The global economy is an ever-changing environment, with the exponential evolution of technological growth, many various business opportunities have recently seen increasing growth in our modern technology-dependent world. Capitalizing on these opportunities is a great way to plant a foothold in the economy of the future, thus for aspiring entrepreneurs and seasoned industry moguls who are seeking new ventures, this is a list for you. Avoid getting stuck in the past, here are 3 ground-breaking small business opportunities to explore for the future.
- Home care services
It may come as a surprise to many that the first entry on this list is not technology related, although its growth is largely due to an improvement in medical technology globally. Better medical technology has resulted in an increase in our overall population, but specifically an increase in our elderly population due to longer life spans. As our pioneers become older, many develop illnesses or require extensive and prolonged care daily, something many of their children are unable to provide due to work and supporting their own families.
With a background in care and hospitality, home care services are a great industry for the less technologically attuned. By 2050 the 85 and over global population has been projected to grow by 351%. This exponential increase in target consumers can only result in increased growth for your business, furthermore it is a great way to help the community and pioneers live out their retirement comfortably while also generating a profit.
- Social media consulting
Although consulting has been around for a long time, social media consulting is a recent business industry that could potentially grow to be an incredibly large industry. Social media advertising allows businesses to target specific users, build a customer base online and reach many consumers over a short period of time, furthermore social media advertisements are easy to make and can even be sent on multiple social media platforms to reach even more consumers. For large companies, social media marketing has become a crucial part of their promotional strategies, as of 2022, more than 50% of the world population is actively on social media especially for businesses who target a younger audience, social media marketing is much more important than conventional methods such as television advertisements.
Ultimately consulting is dependent passion and knowledge about the subject, however for young entrepreneurs who use social media daily, you’re already halfway there. Studying to increase your knowledge in social media marketing from both a business and user perspective will help you reach the starting point of social media consulting, from there you could possibly start your own social media consulting business.
- Online teaching
With the worst of the covid-19 pandemic behind us, one good thing to take from it was the eruption of online services, specifically video calling, which has supported both learning and working to keep our economy running. In the past many people were not open to classes over video calls, possibly due to the lack of professionalism and lack of good and easily usable video calling platforms. But with the Covid-19 pandemic advancements in the field of video calling improved exponentially over the 2 years. Now for many users, seasoned or new, video calling is integral to daily life and has shaped the way we view learning forever.
From young to old, many have adapted to this new environment, this has opened the doors for more people who are willing to take classes online and prefer it over physical classes. Doing it from the comfort of your own home, online teaching requires knowledge is your field of teaching, and a laptop. It is a cheap and easy way to begin your business venture without needing to purchase an office, keeping costs low and profit at a maximum. As dependence on technology continues to grow, so will the use of it during learning, this is sure to increase the number of consumers actively seeking learning through online methods in the future.
Article written by: Dominic Tan (ACS International School)
