With the introduction and wide implementation of vaccines,
it seems that we can finally put the Covid-19 pandemic behind us and resume our
normal lives. Among other things, that would mean the economy will be going
back to normal and people will start thinking again about their startups. Most
of them have neglected them during the previous year. Busy with just trying to
stay afloat, all growth plans were abandoned. Hopefully, things will be
different in 2021 and new startup ideas will finally be realized. The
economic landscape has changed since pre-Covid times, however.
Not all industries have fared well during the pandemic and
they do not represent a god surrounding for an aspiring startup at the moment.
Others, on the other hand, have thrived, and if you can get your startup off
the ground, you are well-positioned to make a success.
Is This A Good Time for Starting Small Business?
The post-covid world and its economics have left many
experts scratching their heads, trying to make sense of it. The consequences of
the worst global pandemic in the last 100 years will be with us for years, if
not decades and a lot of people will spend their time studying them. Still, even
now there are some things that we can conclude right off the bat. A huge chunk
of jobs can effectively be done remotely without loss of productivity. In fact,
in many cases productivity jumped when people started working from the comforts
of their homes. This is the first time in human history that we have the
opportunity to work from home in meaningful numbers and it will be interesting
to see how companies adjust to this new reality.
For people looking to start their business, these are
excellent news, as they mean less overhead, better-motivated employees, and
increased productivity. Hopefully, this will help them overcome those first
critical years before they manage to establish their business. This is, of
course, on top of all other benefits you get from owning your own business.
Independence and flexibility when it comes to setting your work hours shouldn’t
be discarded lightly.
Online Gambling
Online gambling is one of the fastest-growing industries on
the planet, which makes it a great field for any ambitious startup. The
industry relies on quality casino software to thrive
and any new company that can offer it has a great shot at succeeding. One of
the current industry leaders Playtech started as a small startup in Estonia in
1999. Their strategy is an interesting one. Instead of churning out a
half-baked product as soon as possible, as so many startups do, they bided
their time and released a comprehensive, well-designed, and implemented a
platform that became a hit overnight. By 2001, they were supplying some of the
biggest names in the casino industry. The company went public in 2006, just
seven years after it was founded, and is now considered one of the most
successful companies in the sector.
eCommerce
eCommerce is one of the most versatile business models today
and as such always a great place for your startup. Dropshipping is probably
your best bet, at least for starting, as it lets you focus on important parts
of the business, like attracting and cultivating customers. The boring stuff,
like inventory management, is handled by someone else, since the products are
ordered directly from your supplier. You don’t have to worry about warehouse
space, handling, shipping, or any of that. The added bonus is that drop
shipping an eCommerce store is one of the cheapest investment options at your
disposal. All you really need is a website and a good marketing campaign.
Compared to some other options, it literally costs peanuts. You don’t even have
to know how to create a site, as there are numerous dropshipping platforms that
you can use.
Online Tutoring
One effect of the global pandemic was that a lot of schools
started holding online classes for their students. Access to actual classrooms
was limited to help combat the spread of the disease and this has left
disastrous consequences and huge gaps in knowledge for many kids. Regardless of
what politicians are saying, online teaching simply isn’t an adequate substitution
for a real classroom. This also means that there is a huge demand for tutoring
at the moment and that demand will remain high in the near future as well. If
you are familiar with your subject and can present it in a way that is easy to
understand, you may have a chance of making some serious money. You could start
with one of many companies that offer online tutoring and gradually build your
own business out of it.
Affiliate Marketing
Affiliate marketing can be a great startup, provided you
already have a popular platform and dedicated following. To fully utilize all
the advantages of an affiliate
marketing business model, you will need a site, but for starters, an
Instagram page will do. The good thing about it is that you can do it as a side
gig while keeping your regular job. This allows you to judge when to make the
jump and transform it into a full-time occupation, based on the success you are
having. This is a popular path for people who don’t have a huge number of fans.
You can grow your user base while keeping your day job. Establishing an online
presence can be a time-consuming task, but you don’t have to be in a hurry.
Once you deem you have a sufficient social media following, you can pull the
trigger and quit.
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