By Amine Rahal, entrepreneur; writer; CEO of IronMonk, a digital marketing agency specializing in SEO; and CMO at Regal Assets, an IRA company.
The economic crisis that came about due to the Covid-19 pandemic hurt a lot of businesses across all fields. However, there is one sector of the economy that did not go through a hard time with the health crisis dictating lockdowns and impeding the regular running of businesses.
I’m talking about e-commerce. For Q2 2020, during the restrictions mandated due to the pandemic, online business increased 30% compared to the previous quarter. As an e-commerce entrepreneur myself, I was fortunate enough to capitalize on some of this industry growth.
Now is still a good time to capture the growth potential online business can offer. The world is slowly going back to normality. However, people’s habits have changed in a big way, and online shopping and business have become more mainstream than ever. Let’s have a closer look at five entrepreneurship ideas for 2022.
1. Online Smartwatch Store
Smartwatches allow the user to connect to their phone more conveniently. You don’t have to pull your phone out of your pocket or purse, and you have direct access from your wrist. You can answer your phone calls and messages, set alarms and switch between tasks.
More importantly, this market segment shows promising growth. GrandViewResearch reports that global wearable technology was worth $40.65 billion in 2020. The report also estimates a annual compound growth rate of 13.8% from 2021 to 2028.
Apple and Samsung dominate the market for smartwatches, but you could also maintain a stock of less-popular brands. These brands would allow you to offer products from a wider price range and cater to the pocket sizes of more customers. By hooking up with a worldwide delivery service, you could also capture markets outside of the US.
2. Local Store Home Delivery
This sector has also experienced a large amount of growth as people have taken to ordering food and groceries online. Many stores take customers’ orders online and deliver them to their homes.
However, very few, if any, deliver the groceries on the same day, let alone within, let’s say, an hour. So, the niche here is to provide a service that is for same-day delivery and possibly within a short period of time.
This concept could be extended to include items from the local drug store or items from other stores that easily fit into a car. The possibilities on what you can deliver are as many as the requirements of your customers.
For prepackaged foods, there are limits and regulations on how and what exactly you can handle and deliver. If you want to get into this niche, be aware that you’ll have a lot of homework to do to navigate all the regulations.
3. Online SEO Consulting
Internet traffic is constantly on the rise, and so too are the number of pages available to people surfing the web. All companies with an online competitor presence want to outrank their competitors when it comes to search engine results. A higher ranking improves the chances of converting searchers into clients.
However, most people and businesses are not very savvy as to what search engine optimization (SEO) entails. If you already have the skills, or if you like the idea and are willing to learn the skills, SEO services are likely going to be in demand for the long term.
This is a very low-budget idea. Of course, you can spend any sum on marketing, but with the right skill set, you should be able to get this business off the ground on a relatively low budget. The services you can offer are also easily accessible from anywhere in the world, giving you a truly global client base.
This business model has become more popular over the past years, as it is a relatively low-cost business to set up. Dropshipping involves finding products from a wholesaler that you then sell online as retail. You would brand the products as your own while the wholesaler would handle the shipping.
The business model allows entrepreneurs to create a business without having the cost of creating and maintaining stock. You would have to identify wholesalers that are willing to fulfill your orders. You will pay a fee for this service on top of the wholesale price for the goods.
However, running the distribution side of the business yourself would also come at a cost. You would need to investigate what products are easy to ship and offer a high enough margin to make the kind of profit you are looking for once all costs are deducted.
5. Online Education
Maybe you’re an expert in a specific field. You could harness your knowledge to create a course in the subject to sell online. Within the next four years, the global market for online education is projected to reach $375 billion.
The pandemic of 2020 helped push more teaching from the classroom to online platforms. That trend continued through 2021, helping to change people’s views on online learning and education. As the marketplace for jobs gets more competitive, so too does the demand for specific knowledge increase.
This is a business that could be started with just one course in a specialized field. With time and some success, you could open up to new fields or topics. Widening your repertoire may entail hiring experts in the chosen fields to design the courses for you.
The pandemic created a crisis and unfortunately led to hardships for many people. However, it has also bolstered the use of the internet to interact with people and businesses, especially in light of physical-distancing restrictions and the closure of brick-and-mortar retail establishments. The increase in internet usage has created more opportunities for with an interest in online business entrepreneurs. Like all ventures into entrepreneurship, it’s never easy, but this field has a large amount of potential.