The present-day economic crisis actually provides opportunities for anyone looking to start a new business and monetize on the change the Covid-19 brought. According to Taboola, various niches like home improvement and digital marketing experienced a burst of interest while other industries waver.
As the bear market approaches, stocks are taking a hit, the unemployment rate is rising, and some expect one of the worst recessions in history. It is only natural that businesses small and large are cutting costs — we humans always react defensively when hard times arrive. However, where some see a pit, others see a ladder.
Companies like Disney and HP flourished during the Great Depression. On the other hand, the Great Recession spurred businesses like Uber, Airbnb, Square, and Slack, as well as giving birth to the modern digital age.
Such brands had success because they looked for opportunities during turmoil and created services and products the market was in dire need of. You can do the same. You just need to look for what our current market is missing. To discover and capitalize on niches that are experiencing a rise in demand. Let’s explore some of them:
The 2020 coronavirus crisis impacted over 1.7 billion students around the globe. Experts predict that 99.5% of the world’s learner population due to global closure of educational centers. These statistics just show how badly we need online tutoring classes.
If you have already worked in the educational niche or believe you can do online tutoring, this may be the perfect fit for you. For online tutoring, you need to know to explain the subject to your students, have good communication skills and patience, approach the tutoring with compassion and empathy, and manage your time adequately.
If you got these skills, then online tutoring is a great home-based business idea for you to explore.
Covid-19 brought a surge in internet activities. While this brought numerous online opportunities, it also made it more difficult for companies to set themselves apart and advertise their products and services adequately.
This is why digital marketing services saw a flood in demand, as many small and medium-sized businesses are looking to outsource their marketing efforts instead of having to pay an expensive in-house department.
If you think you can get the hang of search engine optimization, pay per click marketing, content strategy, or conversion rate optimization, this could be the right business idea for you. Moreover, with digital marketing, you get to work from the comfort of your house. If you want to go with digital marketing, it’s best that you open an LLC.
However, remember that different states have different rules for LLC companies. For instance, to start an Ohio LLC, you don’t have to name a purpose for your business, while in Florida this is a requirement.
Digital advertising is more important than ever for contemporary brands. However, as conditions are fast to change, you’ll have to optimize your business and strategy often. For example, social media marketing requires that you respond to your client’s audience requests 24/7, not just to schedule your posts in advance and leave the job to itself. If you like to create strategies, then optimize them when the need arises, digital marketing may be just the thing for you.
If your communication skills are great, and you know how to type fast, a transcription service may be the right fit for you. In it, you get to work on your pace and right from the comforts of your home. In addition, medical transcription service is particularly in demand since voice recognition tech is proliferating medicine provider dictation.
If you don’t want to dive in transcription service full-time, or you already have a full-time job you’d like to keep for a while, you can go for a couple of transcription jobs. To enhance your transcription earnings and have a reason to charge more, you should think about earning a certificate in transcription and exploring its niches.
A transcriptionist in the medical niche usually charges from 7 to 13 per line of transcription. This adds up fast. However, keep in mind that your average turnaround will likely be 24 hours, so it’s crucial that you meet deadlines. Fortunately, its flexibility enables you to accept smaller jobs and scale when you feel like it. In other words, you can begin everything as slowly as you want.
Ultimately, you won’t have to pay a lot of overhead costs.
For transcription, you only need a computer, the right programs, and a secure Internet connection.
Home improvement niche
The empty groceries across the country and with so many out of stock foods pushed many people into gardening and livestock raising. This increased sustainability in the process. Companies that sell the materials for supporting such projects are booming. Home Depot’s shares jumped by 4.20%, and google trends for topics like ‘home garden’ are surging.
Garden and home niches saw a 130% increase in page views in the last couple of months. Customers also specifically searched for plumbing and gardening services. Both have experienced a 250% increase in search volumes.
As a matter of fact, the plumbing niche has developed enormously in the last couple of months. This is mostly due to toilet paper shortages that pushed consumers into using alternative methods like snaking toilets. Snaking toilets is an excellent opportunity for anyone in the plumbing niche. Even a lot of consumers have begun learning how to do the same on their own.
This is an excellent opportunity for a sort of “seamless” local plumber service provider. If you decide to be one, your customers are just “click away” from finding you to help them with their plumbing.