The evolution of business opportunities

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Date: 22 July 2021

Young people following influencers on their mobile devices

When you were younger and you considered your career plans, the standard answer was probably going to a college to study - perhaps accounting, architecture, or nursing. But suppose you couldn't go to college, and you had to start working. Chances are secretarial work, waitressing or even administrative work was on the table. Of course, these job options or career paths are all still available, but today's world of work has many career opportunities and entrepreneurial opportunities that weren't available ten or 15 years ago.

Masks and sanitiser

The pandemic as created demand for many new entrepreneurial opportunities and scope for company expansions for products in the PPE (personal protective equipment) arena. Had you ever considered starting a cloth mask making company before 2020? Or even starting your own cleaning company, going to other companies to sanitise their premises? Do you think you would have secured a bank loan based on either of these business models before the pandemic?

The demand for face masks has skyrocketed in the past year and a half. Even the vaccine rollout has not diminished demand. The cloth mask has become somewhat of a fashion accessory. People buy dozens of masks in different colours and textures to match their outfit of the day. Even the plastic variant has become a marketing opportunity with companies banding them by putting their logo on the masks and giving them out for charity events.

Sanitising your hands has become such a part of daily life that you grab your sanitiser bottle with your car keys, wallet, and phone without thinking twice. The sanitising industry is booming, and there are many entrepreneurial opportunities related to hand sanitiser. Accessories including metal sanitiser stands for shop entrances, sanitiser holders which you can clip to your backpack or handbag, and even customised sanitisers for corporate gifts abound. Before the pandemic, masks and sanitiser productions were mainly for medical industries. Now, they are a necessity, and demand couldn't be higher.

Influencers

It used to be that the masses followed idols like football players, rock bands and movie stars. Now the age of influencers is emerging. These influencers are everyday people who focus on a specific niche, like make-up. They create and upload videos such as 'unboxings', product testing's and give their opinion (positive or negative) and build a following.

Essentially, the influencer's followers buy or 'ghost' the product based on the influencer's opinion and video. This can generate millions for the company whose product the influencer tested or, on the flip side, cost just as much and seriously damage the brand. The power influencers have achieved in the past four years is phenomenal. Companies are actually affiliating with influencers and signing agreements to Tweet, Instagram and place YouTube videos demonstrating their products. And the best thing is that you don't need any qualifications to become a social media influencer.

Digital marketing

Advertising has evolved beyond placing ads in the daily newspaper, on television, billboards, and magazines. Quick and convenient became the words of the day and with that placement of advertising on the internet bloomed. These days you cannot run a company or sell products without a website or, at the very least, a social media account.

Five years ago, it was a simple job to keep on top of your digital marketing. All you needed to do is update your social media account with a picture and a caption about your latest product or special offer. Now it's a whole different ball game. With an overall increase of 92.76% in active social media users in the past five years (3.69 billion in 2020), maintaining your company's social media accounts or even advertising has become an art form of sorts.

Google, YouTube, Facebook, Twitter, and the many other social media apps are the new paperless advertising press. With this, thousands of new job and company opportunities have emerged all in the name of digital marketing. For example, bloggers are the new magazine editors. The problem is, you aren't to only company that has access to this infinite consumers, your competition do too.

You have two options for staying relevant. You can hire an onsite team to manage your social media accounts, or you can outsource to an SEO Agency. Either way, you need to stay on top of your digital marketing in the same way you stay on top of your company's finances. Words like brand trust, brand awareness and brand association can only be achieved with digital marketing. In the past, customers would use your service or buy your product because their parents did. These days, you're not relevant if your brand isn't known and trusted by millions of other consumers in cyberspace.

Online learning

Technological advances, both hardware and software, and the speed that information is delivered all contribute to how you do business. External factors will dictate what you consider when deciding in which direction you should build your business. Convenience, speed, and safety are the watch words at the moment, so why not capitalise on the opportunities that pandemic have presented? The simple principles of supply and demand - basics of all business modules - show that satisfying the mass demands is likely to be a very lucrative approach.

One good example is the demand for online learning driven by the repeated lockdowns. The masses demanded online lessons on diverse topics from making a sourdough starter, to social media marketing, foreign languages and online exercise classes during the lockdown. Many entrepreneurs seized that opportunity, making money by consumers subscribing to their online classes and YouTube tutorials.

Copyright 2021. This article was made possible by Jeremy Bowler.

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