Top Pandemic-Friendly Business Ideas
Like accounting, financial planning services are always in demand, on both a personal and business level, to help save money and maximize profits. Financial planning spans services from retirement funds to wealth management, investment strategies to business plans. The healthcare industry is full of essential services that are truly recession-proof.
Home health companies
What has traditionally been a practice of the rich and famous, now extends to the everyday consumer, who may pay a premium for booking an exclusive shopping experience. “There is a trend towards more high-end experiences where it’s booked events, minimum prices and more high-end food offerings,” Ms Kelareva said. Many companies won’t have the budget or need for a full-time assistant, but still have administrative tasks that need fulfilling. With property management, you shoulder less risk than you would if you owned properties outright, but it still allows you to reap the rewards of the real estate market during a downturn. Care workers do some of the most valuable work in our society, assisting seniors, people with disabilities, and other individuals https://www.bookstime.com/consumer-packaged-goods who might need help looking after themselves on a daily basis. It’s an area of the healthcare sector that is always looking for new solutions.
Profit Desert Customers
Learn more ways to build a successful enterprise in our complete guide to starting a business. If you don’t have the resources to start your own car repair business, you can offer these services to family and friends first. Over time, your business could grow with the power of networking and strategic advertising. Whether you’re making money from a big corporation, a small Etsy shop or a Youtube channel—you’ll need an accountant when tax season comes around.
Delivery service
You can connect virtually with clients and offer them your professional insights for scaling and improving their business. Entrepreneurs and industry leaders share their best advice on how to take your company to the next level. Interestingly, comfort food and drinks are key to remaining optimistic and motivated for some. That’s exactly why the food and beverage industry remained resilient in spite of the https://x.com/BooksTimeInc pandemic in 2020. People may be trying to cut down on expenses, but they’re still likely to invest in beauty and self-care products.
As always, when you’re creating a business plan, you want to consider the future, not just the year you’re planning for. Keep in mind the effect your moves could have on your business for the next five or even 10 years. With the right remote work plan in place, you can even offer work-from-home opportunities as rewards for hard work or as a company-wide benefit. After all, the option to work remotely is one of the most desired work perks. The industrial aftermarket provided bearings for machines, while the automotive aftermarket sold bearings to car repairers. In these difficult times, we’ve made a number of our coronavirus articles free for all readers.
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Census Bureau in this industry, 13.6% said they saw an increase in revenue in the last week. Another 10.2% reported hiring more employees, and 12.2% said their employees were working more hours. Although most schools have returned to in-person learning, the demand for virtual tutoring is likely to remain high. Students who thrive in a remote learning environment want to continue their online study sessions, and busy parents appreciate not having to drive their children to and from a tutoring center.
In times of uncertainty, many people see tattoos as a way to treat themselves. In 2019, an Ipsos poll showed that 30% of Americans had more than one tattoo, up from 21% in 2012. Technology was already changing the nature of work before Covid-19 took hold. Innovations were redefining the basis of competition in most industries and, consequently, the talent companies need to win over the long term. The pandemic sidelined the efforts of most companies to address these challenges and close critical capability gaps.
Profit Drain Customers
- While not all franchises have sustained normal demand levels during the pandemic, some franchises are thriving.
- Admittedly, people stayed away from cafes and restaurants but at-home consumption continued to soar.
- During the pandemic, home sales have boomed, with many Americans seeking more comfortable places to ride out COVID-19.
- And with no end in sight for returning to business as usual, that number can be intimidating to anyone who’s considering opening their own business or entrepreneurs hoping to survive the next year.
- COVID-19 has increased demand for some businesses, and many of those businesses will remain popular after the pandemic subsides.
Creating a well-thought-out business plan for 2021 is the first step to making your company pandemic-proof in the coming years. Another one of the challenges that businesses have faced is financial instability throughout the pandemic. So much so that many businesses—both small and large—have shuttered their doors forever. In fact, according to Yelp data, pandemic proof businesses approximately 60 percent of businesses that closed in response to the pandemic, have permanently shuttered. In response, the management team developed maintenance kits (including sealants and cleaners) for the industrial customers in order to extend bearing life. For the automotive customers, they developed hundreds of job-specific kits, which included parts, tools, accessories, and instructions.
- Over time, your business could grow with the power of networking and strategic advertising.
- Forrester now predicts “virtual care visits will soar to more than 1 billion” in 2020.
- There has never been a better time to get into the box subscription market, which rose considerably during the pandemic.
- Reach out to companies with little to no social media presence and offer to run their accounts and engage with their audience to boost sales and brand awareness.
- One of the most peculiar small business categories that have recently seen success in the coronavirus era is drive-in movie theaters.
Starting a business during an economic downturn can work in your favor
And despite the down year that the economy has had, businesses that provide administrative, support, waste management, and remediation services continued to thrive. Designed for business owners, CO— is a site that connects like minds and delivers actionable insights for next-level growth. There has never been a better time to get into the box subscription market, which rose considerably during the pandemic. These businesses can take on a variety of different forms, such as meal prep or beauty product kits, puzzle or storytelling experiences, and date night or family fun activity kits.
