WhatsApp, Airbnb, Slack, Uber, and Square. Do you know what is common between all of these companies all of these giant unicorn companies started in recession back in 2008 and 2009. We are in a similar territory today with companies losing all of their value. Amazon just lost a trillion dollars of its work last year. Facebook touched a trillion dollars in market cap and is now less than 250 billion dollars. As more and more companies are seeing their profits and their revenue shrink there are more and more layoffs happening around the world. Amazon is about to lay off 10000 people, Meta has already laid off 11000 people there are more and more companies laying off tons of people. So now the question becomes how do you sustain your living. In this article, we will look over some of the choices you should adopt during the upcoming recession.
The Best Choice: An Online Business
The main idea is to start your own business in this time of opportunity and more so an online business. As of we know that in online business there is minimal overhead cost right, you don’t need to have a factory, and you don’t need to hire tons of people, it is just your website, just your product, just your service and you trying to market it to people.
Why Start an Online Business?
There is infinite scalability, your product or service can now be bought and seen by people around the world without any limitations because they open up your website and they can start accessing your products or Services. You are independent which is one of the best things to have if you are in a recession like this because now you are not dependent on an employer to give you that next salary or assurance that you will be paid in the coming few months and coming few years. As you have built a business yourself and you have full control over it. The sales are less maybe as per your expectation but a better marketing campaign, revising your pricing, and good monitoring can adjust all of these things in your business. In comparison to being an employee where you just do not have the whole control over how long will you be working and what will you be working on; An Online Business will give you complete control and flexibility to work.
The most important thing is you will get huge learning opportunities, starting a business that too online is going to teach you a lot of things like sales, building a team, marketing, and many more different things. You just have to focus on how to add value through your product and services to the people you connect with. One of the best things is you will be having a remote Advantage because everything is happening online line you no longer need to get an office for yourself which again is going to save you overhead costs and you can work from your home.
Types of Online Business
Moving on what type of business can be tried out? First of all, you can build an ROI agency that works completely online you can run ads for people on Facebook or Google, Start helping people edit their videos. The idea of a Roi agency is quite simple you’re having an ROI Agency, so you’re having a client. Work as a mediator and whatever Services they require you can Outsource to someone and you make a difference. It is an Arbitrage opportunity what that basically means is if you charge a thousand rupees to your client you pay 700 to the freelancer you end up making the 300 rupees difference. This is a great way to make money without exactly having the skill particularly, but more than that you don’t need to have the whole burden of doing it yourself and spending that time to do it.
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Take the example of UBER they don’t own the cars; they just have a relationship with the driver in which they are providing them with the customer and taking a cut on their pay that is how they have built a huge multi-billion dollar business. The Second one is OYO, it does not own the hotels Oyo has a relationship with the hotel they give the clients they give the bookings to them and they make a cut doing so, and that is how Airbnb works as well. The idea here is that you become the connector you become the guy who is helping two people meet, the person who wants a service and the service who wants the person.
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The second thing that you can start is Drop Shipping once you have built your own store selling a product and once it is sold then procuring it and delivering it to the person through a Drop Shipping method.
The third one is to start selling your own courses and info products. Start selling a Video course, ebooks, pdf, etc. of whatever skill or learning you have. There are a ton of different business models that you can start but the idea is to get started to analyze your skill sets and expertise and start adding value to people from your services.