New Business Ideas for 2020: Beating the recession

As we approach the end of 2020 let's look back and see how we can take what we have learned in 2020 and implement it in 2021. Watch the video and read along with the transcript.

This video was sponsored by Skillshare the first thousand people to join with the link in the description will get two free months on their Premium Membership this video is not about the next unicorn startup one billion dollar business idea if I had that idea I probably wouldn't be here this video is more about this new world reality a reality in which 26 million people have lost their jobs just in the US and industries have been brought to a halt and it'll take months or years to recover so this video has business ideas for everyone they might not become unicorns but they can certainly provide a job a lifestyle and a potential for growth if you're good at it to me being an entrepreneur was a choice I went the corporate route and then I decided to quit my job to start my own business not anymore the next wave of entrepreneurs the world will see were likely employed up to March 2020 and their new businesses might come out of necessity so the thought exercise for this video was well what if I lost my job what would I do so here are some business ideas for a world in lockdown [Music] all right so billion-dollar business ideas don't come to you when you're under pressure they happen rarely and they take months and years to test and develop you might not have months or years before you need a paycheck so if I didn't have a job and I couldn't find one the first thing I would do would be generating some income for stability which would allow me to think straight and use my spur time to nurture that other idea finding a job is easier than starting a business that's for sure and if I were to find a job in today's environment I'd start by navigating my network people I know instead of applying to openings where I don't have any really relevant advantages but that's not what this video is about what to focus on your focus of course should revolve around your own skills and your own experience I designer tech geek guy I'm not going anywhere by starting a food truck the same rules for unicron startups apply here the first team needs to be able to generate $10,000 without having to hire anybody else if you're missing a specific skill to get there then that person should be your co-founder not your employee but now that we talked about food here's a first idea start a whole kitchen this seems to be a new up-and-coming trend which was officially legalized in California with the cottage food law and the micro enterprise kitchen operation I think there's an opportunity here people are working from home might not have time to cook and they want to avoid junk food while spending less money there's a growing market that will not stop even when the world reopens I expect similar legislation will be available in other states and other countries rather soon maybe it already is platforms like uber eats have allowed plenty of tiny kitchen operations to spring around the world small enterprises that probably couldn't afford to maintain a full-fledged restaurant in a location with food traffic but they are now exposed to a whole new audience another idea websites while starting a blog is an option it's gonna be really tough to compete and it's gonna take months to generate any meaningful income if you're relying only on ads but I think there's an opportunity on retail which has been forcefully digitalized and many stores were not really prepared to be completely online well you might think that Amazon rules the world of online shopping and they kind of do there are still billions of dollars in retail transactions occurring from small stores men of them operated via Shopify this is not a commercial for Shopify but there are over 500,000 stores in the platform not to mention this stores hosted on Squarespace and web flow so you can either build a store of your own it's very easy at least a store part I don't know anything about handling the store or you can help other people with their stores all these platforms have been created so that small entrepreneurs can build and host their own stores and they are all pretty easy to use still not everybody is really tech savvy so there's an industry for people who are experts in these platforms to offer it helps to the business owners either configuring their stores from scratch or making adjustments and changes I know the CEO of a company called ask Lauren calm which connects these two groups of people so you can check that out going beyond websites but still in online work you can look at platforms like 99designs upwork and fiber while 99designs is only focused on logo and other design top worked upward connects people with skills ranging from writing administrative support customer service marketing accounting with their potential clients we are actually looking for people who can help us subtitle these videos in multiple languages and we started our search in fiber the first money I ever made as a designer came from up work I charged $99 for a flash animation that's ancient history these might sound just like freelance work but entire companies have been built around successful up work or profiles you just have to be good at what you do and work hard to stand out another growing industry here is virtual assistants we've hired a few at different stages in the company to lend an extra pair of hands on tasks that can't be fully automated by our BOTS we have also spent a fair amount of money on platforms like user testing and usability hub when we have a new interface or design that we want to test we put it there and survey users on what their thoughts are and whether or not they found it intuitive you can join as a tester and make money for each preview that you make you might not be making a living from it but its income while you sit at home which is what we're doing anyway getting off your computer you can look at something like TaskRabbit which lets you offer your services for anything from grocery deliveries to moving boxes or mounting ATV tasks robit connects you to your clients I think the need for TaskRabbit like platform exists around the world but as far as I know they don't have any strong presence outside the US and they aren't any established competitors now video content creation is another opportunity hey look at us well it's not easy to stand out in today's competitive content and content marketing world I believe two key variables or content has are genuine stories and excellent production value now we get tons of questions around the tools that we use to make these videos well the background animation is done in Adobe After Effects I found a great course by Jake Bartlett that goes over all the details on Skillshare and I'm happy to recommend it Skillshare agreed to give us 1000 codes to get two free months on the platform which you can access from the link in the description another course I can recommend is Caleb Babcock's iPhone filmmaking it's a quick 30 minute class on Skillshare on creating cinematic video with just your iPhone we publish two weekly videos on startup advice and company success and failure stories a series we call company forensics - stay tuned for more content hit that subscribe button and we'll see you next week [Music]

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