Updated: May 4, 2020
A few days ago, someone asked me for good business ideas to start at home while on quarantine. Meanwhile, another person also asked me for profitable business opportunities they can pursue after the lockdowns are lifted.
Today, I’m sharing with you some concrete business ideas that I think would do well amidst this public health crisis and moving forward. And I hope you find them valuable.
But before I give you this list, let me first tell you the three most important questions that you need to ask before you pursue a business idea.
1. Who is my target market?
Who are your customers? What are their age and gender? Are they single or married? In short, what are their demographics?
Moreover, what are their interests? What are their hobbies? What are their goals in life? In other words, what are their psychographics?
The fact is, you cannot put up a business and hope that everyone will buy from you. A successful business will always have a primary market, and it’s important to know who they are specifically right from the start.
2. What are their problems?
Now that you know who your target market is, you need to know what their problems are. What are their current worries and concerns?
It’s good to also ask this: What’s making them annoyed, irritable, disappointed, or angry?
People don’t like feeling these negative emotions. And if you can help them avoid these emotions, then I guarantee that you’ll make money.
3. How can your business solve these problems?
Entrepreneurs are problem solvers. Thus, your business is not simply a way for you to make money. More importantly, it provides value to your customers by solving a problem that they have.
When you are able to create a business that solves a painful problem of your target market, then it’s almost guaranteed that it will be profitable.
And that’s why it’s important for you to be able to process and answer the first two questions above, because it all leads to this third question that helps determine the income potential of your business idea.
Good Business Ideas in the Time of COVID-19
One of the things that a lot of people realized while on quarantine was how easy and secure it is to buy things online. And the habit will most likely continue post-pandemic. You can create an online store that sells:
- Groceries (canned goods, non-food item essentials, etc.)
- Medicines and food supplements (maintenance medicines, vitamins, etc.)
- Health supplies (alcohol, facial masks, etc.)
- Personal protection (hand sanitizers, gloves, etc.)
Or, maybe you can face-off with Lazada and Shoppee and create your own that specializes on a particular niche product, or specific area of service:
- E-Commerce Marketplace
Offer a safe escape from reality. If you have the technical skills, then you can:
- Create or be an affiliate for mobile or online games
- Be a live streamer (earn from Facebook, YouTube, or Kumu)
- Produce an online concert or variety show
- Be a content creator (blog, video, podcast, etc.)
Teach and offer classes, such as:
- Courses on business and marketing
- How to be an online freelancer
- Online fitness and exercise classes
- Cooking classes and tutorials
- Tutorials for children on academic subjects
- English tutorials for non-English speakers
Or, instead of teaching a lot of people, you can offer 1-on-1 online consultation, these areas may have an increase demand:
- Health and Nutrition (medical doctors, mental health professionals, etc.)
- HR & Legal (lawyers, human resource experts, career guidance, etc.)
- Business, Finance & Investments (business consultant, financial advisor, etc.)
- Fitness and Lifestyle (personal trainer, life coach, etc.)
Also, there have been mixed feedback regarding the pick-up and delivery of goods. With most logistics companies being fully-booked, I’ve seen several rants on social media about wrong, lost, and delayed deliveries. Perhaps you can offer a better alternative, particularly on:
- Food and grocery delivery
- Health supplies delivery (medicines, equipment, etc.)
- Cleaning services
- Home-service barber / salon
- Home-service spa and nail service
- Work-from-home and outsourcing agency
I’m very sure that there are many other good business ideas out there that would do well during this challenging times, and even beyond when we start to live our “new normal”.
Again, they key is to consider the 3 questions above, so you may discover that profitable business opportunity. Good luck!