There is never a time then now to start these 7 businesses in 2020. As we are all in a lockdown pandemic, these businesses are blooming more then ever before. I would rather say they are starting to take off due to market demand. Not all business model would required a big capital outlay. Take your pick and please do only one and not all the 7 business ideas mentioned here.
7 Business Ideas Are:
1. Teaching Online
Online Education Market will reach US$ 350 Billion by 2025, globally due to the introduction of flexible learning technologies in the corporate and education sectors. Source : BusinessWire.com
The online teaching industry market is so huge that you cannot ignore. I have set my foot into creating my own courses online back in 2017 and the best part is you can built an online passive income over time. Anyway, you just need to learn it once, built your course, publish it onto platform with ready buyer who are hungry for your course. You might have the doubt of what classes you should create online. Well, as long as you have an interest or know how to cook or have a skill to impart to others, you can create a course today.
From my personal experience, I would advise anyone who wanted to create his/her first class online to adopt this approach.
Step 1: Start with a platform with ready students. Platform like Udemy (Discover Udemy’s featured courses!)or Skillshare both are beginner friendly.
Step 2: Brand yourself as an expert on site like Quora.com or Twitter.com
Step 3: Join Facebook groups related to your niche and start your own FB community at the same time. Built your audience asap.
Step 4: Consistently publish 1 class per week for the next 3 months. I know there would be challenges ahead but it’s doable as I have done it before.
Step 5: Create your own Youtube Channel and promote your online classes.
Step 6: Watch your income grow overtime from your online classes.
Once you start to gain momentum on these free platform, you can get feedbacks from your students or fan on Facebook on your the next paid course. When you’re ready, move on to paid platform like Teachable.com to publish your next course. You can start charging $49 – $197 per full course. Do take note that you have to do all the marketing of your course yourself. But you get to keep all your profits.
This business model is suitable for people like: school teachers, service provider, freelancer, anyone who wanted to switch career into online education.
You can built your own brand from online course publishing, convert your online course into a self published book, conduct workshops and 1-1 coaching. The rewards are just endless if you plan your funnel or customer journey properly.
2. Home office setup
As reported in 2020, 5 million employees (making up 3.6% of the entire U.S. workforce) work from home for at least half the time. Source: Fundera.com
We can almost predict that the number of people who work from home after this crisis could be growing at double digit growth. What kind of services can you provide for office employee work choose to work from home? First I would say they would need a stable connection at home and as a service provider, you can solve their issue by boosting their home wifi signal using wifi booster. Next, they might be constantly be disturbed by their kids,in-law, spouse, noise, etc. I can say a home office telephone booth type of capsule would come into play. You can provide customized setup office pod for these office home worker. Make a proposal for them and you might be able to land yourself into a deal.
Some initial work of taking measurement of the setup pod would be required. A better model would be to do a monthly rental model to make a recurring income which includes servicing the pod at regular time. For a sound proof pod, you can double up as a music room or karaoke room to shield off noise to neighbor. Now work and entertainment can both be fulfilled.
This business model is suitable for: interior designer, contractor, musical instrument companies and business entrepreneur.
Eventually office rental service would be cut down substantially, the next version of mobile office would be at home. Most company would be watching how their clients would response and if a face to face interaction is still required or they would prefer telecommunication instead.
3. Webinar event organizing
The global webinar and webcast market is anticipated to expand at CAGR of 7.6% over the forecast period i.e. 2016-2023. The market was valued USD 547 Million in 2015 and is estimated to reach USD 800 Million by 2023. Source: Menafn.com
You can start a webinar event business by helping companies that are starting to transit from traditional face to face events to online webinar. This would required you work with company to design the flow of the event, working as the host or helping to deliver the message to their client . As Internet-based seminars are getting more popular, people are more receptive to attend seminar from the comfort of their own home or office. Webinars allows the companies to track customer response data live and understand their potential customer like never before. Participants can ask questions live, chat with other participants or download the seminar materials on the fly.
Taking into consideration that major big scale online webinar would required lots of pre-planning and rehearsal. I can’t remember how many times I attended an online webinar during this lock down period.
This business model would be suitable for : event planner, customer service turned biz owner, project coordinator, and telecommunication specialist.
At local level, you can start to look for businesses that are into education to work out a regular webinar to help them promote their program. Some of the businesses like education center, kids tutoring, hand skilled work training would need to change their business model in times like this.
4. Food Crisis Prepper
The Prepping Industry Wasn’t Prepared for the Coronavirus – Once the obsession of fringe survivalists, disaster preparedness is now a national pastime—and supply can’t keep up with demand. Source: Wired
Food preparation for crisis used to be laughed at and most people would just leave it to the government in their country. With the on-going pandemic, more people realized that food can be scare in their grocery stores especially when there is a huge surge. People just aren’t well prepared for crisis. Emergency survival kit, dry food store, fresh produced are high in demand that they need to close their store.
Is there a business opportunity that you see here? You could be a food crisis prepper (alot of people in Asia) are not used to the idea of storing extra food in their home. They simply are not educated on the needs arise scenario. While food is the most important for your survival, food crisis prepper can help with emergency kit preparation for their client. Most people don’t even know where to start. Where do I store my food,how long can I store, when should l start consuming the food before expire, how to keep track, etc. This is where a food prepper company or a prepper can help them solve these issue.
Here’s a list of essential food list which I have researched that you will need (disclaimer: this is just my list for 4 pax/2 months ration, not your aka complete list to survival)
- Vitamins C (1000mg) x 4 bottles
- Canned sardine x 24
- Cai xin (dry veg.) canned x 24
- Canned beans x24
- Dry noodles non maggie noodles x 2 boxes
- Biscuits salted x12
- Square biscuit x12
- Pink Salt x 1 bottle
- ACV x 2 bottle
- Olive oil x 2 liter
- Mix Nuts x 3 kg
- 1L Bottled water x 48 bottles
- Peanut butter x 4 bottles
- Rice 25 Kg x 4 bags
Other emergency preparedness kit like torch lights, knife, emergency kit, bathing essentials and personal care, everyone who be needing it differently. Your customized list would be best passed onto a prepper to help you source for them.
Why Does the Prepping Industry Is Booming Than Ever?
- You never know when this crisis will end.
- When the next crisis come, are you well prepared for you and your family?
- More people will lose their jobs, they can still survive on the emergency food prepared until they find a job.
- Most people do not know what need to be prepared and how much to prepare. There is a huge knowledge gap here where consultation service is required.
Regardless of country, people now realized that once there is a world pandemic, everyone would be fighting for their survival. It’s better to be well prepared than under prepared.
5. Print On Demand (POD) 3D Printing
The global edible 3D printing market is expected to surge with a CAGR of 32.05% to achieve a market size of US$484.004 million by 2025, from US$91.296 million in 2019. Source: GlobeNewWire
Most big scale factories would be closed during a global pandemic. Consumer will be looking for print on demand company to fulfill their daily needs. This is not a new industry but I can see it’s gaining popularity over time. Especially edible 3D printing industry, it’s hard to believe if I were to tell you that you can print food on demand right at your own home 10 years ago. But now I could foresee, this industry is going to take off given the current lock down situation most countries are experiencing.
What is edible 3D printing?
Edible 3D printing for food is just loading your typical edible ingredients into a printer and processed in such a way that they can be extruded through a nozzle onto a surface. Layer by lay your food can be stacked up to form the actual look of the food.
What are some of the printable food we can expect?
- 3D printed sugar
- Gluten-free 3D food
- Ramen Noodles
- And many more…
If you’re interest to read more on futuristic food, you can always go to Google Images and do a quick search on the latest food ingredients that can be printed.
How does a business fit into the consumer food mind?
Most of the food 3D printing machine are expensive and need to operate with care. Especially with food, handling ingredients and the expectation need to be managed. This is where your business can provide a first hand experience for consumer to rent one of such machine at home to try it out themselves. Next, cafes and restaurants can come up with specially designed food for their customer to be 3D printed. We’re pretty aware that there are some style and pattern which are simply impossible to be crafted out by hands.
What other P.O.D that I can start?
There are existing print on demand companies which allow you to sell your designs online. All you have to do is to come up with your unique design and upload it onto their sites. They will take care of the payment processing for you. Some of the recommended sites for print on demand are:
All these print of demand companies work on a commission basis, they sell your design on printed item and you get a small commission. You won’t be making a full time income any sooner on these website but a small part time recurring income is possible with enough design you upload. (typically in the hundreds to see your first sale)
Best suited for : graphics designer, traditional printers, home maker, 3D art designer, photographer, cafe/restaurant food operator
Revenue is expected to show an annual growth rate (CAGR 2020-2024) of 7.8%, resulting in a market volume of US$3,012,528m by 2024. Revenue in the eCommerce market amounts to US$2,229,283m in 2020. Source: Statista
eCommerce business would be experiencing exponential growth. I would say it’s almost guarantee 7 of 10 people staying at home would have bought something online over the last 30 days. Personally, I have been selling since 2006 on platform like eBay, Amazon and Lazada. The trend will continue to be strong thanks to Alibaba spear heading the Asia market ecommerce retail industry.
Some points you need to consider before starting your new store includes:
- Branding – Are you going to build a brand around your products?
- Demand – Is there a sustainable demand for your products?
- Source – Is your source reliable and consistent with quality?
- Outsourcing – Did you plan to hire people to remove yourself from the business eventually?
Consumers are well educated and would rather go for a niche branded store when buying online. Mega platform like Amazon, eBay, Lazada and Alibaba would be a place consumer does their price research before making their purchase. If you have a good proposition for consumer, you can strike a deal.
All offline retail businesses must have an online presence else they will be out of business tomorrow.
This business model is over leveraged online and making big promise on making ton of money quickly. However, running an online eCommerce store is having the same processes of running a physical store. The amount of attention and effort to spend on the online business is the same. The only difference is you’re running your store 24×7. Proper resource planning need to be in place to make it successful.
Best suited for: Traditional retail, fashion shop, supermarket, freelancer, home maker
eCommerce retailing is not for you to make a small part time income. The numbers just doesn’t make sense at all, given the effort you pour into it. It’s a full time leveraged income and NOT a passive income model at all.
7. Urban Farming
The Global Urban Farming Market revenue is $210 billion by 2017 and forecasted to grow at a CAGR of more than 1.99% during 2018 to 2023 to reach $236.4 billion. Community gardening holds maximum revenue of $136.1 billion in 2017. Source: IndustryArc
As crazy as this might sound to you, more and more people are growing their own crops at home or on roof top. Urban farming give city dwellers a chance to produce their own organic food, and learn process of farming for food sustainability. This will be an on going trend and serving people within the community with clean organic food. When coming to a food crisis, you would rather depend on your own source than to fight with others at the supermarket for fresh food.
Urban farming business is starting to get it’s attention in recent month and many countries started to allocate parking lots, public spaces and outdoor land to support sustainable living. Here are the steps you need to consider if you intend to go into this business.
Your own organic farm
You need to get own farm setup and grow organic vegetables and fruits. A successful example would inspire many people to take the step to grow their own vegetables. If you’re completely new, you can join the global community or a local community on Facebook to learn all you need to setup your first farm.
Once you started to harvest your vegetables and fruits, you should take lots of photograph and post it on social media like Facebook and Instagram to create the awareness. You could document down on video day by day how you setup your farm and what challenges you faced along the way.
More marketing effort can be done by selling your fresh produce online to local community. Get yourself a Facebook Page, a website site to place order and partner with logistic company to deliver the fresh produce for you. Your goal is to get people interested to setup their own farm and provide the consultation service to them.
When you have 20-30 successful case study of people happily growth their own fresh, start organizing small workshop to teach more people to grow their own vegetables and fruits. There are multiple way to monetize your skills and knowledge. You can even consider to help each individual to maintain their plot of vegetables if you have the spaces. This way you can charge a regular recurring fee and until harvest time, your client will receive their home grown fresh produce.
This business model is best suited for: Home maker, vegetarian, traditional farmer, vegetable supplier, people who choose to eat clean
These are some of the business ideas which you can consider when starting a business this year. While some are easier to start than others, you have to consider your situation at current. Test small and get result fast is better than investing big and seeing result slow.
If you have any feedbacks or suggestions for me do comment below.