If you want to start a business after COVID-19, we’ve got 10 profitable business ideas for you to think about. The most successful businesses today either started after a war, a pandemic or a financial recession. Sony, HP, Microsoft, CNN, Google, Alibaba, iPod by Apple, Uber, Airbnb are some of many examples. So we are living in another era of wealth transfer; a great time to start and grow a business. In today’s article, I will share with you 10 business ideas we believe have potential for solid market opportunity and growth. You want to spare the time to watch this video to the end because you may just have your light bulb turned on.
1. Drone Services
During the corona virus outbreak, we saw innovative ways businesses were using drones to deliver blood samples and results. Drones are not only the present, they are the future. These unmanned area vehicles you sometimes see gracing the skies have more to them than you imagine. The medical, ecommerce, agriculture, construction, film, photography and many other industries rely on drone services today. The global drone market is expected to grow from $14 billion in 2018 to over $43 billion in 2024. Drone use is expected to grow as production costs decrease and the technology behind drones’ advances. There is a huge demand and growth potential across the world. Interestingly, drone pilots earn high income and can work as freelance contractors, flying drones for major companies and small businesses. There are opportunities for drone pilots, repair and maintenance, training technicians and pilots as well as selling drone. Interestingly, you don’t need a university degree to profit from this industry.
2. Sell Hand-made Goods Online
Footwear, knitting, jewelry, natural body-cream… there are so many handmade goods out there. Unfortunately, prospective entrepreneurs often overlook this one because it isn’t one of the ‘fancier’ business options. But it is viable, and there is a huge market for it especially if you leverage the internet to find customers. A lot people are already marketing their crafts on Twitter and Instagram. You can stand out from the crowd by telling your own story and caving out your own market.
For example… let’s say that your baby has sensitive skin, and can’t use regular sunscreen and you came up with a sunscreen that actually works and that’s non-toxic, and safe for your baby’s skin; made with natural ingredients… you have a product there and a story to back it up! And the fact that you can market it using a real-life story is really powerful. This is just an illustration. I hope you get the idea.
3. Solar and Inverter Sales and Installation
The world is moving away from fossil fuels towards more sustainable and renewable energy. People are embracing solar energy to generate the energy they consume. It is cheaper on the long run, has lower maintenance cost, and is good for our environment. The technology is advancing to the point where solar power won’t just be a great source of clean energy; it’ll be an obvious choice.
Starting a business that provides solar power solutions could be a very clever idea. Most governments offer tax breaks for companies who are developing clean energy products, and this is a huge benefit. A solar power company can provide complete solar and inverter installation for homes and businesses to cut down on power bills. This is a business of the future.
4. Digital Marketing Agency
This may seem like an already crowded market but the opportunity is large enough to accommodate as much creative people as possible, especially after the business disruption due to COVID-19. Marketing has gone digital, and it’s the job of digital marketing professionals to produce the best results possible for businesses. You can start your digital marketing agency from skills you learn from free online resources and experimenting on your own. You’ll need to understand things like display advertising, Search Engine Optimization, landing pages, calls-to-action, and social media marketing.
Once you are confident in your digital marketing skill, you can easily find a local business to help promote their goods and services online. You can offer to do that for free, learn from practical experience and build your portfolio of clients.
5. Teach Online
The success of Khan Academy, a non-profit educational organization, has proven the effectiveness of online teaching and paved the way for talented educators and their students. Also many people were exposed to the possibility of online education during the lockdown due to the corona virus outbreak. This has increased the adoption of learning online as a new normal. If you have expertise other people are willing to learn, you can build a business around your knowledge teaching online.
6. Standing Desk and Adjustable Laptop Stand
Sometimes, the most innovative business ideas comes from transforming an everyday product into something different. We all know that sitting all day at the office isn’t the best thing for our health. When you have to stay and work at home, you may be confined to sit for too long all day. Standing desks offers the solution for this problem. Since around January 2011, there has been a sudden and consistent growth in the number of people searching for “standing desks” over the internet. This is proof that people really don’t want to spend their entire day sitting; If not for the long term health consequences but for the discomfort. There is a huge market for this. You can resell existing standing tables or start making yours. I’ve just let you in on a secret, quietly growing business opportunity. You can thank me later when you start fulfilling your orders.
7. Local Courier Delivery Service
There is a growing number of local small businesses moving to sell their products online. One of the biggest challenges these businesses have is delivering the items customers order on time and in good condition. In fact, I’m personally experiencing this with a client I’m currently working with. Efficient delivery is a major challenge for small businesses when selling online. Customers want to order items and have it delivered in an hour. However, where there is a problem, there is an opportunity. There is growing need for local delivery services to save this market. Depending on the laws in your state and what you can offer, you can start as a delivery person within the town you live or use technology to create niche services that bring small businesses and delivery persons together.
8. Food and other Commerce Online
People are becoming more comfortable ordering food from local sellers online. One of my clients started selling her local delicacy on Instagram and people are happy to try out dishes that are hard to find in the city. Generally, ecommerce businesses keep growing each year and will only get bigger in coming years. In fact, there’s been an average annual growth rate of 25.6% in ecommerce sales the past four years. Over the past few years, people have become quite accustomed to shopping online. Unique niche marketplaces are introduced every day. There are ample opportunities to start a profitable online store to fulfill consumer needs. You don’t need to compete with the countless online stores that deal on everything; you can start with a niche online food delivery store or even baby items.
9. Virtual Reality and Gaming Arcade
VR Computing is a huge technological advancement which provides the user with realistic sensory experience. It’s been expected that by 2020 the global size of the VR market will be in excess of $40 Billion. A good chunk of that revenue could be in your pocket. Virtual reality is the perfect fit for arcades which could bring new life to the dying business. VR escape rooms and Lounges are expected to experience phenomenal growth especially as people are still worried about going to crowded places. If you are tech savvy and a gaming fan, this could be your business opportunity. To get started, you have to learn how to develop immersive VR and AR experiences. The internet is full of resources and communities of like-minded people to help you.
10. Freelance Services
The job market is changing rapidly as businesses are increasing turning to hiring freelance workers as against full time employment; and for good business reason. It is often cheaper and offers businesses the flexibility of working with diverse talents. Due to the high cost of hiring full-time employee startups are outsourcing their work to minimize expenses and maximize profits. The gig economy, fueled by freelance services is booming and will continue to grow post-COVID-19.
India over the years has become a hub for outsourcing services like call centres due to its English speaking population and low operational cost. Africa is following suit with the growing software developer community in the continent. You can tap into this growing industry and work as a freelance writer, graphic designer, video editor, photographer or software developer.
No matter what type of business you will like to start or how much money you have to invest, remember that idea alone is worth nothing. First of all, you have to thoroughly research the industry and market of your interest and be ready to deal with its peculiar challenges. Then it will take hard work. You have to show passion, persistence, and dedication to overcome all the challenges that will inevitably arise. I hope this was helpful.