The 2020 coronavirus pandemic has already left us with important social and economic effects. Many companies worldwide went out of business and many more had to reinvent their business model in order to survive. Here are some business ideas that can be implemented during COVID-19.
What are the businesses that can thrive during COVID?
With many customers being forced to observe strict lockdown measures and many more being wary of resuming their lives even after the restrictions were lifted, it goes without saying that businesses with a high degree of flexibility are the ones that can present the most significant success rates during the COVID-19 pandemic. Flexibility and adaptability have been proven to be key business advantages during the first half of 2020.
Here are some business ideas that can be profitable in the current context:
1. Delivery services: the dining experience has changed for many of us and even as terraces and outdoor places are opening, many people prefer to order a meal from their favorite restaurant in the comfort and security of their homes; food and grocery deliveries have thrived during the Coronavirus outbreak;
2. Outdoor entertainment: social distancing is a measure we will most likely have to learn to embrace and distanced outdoor activities can be a good option for those who wish to remain entertained and active; a drive-in movie theater can be an interesting business option;
3. Gaming: entertainment in the safety of one’s one home often comes in the form of games; opening a game selling or making business can be a good option;
4. Online classes and services: experts of any sort or therapists can use the COVID-19 pandemic to start their own online business; this can be a good option for psychotherapists or fitness instructors as well as others;
5. Cleaning services: companies that offer sanitization services for buildings, offices, restaurants, and even homes are in high demand.
Some of these business ideas require additional licensing and permits, an issue for which a team of lawyers can provide adequate assistance.
What should entrepreneurs pay attention to when starting a business?
When starting a new company it is important to pay attention to the local company incorporation regulations and estimate a budget that will include all of the startup costs. In these trying times, it is more important than ever to come up with a good, solid business plan that will include thorough market analysis and a business risk evaluation.
At the time this article was written, the Covid-19 pandemic had affected 16,424,841 people worldwide and almost 44,800 cases were recorded in Romania.
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