What makes business pandemic-proof?
In fact, the current recession is one of the reasons for high traffic online, thereby leading to an increase in sales. Recently, have you noticed that more and more financial advisors and money managers are coming out of the shadows? The simplest reason is that they’re in the business that people will need once the market declines. That being said, this sector may still be susceptible to the effects of the recession.
Recession-proof businesses are the only industries to remain mostly unscathed during such an economic crisis. They are ideally the industries that supply the basic needs of the people — either in service or product form. They will likely thrive and resist the impacts of the crisis, since consumers’ demands are perpetually directed to their trade despite being financially stressed. Even in hard economic times, some business types survive or even thrive. There are some small businesses that you can start during a recession such as an online freelancing business or an online teaching business. You can also build your own brand and start selling beauty products or food online.
Healthy pre-made meals for delivery or take out
Pandemic has pushed businesses off guard, and companies are shifting to digital platforms. The logic is simple if the customer pandemic proof business cannot go to the business, let the business go to customers, and the best way is through the online platforms.
- Pandemic business will easily help you to earn a reasonable sum of money.
- People love getting surprised and are fond of the idea of trying new and unique products.
- Offline gyms and health centers are among the businesses severely impacted by pandemic outspread.
- Accounting assistance will have an understanding of where these tax benefits can be an advantage.
Start filming the ways you decompress, be it cooking, exercising, meditating, stretching or just talk about health habits in general. Once you have the completed video, edit it, add music and upload it to YouTube, TikTok, Instagram, Facebook and other social media platforms to share with your audience. If you’ve built a dedicated following, you can work with your audience to create personalized workouts and diets for them, at a cost. Most companies want to stand out with their graphics, but don’t have the in-house capabilities to do so. Whether it be their logo, event graphics or marketing materials, companies need sleek and professional-looking designs. Since social media has become an integral component of modern marketing, brands also constantly need new and eye-catching graphics on their feeds to continue to stay relevant in today’s digital-first world. Even if you don’t want to go fully remote, it’s a good idea to keep it as an option just in case.
That’s exactly why the food and beverage industry remained resilient in spite of the pandemic in 2020. Home improvement and contracting is one of the most resilient industries, with a valuation of $457 billion in a year. Suffice to say, most people want access to repair, plumbing and pressure washing services as soon as possible, rather than wait for better economic conditions. According to Castlery, the company grew « six times » during the pandemic, making over $100 million in the most recent financial year ending March 2022, and was profitable in 2020. Dennis Velasco is the CEO and Founder of Prosperna, an all-in-one eCommerce platform for Philippine businesses.
- Here are six pandemic-proof business ideas, which are strong contenders for when life returns to normal.
- Job growth in the finance and insurance sector shouldn’t be much of a surprise.
- If not, investing in a franchise is a great way to minimise your risks and build a pandemic-proof business.
We offer more than just tech solution; from your Bplans to market research reports. Hows & whys answered for building on-demand home services marketplace like Thumbtack here. Interestingly, comfort food and drinks are key to remaining optimistic and motivated for some.
Business Ideas That Are Worth Investing Amidst COVID-19
Brands that increase advertising during recessions saw exponential gains in market share . The same applies during a pandemic for a variety of industries, especially commodities and digitally-delivered goods. Increasing brand recognition and a sales pipeline is most affordable when your competitors are circling the wagons.
Let’s take a look at the best practices that you can do to pandemic-proof your business with social commerce. Starting a business offering products that require patrons to stand around a board sharing small servings of food is not ideal during a pandemic, to say the least. Businesses of all types pivoted last year to make their offerings more attractive to customers who were cautious about entering enclosed spaces. While haircare franchises checked all of the boxes above, this is where they began to struggle last year. In nearly all states, businesses that require close physical interaction with theirs customers were required to shut down for a period, some much longer than others. Even after being allowed to reopen they found that many customers had grown used to longer hair and were more comfortable stretching times in between haircuts.