An old friend called me last night saying he is doing fine regardless of the lockdown. However, he is concerned about news that a recession is coming in the coming months.
We ended up having a lengthy discussion on alternative sources of income. That conversation last night inspired this article. Are you looking for a business idea you can start with a little capital? If so, you should check out the ideas below.
1. Mobile Restaurant | Food Delivery Service
Do you know how to cook? Do your friends constantly compliment your cooking skills? If your answer is Yes, you should consider starting a mobile restaurant and food delivery business.
You can cook at home, sell to friends and relatives. You can also promote online to sell your services to a broader target market. Partner with a trusted delivery guy or organization to deliver meals to your customers.
2. Education And Training Service
You can create audio and or video training courses online. Importantly, focus should be on a sector you have some level of expertise in. Without a doubt, you do not need a PhD to be an expert in a particular field.
If you have some experience and the capacity to educate and train others on a concept or subject, you can start today. In addition to this, you can use WhatsApp groups, Zoom, Telegram, premium email newsletters etc. as a means to connecting with your target audience.
3. Sell Your Skills On Fiverr
You don’t need any inventory, or a physical office to sell your services and make money on Fiverr.com. All you need is a great strategy, a strong will, and skill in a particular field.
For example, assuming you are an experienced web designer or graphics designer, you can support a lot of businesses globally with your skills via Fiverr.
4. WordPress Website Designer
Having a website isn’t a luxury anymore, it is a necessity. Indeed, you don’t need to be a professional to design branded WordPress websites. You can learn to design WordPress sites for free on YouTube or on Udemy at a small fee.
Target businesses that do not currently have a website. You will be shocked at the number of businesses that are on social media platforms but do not have a branded website.
5. Fruit Juices And Smoothies Business
People are more health conscious these days. With the growing need to boost the immune system, individuals are beginning to switch from carbonated drinks. It is no longer a big deal to be into juices and smoothies. It has become necessary.
Furthermore, economic downturn hardly affects fruit juice and smoothies consumption. As they are perceived as healthy alternatives to soft drinks.
You can get creative with fruit combinations and recipes. Just like the mobile restaurant business, you can promote your juice business online and deliver using an affordable delivery service.
How Open Innovation Can Reduce Innovation Cost
As mentioned in my previous article, investing in innovation will help you grow your business, stay ahead of the competition and help you take advantage of new technologies.
However, when it comes to innovating, the challenge for most companies is how to spend money smartly. To be able to innovate at an increased pace, companies need to reverse this predicament by weighing the costs with the potential profits and make the best decision.
One of the best ways to reduce the cost of innovation as a company is by applying open innovation methods and principles;
Prof. Chesbrough defines open innovation as “the use of purposive inflows and outflows of knowledge to accelerate internal innovation. And expand the markets for external use of innovation, respectively”. The advice for companies looking to innovate is that they should make use of external and internal ideas or paths to market, as they look to maximize profits and minimize cost from their innovative activities.
Organizations are partnering with a wide range of external parties such as startups, software publishers etc to tap into their ideas, insights and solutions. With open innovation, you would be reaching a large group of potential partners quite easily. The good thing is, you would only pay participants if a solution is found. This way, the overall cost is likely to be smaller in relation to the amount of ideas and input. This is profitable for companies especially in a downturn.
For example, in 2006, Netflix offered a reward of 1M USD to the team that could deliver successful innovative method, instead of attempting to develop this internally with no guarantee of success. This process was cost-efficient and also reduced the risk of a failed investment. Although, Netflix did not use the original winning algorithm, there were other excellent candidates to choose from. They went with one of the runner ups who also had something close to what they were looking for.
This paradigm when done effectively would help mitigate many of the risks involved in innovation. Thereby giving you a better chance at securing the best results for your organization.
Top 3 Social Trading Platforms For Copy Trading
Let’s talk about social trading networks, shall we?
Imagine earning from Forex or a trade without having to dedicate most of your time and resources. Imagine the ease of learning how each strategy works when it comes to trading. This is what social trading allows you to do and far more. What is social trading? You might ask, don’t worry, I will tell you.
Social trading is a form of investment that permits investors to watch the trading behaviors of both their peers and experts within the trading world. It allows you to follow their investment strategies using either copy trading or mirror trading.
This method of trading makes it easy for beginners to link their trading accounts to those of expert traders and imitate their trades automatically. It was even described by the World Economic Forum as a low, sophisticated alternative to traditional wealth managers. Little or no knowledge of the financial markets is needed.
Lately, social trading is being talked about as one of the best things to have happened to the online trading community. There are numerous Social trading platforms out there, it keeps increasing. However, here is our Top Three Social Trading Platforms with some of their main features;
Founded and run by Yoni Assia, eToro is a great platform for starting traders. It provides a huge variety of investments and also a community of traders where users have the opportunity of interacting with each other like every other social media platform. With their News Feeds feature, users have the opportunity to monitor and manually copy any trader of their choice.
This platform has an interesting feature called the Copy Trading where users can automatically copy traders in bits thereby managing both exposures and risks. What I love the most about this platform is the free and unlimited demo account made available to everyone.
2. Naga Trader
They boast of having some of the best social trading features that include social networking, social trading, copy trading, and innovative investment services such as the NAGA portfolios.
Social networking involves, starting a unique project that traders from all over the world can join hands to work on. Copy-trading allows Naga traders to reproduce the success of elite traders and make it their trades. These two practices have gained popularity within the global markets so much that Naga Traders were nicknamed – the “Tinder Of Trading”. This platform also gives you access to their social trading network where you meet, interact, and share with fellow NAGA traders
Founded in 2017, ZuluTrade is a Social trading system that works with dozens of brokers. It is best for hosting the most advanced social trading features. This platform works by gathering many elite investor trading data and records their trading strategies. You can analyze this in a minute and replicate their performance by customizing the risk and investment management. You can also have access to a free demo account, where would practically learn how to start and clarify your ideas.