Starting an online business may sound exciting, but it is intimidating as well. From managing inventory, tracking deliveries, and dealing with vendors, many challenging steps are involved in managing an online business. However, this is an ideal time for you to get into an online business as recent consumer behavior shows an increased tendency for online shopping.
As per statistics,
- More than 1.5 billion people bought something online during the last year
- 60% of millennials now prefer to shop online
- It is expected that by the year 2021 the online e-commerce sales would reach $4.8 trillion
- 40% of US e-commerce sale is via Amazon
- 88% of people search for products online before buying them in-stores.
Now that we know how profitable online business can be, let’s take a look at 7 of the most profitable business ideas in 2020:
1. SEO Agency
Since the online marketing trend has risen, people are interested in search engine optimization more than ever. If you are interested in SEO, have expert knowledge of the field, or you have sufficient capital to start an SEO agency, it could prove to be a successful business venture as every other brand is making efforts to enhance its online presence. SEO strategies, however, keep on changing with time so you will have to keep up with the changing trends.
2. Online Grocery Stores
Grocery is a basic item that everyone has to get no matter what their social status. Fueled by the Coronavirus, the online grocery trend is fast spreading as people now prefer to get things delivered at home rather than go out.
Start your online grocery store with a door-to-door delivery system. This way you can facilitate the clients and get into a profitable business. According to statistics, a lot of online grocery websites and apps are already operating; however, there is still space for more apps.
3. Subscription Boxes
Subscription boxes aren’t a new idea; however, it is still liked and appreciated by people around the globe. Subscription boxes are an interesting way for people to get multiple things in a single package, you can also give them an option to add on stuff they would like to purchase.
Are you thinking about how subscription boxes work? The clients sign up for a plan that you are offering, and each month they receive a box by you. You can play around with the idea as much as you want. There are several kinds of subscription box ideas, including a stationery box, cosmetic or personal care product subscription box, comic book box, and even wine and cheese box.
4. Business Consultation
Online business consultation is also an incredible business idea if you have the expertise. Guiding small businesses and providing them business solutions online is a great way to start a lucrative business. There is a huge market base for you, as the number of struggling entrepreneurs is increasing every day.
You may provide consultancy in the area of your expertise. For instance, you may offer financial, marketing, project management, or accounting consultancy to small and medium businesses. Whether carpet cleaning and clothing or restaurants and real estate agencies, you can provide business consultation to all.
You can guide these small startups and lead them to become big through mentorship, seminars, webinars, workshops, etc. To attract people towards your services, you can offer them great upfront value in the form of discounts and free services. Once you have enough success stories, you will be known for your work. You may also get testimonials from your clients to add to your portfolio and enhance your repertoire.
5. Content Writing
Content marketing and content writing are much in demand because content is the reigning king of the new world. If you think you can provide exceptional quality content to online businesses, manage their blogs, and write web content for them, then content writing business can be a good option for you to start an online business.
Content writing is an important aspect of SEO, as well. To start a content writing business, you wouldn’t even need a lot of money as the resources required are almost minimum. If you are inclined towards writing words in a way that attracts attention, you can get started with an online content writing service.
6. Social Media Handling
Social media presence for brands is increasing every day, and managing social media handles with consistency is a full-time job. Almost every small and large business now has at least 2-3 social media accounts, and providing them with services of social media handling can be a good option to start your own business.
You can start with basic packages depending on the type of work you are taking. Moreover, having a dedicated team to create fresh and new content can also help you in your business as clients are interested in new and engaging content with good quality graphics.
7. App Development
Mobiles have become a quintessential part of our daily routine, fueling the need for mobile apps. Now there is an app to get a cab, get food, grocery, check blood pressure, attend meetings, and shop online, etc. As the app culture has gained popularity in the past few years, the app development business is an excellent business opportunity.
If you have the coding skills, it’s great, but even if you don’t, several software houses would be ready to collaborate with you if you have a novel app idea. You can bring clients, and they can make your apps, or a similar partnership can work for your business. However, you must keep in mind that this field has become saturated, so conduct thorough market research before jumping into the business.
These are a few options that you can help you start a business of your own. Always remember that for any business to be successful, patience and consistency are important. No matter which option you select, don’t be impatient in getting clients and immediate results. Work hard on your business and watch it grow with time.