5 Business Opportunities Post COVID-19
The COVID-19 pandemic have exposed a lot of new business opportunities across many industries. It has changed the way how people work. The pandemic has proven that any market research in the world does not expose hidden opportunities the way a pandemic does.
COVID-19 have exposed several trends in growing markets and revealed other opportunities in niche categories. Pre COVID-19 who would have thought facemask is now a new fashion. Who would have guessed hand sanitisers is now an essential product. Entrepreneurs and small business owners should pay attention to the trends, regardless of how small they might seem now as quite a few of them will evolve or pivot to even larger markets.
Below are five categories that we have personally experienced and would not have (so soon) if the pandemic did not occur.
On a few occasions when I went to Coles, the shelves for all types of flour were empty. Who knew that trying to buy bread flour would be so difficult during 2020 through to 2021? As more people look to eat well at home and be healthier, there is a general return to good things that have been going around.
As is evidenced by Instagram and other social media platforms, many food video bloggers are now teaching people how to bake bread. People that are serious about baking bread know all those things and how to use them. The other 90% of us could use help. But perhaps people just need some guidance or even a complete bread baking kit with the starter yeast, the bread maker (I bought one too), the bread baskets and the bread board.
Ideas here could be but not limited to: vlogs; training courses for vloggers such as photography, video shooting; e-commerce sites of related categories
Before COVID-19 we all had been on a few video calls here and there. With the pandemic and remote work, we are all on video calls. But in other ways, we are excited about virtual engagement. We have all taken a walk or tour of our favourite city in the world and it brings back fond memories. Would we take a “virtual walk” with a real tour guide in a faraway city we have longed to visit?
Amazon seems to think so. In September of 2020, Amazon Explore launched in beta which included a sizable range of choices ranging from virtual walking tours of cities and visiting landmarks to cooking courses. The company’s virtual tour of Prague will cost $85 for a 60-minute session, for example. And it’s so conveniently billed to our Prime account at Amazon. This marketplace will grow.
Ideas here are: digital tours; online virtual tours for real estate; online auctions; online training courses, fitness classes; photo shooting equipment for digital broadcast.
With governments prohibiting food and beverage outlets from opening their doors to dine-in guests, the food delivery business is gaining momentum. The hospitality industry has been forced into change with COVID-19 and has fast-tracked alternative methods of dining. Food delivery services like UberEats, Deliveroo and Menulog have transformed the way Aussie consumers eat and drink, particularly in recent months, with subsequent lockdowns resulting in people contained to their homes.
With the two possible caveats of consumers being eager to avoid unnecessary expenses during this period of economic uncertainty and a potential lack of transparency on how food is prepared (notably a lack of hygiene oversight in the case of third-party delivery platforms), ordering food online seems to have become a tiny window into the joys of food we had become so accustomed to before lockdown. This article here talks about Menulog 104% increase in food order – https://www.businessinsider.com.au/menulog-australia-results-2021-3
Ideas here: Scooter and Bike maintenance, accessories and equipment; Insurance of delivery staff;
COVID-19 has changed the standard of cleaning services. Whether in the home or commercial or B2B market, cleaning is a completely new playing field. Companies and commercial businesses are looking for next generation cleaning products and services that will ensure that their environment is “virus” clean. Think about large businesses with lots of customers like airports, train stations, bus stations, and the list goes on. All these potential customers are looking for next generation cleaning services.
Ideas here: Certified cleaning services; Cleaning products, accessories and equipment.
Certification becomes more valuable. Due to the repeated lockdowns, people have been jailed at their home. Online education is a good source to kill time while upskilling yourself. Simply put, online/offline certifications deliver incredible returns for the investment, both in terms of time and resources. While a college or university degree takes three to five years to finish, online certification programs run for no longer than a few weeks or a couple of months, depending on the field of study. Google for example, in 2020 has aggressively expanded their certification programs. As certification continues to grow, there are opportunities for new start-ups to differentiate the types of certifications in the marketplace.
Ideas here: Online training platforms; Photo shooting accessories and equipment for broadcasting.
We also have noticed COVID-19 have boosted many other areas like people are now getting more pets as companions; an increase in DIY craft and hobbies; online shopping have increased; as a result logistics will have to level up to cope with the deliveries; ISP will now need to be more stable because more and more things have shifted online. These are just to name a few that quickly comes to mind, and there are many more.
The COVID-19 pandemic have certainly introduced huge interruption to many businesses. However it has also opened up many other chances. As the old saying goes, one door closes and another one opens. Instead of spending your time on complaining how the pandemic have affected your situation. Better use your time to look around and discover new opportunities. Use the situation to your advantage and do not let it discourage you.