who wanted to open a small business before COVID-19 themselves in , for to or a miracle. The healthcare most companies, and small, and have had losses.
, some have during the , which makes us .
The U.S. Chamber of Commerce a list of that have done well. Among those leaning services, delivery services, drive-in movie theaters, grocery stores, liquor/wine stores, meal prep delivery services, canned and jarred goods companies, game and , fitness equipment companies, landscaping and yard , bread-baking companies, coffee subscription companies, gardening , mask , telehealth services.
Opening a related business might be an excellent to .
So, is it a good time to a business?
According to Adam Singolda in Op-Ed: Analysis of 8 billion page where the next hot start-up can , it is. “The cycle is a direct of what’s consumer in real-time,” he . “Successful will heed its and use it to “ outside” in of crisis, but also how to “ inside” effectively to where to and make .”
His piece that show massive growth after the COVID-19 .
- Consumer interest in Home Improvement has 140%,
- Consumer interest in Pet Products has 50%,
- Consumer interest in Home Beauty has 36%,
- Consumer interest in Gaming has 145%,
- Consumer interest in Fitness and Health has 2,000,000 %.
Some of these will only need time, courage, and For some others, you will need more significant savings, or trustworthy investors because banks are to loans to the .
As Annie Lowrey puts it in The Small-Business Die-Off Is Here, “… banks have been prioritizing from ; some have even “concierge ” for wealthy .” She “Much of the ( to the relief ) has gone to the that need it the least, among them with counts just under the SBA caps, franchises of major chains, and traded firms, which are by definition able to raise from investors.”
Here are some pros for opening a business in related fields:
- These will even if COVID-19 gets contained. So, don’t about losing when scenarios .
- People need these services, which makes you an to your clientele.
- Some new will not because their owners are still , which will give you more opportunities.
- Some established businesses are closed, and their owners are reluctant to reopen because of the pandemic.
- People are eager to try something new and to help small businesses.
- These industries are booming right now.
- If you succeed, you will succeed BIG TIME.
- How you adapt now will work for you even past the pandemic, and also prepare you for further contingencies.
Of course, there are cons:
- People might still be reluctant to use certain businesses out of fear of contagion.
- People might be reluctant to spend money.
- Some people are engaging in DIY activities at home.
- Some people in your area might have beat you to it.
- It will be hard to get bank loans to set up your business.
- In case of not being successful, there is little chance for recovery.
With these things in mind, it is up to you to make a decision. If you open a new business, it is crucial to adapt to the current situation and make your business more attractive to people from the get-go.
Final words
Life is not going to be the same after COVID-19, at least, for the foreseeable future. Starting a new business or not, it is necessary to adjust to the new reality. If you want to start a new business, thoroughly analyzeou . Creating your safety guidelines based on the CDC instructions will help you out. You might also want to do proper research on the market capabilities of your area and your potential clients regarding the business you want to start.
Hellen Keller said: “Life is either a daring adventure or nothing at all.” Taking risks will always bring uncertainty, but it will also take you places. If you want to start a new business, do everything necessary, be creative, and don’t be afraid. Give value and serve people.
So, what kind of business do you want to build?