In the past decade, we have seen a meteoric rise in the number of small and medium-sized businesses. More and more people are deciding to take their career, and life, into their own hands, regardless of all the challenges and risks that come with such a choice. Not only do you get to call the shots, but there is also unlimited potential in terms of growth and revenue. However, building a new business is also very stressful and involves a great deal of risk and sacrifice. You have to wear multiple hats and worry just about every single aspect of your business.
Yet, despite that, 55% of business owners have said that they’ve opened their own business because they wanted to be their own boss. That sounds pretty great, but you also need to keep in mind that over 70% of US small businesses shut down in March of this year because of the pandemic. Since the pandemic is global, it has pretty much had the same effect on business no matter where they are. So how do you create a successful business idea in 2020 and make it a reality, preferably impervious to situations as the one we are in today? Keep on reading to find out.
Lots of businesses have closed their brick-and-mortar stores and moved online, provided that the kind of product or service they offer can actually be distributed that way. For those that are thinking about opening an online store, the first hurdle is the lack of finances to buy the actual inventory and store it somewhere. However, there is a solution in the shape of dropshipping, which enables you to run your own online business without actually having to deal with physical products. The only thing you really need to do is create your store, and then get in touch with suppliers that will store, package, and distribute the products to your customers.
Blogging, if done right, is an extremely viable source of income. It will cost you almost nothing to get started since you will only have to pay for hosting, and perhaps a premium or custom theme. Once you have done that, it’s all up to you to put in the effort and time to create original, useful, and relevant content that will help you drive traffic and establish yourself as an authority in your niche. After that, you can choose one or more models of revenue for your blog, such as ads, sponsorship, email subscriptions, or just about any other revenue stream. Even if you are just a writer or an assignment helper looking to build your personal brand, you need a blog.
3. Online Courses
Given the current situation, it’s a given that a lot of people will be spending more time at home, indulging in their favorite hobbies, and/or picking up new skills. This is where your own skills come in. If you consider yourself an expert on any subject, there are people out there who are interested in mastering that same skill. It would be a great idea to create an online course that would teach your target audience everything there is to know about a particular subject, be it writing, photography, digital marketing, coding, woodworking, and pretty much anything you can think of.
4. Flipping Websites
Getting a house, renovating it, and then selling it at a higher price is a practice known as house flipping. Well, it turns out, you can do the same thing with websites. Simply buy an existing website and then improve its design and content. You can also improve the website’s SEO and grow its following so that it starts to generate revenue. Once the website is profitable, and you’ve recovered your investment, you can sell it for a higher price. You can easily list it on one of the marketplaces that sell and buys websites.
5. Online Tutoring
If you don’t have the resources or you don’t want to bother creating a course, you can still turn your skills and knowledge into a profitable business. How? By becoming an online tutor. You can easily make use of your knowledge of different disciplines, such as math, art, languages, music, and so on. While it’s certainly beneficial if you have a degree in the subject you are interested in teaching, since you can command a higher rate, it’s not always essential. You can rely on one of the numerous websites which connect students and clients and then tutor your students via Skype or some other platform.
As you have been able to see, a lot of online business ideas include blogging, content creation, and affiliate marketing, among other things. Each of those niches needs to be visible on Google in order to be profitable and worth your time and effort. In other words, your online presence needs to enable you to get a good ranking, which is where SEO comes in. If you are a skilled SEO expert, there is more work for you now than ever, since every online business will be looking to get ahead of its competitors.
7. Graphic Design
As in the case of online tutoring, while having a degree in graphic design is definitely a plus, you can still make a business out of it, even if you are self-taught. Fortunately, there are plenty of resources online, such as books, tutorials, and courses that enable you to expand your design skills, as well as plenty of platforms where you can find work. You can also start by designing your own products, such as t-shirts, mugs, or posters. You can even get in touch with some of the local businesses and create eye-catching product packaging for their products.
Despite the unfavorable situation, we have all found ourselves in, there are still plenty of ideas which you can turn into a successful and profitable business, even if you don’t have a lot of money to invest upfront. We have hope that you will find this helpful. Good luck!
Author Bio: John Peterson is an experienced journalist and writer who has worked for publications such as “Shop&buy”. Apart from being a journalist, he is also the best essay writer for you and a mini-tennis player. He has also written a novel called “His Heart”. Feel free to reach out to him on Facebook.
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