So many people around the world have been affected physically, financially, and emotionally by this recent pandemic.
People are dying, economies are on a downward tailspin, businesses are closing down, people are losing their jobs, and families are struggling to cope.
We would like to commend the thousands worldwide who are front liners in this war against corona. Doctors, nurses, police, military, governors, and mayors are just some of the people who are working round the clock to try to address the needs of the population while we are in lockdown and quarantine.
Many have given their lives just to serve those who are infected.
The big question is, Can something good come out of this COVID-19 situation?
Coronavirus is changing the way we do business. Now is the time to adapt and make the most out of the opportunities being presented.
The businesses that are thriving during this crisis are the ones that give solutions during this time of social distancing.
We can look at recent economic recessions and have witnessed new start-ups that have thrived amidst the situation.
Parents are at home with their families and are looking for ways to deal with the coronavirus head-on.
Entrepreneurs who thrive during these types of situations are the ones who have innovative ideas and are excellent communicators of the importance of what they offer during this crisis.
The world needs new ideas, tips, strategies, and secrets to win this battle.
We share some good business niches that you can jump into and make money.
Businesses That You Can Get Into During This Crisis
There are business niches that are on the right side of history. Many entrepreneurs have made it big due to an opportunity presented to them, and our current lockdown situation can be one of those opportunities.
A good business niche to get into is one that can help others during this crisis. You can expect a huge demand for products that are useful during a pandemic.
Since people are required to stay indoors, more and more consumers are doing their shopping online. Amazon is adding 100,000 new workers to keep up with the demand.
Putting up an Affiliate Website is a great business idea. Partner with suppliers who have affiliate programs, especially those who offer products that people buy more off during a pandemic. These items include:
- UV light sanitizers
- Cleaning products
- Toilet paper
- Hand Sanitizers
There are online groceries that are having a hard time clearing backlog, orders have been piling up, and deliveries are not able to catch up yet.
Now is a good time to put up a last-mile and service delivery business to help out with the increased demand. If you have a fleet of delivery vehicles that are now in the garage because your business is not operating, you can shift to this niche for the meantime and make your workers and vehicles useful and earn despite the downturn in your niche.
Online grocery store, Instashop has experienced a 53% rise in orders.
You can also help out in the delivery of pharmaceutical and health care products.
As more schools and universities shut their doors, they can now focus on building their scale and scope online.
This is a golden opportunity to offer online education courses to compensate for school and university closures.
To promote social distancing, schools are now teaching their students to learn from their laptops.
Schools that haven’t fully embraced distance learning and online education are now adapting to it.
Professors are now learning how to use software programs like Zoom and Kaltura for videoconferencing.
With traditional film and tv productions ground to a halt, innovators have come up with fresh ideas to create and market their craft.
Experts predict that the global film industry is going to lose around US$5 billion in revenues due to lost box office and production restrictions.
Pajama entertainment is now becoming a trend. Audiences are no longer concerned about the guest’s not wearing makeup, wardrobe, or have their hair done.
Shows are now done with a more personal touch as guests are interviewed in their living room or kitchen.
Jimmy Kimmel Live will begin broadcasting from home with interviews of Samuel Jackson and Jennifer Aniston from their own houses as well.
If you are in the entertainment industry, this is a trend that you can ride on right now. Experts aren’t sure if the trend is here to stay, but some think that pajama entertainment can coexist with traditional entertainment.
Businesses That Are Not Doing Well
Some sectors are on the wrong side of the fence. If you are in the travel industry or operate a business related to airlines, trains, and cruise ships, now is not the time to stay in your industry.
The same goes for those in the tourism and travel agency business. The US Travel Association has projected that close to 5 million travel-related jobs will be lost.
Oil and gas companies also expect losses as global oil demand is experiencing its first annual drop since 2009.
Aside from groceries and pharmacies, traditional retail shops are going to lose money as malls across the US are closing their doors.
Adapting to the Crisis
If you don’t adapt to the situation, your business will eventually close down. Many companies in the manufacturing sector will go under if they continue to produce goods that are no longer in demand.
A good example of a company making a shift in operations is Chinese car company BYD, who has started production lines manufacturing surgical masks and hand sanitizers.
GM, Ford, and Tesla are heard to produce ventilators.
LVMH, the French company that manufactures luxury goods like Christian Dior, Louis Vuitton, and Givenchy are now producing hand sanitizers.
Despite the situation we are in there are still opportunities that abound. We just have to choose the best niche to get into during this outbreak.