The global pandemic has affected everyone in the world, and this included businesses. Some struggled to push through, others that thrived even more, and some that were unfortunate and didn’t survive. However, despite the difficulties that most people faced during this whole crisis, many are still clinging to hope that things would turn around as early as the following year. A new year indeed would offer new chances for people to pick themselves up, which goes for businesses. Whatever reason it may be for you to enter the business world, here are a few ideas that could pay off your risk:
A study revealed that there was at least 140% growth in the rate of consumers when it came to home improvement. This includes gardening and raising poultry or livestock, or anything that potentially encourages self-sustainability. People also turned towards gardening as a way of a hobby, apart from growing your food, which meant that the search for businesses or services that offer home and gardening materials has significantly grown in the year. It’s also still expected to be successful in the following year, given how much the crisis took a toll on everyone.
Perhaps, one of the lines of business that would never go away or even stand the test of time is the food industry. Everyone shares a universal love for food, and it also helps that it doesn’t only serve as an avenue for people to enjoy, but also a necessity for human survival. There will always be people who would look for a certain type of food, and all they need is variety and different options to choose from. Many people have also delved into the food business – particularly delivery, even if it’s just a small, part-time online business and it’s still expected to grow in the following years. And once the world has recovered, it would also not come as a surprise have people crave eating inside a restaurant safely, or any place that serves good food that would let them enjoy it and the company of others. Deciding to open your food stall, small restaurant, or securing a diner franchise is one of the safest bets for a business in the following year.
Online Selling: Retail Business and Distribution
Online shopping has been present for quite some time now in recent years, but the crisis has made more people shift towards it from traditional purchasing. According to a study, the increase in people shopping online has been a continuous process since 2018. This presents a good opportunity for people to start small businesses with retailing since the growth of e-commerce seems like it’s only increasing even for the future.
Digital Courses and Products
The process of e-learning has also been present for a while but has also grown significantly higher, especially towards the end of the year. A study revealed that since more and more people are consuming content or products digitally, the industry’s worth is expected to spike at least $331 billion in the next five years. This is a great opportunity for aspiring creators to have their work appreciated and gain what they deserve. Some of the products that could be offered online could be music, videos, digital art, or other courses for online learning. This is also practical in a way that online products are more inexpensive compared to traditional media, and also cheaper to distribute.
Selling Pet Products (Online)
Since lockdowns imposed people on staying at home, pets have been the happiest. This business opportunity is not only one of the most enjoyable and fun line of business, but it also saw at least half (50%) of consumer growth within the year. More people have turned to adopting pets over the past months, more than the usual rate (at least 10x more) and in turn, more people turn to pet maintenance and products for their new furry friends.
The global pandemic has indeed shaken everyone to the core and spared no one even businesses. But there would be new opportunities that will arise that at the very least, spark hope for the future.