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New business ideas for 2020 post COVID-19

Terms like “COVID-19” and “quarantine” have become too difficult to digest. Indeed, we are in the midst of a pandemic. This implies an impending recession and too few employment opportunities. Moreover, job losses and salary cuts are as widespread as this virus is. Nevertheless, this might be the time to consider alternative sources of revenue. For instance, freelance jobs or selling a new service.

Find Jobs or Start a New Business?

Is the middle of a pandemic the right time to start a business? Not if you intend to invest in a breakthrough product or service. In reality, the stability of a job may seem less threatening than exploring a new business idea. Furthermore, there are jobs in Sri Lanka in many cities. For example, advertisements for jobs in Colombo and jobs in Kandy show that vacancies still exist.

But you may be tired of browsing for suitable government jobs or corporate job vacancies. Thus, create a steady stream of income to maintain a healthy relationship with money. Furthermore, you may even turn a new idea into a successful business venture.

Business Ideas for 2020

As Richard Branson says, “Business opportunities are like buses. There’s always another one coming.” Hop onto the bus you like best:

1.      Education

With so many schools and education institutions closed, parents and children are seeking online education. Thus, if you have teaching skills or a subject specialty, you can offer online coaching services.

On the other hand, if teaching is not your preference you can still make use of this rising need in the market. With this in mind, you can assist teachers and students to connect. For example, technical support or creating a whole new platform for them to conduct live sessions or recorded classes on. Moreover, this creates opportunities for work and part time jobs.  

2.      Virtual Assistant

Did you know Virtual Assistants were becoming popular even before the pandemic began? This job uses the work from home concept. Similarly, it relies on online delivery of administrative services. For example, digital marketing tasks, online data entry jobs, and scheduling meetings and appointments. Moreover, this is one of those jobs for all ages. Similarly, it requires no special training or qualifications.

3.      Home Kitchen

Food is a product that is likely to be always in demand. Meanwhile, restaurants are running half-empty these days. However, home food delivery is on a continuous rise. Similarly, food delivery services such as PickMe and Uber Eats allow small and large restaurants to offer convenience for customers.

Furthermore, more people are working from home than before. Hence, they may not have the time to cook wholesome meals. Likewise, they may not want to feed on junk food. Therefore, this is a business opportunity to provide home-cooked meals. Besides, it may also offer new careers for those on a job hunt.

4.      Websites

Not everyone is capable of creating a digital store or dive into e-commerce. However, you can help people to solve this problem if you have strong tech knowledge. This implies sharing your know-how on setting up and managing an online store. 

Meanwhile, you may also create a website to generate revenue either by selling products, services or solutions. For instance, to connect freelancers/service providers with potential clients such as Upwork, Fiverr and Freelancer.com. As a result, this adds to Colombo part time jobs and may even increase the number of Sri Lanka vacancies.

5.      Content Creation

With the explosion in social media and video sharing platforms, content creation is one of the highly paid careers out there. Despite its growth prospects, outshining the competition is not an easy deal. Nevertheless, excellent stories and high quality production is likely to give you a competitive edge and attract followers and subscribers. In other words, gain more monetization opportunities. 

Subsequently, you may offer this technical and marketing skills to help curate upcoming entrepreneurs and content creators. For instance, teaching them how to use the right software and tools or even providing these services for them. Moreover, this is a popular online job in Sri Lanka and worldwide. Hence, building your skills in this arena may benefit your long term employment.

6.      E-sports and Gaming

Sporting activities have declined in recent times. Subsequently, online gaming has risen because both kids and adults are stuck indoors, bored. This implies a large market for e-sports, online tournaments and guides on YouTube. Moreover, reviews for software companies that tap into this market segment also develops new careers for those who are on a job hunting spree.

7.      Health and Fitness

Virtual training is a great need of the hour. Moreover, unhealthy lifestyles spurred by binge eating and lack of movement creates a demand for online physical training sessions. In fact, gyms and popular fitness trainers now offer online workout sessions. Certainly, not everyone is tech-savvy. Therefore, you can help them to transition their services online smoothly. Likewise, nutrition is a related field.

However, these jobs may not pay you as much a 9 to 5 job. Then again, experimenting new employment options enhances your job network.

8.      Gardening

If you have a green thumb, you are in luck. Gardening advice and tools are shifting in importance. Moreover, people are eager to grow their own food. Therefore, you can consider exploring this specific market.

9.      Support for Artists 

Certain professions may be hard hit during these times. For example, artists, entertainers, speakers and even athletes. On the negative side, they are suffering from being unable to find jobs in Sri Lanka. On the positive side, this places you in a position to create recruitment opportunities for them by becoming an intermediary. Meanwhile, you may also help them find creative ways to earn an income from their skills such as to create music lessons or creative writing classes online. Similarly, it could be to find online gigs and events.

Likewise, they may need to work on their personal branding, which involves marketing expertise. In essence, you can redefine what recruitment is with some research and planning to understand current market requirements.

10.   Virtual Reality (VR)

The VR industry is expected to grow from US$ 6.2 billion in 2019 to US$ 16 billion in 2020 (Statista, 2020). As a result, new job vacancies for Sri Lanka may occur in areas such as VR Tourism, Healthcare, Meditation and even Games and Networking.

Things to Consider Before Starting Your Business

  • Use your current skills and expertise.
  • Have a safety net of savings. Consequently, this will help you focus on a new project peacefully.
  • Use the opportunities present. However, don’t exploit people’s vulnerable conditions. As a result, your business will gain a positive image.
  • Build one business at a time. This will help you construct a solid foundation.
  • Bonus Tip: Create multiple sources of income!

What to do if you still prefer a stable employment?

Job sites in Sri Lanka remain a reliable source for job seekers. Meanwhile, Sri Lankan govt jobs are regularly published on newspapers and official sites. Furthermore, ikmanJobs connects recruiters with potential job hunters. Together with reputed employers in the country, ikman Jobs constantly updates listings of new vacancies across the country. For instance, job vacancies at Kandy, Colombo and other regions are listed on ikman Jobs.

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