Are you bored of your 9 to 5 job and want to make money online instead? You are not alone. In the digital economy of today, an increasing number of people aspire to set up their own online business and become their own boss. An online business offers many benefits, from having the opportunity to manage your business from anywhere in the world to set your own work hours.
The first step to starting an online business is to know what kind of business you want to pursue. To that end, keep reading to learn about the top 9 online business ideas for newbie entrepreneurs to start in 2020.
1. SaaS (Software as a Service) Business
Do you wish to tackle people’s biggest predicaments with the help of software, or become a developer and construct tools to facilitate your clients? If yes is your answer, then SaaS can be the ideal online business for you to start in 2020 as a new entrepreneur.
Individuals would be more than glad to subscribe to, use, and pay for software that proves to be pertinent to their requirements.
This is how you can convert SaaS into your online business:
First, create and design a software product or a program that would aid your clients. You can choose to either create the software or program by yourself or outsource the task to an application developer. Next, you can start selling your product and provide subscriptions for returning cash inflow.
This online business idea is perfect if you are the kind of individual who has a knack for software development and design. If you can think of a nagging problem most individuals face and create a software solution that effectively tackles their problem, people would be more than eager to pay handsomely for your service and product. This is particularly true if they are not able to find a solution from somewhere else.
The primary reason you should consider SaaS as an online business is because of its massive potential. The following statistics bear testimony to this.
- Around 33 percent of organizations use more SaaS solutions and applications, with approximately 16 applications per organization.
- More than three-quarters of end-users in the United States of America prefer cloud-hosted applications and SaaS for communication purposes.
- The predicted growth of the SaaS landscape is 76 billion dollars by the end of this year( 2020).
Needless to say, there is a large client base looking for SaaS solutions, and that is where you come in!
It is not even a problem if you are not technologically savvy. You can easily outsource the software creation to software organizations or freelancers, and then effectively market your Software as a Service solution/product to clients and customers. Moreover, you can even provide your product or solution for subscription fees on an annual, monthly or quarterly basis. Your cash inflow will keep rolling in as more individuals keep on subscribing.
2. Digital Marketing Business
The business world is now digitalized more than ever. For businesses today, it has become very important to have an online presence. Digital marketing, unlike conventional marketing, involves assisting organizations in connecting with their target audience globally. Given that digital marketing services are in high demand these days, this can be the most economical business, to begin with for a new entrepreneur.
Such services, which you can offer in the realm of Digital Marketing, like PPC (Pay per Click) advertising, social media marketing, content marketing, email campaign, web development, Search Engine Optimization (SEO) and much more!
SEO services especially have massive potential these days. They typically involve boosting search engine rankings of a client’s website by enhancing its off-page and on-page elements such as titles and meta tags. This is possible by inserting particular keywords and if you can learn this skill of optimization, SEO digital marketing service alone can prove to be a very productive online business for you.
All you require is a small space to start your business operations. You can get clients for your business in plenty of ways. A popular strategy is to purchase Instagram followers from a digital agency. Such agencies assist businesses in expanding their follower base using several tactics.
3. Online Dropshipping Business
You require inventory to sell a product. However, this is how it worked in the past until the business of online drop shipping surfaced. This happens to be one of the best businesses you can do in 2020, even if you are a newbie entrepreneur with no prior experience.
You might be wondering at this point, what exactly is an online dropshipping business?
It is actually quite straightforward. You sell a product; a consumer places an order for that product, the supplier delivers the item to the consumer, and you take care of the customer service area of this whole transaction.
Via this process, you spare yourself from having to look for a warehouse for storage purposes, and you do not have to worry about shipping. All you have to concern yourself about is managing your online store, gathering payments, and providing quality customer service to your consumers!
Sears, Zappos, Amazon, and Way fair are just some of the reputed business brands that began their operations with online dropshipping. You most likely come across advertisements that these businesses run each day!
You can feature and sell products on your site even without having your items in stock. Courtesy to drop shipping, the shipping process is entirely off your plate.
When individuals purchase from you, they buy the product from a 3rd party seller who then sells your product to your consumer.
With the help of online drop shipping, you run your online store, provide pictures of your sale products, handle all the sales, and give customer service to your consumers. Your consumer makes a purchase, and the 3rd party seller then takes care of the shipping.
In short, you have absolutely no inventory to manage and no storage concerns to figure out as well. You only have to worry about your site, provide your product photographs, and strive to provide unparalleled customer support.
4. Online Tutoring
With the popularity of the internet and the constant development of technologies, the industry of online tutoring services is expanding exponentially. People have begun to take online classes if they cannot carve out the time to attend full-time classes.
Simply select the field you are zealous about and assist others in acquiring knowledge by providing online virtual classes. Individuals like to learn new things at every stage. Hence, running an online tutoring service can be a very lucrative business endeavor. What makes this business idea amazing is that you can start it with zero investment!
5. Décor Business
This is one of the most creative small online business ideas you can work on in 2020. If you are a new entrepreneur and want to hone your creative skills (while making money as well), this is an ideal option for you. You can choose to have either an office decor business or a home decor business. Both of these options have a paramount scope in the existing market and a very promising future as well.
You can operate this business from a brick and mortar office or run it completely online as well. Unique designs are a very important element in this particular business. You can choose to construct your own designs or outsource the task to various vendors and then sell the designs under your own credentials.
6. Development of Smartphone Apps
In the modern digital world, almost everyone uses smartphones, and numerous apps are developed every single day. Organizations now find mobile applications to be more useful than desktops to exploit new revenue streams. Right now, the world has over 2.5 billion smartphone users around the world, and it is predicted that the number will hike up to a staggering 2.87 billion by the final quarter of 2020.
Without a doubt, app developers have a very bright future in this particular industry. If you like being a tech-guru, smartphone app development is definitely one of the best businesses you can start right now. Get as many customers as possible, and when your business starts to flourish, you can engage the services of other developers as needed to fulfill your customers’ requirements.
7. Website Design
You will barely find any organization in today’s digital world that not have its own official site. Having a website is inevitable today, even if it is a single-page website. Organizations keep revamping the design of their website to look impressive and fresh.
If you would like to begin your entrepreneurial journey, running a small website design business can be a great option if you have all the needed skills. You can nab several clients, and as your business expands, you can hire a couple of additional website design experts to fulfill the requirements of your growing client base. There is no doubt that website design is one of the best small business ideas that has worked really well for several new entrepreneurs.
8. Bookkeeping Business (Online)
A bookkeeping services business is all about managing expenses and income, organizing tax returns for clients, and processing payrolls. If you are skilled in accounting or possess skills in bookkeeping, then running a bookkeeping business can be the best small venture to begin with. Moreover, you can carry out this business completely remotely so there is no need to rent an office space.
Today, small and midsized businesses do not have the ability or time to set up and handle their bookkeeping system. You have the potential to earn a great by providing bookkeeping services to these businesses.
This small business idea can prove to be very profitable if you handle and manage it in proper fashion.
9. Product Reviewing Business
Most of the people regard writing product reviews as the easiest way to begin your entrepreneurial adventure and start a small business.
Individuals or startups usually look for individuals who can write detailed reviews for their services or products to encourage people to make a buy. If you have a knack for writing and are on the lookout for a profitable online business idea, then this is a fantastic option. You can either reach out to organizations directly or get the ball rolling with a profile on various freelancing sites.
By becoming an influencer, you can write product and services reviews for them in exchange for a financial reward. If you have your website or blog, you can write a post about their services and products.
Conclusion
Regardless of which type of online business you would like to begin as an entrepreneur or how much funds you have to make an investment, at least some ideas on this list will meet your criteria.
Just bear in mind that the business idea alone is not sufficient. You need to put in a lot of hard work. You have to show persistence, dedication, and passion for overcoming all obstacles as they arise. By doing so, there exists nothing that might hinder you from joining the ranks of successful business folks and accomplished entrepreneurs from all over the world.
