Businesses have emerged in a variety of industries, but when it comes down to online businesses, the rate of growth has been almost exponential. Millions of online businesses have propped up over the years, aided with the rise of internet penetration and the increasing adoption of smartphone technology. It is owing to the growing demand of people looking for products and services online.
It includes online shopping, marketing, advertising, health, and fitness-related businesses, banking and financial transactions and much more. It has even led to on demand app development by humungous proportions. Let’s first look at the table of content of this article which outlines the structure of addressal of the need and opportunities of online business along with online businesses to invest in the year 2020.
Table of Content
- Why start an online business
- Getting started with online business
- Online businesses to invest in 2020
- Online Chatbot
- Box Subscription
- Ad Management
- Search Engine Optimization Agency
- Online Vacation Rental
- Online Vacation rental
- Online Webinar
- Online Business Coaching
- Online Sports Betting
Why start an online business?
If you are actually interested in starting and running your own online business, then the present time offers immense opportunities. If you consider the scarcity of things around you, then you need to understand the abundance that exists at present. Looking at every brick-and-mortar shop or store converting to an online business, there isn’t any lack of competition. However, there are plenty of options for you too. It isn’t that Amazon is the only company that is reaping the benefits of the boom of eCommerce, as the growth is certainly widespread and is extended to every sector in business.
There is a huge potential for an online business to achieve success today. Since the internet is still in its infancy, as the latest conveniences carve out way to near-instant delivery of company products through drones, augmented and virtual reality helping in to improve the customers’ online shopping experience, rise of 3D printing and other means, nearly all of the commercial activities will be done through online channels instead of offline channels.
Hence the question arises, how can one take complete advantage of the massive surge of customer spending occurring every moment of the day on the online sphere? If you should look to start your own simple online business just as a side hustle or invest your entire time and efforts along with money to get rich and gather an exorbitant amount of money online? Well, to know the answer to these questions, let’s know how to start a business online.
Getting started with online business
It requires quite some legwork to get started with an online business. There are several financial and legal hoops that you have to jump through. Also, it is quite essential to consult with an accountant or an attorney before taking the leap. However, if you are ready, then starting a business online, even with quite a small investment, isn’t just a possibility but essentially a stark reality.
Also, the great aspect of the internet is that you can easily launch a business and even make money without any capital or a little. Also, if you understand the principles of online marketing, or if you are well-versed with social media, it will certainly make it easier for you. However, you don’t actually have to be a pro in order to start your own online business. For instance, sports betting app development allows you to launch your own online business without any expertise.
Similar to everything else in this world, you will require lots of time or even lots of money. In case you have plenty of both, then clearly, you are way ahead in the game. However, most people have lots of time instead of money. Still considering that time is essentially finite, and we all have a certain amount of it, you need to invest your time wisely and manage it properly to ensure your success.
Let’s have a look at a few of the online businesses to invest in 2020:
Online Businesses to Invest in 2020
1. Online Chatbot
We have witnessed the extraordinary rise of the chatbots. Owing to the ubiquity afforded to the people by chat on platforms such as Facebook, people have essentially grown quite used to actually chat with friends and family members across different social media channels and networks. Hence, Artificial Intelligence enabled chatbots to offer a new digital frontier for various businesses that are looking to automate their processes easily and relinquish a lot of their man-power which it essentially takes to conduct a chat with their own customers.
It is quite clear that when it comes down to customer services, the scope is enormous. Its value in commerce has already become quite clear, and businesses across all industry verticals are now reaping the advantage of this. Different platforms have sprung up in order to take much of the complexities and confusion out of creating an intelligent chatbot.
The people are indulged in proverbial gold rush as they are trying to launch their own chatbots for their own businesses in order to help automate a few of their marketing and sales efforts which are required to grow as well as scale in the present market properly. Hence, launching your own chatbot business is a profitable proposition. Sure, there are certain efforts that are involved, but it is worth following the steep learning curve.
2. Box Subscription
Over the years, the subscription business has exploded and spread like wildfire among entrepreneurs. Even though there isn’t anything new and innovative, it has been here for quite some time. However, the rise of the internet has instilled new life into this particular online business notion. But what is box subscription to be exact? You can certainly recall the Dollar Shave Club, which was among the most viral box subscription business. Founded in 2011, its concept was to use a video that quickly went viral. You can order a basic level of items through such services.
Inbox subscription, whenever you place an order, you are essentially directed into a particular sales funnel with different upsells in the form of various add-ons. However, you don’t actually have to go viral in order to enjoy growth in the case of a box subscription business. You will find websites which were essentially created to assist in connecting potential subscribers with different box subscription businesses, offering you with a particular platform where you can easily get the word out about your own business.
3. Ad Management
The present-day highly-competitive marketplace requires you to know how to drive paid traffic as well as optimize the conversions of your business, and else you need a company to do for you. It is an evident fact that paid ads can certainly become highly complex. Certain things, like custom audience definitions and re-targeting as well as understanding everything pertaining to a sales funnel, can be quite confusing and complex for most of the people.
But if you have the knowledge of paid advertising, then you can launch an ad management business with quite an ease. Knowing what ads are actually fuelling the growth of different tech giants like Google, Facebook, Instagram, and YouTube, with different others in the mix, having the knowledge of these platforms, and navigating through the paid advertising landscape could poise you to achieve huge profits. For instance, if you run ad campaigns for a company selling eWallet app development solutions, then you can earn a commission based on every transaction.
The studies show that there is continued explosive and unsurmountable growth of online ads. Also, we are still in the nascent stages of the internet. Hence, the earlier you start to capitalize on this particular industry, the swifter you can easily build it into a commanding online business. You need to study as well as learn all the inherent intricacies of advertising on different platforms that were mentioned before. You need to find corresponding courses, or even use free material which is available on a multitude of platforms in order to become a pro in ad management.
4. Search Engine Optimization Agency
Even though paid ads have been growing at quite an astounding rate, yet the ability to appear on search engines like Google, organically and relevantly, is not just competitive but also quite lucrative.
Hence, when it comes down to organic search keywords, the sheer value associated is quite high. Knowing that a 75% of people don’t go beyond the first page of Google, appearing organically at the tops of Google’s SERPs or Search Engine Results Pages, is something quite demanding and longed for by the leading online marketers in the industry. For instance, companies that do fantasy sports app development, not only run paid campaigns but rely on SEO to get on the first Google SERP.
With the growth and expansion of the internet, not just SEO is going to become more competitive, and rather it will become much more lucrative at the same time. You can easily capitalize on this particular industry in case you know what you are actually doing. You don’t have to work just for your clients but even for yourself. Essentially, you could launch any number of different online businesses, blogs, niche websites with the right amount of search engine optimization skills.
5. Online Vacation Rental
The online vacation rental business is leapfrogging to success everywhere. The mere mention of this makes you think of unicorns like Airbnb. When it comes down to vacation rental homes as well as vacation rental management, companies are now earning a significant portion of the gross rental rate, which depends on the location as well as the management level.
Launch and building an online vacation rental business might need some hard work along with the use of the right software solution to assist you in keeping things much more organized as the number of bookings increases. However, if you have attention to detail, then this proposition can be among the best businesses, you can easily start online. However, to operate in this domain, your web presence, as well as marketing skills, will define the business and assist in the success.
In case you are interested in the lucrative hospitality industry or live at a tourist destination, then this can certainly make a great business that makes you money fast.
6. Online Webinar
Webinars are certainly one of the best ways when it comes to selling anything online. Also, you don’t even need your own product for this. People have grossed millions in sales through a webinar, which shows the power of this particular medium when it comes to selling.
The webinar provides an engaged audience that is ready as well as willing to purchase whatever product or service that you are offering. It provides explosive results, especially if it is a properly structured webinar.
The perfect way to launch a webinar business is to search for a product that you can promote and pursue it. Then create an excellent webinar. Considering there is various success formula to create a great webinar, you can use a software which assists you to build the entire webinar including swipes as well as copy for ads.
7. Online Business coaching
Online business coaching is quite a lucrative online business that can tap into the huge market of business owners as well as entrepreneurs who are looking to find their own way in the entire world of commerce. In case you are an expert in business along with a deeper understanding of the entire market forces of what actually drives purchases, then becoming a business coach can offer you a great revenue stream.
Some of the leaders in this arena dominate the entire business coaching world, while others are taking charge too. The best approach which you can actually take in this particular industry is to provide an incredible amount of high-value services such as strategies upfront, and then let the people pay you for its execution.
Some business coaches utilize this approach as their primary strategy to garner more clients as well as customers. Hence, you should analyze the business and get an understanding of the present situation and then discover where they want to reach down the roach and then try to find out an approach to actually get them there.
Both the understanding as well as the successful execution of quite an effective strategy is the main key here. You need to build confidence in yourself. In order to do that, you require a good amount of social proof. Hence, for this reason, if you wish to launch a successful online business coaching business, then gather some customers, and help them achieve success. Then get their high-praise filled, honest and powerful testimonials and then you can get into a position to charge higher-ticket rates.
8. Online Sports Betting
Over these years, sports betting has become a lucrative and attractive business. With the increasing sports betting app development, there are numerous players that offer sports betting to their customers.
If you have a passion for a sport and you like to earn from it, then you should start by organizing a sports betting plan. You can build an app by hiring an app development company and explain your plan. You should allow providing insights about the next sporting events, odds against the players and teams. People should be allowed to bet on the players and teams. Also, you should provide a live match feature in your app.
Related Blog: Important Features A Sports Betting App Must Have
bet365, Dream 11, etc. are the finest examples of online sports betting. You can garner millions by perfectly executing a sports betting app and promoting it while handing out attractive rewards to the users.
Similarly, fantasy sports app development is another great online business option. There are numerous companies that have built their own fantasy sports games and launched their own websites as well as an app.
The business world is certainly transforming at a rapid pace with the increased penetration of the internet, the massive adoption of smartphones and mobile devices, and mobile app development. In this scenario, you can start your own online business and rake in millions. However, for this, you should be aware of the process of on-demand app development, marketing strategies, advertising, and sales funnel. Even with limited knowledge, you can get started with any of the online business mentioned above and learn and grow as you go along.
With customers looking for products and services on the online domain, you have a great opportunity to provide them with what they want. Due to this, businesses are also getting into the act to attract these customers. Here, you can launch your own ad management business or search engine optimization business. You can provide online chatbots to the businesses who struggle to maintain customer relations and offer them solutions to interact with customers through AI-powered chatbots. If you live at a tourist place, then you can go for an online vacation rental business. You can follow the model of great startups like Airbnb or develop your own version. Similarly, you can take advantage of your interest in sports and launch a sports betting app.