5 New Business Opportunities and How to Thrive In Them
Are you thinking of starting a business in 2021? If yes, you need to think of businesses that can thrive in the post-COVID-19 economy. The pandemic has changed consumer behaviour across the world, rendering many traditional businesses obsolete. For example, consumers now want to buy from businesses that meet them at their homes; that deliver products to their doorsteps.
Also, with remote working likely to continue long after the pandemic, businesses without an e-commerce feature are likely to struggle going forward.
E-commerce was previously seen to only target teenagers and young adults who are crazy about online shopping but, now that the middle class is working over the internet, there is a very big and affluent demographic that has joined the online marketplace. You have to get your products/services online as soon as you open shop. Most importantly, you need to develop a business plan that provides a realistic look at your target market, marketing plans, and possible disruptions in the 'new normal'.
Now that we all are on the same page, let’s dive in and pick out five new businesses that you can start in 2021 and beyond, and how you can thrive in each.
1. Cannabis businesses
Doesn’t matter if you are a first-time investor or a seasoned entrepreneur, the consistently growing cannabis industry definitely has something for you. You can choose to grow the medicinal herb, manufacture, distribute, or become a retailer. Growing marijuana will require space, a grow tent and some basic knowledge on caring for the marijuana plant.
If you choose to be a manufacturer, your main job will be to extract, infuse, and package the product for distribution. If you would love to be a distributor, all you need is a basic understanding of supply chain management and brand development. And if you are more of a retail guy, you can open a marijuana dispensary or establish at-home delivery services to consumers.
Do you want to join the cannabis industry without ever touching the plant or its products? There is a business opportunity for you too: Cannabis real estate. Your role as a cannabis real estate developer is to entitle properly zoned properties and then renting them out to cannabis entrepreneurs.
What do you need to thrive in the cannabis business? Well, whichever line of cannabis business you choose, just remember to acquire the necessary licenses. Secondly, think of establishing loyalty programs and other additional incentives/benefits that hook consumers to your brand. Embrace Originality while at it in order to outdo the illegal marijuana businesses that often overshadow the legal businesses by selling at throw-away prices. Personalise your products/services, for example, because the illegal market will never topple that in a million years.
2. Medical pickup and delivery services
If there is one thing that the pandemic has taught people is to not over-rely on hospitals and clinics for their medical supplies. People are now depending on online medical pickup and delivery services for their meds. You can also be supplying meds to local hospitals, blood banks, and clinics. And what do you need in order to thrive in this business?
- Transport and safety licensing depending on your country or state. Most states will require all your employees to have valid motor carrier permits, to be properly trained on how to handle biological materials both in packaging and transportation, and to be trained on hazardous materials.
- Proper medical transport equipment, particularly equipment that can keep medical supplies at the right temperature (room temperature/refrigerated/frozen) depending on the storage requirements for the meds involved.
- Proper press code for you and your courier staff.
- Establish your credibility in the eyes of your prospective customer. A campaign using business cards and coupons. Have a professionally-looking website. Pay for social media targeted ads. Anything goes when it comes to marketing.
3. Wellness business
The pandemic brought with it a growing understanding of the need for health and wellbeing across all ages and genders. People now know the danger of living with a fragile immune system and, as a result, their resolve to take better care of their personal health can be a business opening for anyone who has any wellness tips to share.
To thrive in the wellness business, you need more than basic knowledge in clean conscious living, simplicity and minimalism, the use of traditional herbs and supplements, nutrition, and physical exercises. Anything that can boost mental or physical fitness!
4. Social media consulting business
Social media consultants are in high demand now that many businesses are going online. If you can run social media campaigns, get social media users to engage with a brand, and/or improve brand loyalty through cultivating social media posts, you definitely can thrive as a social media consultant.
To thrive in this business, specialise! Some of the specialties that you can choose include data analysis, content creation, ad management, community management, or brand marketing. Pick one and run away with it.
5. Life coaching business
The COVID-19 lockdown has made people rethink their priorities in life. Many now desire a career change in order to achieve the elusive work-life balance. Many people also want to re-evaluate their friendships, romantic relationships, and beliefs. That is where your skills as a life coach come in. To thrive in this business, adopt remote delivery as your coaching style. Meet people in their living spaces via videoconferencing.
Final word: Implement a Marketing Plan
Get the word out about your new business. Let everyone in your target market know you're available to do business with them. Focus more on online ads because that’s where most clients now reside.