The impact of COVID-19, particularly on the world of business, was not able to be foreseen; yet, it has been an excellent learning experience, particularly for individuals who are interested in starting their businesses. Traditional in-person businesses, such as restaurants, brick-and-mortar retail, and event services, have been forced to get creative with their solutions to remain profitable as a result of social distancing and remote work.
On the other hand, this has opened up a world of new opportunities for business owners to meet the ever-changing needs of consumers. In addition, there are a lot of fantastic chances available right now.
As a matter of definition, entrepreneurs have always been forward-thinking, inventive, and willing to take risks, which is why the prospect of starting a firm during a pandemic or recession does not deter many people. There are several unfilled niche niches or holes in the market that are currently available for entrepreneurs to fill, allowing them to capitalize on the demand that has been building up in the market.
Here are five prospective industries that you might want to explore venturing into, whether this is your first foray into business ownership or you are looking to adapt an existing company to better align with current market conditions.
Be gentle with everything. The large increase in the number of people getting new pets as a result of the COVID-19 lockdowns was one effect of the outbreak. As people sought the company of dogs, cats, birds, and other animals while socially isolating themselves, animal shelters across the country recorded a surge of 700% in the number of adoptions and foster placements in the year 2020 compared to the previous year, 2019.
Many customers are purchasing supplies and services from internet retailers and service providers to properly care for their newly acquired furry companions. Products for pets, such as those manufactured by their owners, such as handmade snacks and toys, are in high demand right now, as are online training sessions for pets. Put your passion for animals to work by starting a pet-related company that will improve the lives of both customers and their animals.
According to the Wall Street Journal, there is a significant lack of pet boarding facilities in the United States of America, and possibly even further around the world. Waiting periods of over six months to get your pet into a kennel while you desire some time away from home are now considered to be the norm in this industry. It’s possible that business owners can usher in a whole new level of innovation into this rapidly expanding sector.
Read Also: Discover Your Perfect Bully Breed Companion
Care and services geared for baby boomers are people who were born between 1946 and 1964 and began turning 65 years old in 2011. They are presently driving growth in the population of those who are older than 65 years old. More than twenty percent of the overall population of the United States will be above the age of sixty-five by the year 2029, which is the year when all baby boomers will be at least 65 years old. It is anticipated that by the year 2056, the population of people aged 65 and over will have surpassed the number of people under the age of 18.
The genuine opportunities in the care of the elderly that will be available by the year 2030 may involve several innovative firms that can cater to the following: 1) Adapting homes so that elderly people can live in them in a way that is safe and secure; 2) establishing a new group of preventative medical services to reduce the need for hospitalization; 3) developing new models of adaptive living, such as seniors living together; 4) developing new travel and vacation models to accommodate the growing number of elderly people.
Career Services for Members of the Millennial and Generation Z Generations What do you get for two generations of young people who have grown up with smartphones, online dating, and a pandemic as part of their everyday lives? In the future, there will be a lot of instruction. According to an article published by HubEngage, the face-to-face communication skills of these two generations are significantly lower.
Now, add to this the great resignation, which is a temporary event, and you have more than 130 million younger professionals who may not have the necessary communication or work culture skills to move up in their chosen careers. This leaves you with a situation in which you have a lot of people who are looking for work who aren’t qualified. What will they require from us?
They are going to require quality mentoring, coaching, and advice on their careers as they progress further in their careers. Who will they go to for help if they do not have adequate communication skills? It’s probably online coaches and consultants who can figure out a business plan to give helpful counsel and hand-holding through an interactive approach, possibly one that’s based on artificial intelligence. In a nutshell, they will be searching for somebody or something that can assist them in moving up to the next level of their professional career.
Services related to the publishing of books. Do you wish to write a book? Well, you are not alone. These are astoundingly high numbers for this sector. Wordsrated.com estimates that between 30 and 34 percent of all ebooks purchased are self-published, that 300 million self-published books are sold annually and that the total value of self-published books sold annually amounts to $1.25 billion.
The global market for publishing is predicted to expand at a compound annual growth rate (CAGR) of 1% per year, but the market for self-publishing is expected to develop at a rate of 17% per year. In the past five years, there has been a 264% growth in the number of books that have been self-published.
What exactly do consumers want from a cutting-edge book publishing services organization that’s brand new? one that is capable of offering a comprehensive range of services relevant to this sector of the industry? 1) assisting individuals in learning how to write a book; 2) offering editing and printing services; 3) assisting individuals in gaining access to intimidating online book platforms (such as KDP at Amazon, etc.); and 4) assisting individuals in constructing personal author websites and marketing authors and their books.
Services related to tutoring. The possibility of providing specialized tutoring services is growing as more parents and students choose alternative educational models such as homeschooling, remote learning, and online education. According to Grand View Research, the global market for online tutoring services was worth USD 6.57 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 14.7% from 2022 to 2030. This increase is estimated to take place over the next decade. A sizeable portion of this expansion can be attributed to the meteoric ascent of smartphones as new learning platform devices in recent years.
One of the most important elements that are pushing the use of online tutoring services worldwide is the growing adoption of smartphones. This is because smartphones make it possible for learning to take place regardless of where the student is physically located. The “Zoom” model of education is here to stay, whether or not we like it, as is demonstrated by the current pandemic. Both children and their parents want more learning options, and regardless of whether or not we like it, it is here to stay. Let’s just make it better.
