It’s been a few months of economic struggle for many of us. Believe it or not, it’s a challenging time, but this can be the perfect time to start your own business. Many industry giants started in recession periods in the past, growing to where they are now through grit and wise decisions.
You can definitely follow in their footsteps and take the first step in building your own company.
We had some content- and media-related business ideas for you last week, where you can lean into your communication and writing skills.
This week, our suggestions are of a more specialized nature -- involving more technical or professional expertise that may benefit someone looking to freelance or build their own agency of professionals.
Where Are We Now With Specialized Services
It’s a difficult time all around. Many businesses are struggling to maintain operations. Many have cut costs where they can. Some of these costs have affected employment--many have become unemployed during this crucial time.
Many, therefore, are turning to businesses and freelancing to make ends meet.
There are big pros to this shift. With more people in the job market, businesses able to take on freelancers and staff have a bigger talent pool to choose from. The heightened awareness of how remote working can help businesses also signals more openness for businesses to take on freelancers as remote workers as part of their workforce.
Of course, there are also challenges. Three out of four freelancers say that pay rates have remained stable in early May; however it may be more difficult for freelancers who are starting out to command higher rates in job marketplaces like Upwork. The sudden influx of freelancers on the market have resulted in lower-than-ever rates and a challenge in choosing the right partners.
Regardless, Upwork remains positive about the outlook of freelancing through the pandemic. Locally, many home businesses are sprouting to serve hyperlocal marketplaces and communities. While local businesses have tightened their budgets, many aspects of business will remain important and right partnerships can be made to continue servicing these businesses.
Ideas For Your Specialized Services Business
Here are some ideas on possible businesses that rely on specialized and/or technical knowledge:
- If you are a web designer or developer, many businesses need an online presence nowadays - help companies put their right foot forward online by designing a great website for them.
- If you know how to develop mobile apps, so much of our online consumption nowadays is done with our mobile phones - developing your own or for other businesses can be a good way to earn money.
- If you can refurbish old electronics, fixing them for other people is one way of putting your knowledge to good use -- or buying broken electronics and reselling them after fixing is another way to do it now that electronics are expensive.
- Computer repair is another way to help people minimize expenses -- help them keep their computers operational now that many people are using them to work remotely.
- Hardware isn’t the only thing that can go wrong. If you’re the designated tech support person for your family and friends, perhaps you can make money out of it by advertising your services.
- Accounting services are important for every business, and with many new businesses coming up, your skills will be needed.
- With many businesses opening and individuals working freelance, this can be the right time to become a tax consultant.
- Furniture, carpentry, and design are useful now that people are spending so much time at home, that they are starting to look at making the most out of their indoor spaces.
- As businesses go online to sell their products, many will need the services of a good product photographer.
There are many ways to bank on your professional skills--the items above aren’t by any means an exhaustive list!
The important thing is to take stock of your skill set and think about how to tell people about the importance of what you do. In many cases, the people you approach might not need your services, but being persistent is key in business. Just remember to approach people and businesses professionally and politely--if they can’t be a client now, they may remember you and take you on in the future.
That concludes our Business Ideas series! Do you have any other ideas that deserve a mention? Share it with us in the comments below!
Also in this series:
- Why Now is the Right Time to Start a Business
- Business Ideas You Can Start On: Food & Beverages
- Business Ideas You Can Start On: Ecommerce
- Business Ideas You Can Start On: Education
- Business Ideas You Can Start On: Health & Wellness
- Business Ideas You Can Start On: Home & Gardening
- Business Ideas You Can Start On: Content & Media