As awful as the coronavirus pandemic was with many businesses closing down, there was also a slew of new business opportunities that managed to open up amid the worst times. During the height of the pandemic, 200,000 more businesses closed than what was expected in a normal year. That was understandable since businesses had to literally close their doors when the pandemic happened.
What was unexpected was the deluge of new businesses brought about by the pandemic. With new needs and demands in the market, entrepreneurs found a way to enter into new ventures. The close-down of a lot of businesses led to the birth of many others.
The massive spike in eCommerce because of the pandemic was expected. After all, with people not being able to go out of their homes, where will they rely on? Delivery riders and online stores grew exponentially in the past year. Many customers are still dependent on deliveries even when things are back to normal now. You can have everything delivered—from food to laundry to medicines.
There’s also a need for long-haul services since many businesses have to operate from different states as their workers moved away from the city. Same-day delivery services were also in high demand since customers try to satisfy their need for social interaction with instantly gratifying purchases. These new demands pushed many brick-and-mortar stores to launch their own eCommerce sites.
Things are going back to normal, though this is not pre-pandemic levels yet. One thing is for sure: there is a need to shift again from work-from-home setups and online stores to physical offices and stores. That doesn’t mean that work-from-home and eCommerce will be gone, but it simply signifies the need to marry these two concepts. But how can employees go back safely to their offices? People have to look into commercial cleaning franchise opportunities because these kinds of services are now generating high demand.
Business owners are identifying the opportunities to pivot or to open new ventures. This is what entrepreneurship is all about—the creativity to define gaps in the market. The new normal will throw wide open the doors that can lead entrepreneurs to their next big business idea.
Working from Home
Because many consumers work from home, they have more disposable income than before. This is true for industries and jobs that the pandemic has not massively affected. Since they have more money, they can spend on things they don’t normally spend on before. This created new opportunities again because people want to create diversions amid the challenging times. They are willing to spend on things to make them “happy” while they wait for the pandemic to ease.
Whether these are new trendy food, rare plants, or a much bigger project such as home renovation, new markets emerged. Any entrepreneur would be a fool not to recognize the signs. People who are working from home are a new market themselves.
How easy is it to talk about investment these days? Connecting suppliers, investors, and sales contacts are simpler now because of Zoom conferencing. You can send more cold emails and expect to negotiate via email, texts, calls, and videoconferencing. Who can say no to a 15-minute Zoom meeting when there’s an opportunity to invest? There are no more geographical limits because of virtual meetings and even virtual tours of facilities.
Best of all, you can talk with them at the same time. You can close several deals in a day because you do not have to travel from one place to another. Everything happens right there in your living room or bedroom or patio or wherever you sit when you hold Zoom meetings.
Multiple Sources of Income
Finally, the pandemic made one thing very clear: everyone needs additional income. You cannot depend on one income alone because if something like this happens again, where will that leave you? Instead of relying solely on employment, people are beginning to look at the possibility of starting their own businesses. With new markets unleashed because of the pandemic, there is enthusiasm for finding their own niches and making a name for themselves.
Although the pandemic brought a lot of heartaches to people, it also came with opportunities that would not have opened otherwise. While people continue to mourn for the immeasurable grief caused by the loss of lives and the closure of many businesses, the emergence of new demands is raising hopes that there will be a light at the end of the tunnel. You just need to find what business works for you.