Ultimate Guide to Start a New Business in 2020
Entrepreneurs have so much potential to become financially successful by creating online businesses.
Even if you do not have any experience running a business, the internet gives you easy access to customers, marketing tools, business ideas, tutorials, guides, and more. You just need to prepare yourself and obtain the necessary knowledge required.
First, you must come up with an online business idea that works best for you. If it is an idea which requires a lot of upfront capital to get started, then your next step should be to look for business loans.
Commercial lenders will look at your business plan and personal credit score. The business plan allows them to review your online business idea and determine whether it could be successful or not.
When the lender looks at your credit report, they can see if you have been financially responsible in the past. If you have, then they can trust you to be financially responsible with your business and their loan money.
Below are the top five online business ventures to start building in 2020. If your skills and interests match any of these business ideas, then create a business plan which revolves around it. Then, proceed to get financing and whatever else you need to get your business started.
The traditional online business venture is running an e-commerce store. The internet gives you access to a lot of discount wholesalers and suppliers for purchasing your inventory.
Alibaba and AliExpress have a lot of suppliers from China which offer discounts on bulk purchases of their products. What you can do is stock up on these wholesale items and list them for sale on your e-commerce website.
You can make the website with Shopify, WordPress, or any other online web platform which allows you to conduct e-commerce transactions.
Make sure you research your target audience and figure out which type of products they like to buy. You need to invest in products that people want or else you will be stuck with inventory that you cannot sell.
YouTube Channel – Make High-Quality Videos
You can tap into the potential of YouTube to make large amounts of money. However, you must attract a broad audience by creating a channel that is entertaining, educational, or both. Furthermore, your videos need a high production value to grab people’s attention.
What does this mean? It means that you should not record videos with your smartphone camera or some $50 digital camera. Invest in commercial quality video camera equipment to create 4K ultra-resolution videos. People do not like seeing pixelated or fuzzy videos. You need bright, colourful, and sharp videos.
If your channel gathers a large following of subscribers, you could earn a nice passive income each month. Just keep making more videos to increase that income.
Operate an Amazon FBA Business
Do you want to sell products online without having to store the inventory personally? If so, then Amazon FBA can benefit your business immensely. Amazon is the biggest online retailer in the world.
They have already got all the customers you could ever want. All you need to do is list products on Amazon that are in high demand. When you list them as Amazon FBA products, you must ship them to the Amazon warehouse for storage purposes.
Once a buyer purchases a product, then Amazon will ship it directly to them. You do not need to deal with customer service either. Amazon takes care of everything for you in exchange for a storage fee and commission fee.
Become an Online Book Publisher
Are you interested in the online book business? You can get into it by either selling your books or other people’s books online. Amazon Kindle and Audible are two great places for self-publishers to sell copies of their books for free.
However, there are a lot of authors out there who do not know how to self-publish books online. They may not know how to attractively market their books online.
What you could do is start your own online book publishing business. As a publisher, you can represent these others by listing their books for sale online and marketing their listing pages for them.
You could have a contract where you agree to take 20% of the earnings while paying them the other 80%.
Start a Stock Photo & Video Business
There is a high demand for 4K ultra-resolution photographs and videos. Think about starting a stock photo and video business to capitalize on this demand.
Invest in a commercial quality camera and start researching which type of media content people want. Then capture this content and sell the licenses for other people to use the content.