While the year 2020 was quite disruptive and the pandemic continues to impact our lives, visionaries seek business opportunities out of uncertainties. There are many niche markets or missing spaces that aspirants can fill, leveraging the pent-up market demand, and making their entrepreneurial debut.
While the year 2020 was quite disruptive and the pandemic continues to impact our lives, visionaries seek business opportunities out of uncertainties. There are many niche markets or missing spaces that aspirants can fill, leveraging the pent-up market demand, and making their entrepreneurial debut. Here are five future-proof business ideas that can be successfully executed. You can consider these, whether you’re stepping into the business world or adapting your products/services to an evolving marketplace.
The fitness industry faced a big jolt due to the lockdown. Many of us have gained extra pounds between remote work orders, sedentary lifestyles, and gym closures. Besides, the pandemic has made people aware of their physical well-being.In light of these facts, the demand for fitness training and workout providers has surged. Now, more and more fitness enthusiasts are opting for virtual workout classes and personal training. A vast majority of people have been accessing pre-recorded fitness videos and live-streamed classes during the circumstances. The demand for this type of content is high. So, if you have a passion for fitness and a background in physical education, you can provide virtual classes and one-one sessions via video conferences.
Many individuals, especially senior citizens and immunocompromised individuals, are afraid to leave their homes. This has boosted the need for on-demand delivery services. The food delivery service industry alone has powered up to reach $104 billion by 2023. So, starting a delivery business can keep you profitably busy even after the pandemic is over. You can create an independent business or choose a courier service to deliver food, groceries, medications, or other essential items. Below, we have put together a simple step-by-step process to start your delivery business:
Step 1: Plan the Business
First of all, understand the costs involved. You need a reliable suitable vehicle, commercial auto insurance and insurance for packages delivered. Combining other costs like fuel, equipment costs, licensure fees and marketing expenses, it totals around a few hundred dollars. Understand your target market. For instance, if you’re opening a food delivery service, partner with local fast food restaurants, bakeries, pizza places, etc., for a steady business. How much do you charge your customers? Delivery charges typically include a mileage charge of up to $2.50 per mile. You can also charge on an hourly basis. Additional costs incur for waiting, after-hours deliveries, oversized packages, and rush orders. Finally, choose your business name and register it for state and federal taxes.
Step 2: Obtain Licenses and Business Insurance
Check and obtain all permits and licenses essential to run a delivery business in your area. Your business also needs insurance to operate lawfully and safely.
Step 3: Define your Brand
Your brand defines your business and the way it is perceived by your target customers. A strong, relevant, and memorable brand name helps your brand stand out. Get an impressive logo for your new biz.
Step 4: Get a Business Website
After defining your brand and getting a business logo, next create a website for your business. Fortunately, it’s quite easy, simple and cost-effective to create a fully-featured website using platforms like WordPress, Wix, GoDaddy, etc.
Step 5: Promote your Business
Two of the most effective ways of marketing a delivery service business include putting signs on the vehicle used for deliveries and going to highly desirable locations for potential customers (such as florists and pizzerias) and requesting to advertise at, and even partner with, these businesses. Many other free and inexpensive advertising methods, like creating a website, posting on social media and putting up flyers, can also be useful. Put signs on your delivery vehicles, and request customers and partners to help advertise your business. Other inexpensive and free advertising methods are posting on social media and flyers.
Since people are spending more time at home, they are paying more attention to their spaces. People have been utilizing their extra time to undertake do-it-yourself (DIY) home improvement projects, resulting in three-fold industry growth. While basic improvement tasks are achievable for most, large projects need a professional skill set. So, if you're handy and have a background in the industry, now is the great time to market your skills to those who want to carve their private places. The prospects mainly include overwhelmed parents, remote workers, and new homeowners who want to upgrade their homes to accommodate their changing lifestyles.
Since pandemic has forced students to virtual learning, the trend continues as the pandemic dials down. Students and parents seem happy in the remote learning environment and want to keep up with online study sessions. With all this, it makes sense if you plan to start a virtual tutoring agency in the area of your expertise. For instance, if you have experience working as an IT consultant, you can create courses and provide training in the same field. Decide whether you want to work with young children, high school students, or college students. Once you have decided upon your target audience, set up your online tutoring website.
Now, this may not sound like a business idea, but it pays dividends when done thoughtfully. Studies show that nonfiction books are quite popular these days and may grow by 10.5% soon. Think of the lessons you have learned in life, successes and failures, joys and sorrows, etc. Turn all of this into an exciting and engaging narrative - a downloadable eBook. You can publish the eBook independently, sell it online through social media, or work with a publisher.
Undoubtedly, COVID-19 has significantly impacted our lives and livelihood. But adversity often brings new opportunities, as discussed above. The ideas given above are based on research and discussions with top market leaders. So, embarking on any of these opportunities can help flourish your profitability. To explore more innovative ideas for entrepreneurship and business, download the Deepdive app and join our community discussion now!