The global business landscape has radically changed in the last few months. Thanks to the coronavirus, news reports are filled with stories of layoffs and businesses that are closing their doors. With so much bad news, and no end in sight for the threat of Covid-19, it’s easy to view it all as a hopeless situation. However, I’m a believer in hope, and even though things are tough right now, there is still a lot of hope and good news to be found.
Recessions, whatever their cause, are always a challenge to navigate. The good thing is that challenges bring innovation, fresh ideas and ways of doing things. Even with all of our faults, humans have historically demonstrated an incredible ability to adapt and overcome challenges. Framed within that mindset, it’s easier to see how people are currently putting that adaptability to work.
Here are a few examples of businesses that have found a silver lining:
A majority of consumers have been playing it safe and staying at home, and that fact has opened the door for many businesses to either expand their existing delivery service, or create one to meet the growing need. The reason people are staying home is a serious bummer, but the challenge has created enormous opportunities for many businesses, especially those businesses that previously didn’t offer delivery to their customers. Now, they’re in a much better position to grow their customer base and retain them after the threat of Covid-19 has subsided. If you have a business, look for ways you can cater to your customers by delivering your goods or services.
Technology and IT Services
This is a huge sector in the world of business, and within it are a multitude of opportunities. Many businesses around the world now have a significant percentage of their workforce working from home. For some, this is their first foray into remote working and they’ll need help setting their people up with what it takes to work from home. Installation of new equipment, the maintenance of that equipment, as well as instruction on how to use it, are just a few needs that now exist on an unprecedented scale. If you provide IT services look at companies who are just now getting into remote working. Ask them what they need and let them know how you can help. Maybe you’re a consultant who can teach employees how to hold virtual meetings, create content, or maintain sound mental health while being stuck at home. All of these needs are out there and are waiting for someone like you to fill them.
Oh, and if you happen to be Game Maker (or seller) there are huge opportunities right now as millions of people are utilizing video games to help them get through the lockdowns.
Home Improvement and Remodeling
With so many people now spending the majority of their time at home, those operating in the home improvement/remodeling industry have seen a huge increase in business as people seek to upgrade their living conditions. Businesses who supply materials are thriving (Home Depot’s shares have gone up 4.21%) but are an abundance of opportunities for roofers, remodelers, landscapers, and more.
Gardening is another growing area of interest, due in large part to empty grocery store aisles and panic buying. Many people have recognized that growing some of their own food is a great way to be better prepared to face times of national emergency when food can become scarce. If this is an area in which you have expertise, you can offer to train people how to grow a garden or construct greenhouses.
It’s no surprise that a global pandemic, where everyone has become increasingly more conscious of viruses and germs, has increased the demand for professional cleaning services. Businesses that offer cleaning and sanitizing services have experienced a drastic increase in demand, and especially from commercial and medical facilities. Anytime there is a heightened focus within a particular sector of the economy, more dollars are spent. The coronavirus has created such a focus, and it’s on cleanliness and hygiene.
There are some companies that have modified their existing services in order to take advantage of the abundant opportunities. For example, Fortune Magazine posted an article on their website back in May about a company called Advanced Pest Control Solutions whose focus had been removing raccoons, bats, or other creatures from people’s attics. They would go in and remove the animal, and then clean and sanitize the space. The owner, Jim Sinkuc, researched EPA-approved cleaning chemicals and began using his fogging machines that were normally used to disinfect a space following an animal removal into devices that could help combat Covid-19.
These are just a few examples of the types of businesses that are thriving during the global pandemic. Put your imagination and ingenuity to work and look for ways that will help you and your business do more than just survive these tough times. While the demand for many goods and services have declined in the last few months, the demand for others have seen a huge increase. Now could be your time to do the same. Every business that experiences success does so because they have identified a genuine need, and then came up with a solution to that need.