Which attribute makes business owners outperform their competitors? The ability to transform any problem into a potential business opportunity. And corporate visionaries shouldn’t hesitate from leveraging this pandemic for commercial success. It may seem impossible to commence a business venture as the world faces an ongoing pandemic. However, this has been a great time for women in business, and entrepreneurs to take the next step. Norms have changed while social distancing and remote working have now dominated the business realm. But entrepreneurs can find creative solutions in 2021 to meet customers’ expectations and adapt to their evolving needs. There are several gaps in the market today that you can fill by providing services people so desperately require. So, which startups are ideal during the pandemic?
Business ventures for entrepreneurs in 2021
COVID-19 negatively influenced businesses worldwide as over 40% of companies closed temporarily due to the ongoing pandemic. But there are specific business ideas entrepreneurs can implement to achieve their commercial objectives. You have to leverage either strategic (long-term) or opportunistic (short-term) benefits in this situation. We’ll discuss both these kinds here for potential entrepreneurs.
Even as the vaccine has rolled out and there are discussions around vaccine confidence, entrepreneurs need to make important decisions.
Let’s talk about business opportunities individuals seeking self-employment can utilize in the COVID era:
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Digital Marketing
Today, companies actively seek to outsource digital marketing to well-reputed agencies for outperforming their competitors. With some marketing background, you can establish an agency to offer SEO and social media management services. However, getting a firm grip on the evolving business/market dynamics is crucial. And for this, you must earn a relevant degree such as an MBA that covers all essential business functions, including marketing. But does an MBA help you pursue entrepreneurial dreams? A degree in business administration gives the latest know-how, imparts communication capabilities and essential business management skills. So, it would help if you acquired an MBA before starting a business.
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Virtual Workout
As gyms closed, people sought alternate methods to maintain mental health and physical well-being during coronavirus. Consumers desire innovative online solutions to fulfill their workout needs now. If you’re passionate about fitness, translate your enthusiasm into virtual classes and digital sessions with customers. People are crazy about watching fitness videos, and live-streamed classes have also become popular. You can thus upload fitness-related content to help both enthusiasts and novices.
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Online education
Educational institutes incorporated distance learning in 2020, and many services that were unknown previously suddenly became popular. In March 2020, educational application downloads increased tremendously. It’s still time to create your app to help students study online and access lessons via digital means. Build a better educational-technology platform for future generations. Future schools/colleges will likely require more advanced software programs to conduct classes digitally.
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Pet Products
Lockdowns encouraged people to invest more in domestic animals as folks needed companionship to breach the monotony of isolation. As per Fox News, animal adopting/fostering increased by 700% during COVID – especially canines. So, people need to buy pet-related products now to groom their furry friends. They seek online retailers, pet insurance and demand digital service providers. You can provide these services online by establishing a pet-focused company that helps improve the lives of people’s pets.
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Home Delivery
Another idea for new business opportunities is to establish a home delivery service that provides essentials on a customer’s doorsteps. People need to purchase groceries and medicines no matter what, so you can enable them to order these essentials digitally. If you own a grocery store, it’s time to take it online as well. Many people are downloading apps that allow them to order groceries online without ever needing to break quarantine. And this concept will probably continue even after the pandemic is over.
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Food & Restaurant
As many people started working two jobs to make ends meet, preparing meals became an arduous task. And so, these families began ordering food online via takeout, casual dining, and delivery services. You can also establish your food chain that services fast food only or a mobile food truck that provides additional mobility. Or you can deliver meals to people’s doorstep. As Americans eat out five times a week, the chances are that this business will keep prospering.
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Network Security
Did you know that FBI saw a 400% increase in reported cyberattacks amid the pandemic?
Hackers became a significant threat to organizations’ cybersecurity during the pandemic. So, companies sought better methods to secure their information from cybercriminals. If you possess IT knowledge and skillset, make the most of this opportunity, and if not, then follow this guide. Entrepreneurs can create network security services catering to the needs of organizations mid-pandemic. You can also provide backup solutions to companies to ensure their data remains unharmed even after loss/theft.
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Fashionable Protection
Thanks to COVID, facemasks have become mainstream and mandatory in this decade. For ordinary people, these masks are just a nuisance. But facemasks create a plethora of business opportunities for entrepreneurs. For example, fashionable facemasks constitute a decent idea in the COVID era. In today’s world, people will joyfully wear luxury designer masks. So, you can conveniently start a startup that deals in fashionable protection. Many fashion designers have entered this field as well.
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Cleaning Service
The demand for cleaning services has soared globally as the pandemic continues resisting our efforts to curb it. Many cleaning services that are already working in the United States saw a rise in orders in 2020. So, it seems that the market can afford more startups that provide these services online. Even in the post-COVID era, digitally available cleaners will remain in demand. Therefore, it serves as another venture you may pursue in the COVID era as a striving entrepreneur.
Conclusion
A recent survey shows that 29% of privately-owned business founders are motivated to enter the field of entrepreneurship to become their “own boss.” Other incentives to undertake business opportunities were dissatisfaction with corporate culture and willingness to pursue their passions. But which industries are thriving for small business owners? All the stats point towards food, retail, beauty and fitness, and delivery services. Therefore, pick one that aligns with your skills and capabilities and explore the COVID era business environment.