The Pandemic Accelerated Five Opportunities That Entrepreneurs Should Jump On Right Now – Forbesonline entrepreneur
Gen Z and MIllenials buying dogs in record numbers need kennels and services.
The impact of COVID-19, particularly on the business world, couldn’t have been predicted but it has been an incredible learning experience, especially for aspiring entrepreneurs. Social distancing and remote work have forced traditional in-person businesses like restaurants, brick-and-mortar retail and event services to get creative with solutions and stay viable while also opening a world of new opportunities for business owners to meet consumers’ evolving needs. And there are some amazing opportunities right now.
Entrepreneurs have always been innovative, creative and risk-taking by definition so establishing a business during a pandemic or recession doesn’t frighten many away. Right now, there are several niche markets or missing spaces in the marketplace that entrepreneurs can fill, thereby taking advantage of pent-up market demand. Here are five potential business areas to consider pursuing, whether you’re making your entrepreneurial debut or adapting a current company to fit these trends.
Pet everything. One result from the COVID-19 lockdowns was the significant spike in pet adoptions and ownership. As people sought companionship from dogs, cats, birds and more while social distancing, shelters across the country saw a 700% increase in adoptions and fostering in 2020 compared to 2019. To care for their new furry friends, many consumers are turning to online retailers and service providers. Pet products like homemade treats and toys are in high demand right now, as are online pet training classes. Channel your love of animals into a pet-focused business that makes consumers and pets lives better.
Also, according to the Wall Street Journal, there is a large shortage in pet boarding facilities in the USA, and perhaps even worldwide. Wait times of almost six months are being considered normal to get your pet into a kennel while you yearn for a bit of travel. Perhaps, entrepreneurs can bring a new level of innovation into this exploding marketplace.
Baby boomer services and care. Baby boomers, born between 1946 and 1964, began turning 65 in 2011 and are now driving growth at the older ages of the population. By 2029, when all of the baby boomers will be 65 years and over, more than 20 percent of the total U.S. population will be over the age of 65. By 2056, the population 65 years and over is projected to become larger than the population under 18 years.
The real opportunities of caring for the elderly by 2030 may involve several innovative businesses that can provide for the following, 1) Retrofitting homes to allow the elderly to live safely and securely, 2) providing a new set of preventive health services to avoid hospitalization, 3) creating new forms of adaptive living with perhaps seniors sharing homes, 4) creating new travel and vacation models to accommodate the elder population.
Career Services for Millennials and Gen Z. What do you give 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 this, the great resignation which is a temporary event and that leaves you with more than 130 million younger professionals which may not have the necessary communication or work culture skills to move up in their chosen career. What will they need?
They will need good mentoring, coaching and career advice as they move along in their career. Who will they turn to if their communication skills are lacking? Probably online coaches and consultants who can figure out a business model to deliver good advice and hand holding via an interactive, perhaps AI based model. The bottom line: they will be looking for someone or something that can help them migrate the next level of their career.
Book publishing services. Want to write book? Well, you are not alone. The numbers in this industry are amazing. 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 per year, the self-publishing market is expected to grow at 17% per year. The number of self-published books has increased 264% in the last five years.
So, what do people need out of a new innovative book publishing services company? One that can provide a full-service approach to this industry niche. 1) helping people learn how to write a book, 2) providing editing and printing services, 3) providing help with getting on online book platforms (like KDP at Amazon, etc.) which can be intimidating, 4) help with building personal author websites and author/book marketing.
Tutoring services. As more parents and students turn to online learning, remote or even homeschooling, the opportunity to provide niche tutoring expertise is rising. According to Grand View Research, the global online tutoring services market size was valued at USD $6.57 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 14.7% from 2022 to 2030. Quite a bit of this growth has been fueled by the rapid rise of smartphones as a new learning platform device.
The rapid adoption of smartphones is one of the significant factors driving the adoption of online tutoring services worldwide as it enables learning to take place irrespective of the geographical location. Both students and parents want more choices for learning and whether we like the “Zoom” model of learning or not as evidenced by the recent pandemic, it is here to stay. Let’s just make it better.