The COVID 19 pandemic managed to shake up global economies on a large scale. As a result, low-cost, mostly online business ideas have become the trend. While the entire world is running around trying to fight the effects of the virus, there are several exciting business opportunities one can take advantage of, even from a dorm room.
As the pandemic continues, it is less likely that business is going to return to what it was before. For those who are stuck in their dorm rooms, these business ideas will bring some excitement and inspiration, and hopefully some money as well.
Offer Online Services
Services are generally easier to sell from home as compared to physical goods and commodities. The only challenge that comes with providing services is time. When trying to do as much as you can with limited time, it becomes apparent that the phrase “Time is money” is entirely accurate.
One needs to carefully allocate their time when running such a business for it to be profitable. To cope with business and academics, most college students employ essay writing services. It’s not hard to find, a simple google search, “rewrite my essay on EssayPro” will reveal dozens of such services. This helps entrepreneur students maintain high grades as well as focus on their businesses to turn handsome profits.
For those who are creatives, i.e. designers and marketers, it’s easy to freelance or consult with various companies. There is also the opportunity to juggle several clients at once since one will be working from home and mostly unsupervised. If services are being offered to individuals directly, it is best to work on an appointment basis and have an organized booking system.
Some of the services that one can offer from within a dorm room include the following:
Depending on what service is being offered, just a few high-paying clients can be sufficient to keep the business afloat and support the owner full time. That means not many customers are needed to make a reasonable income, as is the case with most product-based businesses
Grow an Audience That Can be Monetized
Creating a business that aims to monetize an audience is an excellent business idea for those who can create engaging content. This idea works even if there’s already a sizable audience. Content can range from videos, pictures, and even blog articles and stories.
It’s easy to establish a blog, YouTube channel, podcast, or Twitter account from a dorm. These can then be grown over time and monetized. When the audience is hooked, one can either create their digital product or get into affiliate marketing. With affiliate marketing, revenue is gained when one’s audience purchases a particular product through a dedicated link.
There is no confinement when it comes to the number and kind of products that an affiliate marketer can sell. An essential ingredient in this instance would be the audience’s trust. Once an audience trusts the business owner, they can comfortably buy whatever is being advertised on the channel, blog, or social media account without doubts and fears.
Besides affiliate marketing, it is also possible to charge brands a fee and run sponsored posts on platforms with a large enough audience. This will give other brands a chance to connect with an audience that has already been established and, therefore, make sales.
However, it is essential to note that getting a loyal audience is a time-consuming process, and it requires a lot of focus, strategy, and patience. While it isn’t the easiest or quickest way to make money from the dorm room, it can bring about exciting rewards when done correctly. Once established, there are multiple streams of revenue that can be explored.
Teaching Online Classes
In the case that one has the teaching skill, they can teach an unlimited number of students online. Starting online classes is a good idea for creating revenue whilst in confinement. There are a lot of people online willing to pay to learn a skill. Once one manages to establish trust, which can be done through consistently delivering high-quality services, it becomes easier to grow a following and monetize the audience.
Today, there is an audience for almost any subject. Whether it’s a language that one knows or marketing, there will be people willing to pay to learn from a good teacher.
When one is teaching online classes, they have the freedom to do it from the comfort of their dorm. They can also decide whether or not they want to do it live, or use pre-recorded lessons that will be sold online. Those who are willing to learn will buy access to these pre-recorded sessions and learn independently, with the option to get in touch with the tutor.
While starting a business during the COVID period might not seem like a good idea, turning a handsome profit is pretty easy with the advent of the internet. The most important quality needed for anyone willing to go that route would be an ability to adapt to change and deal with challenges head-on.