With the COVID-19 pandemic causing several economies to enter into a recession, the market will never be the same. 2020 as a year has revolutionized the entire market. Numerous businesses had to file for bankruptcy, take heavy loans, cut off labor, and even shut down. The sudden change in the work environment also means that business models will have to change accordingly. Most importantly businesses are moving online at a rapid pace. Start-ups that require low initial capital investment are more preferable since they are low-risk initiatives. Here is our list of the 20 best options to go for.
Let us start with the sector that had a sudden growth on the online platform, the education sector. With all education shifting online, there was a severe uncertainty in terms of results. Education is something nobody would compromise on, hence a lot of people resorted to tutoring services to compensate for the formal online classes to make sure students receive a proper education.
Personal Training/Fitness Training
Since everyone is staying indoors as much as they can, they indulge in little to no physical activity. Health has become a very serious concern in these times and people are opting for every option they can go for. This makes fitness training as a business a very profitable job with no significant capital expenditure.
Since more people are staying indoors, they are also getting items and products delivered to them. In fact, the delivery industry has significantly grown over the course of the pandemic and is continuing to grow. Starting up a delivery service and working with different companies will be very profitable.
Home Renovation/Interior Designing
Once again, people being indoors will make them pay that much more attention to their homes. Working people will want an office-like space, students will need an area to study, homemakers may want a change with all the pressure. During this, interior designers or any businesses that can help such people get renovation services easily will flourish.
With more and more businesses moving online there is a greater need for copywriters and content writers to build online platforms. Copywriting services are gaining much more popularity in these times and hardly require any investment in them.
This segment will surely require a good background in the respective field and cannot be done without proper expertise. At the same time, this segment will be the most money-making since it will have high demand and fewer people to offer their services. If you can provide these services, the web/app development business is a solid choice.
With everything digital, we also have digital marketing. This segment requires a good understanding of products, the markets, and the consumer base. This is also a business that will not be going anywhere anytime soon and will catch wind fast. With little initial investment, it is certainly a choice to consider.
Real Estate Agency
As the population grows, the housing market grows. The real estate market is never going to die out as urban areas grow each and every year. With the pandemic, people are choosing to settle away from city centers in spread-out and less crowded places. This is why a real estate business will have a lot to offer and will prosper for years to come.
Warehouse and Storage Services
We have seen how people panic buys in times of crisis. Keeping that in mind every firm and individual realizes how important having reserves of items is important. This makes a storage service business a very good and easy option to go for. A downside to this is the high capital investment it will take to set up this business in the first place.
With the revitalization of the economy, the firms’ competitiveness is returning. With new challenges, companies are looking to have new brand images and are looking for capable graphic designers. You can do freelancing if you can learn graphic designing yourself or set up an agency for the same.
Social Media Influencer
Similar to digital marketing, social media influencers promote brands and products if they are popular. Building an audience is certainly a difficult task but not an impossible one. We have several different influencers coming from different backgrounds. Once you build a following, it’s smooth sailing from thereon.
With so many people clueless as to how to handle sudden problems and how to manage businesses in these times, consultancy services are certainly going to be in high demand. You will need a good understanding of whatever you will be consulting about definitely, but even then consultancy is a great option.
Social Media Management
With so many companies starting up social media handles to promote their brand, managing their social media also becomes a business venture. It requires no special expertise and is a safe option to go for. You only need to understand how the advertisements work on a platform and you are all good to go.
Online businesses are going to be data-driven and data analysts who can understand and interpret this data to help the firm make decisions and policies shall be in high demand. This will be a really high-paying business venture since data analysis is in high demand, the only downside is the steep learning curve for the same.
Photography has always been a domain to consider and it has gained that much more important with businesses moving online. Photography courses do not take a lot of time and effort and the previous concern of not finding a good number of clients for the service is not a serious issue anymore.
This kind of business venture will be one that will be most noticeable to us. With hygiene concerns, home-made food is becoming more and more popular. Setting up a service to deliver baked goods to homes is an option. If you have an interest in cooking or baking this is a really great option to consider.
Technological Repair Aid
More and more computers and electronic devices being used means that services to fix when issues arise in these devices will be in demand. The market for computer repair services is huge and since authorizations will demand high repair costs, people will opt for cost-effective repairs. With a basic knowledge of technology if not more, this is a good option to go for.
Customer service is in great demand since it makes competitive firms gain an edge over others by catering to their customers and improving from the feedback. You can consider this option since it only requires proficiency in a particular language.
Multilingual people are always in demand. With all this free time, it’s a great idea to pick up a language and engage in translation services. This can be an option that has no real capital investment and is a good option to go for.
With a shift to online platforms, there is a subsequent increase in the demand for video-based content as well. The initial investment is not a lot other than hardware like good computers, microphones, or cameras. Additionally, the learning curve may not seem that high if you are passionate about video editing.