The coronavirus pandemic of 2020 has affected pretty much every person on the planet in some way. With high profile impacts affecting business from tourism and hospitality to business services, it’s a funny time to be in business. But is it a good time to start a business?
In fact, despite the huge changes facing global society and the predicted recession, the Covid-19 pandemic presents an interesting opportunity for many.
There are many reasons why you might be thinking of starting a business in 2020. Perhaps you’re one of the millions of people who have lost their jobs, or perhaps you’ve seen how fragile the planet is and you want to help.
In this article we’ll take a look at some of the opportunities and how to get started with a business during the Covid-19 pandemic.
All Change for Business
As countries struggle to limit the economic impact of Covid-19, it’s clear that a lot of things are going to have to change. Social distancing is going to become the norm, for at least a few years, and some things we took for granted are going to change. Cheap travel is likely to disappear and any business not offering an efficient online service is going to be especially hard hit.
Businesses will likely find people looking to access their services more remotely; no more meetings with bank managers or financial advisors. And, although travel has been hit hard, people will still want to travel but perhaps in a different way.
Other issues will likely come in the form of things we previously took for granted such as eating out, shopping in the supermarket and going out with friends. So in this time of massive change, what opportunities await the daring entrepreneur?
Digital Services on the Rise
Perhaps the most obvious place to start, digital business services such as marketing, accounting and development are going to become even more remote. In recent years, remote workers have become a more important part of the global workplace, but still businesses were often reluctant to embrace this trend.
Take for example the role of a marketing manager. Working almost entirely online, using text editing software, digital research and scheduling tools, having a seat in an office has been a redundant requirement for several years now.
In fact, the world is waking up to the fact that so many jobs can be done remotely, and that this could even save businesses a lot of money.
Those looking for a new business opportunity in the world post Covid-19 would be wise to take a look at some of the best work from home jobs, including:
- Software coder and developer
- Marketing manager
- Accounts and finance manager
- Customer account manager
- Content creators such as writers and video editors
Another problem that has been highlighted by the coronavirus shutdown across the world is the reliance on infrastructure. Shipping your food halfway around the world has been exposed as a weak link for many, and enterprising entrepreneurs will be eyeing the solutions they could provide.
As an example, providing a way for local food growers or manufacturers to offer their goods locally without a huge corporate network. Offering a coopertive for people to grow their own food, support vulnerable people locally and even offer emergency support (such as childcare or domestic abuse support) have all been flagged as key factors that are missing in most societies.
Travel and Tourism
With most of the world staring at four walls (and phone screens) for several months, the demand for tourism is going to surge once lockdowns end. However, there will be less demand for long haul or package holidays, and more demand for local experiences. Anything that gets people into the great outdoors, socially distanced of course, is going to be in high demand.
Entrepreneurs looking to support local tourism might be able to offer remote tour guide services, local food delivered to picnic spots or lodgings, or technology to offer safety advice or other services.
A New Business Timeline
Business services are constantly in demand, and even during times of lockdown, marketing and accounting are booming. In fact, if you’re looking to start any of these businesses, then there is no time like the present.
“We’re seeing increased demand for content writing, social media posts and link management”, says Oliver Lynch of Sentient Creative, a London based content marketing business. “In fact, many of our long term clients are doubling down with content at the moment so we’re expecting to see a rise across the industry as a whole”.
Many countries in Europe are looking at easing their lockdowns in time for the lucrative summer season. To these ends, businesses looking to focus on a new type of tourism will do well to get their ball rolling as soon as possible. As people can’t flock to the beaches of Southern Europe or fly to Bali or Thailand, landowners might see increased demand for distance managed camping grounds or eco-friendly nature retreats.
And any business looking at providing local support will likely the post lockdown landscape offers the best potential. So for now, planning and funding will be the best approaches.