No one saw the pandemic coming over a year ago. It devasted the livelihood of many Americans and forced many businesses to close their doors forever. However, despite the emergence of vaccines all over the world, the pandemic is still upon us. People are still getting infected, and many people are still scared. The economy is still in the process of recovering, and many businesses are being forced to close. But as entrepreneurs, we can’t just keep our heads down. We have to look for success even during these dire times. But the question lies, is there really a business model that can fight against the pandemic? Well, the answer to that is yes.
The existence of technology paired up with modern business models has brought certain businesses to success despite the pandemic. These businesses are seen to have defeated the odds, when in fact, they were just merely ready for the pandemic or lucky enough to be on the right business model at the right time. Here are some business options you can try investing in during the pandemic.
The market for digital businesses is at an all-time high. Currently, the market is valued at $238 billion in 2019 and is expected to grow with a compound annual growth rate (CAGR) of 22.5%. This billion-dollar market is where every entrepreneur is investing in. There are various digital businesses you can try depending on your funds and current situation.
One of the easiest digital business to start is becoming a consultant for various companies. If you have prior experience and the necessary credentials, you can undoubtedly build this kind of business online. The best part about it is that you wouldn’t need to spend so much money on services and products. You’re the product in this business model, and you’ll only need to invest in yourself. Promoting yourself through advertisements and marketing should be your main priority. The rest is up to you.
Another easy digital business to start is becoming an e-commerce retailer. E-commerce is a fast-growing billion-dollar market that is populated by giants as well as small digital companies. You might be wondering what you can sell that can make you stand out in such a big market. One thing you should consider is selling niche products. Products such as vegetable burgers, organic dog food, and furniture for miniature models are considered niche. These are the best markets to start your retail e-commerce site. The best part about being a niche retailer is that you don’t have to worry about bumping heads with the big corporations. You can keep your head down and do your own thing while getting a reasonable piece of the billion-dollar pie.
Many entrepreneurs thought that the pandemic would be the end of franchising. However, this isn’t the case at all. Well-known restaurant franchises saw increases in their revenue since the pandemic hit, reporting a 25% growth in sales despite the overall market falling by 25%. Other franchises such as convenience store giant 7-Eleven also reported increases in sales enough to buy multiple gas stations.
How is the franchise business model thriving despite the pandemic closing down many retail stores in the US? The answer to that is adaptability and flexibility. These franchises are willing to integrate new but risky strategies into their business models. 7-eleven stated that they were eager to hire aggressively, leveraging the state of millions of unemployed Americans due to the pandemic. Popeyes concentrated on what they do best, and that is their chicken sandwich. This alone netted them $1.3 billion in revenue last year, with thousands of Americans ordering their iconic meal through the drive-thru, takeout, and mobile.
The franchise market may have dropped by a couple of percentages last year. However, if you are an entrepreneur willing to take a risk and see a great opportunity ahead in this market, I can’t blame you. Those numbers from 7-eleven and Popeye’s are way too much to pass on.
The current e-learning market was valued at a staggering $101 billion in 2019. It’s expected to grow to $126 billion in 2026. The growth of the market is fueled by governments pushing schools to use e-learning as a medium to teach their students. Many schools had to adapt to this trend or perish. Over a few months, universities and schools all over the US have grown accustomed to the new norm. Eventually, all classes are done online.
Another reason why the market is growing so fast is the preparation for 5G. Millions of internet users now have access to this high-speed internet connection, which further facilitates online learning for schools. This market is something you should really consider starting during the pandemic. You can start by being a part of e-learning websites. You can also invest in sites like SkillShare or even make your own account and teach others various skills. This market will still be around even if the pandemic has stopped.
Here are some business models you should try out during this pandemic. These billion-dollar markets can net you a couple of thousand dollars if you execute it correctly. Just keep your eye out on trends and start investing because these markets are destined to grow, with or without the pandemic.