If Covid-19 has left you out of work or you’re ready for a change, hopefully this article will give you some inspiration to take positive action. With every financial crisis, there are winners and losers. It’s all about how you adapt to the situation and evolve with the changing times.
Before giving you some business ideas, these are the sectors that have thrived during Covid-19…
Technology
We’ve all been glued to Netflix more than usual during the lockdown, so much so that the streaming platform amassed 16 million new members by the end of April 2020. Zoom calls, Microsoft Teams and other remote working software has also seen record-breaking users and online gaming has seen a surge in users as more and more people are forced to stay at home.
Pharmaceuticals and Healthcare
Pharmaceutical companies are receiving huge investments and working around the clock to create a vaccination for Covid-19. As well the development of a vaccination, healthcare companies have been busy creating supplements to further improve the health of people, which has seen a rise in vitamins and other health products bought online. Even as the cases reduce around the world, more and more countries are making mask-wearing mandatory in public places, especially on public transport and in shops.
While healthcare companies were initially the main provider of masks, many other people have capitalised on the idea by purchasing them in bulk from China (and the likes of) and selling them on. If the rumours of a second wave prove to be true, the mandatory rules might be around for a while, so it’s not too late to jump on the bandwagon.
Ecommerce
With people forced to remain at home and the high-street shops closed, online shopping has become more than just a necessity and more of a habit for many. Both Amazon and Deliveroo have announced record sales during the Coronavirus outbreak, but it’s not just the big companies that have benefited. Many small businesses have done well during this time, too. Restaurants have been forced to adapt their menus and create dishes their customers can enjoy at home.
Additionally, there’s been an increase in homemade food businesses selling cakes, letterbox brownies and grazing platters and delivering them to customers locally. Even with shops re-opening, many people are cautious about venturing out and will remain at home for as long as possible. So, if you’ve been waiting for the right time to start a home-based ecommerce business – it’s now!
Health & Fitness
The closure of gyms in the UK has increased the demand for online fitness class streaming, fitness apps and exercise equipment so that people can workout at home. Peloton, for example, which sells high-end exercise bikes and offers a streaming service, has enjoyed a rise in stock market value, and online fitness trainers such as Joe Wicks have grown their customer base by the millions.
Additionally, bike sales have sky-rocketed with thousands of Brits taking up cycling to stay fit during lockdown. This has also had a wider impact with cycling apparel and bike gadgets flying off the shelves. Although gyms are due to reopen soon, many people have got used to their new way of exercising and won’t be re-instating their expensive gym membership anytime soon.
Beauty
Beauty products weren’t top of consumers’ shopping lists entering lockdown, but they’ve certainly become more popular. With salons and spas closed and with more time on our hands, many people are turning their attention to skincare rituals and self-care treats. Females in particular are spending more money than ever on skincare and hair-care products to beautify themselves at home.
Covid-19 business ideas
As our consumer habits and day-to-day lives are changing, here are some business ideas to consider during or after Covid-19.
Delivery / concierge / mobile services: Businesses that allow people to remain in the comfort and safety of their own home, such as food delivery, collecting shopping, running errands and mobile beauty services.
Hygiene products: Whether it’s face masks, hand-sanitiser or convenient anti-bacterial wipes, hygiene will be the ‘in thing’ for a while.
Cleaning services: As more and more businesses open their doors to staff and customers, deep-cleaning and sanitising the premises is a high-priority for business owners and may soon be made compulsory.
Bike repairs: More people are riding a bike than ever before, meaning more people will need bike repairs. You could set-up bike repair shed in your garden or offer a door-to-door service.
An online shop: Take advantage of all the online shoppers! With dropshipping, your orders are fulfilled directly from the supplier, so you don’t need to take on the stock or delivery yourself.
Online learning: Do you have specific skills and expertise? With more and more people bored at home, why not help them learn something new with an online course or paid content.
Online events: This is a great way for people to network, learn something new or be entertained at home. Think conferences, comedy, music and quizzes.
Hopefully, this has given you some food for thought to turn a troubling time into a promising future.
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Photo by Cristina Matos-Albers on Unsplash
Service Specification
Most products fall between these two extremes. For example, a restaurant provides a physical good, but also provides services in the form of ambience, the setting and clearing of the table, etc.
Economic Services
And although some utilities actually deliver physical goods — like water utilities which actually deliver water — utilities are usually treated as services.