Are you at one of those junctions in life where you must make a decision? You may want to change jobs. Maybe you have plenty of money and just want a more creative job. Or, possibly, you are retired and would like to use your time creatively and make money, too. Well, an online business may be just what you are looking for. But, what is the best online business to start in 2020?
That is the question. There is no dearth of answers for it either. By that I mean, Google will give you ten thousand sites to check out. It will be well worth your time to check some of them out. By doing a little research you can narrow down the choices you will choose from. But what are the criteria that you will use to determine the best business for you?
Let’s look at some things you should consider
We shall assume that since you are reading this that you have a computer of some type. Along with the computer you have access to the internet. These are two things that are foundational to your online business. What else should we consider?
How much time will you have to work on your business?
Only you can make this decision. If you already have a regular job, your time will be limited. If you are going to build an online business, you will need to discipline yourself timewise. Will you work in the evening or the early morning? Maybe, just on weekends?
You may have a job that requires you to work odd hours. Will you be able to work at your new business consistently, or sporadically? Can you work at it daily or every other day? These you will need to address.
You may be retired. This is the best of all situations. Hopefully, being retired, you do have some income. If you do not have too many responsibilities you can determine when you want to work. You should have a wide range to choose from.
How much money are you willing to invest?
This is a very important question. Even if you have a job and regular income, much of that is already relegated. Bills must be paid and rent or house note allowed for. You will know best what you can afford to put out for your new business. It may be a lump sum you have or an amount each month you can allocate.
If you have a lump sum you may gravitate toward a prepared online business. Let me caution you about that. There is a lot more to an online business than just a website. So, when you hear of “Quick” setups for an online business, stop and take several deep breaths. There is none that is what they are made out to be. Even with a lump sum, it would be better to pay it out over an extended period.
The best approach that I have found is to determine an amount that you can afford on a monthly basis. Or, you can stretch that to a yearly basis if that is better.
Once you have determined the money situation, what next? You will need to determine what form of business fits you.
Most people think you just build a site and sell products or services on your site. This is a very popular way to build an online business. The shortcoming is that it takes as much time as if you had a regular store. Typically, people begin online businesses because they like certain freedoms. They like to work from home is one of the main reasons for online business owners. They also like to set their own time and schedule. The storefront site is not as flexible as one might think.
So, if you are thinking about selling products, just be ready to spend lots of time. There are several platforms that will help you build a store. Here is a list that you can google.
Any of these will set you up a good storefront. You can check the cost of each and compare them to one another. But, like I said, be ready to put in the time.
There are several platforms that fit this particular scenario. Let me first define what dropshipping is.
Typically, you will either register with Ebay or Bonanza or a similar platform that advertises sales or auctions. With either or any of these you can set up a store. You do not need to maintain an inventory. You ally yourself with wholesalers of different types of products. This is easy enough to do if you have a functional credit card. The wholesaler will connect you with his catalog of products. He will make them available to you along with pictures and descriptions. You will decide which products to sell through your selling site. You mark it up to cover the cost of the auction or sales site plus the Paypal fee. The total fees for the sale site and Paypal is usually around 13%. So, you mark it up enough to make a profit and pay for shipping if it is not included.
When you sell a product, the buyer pays you the retail price. You then turn and pay the dropshipper the wholesale price and any shipping. This should be less than the sale price. The difference is your profit. The dropshipper then ships it to the buyer. You never touch the product you sold.
Thousands of people use this platform and have made lots of money. Nevertheless, it is very time-consuming.
What is the best online business to start in 2020?
If you are wanting to start an online business but do not wish to be consumed by it, hear this. The type of online business I recommend is what is called “affiliate marketing”.
Affiliate marketing is not like storefront or sales sites. The business is not overt in that it presents a concrete product. An affiliate marketing business is built on information. By that, I mean that it presents information on a given subject and then directs people to product providers. The product provider shares a percentage of the sales directed to them through the Affiliate Marketer.
So, the website of the affiliate marketer is not a storefront, it is a blog. The blog shares information regularly. As it grows, so does the number of people who follow it. The greater the number of followers, the greater the flow through to the product provider. The greater the flow, the greater the sales. More sales mean more income for the affiliate marketer.
Affiliate marketing, not a quick fix
Affiliate marketing is not an overnight income machine. Initially, it will take several months or even a year to begin seeing results. But when the money flow starts it will continue and grow with minimal input of time. But it will take patience to get to that point of generating the flow of income.
How to build an affiliate marketing business
There are many promoters out there that will offer to set you up in affiliate marketing. But the term, “Buyer Beware” should be taken seriously. Most promotions of affiliate marketing are scams. They look like the real thing and they talk like the real thing. But, in the end they are not the real thing.
One product says they will build your site and have it up and running in days. And they do that. You have a site and products displayed on the site. If someone were to visit your site and click on a product they would go to the vendor’s site. And if they bought something, you would get a commission. What they do not tell you is how to get traffic to your site. Most of those promotions do not tell you how to add products or update your site.
Without traffic to your site you will not succeed at affiliate marketing. These products get from several hundred dollars to several thousand dollars for their service. In the end you end up with a site that is useless. It costs you more money than you will ever make through it.
There are other affiliate marketing programs that offer you some knowledge and support. These tend to be more expensive than those that just build you a site. Their knowledge base is limited and their support disappears after a while. By that time you have spent a lot of money on different add-on products. And you will have nothing to show for it, except a website you do not know how to work.
What, then, is the best
The fact has not changed, affiliate marketing is the best online business to start in 2020. The tools and program you use is what makes the difference.
Remember, I said above that you should not put out a large amount of money beginning. The reason for that is that you may not like or fit the platform you choose. So, if you quit, you have not put yourself in a financial strait. You still have funds to try another avenue.
The program that I recommend even goes one step further. They will allow you to try their program and platform for FREE. This is not a money-back guarantee. Nor is it a credit back to your credit card. It is totally FREE. If you do not like the program just say “Goodbye”. You have spent no money and there is no credit card information out there.
To get that FREE membership you will need a viable email address, though. That’s all.
What do you get with the FREE membership?
With this FREE membership, you will receive 10 free lessons on building your own website. You will set up and launch your own website on the world wide web. Where do you get your site? It is part of the FREE membership.(Actually, you get two Free websites) You receive Free hosting for the website, too. Keep the FREE membership for as long as you wish.
What is this program?
This program is called Wealthy Affiliate. It has been in existence for more than 14 years. Over 2 million people have used it to launch their online business. The world wide web is growing more every day. Online businesses are the future.
All members of Wealthy Affiliate begin with the FREE membership. By the time you get through the first ten lessons, you will know if it is for you or not. If it is not for you, that is fine. At least it did not cost you a bundle to find it out. But if you, like millions of others, think it is right for you, then you can move up to PREMIUM membership.
To move up to PREMIUM membership you will have to register a credit card. Remember, I said earlier that if you could pay as you go, that would be great. At Wealthy Affiliate you can do that. The cost for the membership level is $49 a month. You still have the option of stopping payments to either end your membership or put it on hold. If you are like most you will save even more by buying a yearly membership for only $359. That is up to you.
What you receive for this membership is the most comprehensive learning program for affiliate marketing. It is not meant to be learned in a week or a month. It is continual learning and growing in the development of online business for entrepreneurs.
Check out this list which I have below. These are just a general list of all the great learning and support that you will receive.
My challenge to you
If you are serious about starting an online business, try the FREE membership at Wealthy Affiliate. Everyone has to start with the FREE membership.
Try it and see if Wealthy Affiliate is for you. It may turn out to be what is the best online business to start in 2020 for you.
I’ll be cheering for you!
God bless you and prosper you in what is the best online business to start in 2020!