. Deciding on a business idea based on passion alone is challenging and risky, with the likely outcome being a failure. But how will you choose that particular niche from thousands? We’re well aware of the fact that the idea of researching a thousand business ideas is absurd and practically improbable. So, we have narrowed it down for you by curating this article. By the end of this article, you will, hopefully, find the idea perfect for you.
The search for expertise is continually on the rise because of the market full of jacks of all trades, and you know how the phrase goes. The scope of having a practical set of skills is massive, especially when you’re trying to land a job. It is frustrating to see academia more focused on theory with little regard for practical knowledge. More and more students and other people are resorting to online coaching lessons to learn new skills or hone previous ones.
This quest for expertise is especially pronounced during this pandemic when classes have moved online, and students are looking for more apart from academic knowledge. Alternatively, they’re trying to find better tutors for their subject matter when they see their tutors as inadequate. Whichever the case is, the demand for knowledge is broadening day by day.
So if you’re passionate about a particular field or have some expertise in an area, you can share your knowledge in exchange for a substantial income.
Suppose you’re patient enough to wait for garnering enough traffic to activate monetization on your content. In that case, you can start a podcast on Spotify or put up your videos on YouTube or other social media sites like Facebook.
A better alternative would be to sell your coaching classes online on platforms where you can get started early by putting up your content as soon as you register. Some of the best online coaching platforms are:
Blogging is one of the most profitable businesses if you treat it like one. The most flawed advice about blogging is that you should blog about what excites you the most because that would keep you motivated for years. Regardless, this advice is impractical in the long run when the blog niche you choose won’t bring you profit, and you’ll eventually become disheartened and quit. Humans are exhibitionists by nature, and they want approval for the hard work that they do. So why not do the same amount of work on a niche that will be profitable?
Blogs offer flexibility a few other businesses offer. You can gradually keep merging a wide variety of companies on your website as it becomes more profitable. With blogging, you can coach other people, offer lifestyle and health advice, and write how-to listicles and guides for honing various skills. However, the primary driving force of revenue in most successful blogs is selling products. You can either:
- sell your products (e-commerce)
- or sell someone else’s products (affiliate marketing)
If you’re new to this and want to learn from scratch about the basics, here is an article that explains things from choosing a domain name to learning about the SEO tools to optimize your blog to drive traffic for eventual monetization.
Opening an Online Casino
Now more than ever have the business of online casinos been so successful. A report from The Business Research Company states that the global online gambling market is predicted to rise from $58.9 billion in 2019 and $66.7 billion in 2020, a growth rate of 13.2%. By 2023, the industry is expected to reach $92.9 billion at a CAGR of 11.64%. The pandemic has closed the literal doors to offline casinos, so people are rushing towards online ones. With no creative outlet to expel all the restlessness bottled up due to staying cramped up at home at all hours, people are becoming increasingly interested in online gambling games.
More focus is being shifted towards gambling games optimized to be played smoothly on mobile devices and desktop screens. The other factor for the exponential increase in online gamblers is that many online casinos now offer free gambling games and mobile slots to play. Naturally, customers tend to prefer open platforms. So launching an online casino in 2020 can be anticipated to be one of your most profitable business ventures.
However, starting an online casino can be extremely challenging, so be sure to perform some market research beforehand and pick reliable software providers after curating the gambling content. Also, don’t forget to get a gaming license before you launch your website!
With many businesses moving online due to the pandemic, the competition is high, and everyone wants to stand out from the rest. Companies need a unique voice, a brand image for them to shine and have the opportunity to come to the top.
They’re always on the lookout for graphic designers to help them transform their vision for their company into reality.
Graphic designers are offered many opportunities, from designing logos and banners for marketing purposes to developing the whole website. They can choose what they do best or channel their creativity by trying all the opportunities.
There are several freelancing platforms where graphic designers can design for clients from all over the world. Some of the best are:
Alternatively, you can pitch your graphic design ideas to different companies and business owners to launch your own business.
If you have no graphic design skills but still want to dive in, you can learn the basics from free courses offered on various platforms like Coursera.
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