The impact of COVID-19, especially on the business world, could not have been foreseen, but it has been an amazing learning experience, especially for budding entrepreneurs. Social distancing and remote working have forced traditional in-person businesses like restaurants, brick-and-mortar retail and event services to get creative with solutions and stay viable while opening up a world of new opportunities for people. business owners to meet the changing needs of consumers. And there are incredible opportunities right now.
Entrepreneurs have always been innovative, creative, and risk takers by definition, so starting a business during a pandemic or recession doesn’t scare many. Currently, there are several niche markets or missing spaces in the market that entrepreneurs can fill, thereby taking advantage of pent-up market demand. Here are five potential business areas to consider, whether you’re just getting started as an entrepreneur or adapting a current business to accommodate these trends.
Caress everything. One of the results of the COVID-19 lockdowns has been a surge in adoptions and pet ownership. As people sought the companionship of dogs, cats, birds and more while social distancing, shelters across the country saw a 700% increase in adoptions and adoptions in 2020 compared to 2019. To care for their new furry friends, many consumers turn to online retailers and service providers. Pet products like homemade treats and toys are in high demand right now, as are online pet training courses. Channel your love of animals into a pet-focused business that improves the lives of consumers and pets.
Additionally, according to the Wall Street Journal, there is a great shortage of pet boarding in the United States, and possibly even around the world. Wait times of almost six months are considered normal to put your pet in a kennel while you long for a bit of travel. Perhaps entrepreneurs can bring a new level of innovation to this booming market.
Services and care for baby boomers. Baby boomers, born between 1946 and 1964, started turning 65 in 2011 and are now driving growth at older ages of the population. By 2029, when all baby boomers are 65 and over, more than 20% of the total US population will be over 65. By 2056, the population aged 65 and over is expected to outnumber the population. under 18 years old.
The real opportunities for elderly care by 2030 may involve several innovative companies that can provide the following, 1) Renovate homes to enable elderly people to live safely, 2) provide a new set of services preventative health care to avoid hospitalization, 3) create new forms of adaptive living with perhaps older people sharing homes, 4) create new travel and vacation patterns to accommodate the older population.
Career Services for Millennials and Gen Z. What do you give to two generations of young people who have grown up with smartphones, online dating and a pandemic? Lots of coaching in the future. These two generations have weaker face-to-face communication skills according to an article by HubEngage. Now you add to that the big resignation which is a temporary event and which leaves you with over 130 million young professionals who may not have the necessary communication skills or work culture to progress in the career of their choice. What will they need?
They will need good mentorship, coaching and career guidance throughout their careers. Who will they turn to if their communication skills are lacking? Probably online coaches and consultants who can find a business model to provide good advice and hands-on via an interactive, perhaps AI-based model. The bottom line: They will be looking for someone or something that can help them migrate to the next level in their career.
Book publishing service. Do you want to write a book? Well, you are not alone. The numbers in this industry are incredible. According to Wordsrated.com, 30-34% of all ebooks sold are self-published, 300 million self-published books are sold each year, and $1.25 billion worth of self-published books are sold each year. While the global publishing market is expected to grow at 1% CAGR annually, the self-publishing market is expected to grow at 17% annually. The number of self-published books has increased by 264% over the past five years.
So what do people want from a new, innovative book publishing services company? One that can provide a full service approach to this industry niche. 1) helping people learn to write a book, 2) providing publishing and printing services, 3) providing assistance in accessing online book platforms (like KDP on Amazon, etc.), which can be daunting, 4) help create personal author websites and marketing authors/books.
Tutoring services. As more parents and students turn to online learning, distance learning, or even homeschooling, the opportunity to provide niche tutoring expertise increases. According to Grand View Research, the global online tutoring services market size was valued at US$6.57 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 14.7% from 2022 to 2030. Much of this growth has been fueled by the rapid rise of smartphones as a new learning platform.
The rapid adoption of smartphones is one of the important factors driving the adoption of online tutoring services globally, as it enables learning regardless of geographical location. Students and parents want more choices for learning and whether or not we like the Zoom model of learning, as evidenced by the recent pandemic, it’s here to stay. Let’s just do better.