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Start a lucrative online business in 2020

Start a Lucrative online business in 2020You can start a lucrative online business in 2020.

It is a great way to build a new stream of income.

And there are so many ways to do business online that you can certainly find something that fits what you want.

Now, I usually tell people that blogging is the perfect online business.

master the business of blogging

And I think it is.

But it’s not the only one.

So think about what kind of online business you would like to run in 2020.

Best online business models

Now, there are really a lot of directions you could go.

Want to get the wheels turning?

How about 27 “Easy to Start” Online Business Ideas for Beginners?

Online business ideas

That will give you plenty of ideas.

But let me tell you what I think are the very best online business models.

Blogging

Blogging is a great way to build a lucrative online business.

Many bloggers place online ads using things like Google Adsense or AdChoices.

Others sell advertising links to companies wanting to reach the blog’s audience.

Bloggers can also get paid to publish “sponsored posts” that promote a business related to their blog.

Sponsored Ad

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Affiliate Marketing

Bloggers can also build a profitable business by linking text or banners to an affiliate product or program.

When people make a purchase from that link, the blogger earns a commission.

But affiliate marketing goes beyond blogging programs and services.

Amazon and Ebay affiliates promote physical products.

Just embed your Amazon or Ebay affiliate link to a product and when people buy, you earn a commission.

E-commerce

One of the really hot trends in the last few years is e-commerce sites.

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These are sites that feature niche products, like clothing or makeup or anything else.

Just drive traffic to these sites and when people buy, you earn commission.

Coaching

There is a great market for online coaching programs.

Just think of how you can help a certain group of people.

Can you teach them Spanish?

Maybe you can give clients small business guidance.

Or you might be able to help them improve their self-esteem, public speaking skills or social media footprint.

There are endless types of coaching programs.

Just show people what kind of assistance you can offer, set a rate and sign them up as clients.

But maybe you don’t know how to do this?

Here’s an idea.

Hire a coach to help you!

Digital Product or Course Creation

If you can help people solve their problems, but don’t want to do one-on-one coaching, you can always teach a course.

There are many online course platforms like Udemy, Thinkific and others.

Just choose a platform, set up your course and start teaching.

While you can only work with a limited number of clients in private coaching, you can get an endless number of people signed up for your digital course.

How much do you need to invest?

There are many online businesses you can start with no money.

You can sell Amazon products, or do YouTube videos to attract advertisers.

Those are just a few things to give you an idea.

There are many businesses you can start without investing any money.

And there are many more that require a very small investment.

Start an online businessRead the full article on Foundr
How to Start Your Online Business for $127 or Less

While it might be attractive to start a lucrative online business for little or no investment, remember this.

You will have to put in the time required to market your business.

If you want to make things go faster, you can pay for advertising, but then your investment will increase dramatically.

5 steps to creating a lucrative online business

No matter what kind of online business you want to create, you will need to go through these 7 steps.

1. Find a lucrative niche

If you set up a business in a niche that has little interest, it will be pretty hard to make money from it.

So focus on niches that are clearly in demand.

They usually fall in one of these 3 broad categories…

  • Money and Finances
  • Relationships
  • Health and Well-Being

2. Research your competition

If you want to know how to go about building a good and lucrative online business, do some Google and Facebook searches.

How are other people making money in your chosen niche?

Emulate and even imitate those people.

They have established a clear path to success.

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Follow in their footsteps.

Give it your own twist and make it happen.

3. Draft a customer avatar

Figure out who your ideal customer or client is.

How old would that person be?

Male, female, income and education levels, etc.

This is a profile, or avatar of the typical person who will want to buy your products or hire your services.

Be very clear on WHO your business is for, and HOW you can give them value and assistance.

This will be the cornerstone of your online business.

4. Build a website or landing page

Introduce people to your business by sending them to your blog, website or landing page.

How to get your blog visitors to become clients - Part 1

Try to get them to sign up for your email list so you can always keep in touch with them about your business or service.

5. Market your business

Whatever you do, market your online business.

This is the only way it will ever become lucrative.

The best way to do this for most online businesses is with social media.

How to Strengthen Your Brand’s Content Marketing Strategy

Let people know that you can help them solve their problems.

Then send them to your website, blog, landing page, Facebook page, or some other online site.

Just get them to a site or web page where they can learn more about who you are, and how you can help them.

Starting a lucrative online business in 2020

There are many ways to start a lucrative online business in 2020.

If you follow the advice in this article, you should be off to a good start.

But here’s the most important thing of all.

Don’t work on more than one business model at a time.

Pick one.

Just one.

Give it your total effort, passion and focus.

If you try to start more than one business at a time, you will get distracted and dilute your effort.

So pick one path and stay on it until you succeed.

Top Tier Coaching

What do you think is the most lucrative online business in 2020?

I’d love to hear from you in the comments below.

Donna

PS: Make sure to share this post on you favorite social sites 🙂

Donna Merrill
Donna is a well known blogger and creator of "Blogging Magic" - an intensive guide to blogging. "Blogging Magic" is for beginners who are trying to figure out how to bring their blogs to life with tons of visits, comments and social media interaction. It's even for advanced bloggers looking to reach new levels of authority and engagement with their audience.

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7 Responses to Start a lucrative online business in 2020

  1. Moss Clement
    Twitter:
    January 14, 2020 at 4:23 am #

    Hi Donna,

    Your article reminds me of back in the days when I was contemplating whether to take the blogging route or not. I must say that blogging has been good for me as it has accorded me financial freedom. With blogging comes affiliate marketing and other variable magnetization strategies. One can say the same regarding other online businesses. Thanks for sharing these online business ideas.

    Moss Clement recently posted..8 Powerful Reasons Why Marketers Fail With Affiliate Marketing

  2. Gaurav KUmar
    Twitter:
    January 8, 2020 at 6:02 pm #

    Hi Donna,

    Most of the people want to do business, but they don’t know what to do or how to start. Starting a lucrative business is always a great idea, but the same time, one should focus on what he/she can do or what skills he posses.

    If you ask me, Blogging is the best.

    But yet, 90% bloggers quite blogging in 6 months. The reason is they do not want to struggle.

    Like any other business, blogging is also full of ups and downs. Only a person with fighter spirit can stay ahead.

    Thanks!
    Gaurav KUmar recently posted..Keyword Cannibalization: How to Identify & Eliminate to Boost Your SEOMy Profile

    • Donna Merrill
      Twitter:
      January 9, 2020 at 8:53 am #

      Hi Gaurav

      Actually, 90% of all entrepreneurs quit after just a few months.

      Yea, they do not want to struggle.

      And when they do an online business, somehow, they thing they don’t have to work too hard.

      Haha.

      Fighter spirit, my friend… work hard and you will succeed.

      Easy-Way-Outers…. always fail, eh?

      -Donna
      Donna Merrill recently posted..Prepare your blog for 2020My Profile

  3. Enstine Muki
    Twitter:
    January 4, 2020 at 11:32 am #

    Hey Donna,
    Happy New Year to you. I think this is a great way to start the year with your audience, sharing brilliant business ideas to take them through.

    Blogging is most definitely the most interesting. The reason is that blogging as a business opens up many more ways to earn a nice income. Blogging allows you to build a marketplace to sell other products and services.

    Blogging isn’t a day’s job though but consistency and doing it correctly pays big time. Let’s blog for business 😉

    Happy New Year
    Enstine Muki recently posted..13 Top SEO Companies in Denver – Choose your Denver SEO Company!My Profile

    • Donna Merrill
      Twitter:
      January 9, 2020 at 8:48 am #

      Hi Enstine

      Blog for business, yes 🙂

      I agree that blogging is probably the very best way to build an online business because, as you say… it allows you to build a marketplace.

      And, I would add, it allows you to build a highly-engaged audience!

      -Donna
      Donna Merrill recently posted..Marketing your profession online in 2020My Profile

  4. Amar Kumar January 3, 2020 at 4:21 am #

    Hello Donna,

    Blogging is trustworthy way to generate revenue but it required healthy relationship and hardwork with consistency.

    Affiliate marketing is always on top notch when we talk about earning money online.

    Now-a-days, selling online courses and various digital products are also on boom pertaining to making decent money and have good scope in this 2020.

    Completely agreed with your points but these things are completely depended upon research on competition.

    Eventually, thanks for revealing a light on this topic.

    With best wishes,

    Amar Kumar

    • Donna Merrill
      Twitter:
      January 7, 2020 at 12:36 pm #

      Hi Amar

      All of these things require hard work, building relationships and consistency… as you point out.

      And understanding what your successful competition is doing will give you a good idea of how all those things are helping them build a lucrative online business.

      -Donna
      Donna Merrill recently posted..How to plan (and actually achieve) life-changing goalsMy Profile

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