A new year brings with it new opportunities, in all spheres of life. If you are planning to start your own company, you should know that there are indeed plenty of new business opportunities for entrepreneurs out there. COVID-19 and 2020 may have shut some businesses, but it certainly opened the door for plenty of others. It might not be a good time to open a gym, or a cinema theatre, but there are other industries you can disrupt.
If you are thinking about starting your own company, know that there are plenty of new business opportunities for entrepreneurs. We’ve listed down a few areas where you can leave your mark. Have a look, we hope you will find some inspiration from this blog!
5 Business Opportunities for Entrepreneurs
While we aren’t back at the office just yet, that point of return is close by. As people move back into cities, there will be a need for clean, safe and affordable accommodation. Take for example Zolo Stays, that has created such options for the many young workers returning to cities like Bengaluru, Chennai, Hyderabad and Delhi.
Whether it is students or employees, the demand for accommodation will go up. And with quarantine norms still in the picture, there’s going to be a demand for single rooms. Such new business opportunities for entrepreneurs don’t come around often.
COVID-19 has certainly made us all conscious of what we put in. According to Expert Market Research, India’s organic food market “is expected to grow at a CAGR of about 20.5% in the forecast period of 2020 and 2025 to reach a value of about USD 2601 million by 2025.” You don’t have to own a farm to get into this business, just know someone who does.
From organic fruit to juice and even full-fledged meal kits, there are plenty of viable new business opportunities in this market. How about healthy snack alternatives? Everyone would love that! Look at companies like Taru Naturals or Naturevibe Botanicals for inspiration.
Love to cook? Why not turn it into a full-fledged business with cloud kitchens? All you really need is a large-enough kitchen and some packaging material. You can choose to go solo, selling your delicious offerings via Instagram and Facebook, or partner with Swiggy/Zomato for an even larger market.
“Most research and consulting reports suggest that market size is expected to be about $1 billion by 2023 with a healthy double-digit growth rate every year” a National Herald article said. It could be something as simple a meal set, or even something as extravagant as cakes. After all, we love to eat!
Being stuck indoors is no fun, which is why online gaming has seen such a huge bump in revenue. Analytics Insights predicted the industry would bring in $159 billion in revenue by the end of the year. With Xbox and PlayStation having just released their newest consoles, there’s never been a better time to get into the industry.
You don’t have to build a complex game for those platforms though. Create simple and engaging games for mobile devices, like Flappy Bird (remember that?) or Ludo King. That could help you get a slice of the $1.2 billion pie that is the Indian mobile gaming market.
HealthTech and Healthcare
If there’s one thing COVID taught us, is to never take our healthcare for granted. In the year since, healthcare companies have ridden the digital wave to provide everything from e-pharmacies to online fitness classes. There’s also a massive demand for PPE kits and sanitizers.
An article in VC Circle said: “on a conservative basis, we estimate that the overall India digital health opportunity is valued at $50 billion as it currently stands.” With millions of Indians going digital for the first time, there are plenty of new business opportunities in the healthcare market.
That is what we at Onsurity want to do. We realized that there is a massive gap when it comes to employee healthcare benefits and decided to do something about it. That’s why we created TeamSure by Onsurity – a healthcare subscription for SMEs and startups. We provide economical employee healthcare plans with great value-added services. From doctor teleconsultations to online medicine delivery, a TeamSure by Onsurity membership covers all your healthcare needs.
Whether you are looking to renew your company healthcare plan, or buy a new one, why to check out Onsurity? With us, you can save up to 50% off on your healthcare costs, while giving your team some truly useful benefits. With five options to pick from, Onsurity is the most adaptable and economical plan for your business.