What do us humans do best?
Hunt? No. Forage? No.
What we do best is we adapt.
The world has changed massively since COVID-19 entered our daily lives. Every day, we’re reminded of its presence, and our need to overcome it.
The goal of overcoming it has led to us adapting to the tribulations catalysed by the pandemic, with many individuals either creating new businesses during the pandemic, adapting their own businesses in order to prosper during the pandemic or having their businesses being automatically suited to the nature of the pandemic.
How has COVID-19 impacted businesses?
Daily, business owners are wracking their brains to figure out opportunities for small businesses during COVID-19.
The impact of COVID-19 on small businesses has been felt far and wide, with 54% of firms in the Mid-Atlantic region closing and seven-in-ten Australians seeing local businesses close around Australia, according to the Council of Small Business Organisations Australia.
Having a business affected by COVID-19 is evidently harrowing, although there is light at the end of the tunnel as we will be exploring various businesses to start during a recession.
From renovations to gaming to fitness, COVID-19 has impacted a variety of industries and businesses, with the new normal providing a silver lining for these post-COVID business opportunities.
With 41% of people working from home as of February 2021, many more people are working from home, compared to March 2020’s statistic of 24%.
Spending little time outside, or at the office, and spending most of one’s time at home likely incites the desire to spruce up said home how they please, decorating here and there, and even renovating entire sections of the home.
Home Depot’s ‘Home and Garden’ category saw a 140% increase in their page views from April to May 2020, indicating a meteoric surge in DIY projects. Unfortunately, it does not appear whether we could confirm if these projects saw completion.
During the COVID-19 pandemic, some form of ‘mobile handyman/landscaper’ business could capitalise on this interest and initiate, as well as complete, envisioned DIY projects for individuals who are now working from home, as well as the individuals who are not.
To go in another direction for small business opportunities post COVID-19, utilising platforms such as Etsy and Facebook Marketplace, among others, could allow more artsy, creative types to produce decorations for people looking to make their humble abode a little less humble and a lot more exciting.
While people need to eat to survive, I can think of several people, including myself, who would rather starve than prepare their own food. If my partner stopped cooking for me, I would undoubtedly be given an unflattering obituary the following week.
For many during the pandemic, the prospect of venturing outside to eat at a restaurant, let alone to purchase groceries is a daunting one. If only there were a way for these people to have their meals prepared for them, and to have it subsequently delivered to their place of residence or work.
As of 2021, the meal prepping industry is worth around $5 billion, with that amount to at least double by 2022, in large part due to the current world-shattering pandemic going on right now.
With big players like Hello Fresh buying out smaller competitors, by simply creating a specialised meal prep and taking advantage of a niche, a smaller business can take sufficient advantage of the projected growth of the industry, riding that wave of assimilation into a larger organisation, making for one of the best businesses to start in 2021.
Or they can simply remain small and sustain a modest, yet successful, income from the new breed of workers-from-home with agoraphobia.
When my boys were boys, they would get in trouble for staying inside too much and playing video games.
However, now it seems that is all everyone wants everyone to do.
As I type this, my partner is playing the increasingly popular quarantine game that is Animal Crossing: New Horizons, a phenomenally popular Nintendo Switch video game that has sold 31.8 million units worldwide as of the start of the year.
With more people staying inside and harbouring a burning urge to experience not just the outside world, but other worlds, gaming and the virtual experience it allows generate precisely the portal that our adventurous human spirits not just want, but need.
One form of gaming that has particular merit is that of virtual reality using equipment such as the Oculus Rift, HTC Vive, and Playstation VR. As the news and social media reminds us daily of the ongoing state of the world, it can help to have that ensuing stress and anxiety alleviated by an escape to a different and/or fantastical world of virtual construction.
A research report compiled by a variety of researchers around the world presented the idea that virtual reality has a positive effect on those suffering from stress and anxiety brought on by the pandemic.
An entrepreneurial soul like yourself, who is undoubtedly reading this very article, would see the correlating increase of 145% more interest in gaming (according to CNBC) and perhaps produce more virtual reality products targeted towards individuals stuck at home, seeking the escape they crave.
Health and Fitness
According to an article published by the British Journal of Sports Medicine, indoor exercise “had increased substantially” since the start of the COVID-19 pandemic.
Now why is this?
To speculate, this may be due to the increased amount of time that people are spending at home because of quarantines, creating the perception in people’s minds that they are being lazier without the seventy-five steps they take from their car to their seat at the office, and the further twenty steps they take to meet the Uber Eats driver at the corporate reception.
In such devastating times, evading death is our primary concern, and seeing as how physical activity prevents over 3.9 million premature deaths every year, the health and fitness industry has seen a correlating boom. According to Forbes, in July 2020 56% more individuals were working out more frequently than they were in March 2020.
With people working out more frequently, said people may need a personal trainer or coach to get them through their gruelling lockdown workout regimens. This is where you, the opportunity-driven reader comes in to save the day, marketing yourself to the Average Joe or Jane as a top-notch, results-minded, no-nonsense trainer of champions.
While you’re at it, you can peddle your meal prepping side-hustle between virtual HIIT sessions while everyone admires the décor of your virtual dojo, asking when you can come around to their place and generate that same feng shui in their living room.
Businesses facing their “Corona Dilemma”
Businesses affected by COVID-19 are facing their Corona Dilemma – and must make a choice about how they plan to adapt.
Every business outlined above has recognised one thing: the old normal doesn’t work.
They’ve chosen the path of doing things differently, and are doing what they must to embrace the next normal. Life after COVID-19 will never be the same, so it’s time to start doing things differently.
By embracing these incredible business Opportunities for a Post-Covid World, a commercial enterprise can do just that.