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It’s true to say that the coronavirus pandemic is taking the whole world for a ride and that includes the economy. How can we predict the economic outlook for 2020? While there are those hopeful that things will rebound, it’s not looking good for a V shaped recovery. It seems everywhere you look businesses are either in trouble or failing. Some companies entered administration during the early months of the lockdown and others are now on their last legs.
Businesses connected to the travel sector are facing hard times ahead. Even with government support, companies like British Airways are preparing for shrinkage and are slashing staff numbers.
Does this sound like all doom and gloom? To an extent it is but there are positives. First, you might think that businesses never thrive in an economic crisis, but that’s not the case. Uber and Lyft both entered the market at the centre of the 2008 housing crisis. The heads of these companies were confident that they had found a gap in the market. They were ready to disrupt the city travel industry completely and have nearly made taxi services completely obsolete. Indeed, the taxi services left have been forced to adapt.
Now, that you know it’s not unheard of for businesses to thrive during a terrible economy, let’s explore what type of companies could hit it big time.
Any E-commerce Business
If you are looking for businesses that are guaranteed to see results right now, then an e-commerce company could be the way forward. While social distancing hasn’t made office work impossible, it has made the situation incredibly difficult. This is why companies like Twitter are giving their staff the option to continue working from home.
More people than ever are ordering items online. You might think that now we are coming out of lockdown that people are anxious to get back out onto the high street. However, retail stores can only function at a reduced capacity. So, regardless of whether there is low or high demand, there will always be queues outside physical stores whilst social distancing measures are in place.
It’s why you could think about starting a logistics company. In doing so, you can position yourself to make money by delivering the products that people need. It will be perfect for anyone who is ready to take to the road and has a solid understanding of customer service.
If you do want to get started in the world of logistics, then the first step is always going to be getting the right vehicle. One of the best kept secrets about van finance is that it’s affordable for anyone. So, you can easily get a great vehicle that is going to help ensure you can make deliveries. Remember, when you choose your vehicle, efficiency will be key to keeping costs low. You’ll then need to decide whether you want to operate as a freelancer or set up and run a full-size company.
More people than ever are staying at home right now. Despite entertainment options reopening, a lot of individuals just don’t think it’s safe to get back out there and they are probably right. That’s why you should be exploring entertainment that you can provide at home. Don’t forget there are big winners of the coronavirus crisis. One of these is definitely streaming services. Subscriptions for services like Netflix surged during the lockdown and are continuing to do so.
If you’re exploring an online entertainment option, then you might want to look into blogging. One of the reasons that Netflix subscriptions are increasing is that they have successfully build up a reputation for quality content. You need to make sure that you are doing the same with your blog. From the first post, give your audience something that is unique, targeted and relevant to them. Make it interesting, engaging and potentially immersive. The most successful bloggers online today have a lot of personalities and know how to engage with their target audience completely.
If you want to discover the industry that has been hit hardest by the coronavirus pandemic, then look no further than the luxury economy. In times of economic trouble, the first thing consumers do is tighten their belts. This means that almost immediately, luxury purchases cease. Even when the government provided consumers with spending money, they still didn’t buy luxury items. They were frugal and began searching for great deals.
There was, however, one key exception. Demand for luxury wellness products surged through the coronavirus pandemic and is still climbing right now. People are anxious and more paranoid about their health than ever before. This tends to happen when there is a local or global health crisis. They look for answers to protect the health of themselves and the health of family members. If you assumed they found the answers on the market, you’re absolutely right.
A solid investment possibility right now could be to buy wellness products to sell on. This could be anything from skincare, to herbal pain relief and things like healing stones. These products are going to be in high demand right now as are products related to personal fitness. Yes, personal trainers that operate in the real world are struggling to find their footing. But personal trainers operating virtually? They’ll be in high demand as people look to improve themselves physically as well as mentally.
With wellness products, it’s all about finding the right target. You do need to make sure that whether it’s a service or product, the quality is there. Otherwise, the reviews are going to kill your new business venture before it’s even begun.
We hope this helps you understand some of the best business ideas that could lead to massive profits in a post-COVID-19 world. Indeed, by taking the right steps here you can either bring up a fruitful new business or get the side hustle rolling. The choice is entirely up to you. Regardless of which option you choose, the current economy could be the perfect environment to thrive and grow as a business.