The first half of 2020 brought a global restructuring of businesses. What about businesses, entire industries, especially those that were most affected by COVID-19.
Later it became clear where the economy won, which key areas lost, and where nothing changed at all. Over the summer, for Americans, for example, the isolation triggered an increase in spending on home and apartment improvements.
Entrepreneurs with working business models or only plans to enter foreign markets, of which I include myself, usually try to keep up with the times. And the most successful CEOs even sometimes manage to get ready for changes before anyone else and “shoot out” a new product at the right time.
After the gap began to widen in favor of Joe Biden in the U.S. election race, it became clear that changes were coming to the most influential country in the world.
So I would like to focus on the new opportunities for entrepreneurs that are opening up with Biden’s arrival in the White House.
Services related to immigration.
You can hardly build a startup here, but it is worth launching something service-oriented. Of the minuses – “gray business,” and due to this some restrictions. When looking for a niche for a startup, pay attention to integrative social projects (also from startups) – equality of access to secondary education in areas with “weak schools” through online, depersonalized recruiting, and so on. This area in the U.S. is quite flexible.
Mass transition to electric cars
Biden’s slogan “a national network of electric gas stations” sounds very impressive. If this project is realized, the production of public electric vehicles will become a magnet for investment, and eco-cities in the U.S. will become even more popular. For example, according to Crunchbase, the British electric transportation company Arrival.com has grown into a “unicorn” in just five years.
Affordable education and health care
These are two huge industries in the United States. Two complex industries in great need of reform. I’m sure many startups will emerge here in the near future. Of the interesting growing projects transforming education are Podium (in-demand tech skills in partnership with colleges), Outschool (a marketplace of online classes for those on homeschooling).
By the way, the online education marketplace has rapidly saturated in the spring and further niche growth in this sector is expected. Lots of great rounds, excellent traction by companies that are working in this market. For example, Quizlet (a card storage service for learning foreign languages and other disciplines) and Course Hero (a developer of educational websites) became “unicorns” in 2020.
On the stock market, investors noticed companies such as Chegg (a distance learning provider).
When analyzing this or that niche, do not forget such a wonderful tool as Google Trends. It will help you understand how much demand is growing in the market, and it will help you estimate the level of demand.
Read reviews about the major players in the market. I’m sure you’ll find a lot of insights and opportunities to enter the market in a “guerrilla fashion.” Of course, it’s worth checking demand and gathering real feedback. To do this, create a landing page, run contextual advertising, and talk to leads. The first customers will tell you a lot of interesting things.
- How to Find and Use an Export Management Company
- How to Create a Profitable Niche for Your Business
- How to Improve Your Professional Skills with Online Courses
- Growing Your Business by Outsourcing to Freelance Marketplaces
- Five Crucial Stages for Small Business Startups