Best Digital Business to Start For People With Deep Pockets
A recession is probably not the best time to start a new business, especially if it is accompanied by a raging pandemic. Some industries have been decimated while others have thrived. But like every cloud, this one too has a silver lining – the demand for online services is going through the roof.
If you have a pile of cash to invest in, starting a digital business is the way to go right now. And since it is not restricted to any particular sector, there are plenty of different business ideas to choose from. Here are some options to consider if you want to start a digital business:
2020 is turning out to be a landmark year for eCommerce, thanks to lockdowns and quarantines. What was once considered a convenience has now become a necessity for millions of customers around the world.
Starting an online store from scratch is not easy, but it is doable if you have the capital to spare. The neat thing about selling online is the reduced overhead costs – if you have the warehouse space and product supplies lined up, you are good to go.
Of course, there will be plenty of competition, given the lucrative nature of eCommerce these days. For an easier starting point, you can consider selling on existing platforms like Amazon or eBay. But if you want to go the DIY route, be prepared for extra prep work.
For starters, you will have to figure out a niche where you can carve a space for your business in a relatively short amount of time. It should be a product that has a credible target audience and string demand – do market research to figure things out.
Mobile Game Development
AAA video games like GTA and Assassin’s Creed require massive budgets that go into the hundreds of millions of dollars. But the mobile gaming space is much more beginner-friendly and way more lucrative.
The most valuable acquisition in the gaming industry involved a mobile game developer. With some investment, you can assemble a team of programmers and game designers and have a shot at creating the next viral game.
While it is useful to have some skills and industry experience in game development, it is not mandatory. As long as you have the money to hire a few talented individuals, you are golden. These days, you can even hire freelancers to do a lot of the design and coding work.
Online platforms like YouTube and Twitch are replacing TV as the main source of entertainment for the younger generation. Creating digital content for these platforms does not require any significant investment – there are kids out there doing it with just a basic smartphone.
But with some investment in equipment and talent, you can create something far bigger – your online entertainment brand. The important thing is to focus on a theme or niche. You could pick food, gaming, travel, sports, or any other that can generate a steady viewership.
You can diversify this onto multiple platforms, adding videos, reviews, podcasts, blogs, and more to expand your digital reach. Once you gain traction with your content, the revenues will start pouring in. Of course, the most important thing here is to create compelling content on a steady basis.
Choose your niche carefully – it is best if you pick one that you have some passion for, or are familiar with. Don’t forget to invest in professional-grade equipment – your viewers will appreciate the higher production values.
Like other entertainment sectors, gambling is experiencing a surge in demand online these days. Unlike bricks and mortar casinos, online gambling sites do not require billion-dollar investments. A six-figure investment is often enough to get a competent online casino started.
There are many service providers in the online casino business, also called the “iGaming” business. For a fee, they will provide everything – a ready-made website, a games catalog tailored to your budget, backend solutions, payment systems, gambling licenses, and more.
Called a “white label casino” it is the shortest route to get started in the online gambling business as a casino owner. There are plenty of exciting markets around the world for you to focus on as well. Along with traditional options like the UK and Europe, newer avenues in Asia and Africa hold a lot of promise.
Though the competition is strong, the potential returns are a big drawcard. To compete against the likes of Spin Casino, 888 Casino and Jackpot City will require a massive marketing budget and a strong experienced team.
Digital Marketing and SEO
Regardless of the type of digital business, you plan to start, a significant portion of your budget will be spent on marketing. A lot of startups will opt to rely on third-parties for their online marketing needs. Starting a marketing business is a perfectly viable option today.
Just a few decades ago, such an idea would be next to impossible. But the digital landscape is different from the traditional business – this is the age where startups attain billion-dollar valuations in just a few years.
With some investment in a skilled team, you can get your SEO/Marketing agency online in a matter of months. Of course, gaining clients and creating a buzz will take a bit longer. Rely on social media to generate some publicity. If you have business networks, you can start looking for clients there.
The small and medium enterprise segment holds the most promise for SEO and online marketing firms. These companies often don’t have the expertise or resources to invest heavily in dedicated marketing divisions.