I understand that the notion of putting time and money on the line might seem gut-wrenching. And it is. Starting a new business, at any time, is scary.
Whether you’re putting UGX,100,000, 10,000,000 or more of your own hard-earned cash on the line, investing in a start-up is a tough decision.
But conditions are so perfect right now during COVID-19 that you can’t afford to wait. Maybe you’re newly graduated and have found yourself out of a job. Maybe you were laid off. Or maybe you’re finally ready to take control of your destiny and not be beholden to the whims of someone else’s decisions and judgments.
I want to be very clear about something though.
Starting a business isn’t easy. It will mean making sacrifices of both your time and money. It involves a certain degree of risk and there’s no guarantee of success.
If you want to enter the business world to get a fast return on your money so you can live a good life, then you should know that running a business is probably harder than you realize.
I’m not trying to discourage you from becoming an entrepreneur—I am trying to paint a realistic picture of what’s required so you can maximize your chances of success. If this seems like too much, this might not be the best path for you.
Here are sectors where you can Invest your money now;
Healthcare and Life Sciences:
Some industries and ideas are fairly obvious. Others not so much. For example, the current COVID-19 crisis has impacted the healthcare industry in major ways. Not only is there surging demand for healthcare equipment, medicine, and supplies, but many countries are now insisting that the production of this equipment and medicines be on local soil, regardless of the cost differences of manufacturing locally.
Technologies that Support Work from Home
Again, this one is fairly obvious. You don’t have to build a billion-dollar company like Zoom to find your niche. There are many periphery firms that will service the work-from-home trend including interior design, construction, and furniture to equip home offices.
People may still attend concerts, live sporting events, and cultural celebrations virtually during COVID-19. What are some of the tools and technologies outside of the obvious virtual and augmented reality that could possibly benefit?
From a Physical Crisis to a Mental-Health Crisis
If you’re still in university deciding what industry to practice, then anything in the mental health space will probably be in great demand for the next many years as this pandemic wreaks havoc on our finances, emotions, marriages, and overall wellbeing. I suspect that when the pandemic is behind us, we’ll find that we’ve experienced more periphery damage to our society as a result of the containment than damage created to the hospital and health system during the pandemic itself.
Industries and society are changing, and fast. Markets are being transformed. If you start a new business to capitalize on these changing and emerging trends, you will be beginning your new entrepreneurial journey at a pivotal time in history.
Starting a business might be easier than finding a new job in this market. And it doesn’t hurt to consider the freedom of being your own boss, with no one to answer to but yourself.
There has never been a better time to take control of your future and design a business around today’s circumstances. If you’re considering opening a business, there may not be a better time than during the COVID-19 pandemic.