Profitable Online Business Ideas to Start in 2020

Online businesses offer great benefits like global 24/7 customer access, flexibility, convenient management, fast product delivery, and significant cutbacks on paper waste. Of course, there’s also the fact that online businesses require significantly less capital to start compared to other options. While starting an online business can be an attractive idea, the fact is that 90% of them fail within four months.

This isn’t meant to discourage anyone away from their business idea, but it is an important statistic to know. Among the most likely reasons that online businesses fail is simply a lack of general business knowledge or planning. It’s easy to set up an online business, in theory, but it’s quite another thing to keep it going. Lacking SEO knowledge or being outcompeted are also common reasons for online businesses to fail. If you think you have the know-how to create a successful online business, here are a few top ideas worth investigating.

Selling Liquidation Pallets

You don’t necessarily have to focus on a niche to be successful online. You could run a general retail business that sells returns from other businesses. How is this possible? Big retailers like Amazon, Walmart, Target, etc. process huge amounts of customer returns every day, and they have to do something with them. This often means selling their returns to a big liquidation company which in turn sells them on the secondary market. This basically means selling the returns to other businesses looking for the cheapest possible stock.

If you’re looking for cheap merchandise to turn a profit, buying Amazon return pallets can be a great option. These offer a wide range of choices for products, and they’re often sold cheaper than from traditional wholesale sellers. You can source just the merchandise you want from a liquidation auction, and the cheap prices ensure greater profits when you sell the products.

Providing Information Services

Are you an expert in your field? If so, fantastic! If not, do you have a passion for a certain subject or skill and posses greater than average knowledge of it? Then you still may have what it takes for information services. This is basically just a fancy way of saying you can share your knowledge of your niche with others and earn subscribers and money by doing it.

YouTube channels provide information services, and popular channels make thousands a month. You could also host webinars, write e-books, or create your own professional website to teach others your skills. People are always searching for information online, and the internet can let you turn nearly any passion into a money-making opportunity.

Selling CDB Products

Cannabidiol (CBD) has exploded in recent years earning a plethora of celebrity endorsements that have taken its popularity to even greater heights. It’s earned praise for helping with arthritis and joint pain, nausea, anxiety, and even debilitating symptoms of diseases like Parkinson’s. CBD is a natural compound found in the cannabis plant, though it’s important to note that it doesn’t cause any psychoactive effects like THC. Put another way, CBD can offer its benefits without a “high.” It can come in many forms such as oils, creams, edibles, and vapes. Look at some CBD oil reviews for help deciding potential products to stock.

Naturally, you’ll need to study regulations and licensing requirements to sell CBD. It’s legal at the Federal level so long as it contains less than 0.3% THC, but state laws will vary as to whether you can sell marijuana-based CBD or if you’ll have to stick to industrial hemp CBD. You’ll also need to obtain a business license as well as a resale license if you’re planning to resell CBD from wholesalers. Lastly, you’ll need to be sure to only buy from reputable suppliers who are certified to sell CBD.