With a New Year dawning, especially because 2020 has been so tough for so many people, now is the time to look to the future.
And one of the best ways to begin afresh is to start your own business. Of course, some of the traditional ways of offering products and services, such as opening a restaurant or a retail business, are off the table for now because of COVID-19 and the accompanying restrictions, but from adversity comes opportunity. There are still many possibilities for you to consider.
If you have expertise in any subject then there is enormous demand for online tutors. You would need to have a minimum qualification in the subject you intend to offer such as a bachelor’s degree, and will need to use a platform like Skype or Zoom.
But if you have the passion and ability to communicate, this is one of the easiest online businesses to start.
While the pandemic has affected the way that many businesses operate, one of the things that remains the same is that somebody still needs to maintain financial books and records. There are many small businesses in need of support and, fortunately, these days, modern technology means much of this can be done online.
So, if you are an accountant or are familiar with the principles of double-entry bookkeeping, why not consider this?
If you have the requisite IT and design skills, then website flipping may be the niche opportunity for you. It involves buying an existing website and domain name, improving its design and content, and then selling it for a profit. Shopify, for example, operates the Exchange marketplace which allows people to buy ecommerce websites.
There is always demand for websites that are optimized for SEO and are content rich.
Again, for those with an IT background, app development can be a very profitable business idea, because with the proliferation of Smartphones, the demand for mobile apps is constantly growing.
At the same time, the costs of starting in this line of work have dropped significantly because of the growth of affordable online tools.
Key to success in this business is to devise a way of monetizing an app so that it creates recurring revenue streams. Options to consider include offering in-app purchases or charging for a premium version of the app with additional features.
This is ideal for those who are good at writing emails and can entice people into clicking on links. There are many companies that need help, especially when so much business is virtual these days, with their online marketing strategies.
You will need to invest in some email marketing tools initially, but if you can demonstrate that you have the ability to attract new customers, companies will be falling over themselves to reach out to you.