2020 was undoubtedly a challenging year for many people. Maybe you’re ready to make a fresh start as an investor or business owner. Here are five of the best opportunities to pursue this year.
1. Let YouTube Drive Your Monetization Strategy
During the COVID-19 pandemic, internet users relied on YouTube to teach them everything from how to clean their homes more efficiently to the best ways to cut their hair by themselves while stuck indoors. It takes a concentrated effort to turn YouTube into your sole profit-generating endeavor.
However, you can expect numerous new monetization options to arrive soon. One of them is an Applause feature where people can purchase clapping icons to show support for their favorite creators.
Also, because YouTube is working on a solution that lets people buy products without leaving the streaming site, think about tweaking your publishing plans to create content that encourages purchases.
2. Start an Online Store
Last year was huge for online shopping. Many people only left their homes for essential journeys, and they often found it was more convenient and safer to buy things online. E-commerce grew by an estimated 44% in 2020 within the United States. That’s the biggest increase in nearly two decades. People expect to buy things online, and they’ll often look elsewhere if preferred merchants don’t offer that option.
Now is an excellent time to launch an online store or invest in a brand with an e-commerce presence. One option for getting started is to create a Shopify store. That company experienced a 93.6% growth increase in fourth-quarter 2020 revenue compared to the previous year. That’s not the only provider you could choose when starting an online store, but it’s an accessible option with a broad assortment of tools and features to help users make the most of their efforts.
3. Make Money Transporting Goods
Freight railway networks are crucial for helping products reach their destinations on time. An in-progress project called the Carolina Connector is an intermodal terminal scheduled to finish construction later this year. Its Rocky Mount, North Carolina, location is halfway between Boston and Miami, making it strategically positioned to help North Carolinian merchants get their goods across the state into other regions. Railways are one of many aspects of fast, trouble-free transportation.
For example, goods arriving by train get loaded onto trucks before reaching consumers’ doorsteps. Data indicates the trucking industry will grow 21% between 2013-2023.
Considering the e-commerce boom mentioned above, you may conclude that 2021 is an ideal year to turn goods transport into a business opportunity. Many apps exist that let users claim jobs and see available work in their areas. Moreover, you can start by leasing a truck and seeing how things pan out before buying one.
4. Launch an Online Course to Help People Reskill
COVID-19 wreaked havoc on industries such as hospitality and live music. With many sectors still on hold, there’s no definite timeline for when activities could return to pre-pandemic levels. A 2021 Pew Research Center study found that 66% of unemployed American adults have thought about moving to different occupations or industries during the pandemic.
The internet could help them get the necessary knowledge to make that leap. Do you have firsthand experience in a pandemic-proof sector or one that will at least probably remain profitable during this health crisis and future ones? Think about turning what you know into an online course or investing in a company that already offers such material. Affected parties want to feel empowered about their opportunities during tough times. Chances to reskill provide those for them.
5. Offer Consulting Services for Remote Working
Microsoft and Spotify are among the major companies that will allow their teams to work from home permanently if desired. The novel coronavirus pandemic forced many business leaders to abruptly shift to remote working arrangements for safety reasons.
However, once those decision-makers saw that employees stayed productive and that these arrangements were often cheaper for the company, they realized there was no reason to go back to the old ways.
Many company representatives frequently want guidance to ensure people can have fruitful experiences while working from home and not experience cyberattacks. If you’re well-versed in remote employment, providing that expertise to less-capable enterprises could provide a lucrative business opportunity. Analysts increasingly see telecommuting as the wave of the future. Now could be an opportune time to help businesses avoid pitfalls when offering such options to workers.
Adaptability Can Help You Succeed
Capitalizing on any business opportunity requires looking at market conditions to see how you can address ongoing and emerging trends. An adaptable mindset is a crucial ingredient for favorable outcomes.
In addition to considering these five options, think creatively about how you could make them work best for you by offering things competitors don’t or otherwise giving your potential customers compelling reasons to choose your enterprise over others. That approach requires adaptability because you may need to tweak your methods for maximum effectiveness.
Finally, remember that it may take years or months to see the increasing payoffs of new business opportunities. Showing patience will ensure you don’t bow out too early, preventing a company or idea from building momentum.