After a year of unprecedented pressure on businesses worldwide, you might think the ongoing uncertainty makesnow the worst timeto start a new business. But it’s exactly that uncertainty that makes now a good time to flex your entrepreneurial muscles and turn your business idea into an online success story. The trick is finding the right opportunity. 2020 has seen businesses and consumers around the world embrace the internet in a way that we hadn’t quite done so before and for those looking to make money online there are so many opportunities that give you access toa global audience. Here are 5 ideas to explore and some successful business tipsto make them work:
1. Dropshipping – A relatively new type of business model which allows you to set up an online store without buying and storing stock. Instead you act as an intermediary taking orders for a manufacturer who then ships the products you sell direct to the customer. Start-up costs are relatively low and the only necessities are a laptopand a basic knowledge of digital marketing. You’re responsible for all marketing and it’s becoming a crowded market but if you can nail it this can be a very lucrative business proposal.
2. Virtual assistant – Businesses will always need admin and with many having to cut costs there is likely to be an increased demand for virtual assistants. You agree to take on admin/reception duties for SMEs in exchange for a monthly fee. You’ll need a pretty good understanding of admin processes and flexibility to accommodate the needs of different clients, but you get a degree of autonomy over your working day.Business analysts predict that this looks like an industry that is here to stay owing to the huge cost savings for businesses who are increasingly seeing the benefits in outsourcing admin services.
3. Freelance digital marketing – Digital marketing is crucial for any business and any good business analyst will tell you it’s important to stand out, but in-house teams are likely to be one of the casualties of post-Covid restructures.As boardrooms protect their businesses by focusing efforts and spend elsewhere, outsourcing digital marketing to freelancers is a set increase exponentially. You will take on responsibility for a brands’ social media, blogs etc for a fixed monthly fee or for a price per project and you can carry out your work from anywhere in the world and with minimum outlay and equipment. You’ll need a good grasp of English (or whichever language you’ll be writing in) and the ability to carry out your own research. You don’t need qualifications or experience but if you understand SEO and have any successful business tips to pass on you can really stand out in this market.
4. Online tutoring – Home schooling proved to be a lot tougher than lots of parents expected, and for many, face-to-face extra-curricular tutors online tutoring were their only option. With schools now adapting their teaching and learning to include online lessons for students in the event of further lockdowns, online tutoring has emerged as a bona fide business idea. And now that parents are aware of the benefits of online tutoring the demand for it is increasing, not just for day to day teaching but for extra-curricular tutoring to help give children an advantage.
the benefits of online tutoring
If you’re a qualified teacher there is always demand for tutoring in the core subjects, but this needn’t be restricted to academic subjects; music teachers, personal trainers, yoga instructors in fact anyone who teaches anything can now teach it online.
5. Flipping houses – Covid has made house selling a buyers’ market and if you have available funds and like a gamble then flipping could be for you. For this you’ll require a decent estate agent and (ideally) some friends who are tradesmen and owe you a favour. Flipping is essentially buying low and selling high to make a significant profit. It’s a simple business idea but one that, if you get it right, can be extremely lucrative. You’ll need a keen eye for a bargain, nerves of steel and the ability to manage a project through to completion to make a go of this one.
Before you start any kind of business there are few things you must do:
- Be honest with yourself. Do you have the skills and the work ethic to make it succeed?
- Draw up a business proposal. Even if you are not taking out a loan it’s good to have a plan.
- Make sure you understand the target market for your business idea.
- Plan your working week. Don’t expect to have loads of extra time on your hands every day.
- Check the internet and journal for successful business tips.
- Prepare a workspace in your home. Look for and have a clear out rather than working among clutter. Invest in a proper desk and chair, buy a new laptop/PC if necessary.
The internet has created a global market the likes of which we have bever seen before and Covid-19 has given users everywhere a greater confidence is using it to buy, sell and transact their business at home and abroad. If you have an online business idea and have been waiting for the right time to strike, then that time is now.
