Individual micro-entrepreneurs and owners of small and medium-sized companies are expected to be strongly impacted by the recent events related to the coronavirus. Many industries, including travel, retail, gambling, restaurants, and hotels have been especially affected due to the closing of many of these industries.
With the pandemic of (COVID-19), businesses are facing very different challenges around the world: quarantines, fears, and, of course, generalized anxiety are some factors that also affect these businesses heavily.
Entrepreneurship and digital agencies are also being greatly reduced during the coronavirus crisis. So much so that many recent start-ups are having to close or at least have been put on standby. Unfortunately due to Covid-19, many of these ventures will surely not be able to sustain or recover.
For us to cope, we need some ideas for business on how to deal with the crisis.
Here are a few solutions:
- Massive meetings or events have been canceled, so what can we do? Many companies are going digital to try to maintain relationships with their customers. “Let’s do a live (live broadcast) on Instagram, Facebook, and Youtube and keep engaging with our community so that they don’t lose interest.”
- What can the food sector do (at home, food sales, restaurants, among others)? The proposal is to make the lives of consumers easier. “Let’s create packages that solve your distress right now. Do you sell food? Prepare a frozen package for a whole week, sell them to help the consumer during these days.
- Consumer market (perishable). Prepare closed consumption packages that your consumer can buy.
Business ideas for current and post COVID-19 to consider
As stated earlier, some businesses may experience a halt after the pandemic.
New markets will open and existing ones will be reinvented. Some verticals completely changed forever. These are the times where having foresight can be very useful. What will be feasible business opportunities once the coronavirus crisis is over?
And what can we do now to lay down the foundation of perhaps a new startup business?
I think we can agree that some digital and tech markets will thrive.
There are quite a few experienced entrepreneurs that certainly can use their digital marketing skills to create different avenues of revenue during difficult times.
But what about the less experienced entrepreneurs? The ones that are not tech-savvy or have never been part of a startup company.
Unfortunately, many of these inexperienced marketers will inevitably fail.
But there is one true way to multiply your chances for success exponentially, and that is to follow a roadmap. Ideally a mentorship or with full training.
Here are some ideas of business startups during these difficult times.
- Sell Ethical products – This can be a great time to get involved with e-commerce. Just make sure that you come up with some ethical ideas. There are some people that are selling products based on fear of the coronavirus, and that is just not ethical. Here are 19 great ideas of some products to sell.
- Delivery Service – People will most likely stay on the trend of staying at home more. You could think outside of the box and become a niche delivery service. For example, you can try to get a residual client base for delivering groceries to their house. Or you can expand and be a very unique delivery service where you deliver more than one item. You can go to the drugstore for them, deliver beer and wine, and food from restaurants.
- Teach people remotely – This opens up the opportunity for you to work from anywhere. It also opens up the opportunity to work with people in all different countries. If you are knowledgeable or have a specialty, you can offer your services on platforms such as takelessons.
Home based business ideas
Do bookkeeping – Many companies need a bookkeeper on a monthly basis so that they are ready for their accountants. This is a great residual business idea. You can build up a clientele and feel comfortable knowing that you will always have residual work.
Life coaching – if you have the skills, use them. You can help people overcome all kinds of challenges that they may be dealing with. You can specialize in a certain niche market.
Medical Billing – This is another up-and-coming industry where you can work from home there are many different online training courses where you can get certified to improve your chances of being hired.
Alternatives and support for those with financial difficulties
Credit repair is a model where consumers dispute erroneous information on their credit reports.
The credit repair organizations act was created to protect consumers from unethical credit repair companies.
The service of credit repair has received a bad rap because of the unethical companies.
But it can be a very honorable and virtuous business model.
This is a great business opportunity to help people while working from home. You can get started on a small budget and you can build a client base quickly.
Again, as mentioned earlier in this article if you’re going to start any of these ventures, it’s a great idea to have some sort of mentorship for training.
Here, we have found a great step-by-step guide, that is packed with information from A-to-Z on how to successfully launch a business helping people from the comfort of your home.