For the past few months, the universe has been confined. De-escalation levels have evolved in separate ways, and although it seems contradictory, this situation has encouraged people to create their future. The lack of opportunities and the alarm situation produced by the coronavirus caused businesses to reinvent themselves.
You also want to try your luck and start an adventure. Check out these five profitable business ideas that respond to market trends to envision the sectors with the most significant growth potential.
Five Profitable Ideas to Start a Business
Quality homemade food at home
The first of our profitable businesses is fast food, a lifestyle we can no longer run. It is the answer to the dynamics of work and rhythm of life that has been created, especially in large cities, in the last decade. However, the arrival of the coronavirus has forced restaurant businesses to have home delivery and collection services on site. Until now, it has been the only way they have had to survive. On the other hand, localization apps, search engines, and the digitization of businesses themselves have been vital to adapting their firms during confinement and the new normal.
Organization and supply chain
According to the Nielsen consultancy, online purchases have increased by 86% and have reached one million households. There has also been an increase in demand for e-commerce companies such as Amazon, which has announced that it will hire 100,000 more workers in the United States due to the rise in orders.
Opportunities to do profitable businesses such as 5G, IoT, blockchain, and robotics have also been identified to help link multiple buyers with suppliers reliably through a ‘mesh’ of supply chains.
Sell second-hand items
The key to these profitable businesses is accumulating a stock with a face and eyes and exposing it as if it were a new product. That is, do not accept any item or display it in any way in the store because you cannot sell it, and it will scare your customers away. For example, if, as a customer, I go into a second-hand store thinking about buying a television and see a row of televisions from when my grandmother or mother was born. Not interested in buying it even if they sell it to me for one dollar because it is not practical for my needs. Selling televisions 5 or 7 years old for about $200 or $300 is preferable. Then yes, I would buy it since a similar TV from Firsthand would cost me %500 or more.
One of the problems that accompany this business that makes the profitable companies of 2020 related to security is the control of illegal practices. These businesses will resell the stolen product. That is, you need proper protocol; When you buy an item from someone, this item becomes part of a list sent to the police. During the following 15 days, you cannot sell or display the thing until the police check that none of the products on the list match the object’s description.
Franchises
Having a franchise is a step with a little less risk since you have the advantage of opening a business that already has a reputation. It is easier to start generating sales and profits quickly. In addition, to buy a brand, making an excessive investment at the beginning of the business is not necessary. There are different alternatives to finance yourself, and, most importantly, the brand provides you with initial capital in cases. On the other hand, the most apparent disadvantage is that you do not have total freedom in organizing the business; There will be guidelines that the brand in question asks you to follow, especially concerning the company’s image. Keep reading more about profitable companies.
Legal consultants in digital interactions
Another growing sector is Legal Tech, which is why it deserves a position on our list of profitable businesses. Due to the number of digital companies that are growing at an unstoppable rate, they need technologies, software, and legal advice services.
If you work in the legal sector, one of your opportunities is as a digital legal advisor. There are also opportunities to help companies deal with the Right to be forgotten on the Internet, communications, or data processing.
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