If there’s one thing I’ve learned in life, it’s that no matter how dire the situation, there is always a “silver lining.” Times are tough and the world is a crazy place these days but let’s keep our cool and realize that great change can bring great opportunity.
If you take some time to really think about how our lives have changed since March of 2020, I think you can begin to predict new markets that will emerge from the ashes.
This issue is meant to inspire you to start looking for opportunities and plan businesses for the coming decade. The five ideas presented below are just examples of the types of trends I see coming. Don’t take them as sure things, but also please feel free to borrow them completely if any of these ideas particularly sings to you.
Elder Care
It may sound strange, but I’ve recently reflected with deep gratitude that my Dad passed away when he did - well before the Covid hysteria. Dad spent his last few years in a nursing home and received daily visits from loving family and friends.
I can’t imagine what it was like for family members who were recently denied access to nursing homes to visit loved ones. It must have been hell.
I’m betting on an absolute ground swell of adult children of elderly parents who are rethinking “what to do with Mom and Dad” when Mom and Dad can no longer care for themselves. Do they really want to put them in a nursing home after what happened in 2020?!
Maybe this is your opportunity to start a “Home Care Business.”
I’m betting that fortunes will be made in this space over the next decade.
Resources:
Work with a Home Care startup consultant
How to Start a Senior Home Care Business for Under $900
39 Management Tips For Anyone Starting a Home Care Business
Home Care Business Informational YouTube Channel
Food Carts
I’ve always loved the “food cart” model for starting a viable business with little up-front investment. Sure, there are roadblocks such as licensing and regulations, but to me the positives are pretty compelling:
Low startup cost
Set your own hours
High margins
Some cash transactions
I just had a write-in question on my podcast this morning from a fellow who wants to start his own restaurant. I had to let him know that I think it’s a bad idea right now for many reasons.
There is too much unknown right now in the “brick and mortar” restaurant business. Will there be future lockdowns? If so, how many? Will there be vaccine passport systems required? Will the dollar crash?
I hated to dash his dreams, but there IS hope if he’s willing to tweak his plan a bit.
A food cart is the way to go for this fellow! Open air (so no health restrictions), low cost/risk and a cheap “grab and go” meal alternative for the busy professional who can’t afford the increasingly pricey “sit down” restaurants.
Inflation is a reality for consumers today, and the food cart model is uniquely positioned to do well in this environment.
Resources:
Food trucks and carts for sale
How to start a hot dog cart business
My favorite new hot dog cart manufacturer
Tutoring
School districts around the country kicked off this school year with almost instant controversy over changing mask policies, shut downs, and even teachers breaking their own rules. It’s a mess out there.
Parents were already unhappy with the “remote learning” experiment from last year.
Discerning parents can detect that valuable learning opportunities for their kids, via the school setting, are on the decline.
Naturally, they will turn to other avenues to supplement their kids’ education. The creative entrepreneur will move quickly to fill this gap in the marketplace and will profit handsomely.
Resources:
How to Start a Tutoring Business
More on How to Start a Tutoring Business
How I started My Tutoring Business
Private Security
Our society these days could be described as a “powder keg.” There is great division politically, economically, and nearly every financial pundit I follow is predicting some sort of market crash in the next year.
Imagine there is a crash and that you’re one of the lucky ones who saw it coming. You bought gold. You bought silver. You stocked up on food.
Now what do you need?
You need protection from the hungry and pissed-off zombies!!
In all seriousness, I think we can predict that there will be a significant uptick in crime in the coming years. If I’m right about that, then we can expect a growing market for private security services of various types.
Some new firms will provide direct security as-needed, some will offer training, some will do home security assessments. Take your pick and use your imagination a bit.
If you’ve got some sort of background in security, this sector could be your “golden goose.”
Resources:
Doorbell Camera Installer Makes $1,200 Per Day
11 Smart Steps to Start Your Own Home Security Business
Online Courses
Online course creation is already a booming business with proven platforms that make for a very low barrier to entry. Years ago, you had to be a technical whiz to offer online courses. Not so today.
If you can use your imagination (and even the ideas listed above) to predict trending needs, you have a great start at offering courses that people will happily pay top dollar for.
Off the top of my head, here are the types of titles that might have traction in the coming months:
How to Profit in an Economic Downturn
How to Forage for Edible Plants
Natural Foods That Boost Immunity
Increase Your Child’s Vocabulary Without Them Knowing
Parlay Your Day Job Into a Lucrative Consulting Gig
You get the idea. The sky is the limit.
What I really LOVE about online course creation is, in the words of Ron Popeil, once your course is created, you can “set it and forget it.” In other words, it makes money for you while you sleep.
Resources:
How to Create an Awesome Online Course in 2021
How to Create an Online Course for Beginners 2021 Step-by-Step
How to Create Your Online Course Content The Simple Way
On a lighter note…
As if things weren’t getting nuts enough in Australia, Domino’s Australia is testing watermelon pizza. Yeah, no.