As 2023 begins, budding entrepreneurs are bubbling with ideas to strike gold. What better way than to offer them a guide on some opportunities that can be turned into profit...
For business people, 2022 was not quite a forgettable year. After the Covid-19 pandemic troubles of 2020 and 2021, for many, it was a year of recovery.
Although some businesses which shut down due to the pandemic’s sting could not resuscitate, there were new fortunes in others, which might continue being successful in 2023.
Even as you map out business opportunities as an entrepreneur, to avoid burning your fingers, make sure you are providing a solution to existing problems and people will buy your product or service.
Enterprise explores some of the businesses likely to do well in 2023:DROPSHIPPING
One thing that the pandemic taught people is that online interactions, and transactions, were the future. Disruptions to movement meant that even the most sceptical of people learnt to order goods and have them delivered to their doorsteps.
Similarly, rent-a-shelf businesses had a rough moment. No customers were coming to stores to sample goods. They could do this from the comfort of their houses. Many of these businesses closed.
Some started advertising goods that were with the manufacturers. Upon receiving orders, they would then pick up the goods straight from the manufacturer and sell them to customers.
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This reduces unnecessary usage of space for storage and possible wastefulness, especially for goods which could expire within a short time. It also saves the seller’s (middleman) money that could be used to lease space.TUTORING SERVICES
School terms have been affected by the Covid-disruptions and they are yet to go back to what they used to be pre-pandemic.
These interruptions in the calendar mean that in some instances, schools have to rush the curricula. At the same time, many parents began homeschooling their children - a practice which started during the pandemic when pupils spent a long time at home.
There is a likelihood many embraced this practice and will be looking for tutors who can teach their children at home, especially during school holidays, and for day students.
There was also a big emphasis on professional coaches for many people who were looking for extra skills or advancement in their careers. Video software has made it easy for tutors and their students to interact without necessarily meeting up physically.DIGITAL MARKETING
Again, even sceptics had to settle on buying and selling online. Crucial office meetings went online, as did religious services.
As such, digital platforms have gained wide acceptance over time. Many companies are now setting up shop online and are trying to build their brands.
Expertise in promoting such businesses will be a requirement for upcoming digital businesses that want to reach many people, make an appeal and thus make a case to be profitable ventures.
Anything from content creation for an upcoming brand to web design is going to be profitable as the race for digital marketing heats up.ACCOUNTING
Every year, Kenyans rush to file their tax returns when the deadline is around the corner.
Small companies have to hire accountants for this. Bookkeeping is one of the most important facets of any decent business.
And such companies need very sober financial planning if they are to stay profitable.
However, unless one is an accountant, one would need to either undertake a relevant course in accounting or acquire certification in the same, which would be economically taxing and time-consuming or start a company and hire competent accountants.
Readymade food, and often fast food, will always attract customers.
In a past interview, economist XN Iraki, an associate professor at the University of Nairobi, explained that as long as people are eating, the food business will be a tenable venture.
While they suffered at the height of the pandemic, food outlets have come back with full force in the busiest of places, especially in the heart of Nairobi’s central business district (CBD). As long as the food is affordable and you can keep growing profit margins with constantly increasing volumes, this is one business that is unlikely to land an entrepreneur into losses.BICYCLE HIRING
As the debate rages on regarding the suitability of our roads for cycling, many are taking up their bicycles and jumping on a growing bandwagon of cycling enthusiasts and activists.
Cries abound about the mistreatment of cyclists by motorists on roads that lack cycling lanes. Non-motorised transport might not take root with the speed enthusiasts would like but gradual steps are being done.
Every so often, there are groups of cyclists coming up with new challenges in their sights. Creating an outlet for bicycle hiring might be a great way to make money in the year.HOME IMPROVEMENT
2021 was one of the busiest years in real estate. Downsizing, rightsizing, building their own houses and even relocating to the countryside for some meant that the housing sector recorded a lot of activity in the year.
Professionals will be put to task to constantly better the houses new occupants might feel need a retouch here and there.
Interior designers, plumbers and even landscaping experts will have a lot of business in the year if they are competent enough. While some of the skills require professional training, others can be learnt through apprenticeship.CONTENT CREATION
Many social media platforms are nowadays paying top creators, those who bring top engagement on their pages and thus attract traffic to the platforms.
On top of that, companies also want to use these influencers to promote themselves and their products. There has been a mushrooming of creators in the past two years, with some soon garnering hundreds of thousands of followers.
They are able to make good returns as long as they are consistent, and soon content creation becomes a full-time job for many who started such ventures as hobbies.TRAVEL SERVICES AND CAR HIRE
If you can be known to be trusted with reserving hotels for clients and offering them comfortable and safe transport solutions to such places, then soon many companies, or parties wishing to visit particular areas, will prefer to use your services than themselves go through the rigours of booking and driving.
You can also suggest destinations and could do with a blog that explains the offerings in such. As a separate business, the car hire business could be very profitable.
For people intending to make private trips, they will prefer to hire a sizable vehicle and drive themselves to their destinations. Especially around festive seasons when there is a lot of travelling, car hire services are a very profitable business.AGRIBUSINESS
It has not always brought the best fortunes for those who try, but with best practices and the use of professional services, this could be one very profitable venture.
Most supermarkets are now stocking more fresh products than ever before, and the demand for fresh farm produce, especially organic, is on the rise. With the right choice of crop and location, agribusiness could be one of the most profitable ventures not only in 2023 but the future.