2021 has presented a business-friendly environment despite the ongoing pandemic. The rise of digital marketing, social media advertising, and AI software business tools has meant that business owners can bypass the limits imposed on them by their native markets, and target a globally accessible client base. Our current situation has pushed us towards online shopping, thereby propelling e-commerce globally. As a result, the number of business opportunities available to aspiring entrepreneurs has risen, albeit at a high level of competitiveness.
While we know of the multinational colossals because of the attention they get on the news, we have realised that the pervasive growth is affecting all business models, no matter how small. While starting an online business may be no walk in the park, knowing the pros and cons of potential concepts may spur you on to dive in. Of course, like any business, you would need the basics like a marketing plan, budget etc; but time will be your greatest asset. So, with the suggestions below, venture in knowing you would need to put in significant hours to achieve success.
Business in Chatbot software
If from nowhere else, you probably have encountered chatbots on Facebook or whilst shopping on Amazon as both organisations have ensured that we have a daily encounter with these automated customer service attendants.
We found that large retailers are making use of chatbots to interact with their customers more, at the advantage of availability 24 hours / 7 days a week. Fed with FAQs, a chatbot will stand in for a customer service representative and dish out all the answers promptly. Lidl is one such retailer that has embraced chatbot technology. Their Facebook Messenger bot, Margot, helps you to navigate different types of wine, and even draws you into an interactive quiz, just to enhance brand engagement. Margot will answer questions on Lidl special offers and anything else you need to know about the products they offer.
Of course, chatbot software isn’t just for customer support; its e-commerce presence is growing, and business owners are increasingly striving to rely completely on chatbots to automate a variety of their most important digital marketing campaigns. Therein lies the opportunity to start a chatbot software company.
Business in Search Engine Optimisation (SEO)
SEO and digital marketing businesses have become a lucrative and highly appealing industry to enter. This is a result of the increasing demand for the capacity to continuously and measurably rank well within the Google algorithm. Every webmaster who holds or owns a website wants to be found by people on all search engines. It’s been proven that customers give preference to the first Google search result that appears on their screen, and as a result, SEO is growing enormously desirable by companies.
It is a profitable business that requires relatively little capital. If you capitalise on the burgeoning digital marketing industry, SEO will direct organic traffic to your website, as well as to your clients’ sites. You will be well suited to also consider starting a blog or an e-commerce business to compliment your SEO efforts. Be certain you’re up to date on any new search engine updates and that you’re changing your SEO tactics on a regular basis in order to stay abreast of competitors in this niche.
Business in Box Subscriptions
Food, cosmetics, and even pet product subscription services are springing up all over the place, ready to send goods directly to your door each month. The idea that these subscription boxes are meticulously picked particularly for the customer based on their likes and interests, and that the contents of the boxes are a surprise each month is one of the bonuses that keeps customers coming back for more.
According to Royal Mail, it is estimated that by 2025, the box subscription service market will be worth £1.8 billion. 30% of online shoppers are subscribed to at least one box service, whilst up to 56% are signed up on up to 4 or more schemes. You could have a rich business on your hands if you can locate a unique product category that is still unexplored by the box subscription market, or if you can find ways to put a new spin on an established service. Keep it as low-cost as possible; offering lower-cost items will help you stand out from the crowd.
Whilst there are so many other online businesses you can embark on, these 3 are definitely worth a shot because of their ease of access and lucrativeness. Your personal potential, time and available capital may determine your choice in the end, but we hope we have inspired you enough to try one of these businesses. Good luck!