best-online-business-ideas

Top 12 Online Businesses To Start In 2020

In this article, we’ll look at some online business ideas for 2020!

Ghostwriting

Getting paid at high margins as a ghostwriter depends on how you positioned yourself, your experience, competence, and your negotiation skills. As reported on Chron:

Ghostwriters cover a range from several thousand to hundreds of thousands of dollars. A new writer can expect $7,000 to $9,000 depending on the length of the book — generally 200 to 300 pages — and the time needed to research and write it. A more experienced writer with a verifiable track record can earn $10,000 to $15,000, according to Writers Weekly, while a writer who’s very experienced can demand $20,000 and up. As a benchmark, the Canadian Writers Union sets the minimum fee for ghostwriting a book at $25,000

As highlighted by Zara Altair on FourWeekMBA:

There are four main types of ghostwriting projects:

  1. Web copywriting
  2. Non-fiction articles, short ebooks, and books
  3. Fiction
  4. Memoir

As highlighted in the same article by Zara, the key advantages are:

  • Startup costs are minimal. You need a computer, internet access, and a way to communicate with clients.
  • Ghostwriting pays well. Without a byline, you can increase your fee by 15% – 20% above regular freelancing fees.
  • Book projects give you one big project focus, so you aren’t juggling project time.
  • Flexibility. Within the constraints of a deadline for a project completion date, you can work any hours from early morning to late at night. You can arrange a time to spend with family and friends but still get work done.
  • Develop relationships. Your relationship with influencers in your industry can develop into repeat business and referrals. You will also gain insights into how big names work and think.
  • Solo work. If joining teams and communicating with coworkers isn’t your fit, ghostwriting gives you the opportunity to work alone in the environment you choose.

While some of the drawbacks are:

  • Give up your egoYour name is not attached to the finished work. Your writer’s bragging rights are forfeited. When your work is successful, it can be painful seeing them get the credit for your work.
  • Your portfolio is limited. Most ghostwriting agreements come with a nondisclosure agreement, so you are limited in how you show off your work. You can list a project as a book and the subject matter, but can’t include actual writing samples. Depending on the client, you can ask to include samples in a portfolio in your Nondisclosure Agreement.
  • It takes time to build a business. Your clients may not want to share that someone else wrote their text – you. They are often hesitant to make public recommendations about your work.

Read the full article and interview here: Breaking Down The Ghostwriting Business Model

Flipping website

In the FourWeekMBA interview to Michael Bereslavsky, entrepreneurship“>founder of Domain Magnate (a company selling and acquiring e-commerce, affiliate and content businesses, primarily), he highlighted seven key points to get ready in the business of flipping websites:

  1. Prepare upfront, decide on a timeline. How fast do you intend to sell your business? Keep in mind – it always takes a lot longer than you expect.
  2. Get your finances in order. Make sure you have the exact revenues,  expenses month by month for the past 12 (or at least 6) months.
  3. Based on your timeline decide on a strategy. If you’re not in a hurry to sell – focus on increasing value first. Look into optimizing the numbers. Can you reduce expenses? Can you monetize the business better? Make sure the business is completely managed for an easy transition, hire freelancers/employees, create SOPs to standardize the operations and remove yourself from the equation – if you were doing much of the work until now. Buyers want to see a business that is easy to manage!
  4. If you are looking to sell quickly go with a professional direct buyer, like us, or check if you know anyone buying similar websites within your network. You can also list in marketplaces and with brokers depending on the type of business and range.
  5. Use a secure, reputable escrow service
  6. Have a sales agreement in place, and make sure all aspects of the deal are clearly outlined and discussed prior.
  7. Provide good after-sale support!

Read the full article and interview here: Key Lessons In Buying And Selling Websites With Michael Bereslavsky

Self-publish your book

In an interview with Tom Corson-Knowles, the entrepreneurship“>founder of TCK Publishing, a mass-market book publishing company, Tom has identified a single process articulated in a few steps:

  • Brainstorm Book Ideas
  • Market Research
  • Identify Your Book’s Target Audience
  • Identify the Problem You Want to Solve
  • Pick a Bestselling Book Title
  • Write a Book Outline
  • Write the First Draft
  • Add Targeted Personal Examples
  • Re-Read and Self-Edit Your Book
  • Ask for Feedback from Beta Readers
  • Work with an Editor to Revise Your Book
  • Get Your Book Published

When it comes to self-publishing there are a few ingredients that are very important:

  • quality: make sure to write a great book
  • distribution: as your book will be distributed on large platforms like Amazon, it’s very important to master those platforms and understand how to rank your book properly, otherwise, none will buy it. Platforms like Amazon give you incredible flexibility in publishing your own book, yet a few authors really make money. It’s important to understand that hitting the publish button is just the first step
  • community: unless you have a community and audience ready to support you when the book is out, it won’t sell well. That’s because also based on the initial spike in sales, that might influence the sales of the book over time. So make sure to build a community first

Other business ideas

Business resources:

Published by

Gennaro Cuofano

Gennaro is the creator of FourWeekMBA which target is to reach over two million business students, executives, and aspiring entrepreneurs in 2020 alone | He is also Head of Business Development for a high-tech startup, which he helped grow at double-digit rate | Gennaro earned an International MBA with emphasis on Corporate Finance and Business Strategy | Visit The FourWeekMBA BizSchool | Or Get in touch with Gennaro here