Businesses across various industries learned to adjust their operations following social distancing regulations to survive the harsh economic downturn brought by the COVID-19 pandemic.
During the first few months of this current health crisis, it seemed implausible to start a business. We have seen countless businesses, big or small, having to close their doors forever since it is no longer sustainable.
Data from the U.S. Bureau of Labor Statistics show that over 4.7 million establishments experienced a decrease in demand, while around 1.6 million establishments in the U.S. experienced government-mandated closures.
But despite the grim reality, over time, we have seen new business opportunities popping up. After all, people always have needs that have to be met. With these shifts in consumer trends, the once not-so-profitable or alright-doing businesses saw a boom in their venture.
A recent survey involving 492 business owners also indicated that 18.4 percent of businesses are scaling up their plans, and only 2.6 percent of startups have totally abandoned theirs. This only shows that even during this economic and health turmoil, starting a new business venture is an opportune time.
Why Going Digital Is the Right Solution
One solution that has proven viable for businesses in all sectors is to turn to the internet. Despite forced closures, businesses can still operate with the help of online platforms such as websites, e-commerce spaces, and social networking sites.
Since people stay more inside their homes, the internet has become a reliable tool for entertainment, education, work, and information. People are even making major purchases online than ever before.
Taking business online has proven to be beneficial for entrepreneurs as well. Overhead costs were reduced, if not totally cut off, digital solutions were able to facilitate increasing market reach, and businesses could discover innovations for their enterprise.
With the help of CMO digital marketing, website optimization, and other digital solutions, businesses can easily succeed in their endeavor amid the pandemic.
Given these facts, here are some of the most promising business prospects to start this year.
Business Ideas Worth Investing Today
1. Pickup & Delivery Service
Pickup and delivery services saw a rise in demand amid the COVID-19 crisis. Since customers cannot just waltz out of their houses anymore to do even grocery shopping, pickup and delivery solutions have become life-savings.
People fear for their health and safety going out. That is why there has been an exponential rise in grocery delivery app downloads. The same thing is true with food delivery apps.
Since several food establishments have to shut down operations amid lockdown orders, online delivery answers consumers’ need to enjoy food from their favorite restaurants.
2. E-commerce Marketplace
Retail establishments suffered the worst blow following the outbreak of COVID-19 as most brick-and-mortar retail stores are deemed non-essential thus ordered temporarily closed.
Nonetheless, these businesses saw a surge in sales on their online platform. Seeing this ever-increasing demand, retail stores are quick into switching to digital solutions to keep afloat amid the pandemic.
Make the online presence of your e-commerce business stand out by website optimization and offering contactless deliveries to consumers.
3. Fitness & Wellness App
Since in-person fitness centers and gyms cannot operate fully yet, switching to digital platforms was the go-to for those in the fitness & wellness industry.
Consumers are turning to digital workout programs to keep up with their fitness routines while in the comforts of their own homes. These days, you can find plenty of online training apps ranging from yoga and meditation to intense workout training programs.
4. Virtual Assistant Services
Among the fastest-growing business opportunities amid the COVID-19 pandemic is the virtual assistant service. Plenty of businesses all over the world were forced to shift to remote work set up.
For businesses that typically operate in-person pre-COVID, they are scrambling to outsource most of their tasks. Virtual assistants have become valuable assets as most businesses are struggling financially due to limited resources and funds.
The duties of a virtual assistant could vary. It may include email and social media management, digital marketing, content writing, and many others. All you have to make sure is you have reliable internet service and a good laptop or computer.
5. Fashionable Protection
Even if it is a pandemic, it does not mean people have done away with fashion.
Since it is pretty common these days to see people wearing face masks on the streets, businesses are quick to jump into this opportunity. Forget about the typical surgical masks; wear a face mask with style. In fact, a lot of fashion designers and brands have turned this necessity into a fashionable accessory.
Even during these unprecedented times, there is always an opportunity for business growth. Hopefully, you now know what business venture to take on this year and beyond.