While Covid-19 has inarguably created new societal and personal challenges, there are entrepreneurs who have profited by delivering timely solutions. The hope of most pandemic-inspired business professionals seeking to leverage unique Covid-19 opportunities is to create a business that will outlast the pandemic by addressing ongoing customer needs via a vision that evolves over time. Harvard Business Review suggests that businesspeople consider whether their market proposition solves a long-term or short-term problem before embarking on a new venture.
Below are some of the top businesses in demand as Covid-19 continues to significantly impact the world as we know it.
Forbes cites a cleaning business as an excellent possibility to address the Covid-19 crisis. A cleaning venture that specializes in keeping homes, offices or businesses safe during a pandemic offers a practical preventative measure for tens of millions of potential customers. While a low-risk cleaning company might be viewed as one of the least sexy profit centers to consider when compared to trendy tech companies, it is a safe bet that starting a well-run cleaning business is a type of business that will be around long after the latest "techie" fads have been replaced.
By offering deep cleaning options focused on eradicating Covid-19 germs, savvy entrepreneurs can leapfrog over competitors who don't adjust their marketing message and operations to capitalize on new customer concerns. Cleaning services must send the message that they can solve their business clients' health and safety concerns during the pandemic, effectively facilitating their client's ability to continue business operations.
Starting an online business to ride the wave of the growing consumer shift to a preference for e-commerce represents a viable business model. E-commerce growth trends have only been accelerated by the Covid-19 pandemic. Digital Commerce 360 reports Salesforce's findings that consumers currently favor doing business online a majority of the time, or in 60% of their transactions, as compared to 42% of the time in 2019.
The opportunities to sell products and services online are limitless. Whether you decide to sell fashionable masks or in-demand home goods, there are niches that can be leveraged during the pandemic and grown into thriving enterprises that last long after the current health crisis.
Entertainment Business Options
Now that the public can no longer go to the movies, attend ballgames or go out to dinner as a way to get out of the house and socialize, entrepreneurs who offer a "fix" for consumers who miss these outlets will definitely be rewarded. One excellent example of an industry that the pandemic has breathed new life into is drive-in movie theaters. The U.S. Chamber of Commerce reports that business has increased for this nostalgic return to viewing movies under the stars.
Another prospective entertainment profit center worthy of serious consideration is video games. Once associated primarily with an addiction common with teenage boys, gaming has risen in popularity since the pandemic began. This surge is not surprising since gaming provides a safe way for people to connect. eSports lead the way. CNBC predicts that games that strategically combine socializing and exercising will continue to thrive once the pandemic is over.
A conversation about safe entertainment options would not be complete without discussing the growth of streaming services. Any entrepreneur with deep pockets who wants to tap into this popular entertainment marketplace can definitely profit during and after the Covid-19 crisis. The public is hungry for new content. TV Technology reports that an impressive 25% of consumers purchased at least one additional streaming service since the pandemic began.
Telehealth companies that facilitate a connection between physicians, nurses, and therapists via technology to replace in-person visits are currently in demand for obvious reasons. The last place we want to be during a pandemic is in a doctor's office. While this industry is over a decade old, what has changed in the past eight months is the higher demand for this type of service.
The U.S. Chamber of Commerce reports that this industry has reported national increases of 50%. Entrepreneurs who want to jump on this bandwagon can expect positive returns quickly. If the saying is true about the importance of timing, then telehealth offers the type of opportunity that can be a once in a lifetime springboard into a relatively new industry that has finally gotten a lot of serious attention from the masses.
In spite of the doom and gloom economic outlook that is often painted during challenging economic times, opportunities abound. Entertainment, e-commerce, telehealth, and cleaning businesses offer excellent startup prospects that can be expertly leveraged during the pandemic.