The Covid 19 pandemic has been wreaking havoc on the world’s global economy, and low-cost business ideas are the latest buzzword.
The world is scrambling to deal with the immediate and long-term economic implications of this black swan case, but this might be an exciting time to consider a potential business concept.
Businesses are unlikely to return to normal for a long time as the global economic crisis persists. These business ideas will certainly cheer you up if you are a stay-at-home mom, as customer behavior will take a new turn.
Business opportunities amidst lockdown:
- Forex trading: The foreign exchange market, also referred to as the over-the-counter market, is a global decentralised or over-the-counter market for currency trading. This market determines any currency’s foreign exchange rate. It encompasses all forms of purchasing, selling, and exchanging currencies at existing or fixed rates. Even though the economy is volatile at the moment, and the outlook for the future is equally grim, many South Africans are using financial markets trading to supplement their income. Especially if you are out of work for the next few weeks, now is the best time to get started. One good thing about Forex trading is that it requires little capital and allows you to trade at your leisure, which you will continue to do after the lockout time has ended. Another benefit is that, as long as you make sound decisions, the risks associated with Forex trading are considered to be very minimal. The growth rates were much clearer in developing countries, with 60 per cent of new accounts coming from Africa, Eastern Europe, and Southeast Asia. Some traders concentrate exclusively on safe-haven commodities and currencies, while others try to take advantage of opportunities, such as fluctuating crude oil demand. Forex brokers were placed under a lot of stress as trading activity, and account numbers skyrocketed. Smaller forex brokers may not be a secure option for traders due to remote employees and liquidity demands. As traders’ concerns about withdrawals rise, they naturally gravitate toward big, reputable brokers like IronFX. This kind of rapid expansion is highly unusual in the forex market. The average daily forex trading volume increased by no more than 40% over the last decade. Of course, the dramatic shift is due to this year’s unusual financial and economic environment, which has resulted in a slew of high-impact variables.
- Online consulting business: You have experience and skills to share with others, regardless of your professional background. You can instruct anyone on just about any expertise you have knowledge of, from technical skills like supply chain management or finance to lifestyle skills like music lessons or dietician consulting. Start an online consulting business where you can communicate with clients and provide advice on how to grow and develop their company. Learn how COVID-19 is affecting your industry’s market patterns and familiarise yourself with recent tax reforms and legislation. With this information, you will assist other companies in navigating the pandemic and ensuring their survival.
- Digital marketing agency: Knowing how to market a client digitally is an extremely valuable commodity in today’s world of increasingly new and evolving applications and websites. Businesses are still on the lookout for agencies that can help them break through the clutter and stand out online. Create a digital marketing agency that provides content marketing, social media, SEO, paid and targeted advertisements, and analytic services to clients.
- Drop shipping: People are remaining indoors because it is cooler, so online delivery services are at an all-time high. Meals, groceries, and pharmaceuticals are the most popular services, but there is a demand for services that offer a variety of products. Concentrate on starting a company that sells products that aren’t readily accessible through these facilities. Collaborate with local companies to ensure that their products are delivered on time. You may also concentrate on establishing a hyperlocal distribution system that is both more reliable and less expensive than traditional services. You will better understand the cost of doing business in a specific area by dealing with only that area. You will also learn more about your customers and their purchasing preferences, which can help you better inform your company.
- Commercial cleaning services: Skilled cleaning services have been in higher demand than in previous years since the start of the coronavirus pandemic. Indeed, due to the continuing implications of COVID-19, the industrial cleaning services market is projected to expand significantly between 2020 and 2025. Professional cleavage is used in office buildings, medical facilities, and public-facing businesses all over the world.
- Become a freelancer: Among the most popular internet growth opportunities is freelancing. As a freelance writer, you are self-employed and not bound by a long-term contract. It helps you to take your work place with you everywhere you go and effectively work for yourself.
- Selling of pet supplies: Since you can sell a wide range of items, a digital pet store is one of the most enjoyable business ventures. Most people still view their pets as if they were kids but are prepared to spend money to ensure their well-being. They can, for instance, sell anything from organic produce to high-end furniture, tables, and clothing.
We have stated five business opportunities that people can consider amidst the lockdown. It will definitely help one to pass their time and be a source of income for those who have lost their jobs.