When the World Health Organization declared the Coronavirus a global pandemic earlier this year, it caused drastic changes in several industries and lives. Businesses of all shapes and sizes were forced to downsize on manpower, temporarily close up, or adapt to remote work setup.
Several workers were laid off, or their income was significantly reduced as companies try to salvage itself from recession. Now, many people all over the world are looking for viable options to keep up with expenses such as rent, utilities, and groceries.
Starting a Business During Coronavirus
If you think starting a business during this pandemic is not feasible, millions of Americans disagree with you.
Business applications have soared to 3.2 million this year as compared to 2.7 million in 2019. Most of these applicants comprise independent contractors and gig-economy workers who were left unemployed in the light of Coronavirus.
This sudden surge of new businesses is a response to the wave of business closures during the first three months when the Coronavirus hit the country. Due to health reasons, many brick-and-mortar stores were forced to close up.
The shift of consumer behavior brought about social distancing, and stay-at-home regulations also opened up a lot of new markets for entrepreneurs.
Financial Considerations
Small businesses are the major contributor to the country’s economic growth. In the face of this current global crisis, the government has taken measures to protect them as much as possible by providing financial assistance through SBA loans and other business grants.
Furthermore, since mortgage rates are now at their lowest since the 70s, aspiring new business owners can take advantage of this and apply for mortgage loans to finance commercial or industrial spaces.
Types of Business You Should Start
It is pretty evident now that for your business to survive this COVID-infested world, you must embrace digital technology and use it for your advantage. Here are five business ideas that could work amid the current pandemic.
Freight Forwarding
Logistics is among the few business sectors still allowed to operate amid social distancing regulations. Since people cannot pick up or deliver goods by themselves, freight forwarding services is the most viable solution to this problem. Several businesses are also reliant on freight forwarding to deliver goods to their customers.
Food and Beverage Delivery
Although restaurants had to shut their physical stores after government-ordered lockdown, many switched to online solutions for their business to survive. People still have to eat during a pandemic, and not everyone knows how to cook.
Remote Fitness
The younger generations are pretty much obsessed with getting fit and healthy. With fitness studios and health centers indefinitely closed until further notice, fitness and wellness apps offer the best solution for remote workout and training.
Ecommerce Market
The eCommerce industry boomed during these past few months due to consumer buying habits and supply chain issues. If you are a retail or wholesale business, now is the high-time to sell your products using online marketing solutions.
History is in the making as we navigate our paths to survive the effects of the Coronavirus disease. Though not all business plans are foolproof, with proper planning and implementation, you can bounce back from any setbacks.
