Despite the global economic and labour market crisis, the COVID-19 pandemic turned out as a boost for entrepreneurs around the world. The lockdown during the past few months gave rise to a wide range of innovative ideas and concepts with the use of technology and skills held by aspiring entrepreneurs. So how do you become a successful expat entrepreneur in the post-COVID-19 era?
Five startup ideas you can develop abroad
Mobile apps
In modern times, everything gets done with a single click. The past few months have seen a rise in the creation of mobile apps of all kinds, whether for entertainment, online shopping, health and well-being, or even to identify places COVID-19-free places! Ideas are many, but what about you? Is there something that you have always wished you could develop abroad? Many companies are also looking for freelance mobile app developers in different fields. So why don't you try your luck?
A virtual studio
Due to the global health crisis, gyms, sports and fitness clubs, as well as dance and music studios have closed down for quite a long time. However, most coaches have found a way to keep their business going. Depending on your field of expertise, you can also create your virtual studio with a laptop and a good internet connection. You don't even need a lot of space for that -- your living room will do. Plus, there's no limit on the number of students you can have.
Online health services
Healthcare is more than ever a priority in this COVID-19 era, especially since hospitals are considered as high-risk places. So if you are a health professional, online consultation can be an interesting option. Consider getting help for developing a user-friendly app to be able to provide customised services.
Home delivery services
Even though businesses and restaurants are reopening gradually, many people are still hesitant to go to public places and shopping malls, whether for shopping or eating out. Why don't you seize the opportunity to offer a home delivery service? It can be the delivery of take-away food, clothing, medicine or even household appliances. Once you have developed your mobile application, you can seek partnerships with local businesses in your host country.
Online courses
If you are abroad and have just lost your job or have been temporarily laid off, there's no need to panic! You can provide online courses depending on your field of expertise -- language courses, IT courses, etc. If you are a teacher, homeschooling can be another interesting option, since many parents are still sceptical about sending their children to school given the current situation. Once you have made a name in this field, you can consider hiring more trainers or teachers and expand your business.
Where you should set up a business after the COVID-19 crisis
According to the latest report published by Startup Genome, the Silicon Valley, New York City, London, Beijing, Boston, Shanghai, Seattle, as well as Stockholm have some of the world's best entrepreneurial ecosystems. Emerging ecosystems include Mumbai, Jakarta, Zurich, Helsinki, Guangzhou, as well as Barcelona and Madrid. However, there are many more places you might not have thought of, that are providing quite interesting opportunities along with measures to boost entrepreneurship.
In South Korea, for example, Busan is home to around sixty startup incubators which can be of great help. Also, Hi-tech companies are entirely exempt from corporate tax. Busan is also providing a $ 150 million subsidy to small businesses suffering from the COVID-19. In Manila, the Philippines capital, a subsidy program has been implemented to help small businesses retain their employees during the crisis. A financial rehabilitation program has also been set up to provide loans to micro and small businesses, not to mention grants for incubators and accelerators.
If you are looking to start a business in Germany, it's worth noting that the government is providing a 100% guarantee for loans of up to $ 540,000 for small businesses with fewer than 50 employees. Frankfurt can boast of having 32 incubators, 10 accelerators and nearly thirty co-working spaces. The city is also home to more than 3,500 angel investors compared to New Zealand that has just a little more than 1,000. However, entrepreneurs who wish to start a business in New Zealand are eligible for the $ 300 million investment fund that has been set up for early-stage startups. Calgary, in Canada, is another great place to start a business in thanks to accelerated the Startup Visa Stream.
