The business industry is greatly affected by COVID-19. Almost 100,000 businesses that temporarily closed during the beginning of the pandemic had to permanently shut down.
But when one door closes, another one opens. Because of the pandemic, many products and services are currently in demand and may continue to stay that way for years to come. Thus, if you want to start a business right now, there are still many opportunities you can pursue. Let’s look at some that you might consider:
One business idea that is relevant today and will still be relevant in the coming years is selling health supplements. The global health supplement market is expected to grow even more between 2020 and 2026. More people have become more conscious of their health and boosting their immunity, so they are investing in health supplements. This means that there’s a large market, adding more potential to a health supplement startup.
Apart from taking health supplements, people are also doing their best to stay active. Thus, you might consider selling fitness equipment for a home gym.
Gyms were closed for several months, but some are now slowly starting to open. This, of course, comes with stringent rules to reduce the risk of infection among gym-goers. But as research has shown, staying in a closed space with poor ventilation comes with a high risk of infection, despite social distancing.
Thus, people are taking their gym experience at home instead. And so home gym equipment has become a hot commodity during the pandemic. This demand can also potentially continue in the next few years, given that people would still be careful about being in closed, crowded spaces even after the pandemic is over. Some popular fitness items sold during the pandemic include resistance bands, dumbbells, and yoga mats.
Drive-in theaters are making a comeback due to the pandemic. They provide outdoor entertainment, which is what people have been missing for quite some time. It is also quite safe since customers will stay in or on their vehicles, which automatically translates to social distancing. Also, since a drive-in theater is an outdoor space, the risk of transmission is greatly minimized, especially if people follow proper safety protocol such as washing hands and wearing masks.
Drive-in theaters can be opened in old car lots. You can set up a big screen on a high platform and open no-contact concessionaires as well for more income. You can also switch things up from time to time and turn your drive-in theater into a performance venue where people can enjoy live performances, such as stand-up comedy and concerts.
And while we’re on the subject of entertainment, you might also consider opening a business that sells gaming gear and equipment. A recent study has shown that consumer interest in the gaming market has increased by 145%, showing a lot of potential to be a stable business during and after the pandemic.
Since people are staying at home more often, they need something to keep them entertained and stimulated. Gaming also has a large online community. And this fills people’s need to socialize, even virtually.
As such, more people are buying online game video gear. This includes computer peripherals such as headphones, web cameras, and gaming mice and keyboards. Gaming consoles are also in demand. For example, when the pandemic started, the sales for a handheld gaming console called Nintendo Switch skyrocketed. The console was even sold out in major stores.
Opening an errand service is also not a bad idea. No matter how much people want to stay in their homes, they will still need to go out to run errands. But not all people can risk going out. For example, senior citizens and immunocompromised individuals are especially vulnerable to COVID-19. Thus, your errand service will fill this need. For instance, you can offer grocery shopping and prescription medication pick-up services.
You might also consider opening a gardening supplies store. Many stores that sell gardening tools are seeing an increase in sales as more people are choosing to grow a food garden.
One main reason for this decision is sustainability. They can grow their own food, which limits the need to go out and buy. This also contributes to a healthier lifestyle since people will avoid ordering unhealthy takeouts. Lastly, home gardening helps in the fight against global warming.
There are many business opportunities you can pursue even in the middle of the pandemic. If you look carefully at what people need right now, you’ll find many products and services you can offer.