The COVID-19 pandemic has greatly affected the global economy. Many companies who have the capability to operate remotely adapted the work-from-setup (WFH.) Essential businesses, meanwhile, remained open to provide people with their essential needs, including food, medicine, and cleaning materials. But many businesses also had to close down due to the pandemic, leaving people unemployed.
Finding a new job amid a pandemic is not easy. That is why some people consider starting a business to earn extra cash while they are in-between jobs. For months, people have spent a lot of time indoors observing social distancing. During the period of isolation, many have learned new skills, from baking to doing arts and crafts. These new skills eventually became a source of income for some.
Starting a business might be a good idea during a pandemic. But it would still depend on what kind of venture you want to start.
Should You Start a Business from Scratch?
There are several factors you need to consider when starting a business. These include what kind of products or services you will offer and how you plan to start it. Some entrepreneurs choose to build their business from scratch, while others prefer investing in franchise opportunities. Each approach has its advantages and disadvantages. You need to find which one would best work for you.
The main advantage of buying a franchise is that you’re investing your money in an already established brand. Someone has already developed and established a viable business system for you, which is one of the trickiest things to do when building a business from the ground.
Buying a franchise of a well-known brand, be it local or international, gives you access to its customers. Unlike establishing your own brand, it would be easier to attract customers because they will already be familiar with your products or services. They would also know what to expect from your brand.
Franchising, however, is not for everyone. Purchasing a franchise can often cost you more than starting your own brand since almost everything you need has already been done. That’s why some entrepreneurs choose to start their businesses from scratch. This approach also gives you control over things, from designing a business plan to marketing strategy. Plus, establishing a brand successfully on your own is a rewarding experience for many entrepreneurs.
Regardless of how you start your business, your products or services will play a crucial role in the growth of your business, especially during a pandemic.
Business Ideas to Consider During A Pandemic
A survey shows 55 percent of small business owners said their motivation for starting a business is to be their own boss. Meanwhile, 39 percent said they want to pursue their passion. The latter is a vital motivation for aspiring entrepreneurs. A Forbes article explains starting a business centered on your passion would be easier to grow. You are already knowledgeable about it and can continually build your expertise over time.
The COVID-19 pandemic has opened business opportunities for many individuals. Some people decided to earn a living from the skills they’ve learned during the lockdown period. Others lean used the current crisis to provide specific services.
If you’re planning to start your own business during a pandemic but no idea what to offer, here are three pandemic-friendly business ideas you should consider.
1. Commercial Cleaning Service
Cleanliness and sanitation have become more important than ever since the pandemic broke out. That is why cleaning services are in demand. Medical facilities, offices, and other public-facing establishments need professional cleaning services to keep their spaces clean and sanitized to prevent the spread of the virus.
Market research shows this demand is likely to grow significantly during the 2020 to 2026 period. The industry is also expected to generate incremental revenue of $512 million during this period.
2. Food Delivery
Since the pandemic started, more people are eating at home and having their meals delivered. The demand for food delivery services has significantly increased during the pandemic. Uber Eats, for example, reported the demand for its service has doubled in the second quarter of 2020. But the food delivery industry is already expected to reach $200 billion by 2025, even before the pandemic.
Food delivery is a promising business opportunity since people have been introduced to its convenience. Consumers are likely to continue ordering food online have it delivered to their homes even when the pandemic is over.
One thing that helped businesses with physical stores stay afloat during the pandemic is making their products available online. More people are now shopping online since most stores only have limited capacity, and it’s still not safe to go in a crowded place. Data from Adobe show e-commerce sales in the US increased over 40 percent year-over-year in August 2020. It has reached $63 billion. Like food delivery, people are likely to take advantage of buying things online post-pandemic.
You can sell a variety of things online, such as clothes, furniture, and fitness equipment. Create a website or a social media page where people can buy your products. Design a marketing strategy to help you reach more customers.
Starting a business is risky, especially for beginners and during a global crisis. It requires careful planning and research to make sure you’re making good use of your capital. Knowing what product to sell or service to offer is just the tip of the iceberg. Other factors would require your time, energy, and money along the way.