As 2023 begins, budding entrepreneurs are bubbling over with ideas to strike gold. What better way than to offer them a guide to some opportunities that can be turned into profit…
For business people, 2022 was not an entirely forgettable year. After the problems of the Covid-19 pandemic in 2020 and 2021, it was a year of recovery for many.
Though some businesses that shut down due to the sting of the pandemic failed to revive, there were new fortunes in others that could also thrive in 2023.
Even if you are an entrepreneur creating business opportunities, make sure you offer a solution to existing problems and people buy your product or service to avoid burning their fingers.
Enterprise examines some of the companies likely to do well in 2023:
One thing the pandemic has taught people is that online interactions and transactions are the future. Movement disorders meant that even the skeptics learned to order goods and have them delivered to their doorstep.
Similarly, rent-a-shelf companies have had a difficult moment. No customers came into the stores to sample goods. You could do this from the comfort of your own home. Many of these shops have closed.
Some started promoting goods that were with the manufacturers. After receiving the orders, they then picked up the goods directly from the manufacturer and sold them to customers.
This reduces unnecessary storage space and potential waste, especially for goods that may expire in a short time. It also saves the seller (intermediary) money that could be used for renting space.
School times have been impacted by the Covid disruptions and have yet to return to what they were before the pandemic.
These disruptions in the calendar mean schools are having to rush curricula in some cases. At the same time, many parents began homeschooling their children — a practice that began during the pandemic when students were spending long periods at home.
It is likely that many have adopted this practice and will be looking for tutors who can tutor their children at home, particularly during school holidays and for day students.
There was also a strong emphasis on professional trainers for many people looking for additional skills or advancement in their careers. Video software has made it easy for teachers and their students to interact with each other without necessarily meeting physically.
Here, too, even skeptics had to be content with buying and selling on the Internet. Important office meetings went online, as did church services.
As such, digital platforms have gained wide acceptance over time. Many companies are now opening online stores and trying to build their brands.
Know-how in promoting such companies will be a prerequisite for emerging digital companies that want to reach and attract large numbers of people and thus promote profitable ventures.
Anything from creating content for an emerging brand to web design will be profitable as the digital marketing race intensifies.
Every year, Kenyans rush to file their tax returns as the deadline approaches.
Small businesses need to hire accountants to do this. Accounting is one of the most important facets of a decent business.
And such companies need very sober financial planning if they want to remain profitable.
However, if one is not an accountant, one would either have to take an appropriate course in accounting or obtain certification in the same, which would be economically burdensome and time consuming, or start a business and hire competent accountants.
Ready meals and often fast food will always attract customers.
In a previous interview, economist XN Iraki, associate professor at the University of Nairobi, stated that as long as people eat, grocery shopping will be a viable endeavor.
While suffering at the height of the pandemic, grocery stores have returned in full force in the busiest places, particularly in the heart of Nairobi’s central business district (CBD). As long as the groceries are affordable and you can make growing profit margins on ever-increasing volumes, this is a business that is unlikely to make a loss-making entrepreneur.
As the debate over the suitability of our roads for cycling rages on, many are taking to their bikes and joining a growing band of cycling enthusiasts and activists.
There is much outcry about the mistreatment of cyclists by motorists on streets without bike lanes. Non-motorized traffic may not reach the speeds that enthusiasts desire, but incremental steps are being taken.
Every now and then there are groups of cyclists looking for new challenges. Setting up a bike rental outlet could be a great way to make money throughout the year.
2021 was one of the busiest years in real estate. Downsizing, downsizing, building their own homes, and for some even moving to the country, kept the housing sector busy this year.
Professionals are put in charge of constantly improving the homes, with new residents needing an overhaul here and there.
Interior designers, plumbers and even landscapers will have a busy year if they are competent enough. While some of the skills require professional training, others can be learned through an apprenticeship.
Many social media platforms these days pay top creators to bring top engagement to their pages, driving traffic to the platforms.
In addition, companies also want to use these influencers to promote themselves and their products. In the past two years, the number of creators has mushroomed, some soon gaining hundreds of thousands of followers.
They are able to generate 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 RENTAL
Knowing that you reserve hotels for customers and provide them with comfortable and safe transportation solutions to such places, soon many companies or individuals who wish to visit certain areas will prefer your services to putting themselves through the rigors of booking and driving .
They can also suggest travel destinations and could use a blog explaining what’s on offer in one. As a separate business, the car rental business could be very profitable.
Individuals wishing to travel privately will prefer to hire a larger vehicle and drive to their destinations themselves. Car rentals are a very lucrative business, especially during the Christmas season when people travel a lot.
It hasn’t always brought the best of luck to those who try, but with best practices and the use of professional services, it could be a very profitable endeavor.
Most supermarkets now carry more fresh produce than ever before and there is a growing demand for farm fresh produce, especially organic. With the right choice of crop and location, agribusiness could be one of the most profitable ventures not only in 2023 but also in the future.