The last few weeks have seen businesses of all sizes revaluate their strategies after the terrible impact that Covid-19 has had across the world.
Numerous businesses, of all sizes, will have been negatively impacted and a number of businesses will also actually benefit.
Many individuals will use an event like this to take stock of their personal situation (and career path) and then re-focus.
From a personal perspective, a little over 10 years ago I was working in a very successful financial services company doing a job I enjoyed with a reasonable renumeration package, but I decided to leave so that I could set up my own web design firm. Of course, there have been some challenges, but it was one of the best decisions I have made.
This insight looks at a few strategies to consider if you are thinking about a change and how you could take an interest or skill you have to create a new internet business idea.
Ecommerce websites are one of the most common themes when people start to think about taking an interest to then build an online business. We have worked with lots of different ideas over the years and some have become incredibly successful.
If you have a passion for something maybe start to look at it from a business perspective as you could be pleasantly surprised.
There will be lots of people currently working with others remotely as it is what we are being asked to do.
I believe that this forced change will cause new habits to form and hopefully when life returns to normal many people will have learnt new skills and ways of working which can then offer an improvement to previous ways of working. Most obviously remote meetings rather than physical meetings.
If you have expertise in an area start thinking if those skills could be marketed to help others. This can work with both a business to business style solution, for example web design or a personal assistant, as well as a business to consumer-based offerings, for example financial planning or interior design.
An extension of the previous idea but aiming to deliver the expertise in a less personal fashion giving the opportunity for scale.
In simple terms you would record videos then use a subscription or one-off payment model. For example, if you play an instrument, offer personal fitness training or speak a foreign language you could look to take that skill and use it to help others whilst creating an online business at the same time.
Websites like this often offer an initial period free or at a reduced rate so you need to keep the updates frequent and as with all businesses you need to be passionate about the subject as there will be a lot of work involved.
A professional website can be achieved for a modest investment and many web design firms will be able to suggest a phased approach to a project. This allows you to launch with something and then as your business grows increase the online offering, reducing the initial cost.
Aside from just keeping costs down this has the massive advantage of learning as you go with customer feedback.
If you are thinking about setting up a new business, then please get in touch and one of our team will be happy to explain how we can help.