In this business analysis article we look at which businesses are going to be the most lucrative as the Covid pandemic comes to an end. Being future forward when setting up a business is extremely important. If your business has nowhere to go you’ll be pumping money into nothing. That’s why we’ve put this article together to help show you where the most lucrative business areas will be going forward which can hopefully help inform your start up.
Most businesses are set up for one thing: to make money. Sure, people set businesses up which they’re passionate about, but the primary goal is you wanting your business to make money. This might be as side income to supplement a main wage, or as the main household income. It’s why your business needs to be lucrative. You can’t expect this success right away, of course. But you should certainly aim to hit it as soon as possible. Here are some lucrative business ideas which can see you and your business make some money. Remember, location changes things. As does time available and budget, so always try to digest advice you read and apply it to your own circumstances as best you can.
Leverage Covid’s Aftermath For Lucrative Business Ideas
Coronavirus closed about a third of businesses. Many of them, unfortunately, weren’t able to rise again. Some of these businesses might have been in dire straits anyway and may have even been on the way out. Some were perfectly fine and turning over a decent profit, but went down because of Covid. This means businesses looking to start up can fill the gap left by the successful business. Some went bust because they didn’t have the flexible working arrangements in place that others did, meaning they couldn’t hit the ground running while others were simply starved of sales. If you’re savvy about it you could even buy the business from the old owner. If you’ve got the budget you can set it soaring again. The strategy doesn’t just apply to covid, but any disaster. You need to be respectful and dynamic in how you approach it, but launching into a gap in the market left by a failed business has been a solid start-up technique since the concept of businesses began.
Think About The Environment: Promote Green
It’s coming. Faster every day. More and more people are talking about the environment and the need for businesses to go green. This means that businesses which are green have a pretty decent head start. Everything you do is more…palatable. Easier to start up green than change everything. This can apply to any business area too. B2B is a great bet because businesses are always looking to go green and appear like they’re doing their part. It means offering green solutions to businesses. You could offer recycled stationery, green energy or provide green transportation. The possibilities are endless but one thing is pretty true…green businesses are those which are going to succeed in the next ten years. A green business is, at the moment, completel synonymous with opportunity. Look at the automobile industry. Many countries are now committing to end diesel and petrol cars in the next ten years. Can you create a business to help facilitate this or to help people swap? Possibilities really are endless when you’re looking to set up a lucrative business focusing on green energy.
Transport – A Lucrative Business Idea To Take You To The The New Tomorrow
There’s always been money to make in transport. Whether the transportation of goods across country or continent, owning an airline, a taxi, or even a bike messenger service. If you can get ahead of the game now, you might be able to set up a new transport business designed to be future-forward and help others do the same. You could set up a business designed to help haulage firms make the switch from driven to driverless.
That’s the future, trucks automatically barrelling down the nearest road. Look at the hyperloop, that seems to be early in application but it’s certainly coming. Maybe you can offer courses helping existing drivers make the transition to driverless. Tesla already has the technology in the car, it does work and it’s getting better everyday. A business like that, if set up properly, can become really lucrative and help you make money. If you can get the right certifications you’ll be able to land the business with authority and make a real success out of it. Better still, get a partner whose experience in the industry as current.
In the same vein, travel is a brilliant industry to get set up in. For a start, there are some huge gaps in the market at the moment whereby travel businesses went under during the covid pandemic. It’s unfortunate, but it also presents an opportunity. Now mix this with going green. Imagine being one of the first businesses to offer nothing but green travel. How proud would the clientele be if they can go away, knowing they’re not contributing whatsoever to any negative emissions? Of course, being green here doesn’t have to be a focus in the least. Instead, you can look at what’s going to be popular. All trips will be popular when Covid is totally wiped out because people will have money to spend and have a need to see new scenery. Think niche. Some of the best business ideas and indeed, the most lucrative business ideas come from a niche form. Think about organizing school trips for schools. They wouldn’t have been abroad for a while. Maybe you want to organise action packed trips for those who need to blow off some steam. All potentially money making if done well.
The Business Ideas Which Are Most Lucrative Are Always Bang On Trend
And the absolute best ideas can somehow predict that trend…or they’re just lucky. Maybe both. Whether you’re a company, a sole trader, in a partnership or just do it on the side, if you can tap into a current trend at the perfect and precise moment, you’ll send your business into the stratosphere. Look at subscription boxes. An odd business model, with conflicting and sometimes constraining profit margins. Just think, you have to buy multiple items wholesale and put them in a box together, and somehow still provide value. You need to scale fast. But some have done it really well. They come in all shapes and sizes. Spend time tapping into the social conscience and you might just find that killer idea. Following celebrities can help and give you a head start. Following the wider populace works too but for the main, the celebrities can set business trend a lot of the time…get on Twitter!
Keep Costs Down To Stay Lucrative: Stay Online
Many are saying the high street is dead. It might be for some areas of business but no way all. People like to go shopping. They like to go out for some food. These businesses which occupy the high street will likely be fine. People don’t like going to their local accountants for a chat. They’ll do it online. There are so many other examples of this too. Run an online service. A service which can be offered online in a premium setting. Thinking about it…accountancy is probably a bad example because it’s something which is slowly being replaced by automated software. If you can focus on creating a brilliant website, which you will because you won’t be paying for a storefront, you have a fighting chance. Be careful with your budget and plan ahead. Keeping costs down by avoiding brick and mortar business types will no doubt save you cash.
We know, this article has some sort of transport theme running through it. Micro Mobility is a brilliant business opportunity. It’s one that has already proven to be hugely successful and is waiting to be rolled out elsewhere. Ever been to Rome? If you have, you would have seen rows upon rows of rentable, electric scooters. They go pretty fast too. A really handy way to get from A to B and if the rules are followed, which they are (ever met carabinieri?), a safe and agile transport. Why isn’t this everywhere then? It will be, it just isn’t yet. The model works as so:
- Choose key locations for your docking stations, which charge the scooter.
- Implement a payment system, now usually done over an app (don’t have to worry about emptying change bins)
- Display appropriate age restrictions and safety procedures
That’s pretty much it. You need to liaise with city councils, and this can prove difficult if you’re targeting somewhere abroad with different laws but it’s certainly worth looking into. It doesn’t just have to be speakers, either. And…you’ve probably spotted this super lucrative business idea already but the best part about this is that it’s Green. People will love you for it and you’ll naturally garner a chunk of publicity. This kind of comes under the travel banner, but in business it’s usually known as micro mobility.
Do What People Don’t Want To Do
There’s always jobs for the things people don’t want to do. People won’t want to do it so much that they’ll pay someone else to do it for them. In this case we mean businesses will outsource what they don’t want to do because it’s too expensive to do it in house. There are dozens of different ideas here…but it again involves you being future forward to work out how to best implement it. There are businesses now offering post covid support coaching. Basically…the business doesn’t know which areas to expand into, or shore up, so they’ll approach the consultancy and ask them. Companies don’t like making people redundant…well, there are HR firms who can do this for them. If you can spot a gap in the market regarding this as a lucrative, money making future concept business idea, then you’re on to a winner. An unfortunate example, though one which must happen, would be a business who can deal with long distance haulier drivers made redundant by automatic trucking.
Or put a positive spin on it?
Maybe the business doesn’t want to make their truckers redundant but realise they can move goods more efficiently using automatic trucks. So what do you do? You’ve come up with a super profitable business idea which is a company that trains current truck drivers…you upskil them in all things autonomous and by the end of it the company will have someone who can keep an eye on these trucks from a central location, or even work on their maintenance. Everyone’s happy. The business is happy because it’s far more efficient and doesn’t need to make a swathe of redundancies, the trucker still has a job, and your business has custom. And that’s just one idea out of many. Do what businesses don’t want to, and you’ll have a natural customer base ready made.
Everyone has heard of Bitcoin, but that digital currency only scratches the surface. There’s Ethereum, basic attention token, lumens, CELO, the list goes on. Bitcoin has steadily gained in popularity with some of the bigger businesses starting to take heavy notice. It means the smaller businesses will follow suit, which in turn means they’ll need people to help them. Enter you. A future forward business idea which would likely be quite lucrative would be to offer consulting on cryptocurrency to smaller businesses. This would involve helping them implement it into their payment systems, advising which exchange to use and maybe even converting it into their central currency (or functional currency). You need a sound knowledge around crypto, but that’s something you can learn. It’s pretty straightforward in the basic sense. Consulting is pretty easy because it enables you the ability to operate online in completeness. If you do need to meet with a client there’s no harm in meeting at a coffee shop, or if confidential, booking out a meeting room. A top quality website mixed with great customer service skills can see this business soar.
If it isn’t for you, again, think about the future, think about what people will want (better still what businesses want) and scale it into a functioning and reputable consultancy firm. Brilliant business ideas have succeeded by simply doing that.
…but in the end
It’s always going to be tough to set up a business. No matter where you’re from or your background. It takes hard work…and all the brilliant business ideas you only assume one thing…hard work. If you’ve got a huge budget, that’ll help but if you really want to make your business a money-spinner and to be as lucrative as possible you’ve got to put the work in. This might be learning how to use WordPress, or potentially working out how to maintain your website’s SEO. It might be like the above, learning about a specific subject matter or researching what people want. Put the work in logically and you’ll be fine. By logically, we mean in the right place. No point working hard on learning the laws around cryptocurrency in the USA, for example, when you’re going to be working with a client in the UK. Be smart. Whatever you do, and whatever you pursue, we genuinely wish you the best of luck in all your business endeavors.