Starting a Business? Consider Industries That Boomed amid the Pandemic
Before COVID-19, pandemics seemed to be a thing of the past, regarded as part of history that won’t likely repeat itself. Though new diseases emerged in the early 2000s, the scale of their infections wasn’t this big. Everyday life still went on.
Suffice to say, the world wasn’t prepared for COVID-19. Despite the advancements in medical technology and healthcare services, cases still rose alarmingly each day. Nations were forced to impose lockdowns, affecting the economy. It impacted small businesses the most and delayed the opening of many startups.
But now that restrictions are being eased, the economy is recovering, and new businesses are emerging again. If you want to start your own enterprise but haven’t decided on a specific industry yet, here are the ones that thrived the most during COVID-19:
1. Online Retailing
Amazon and other online shopping platforms boomed during the pandemic. Since consumers couldn’t go out, they turned to online stores to buy their needs. At the beginning of the lockdown (March 12), Amazon’s stock price closed at $1,676.61. By the end of June, it grew nearly $1,000 higher.
2. Workspace Solutions
Work-from-home measures didn’t stop companies from holding meetings. The pandemic has made many companies realize that remote work should be part of their long-term plans. With workspace solutions like Zoom and Google Hangouts, virtual conferences became possible.
You may not be expecting restaurants to be on the list, but as people couldn’t go grocery shopping, takeouts rose in demand. Pizza chains, in particular, needed thousands of new staff to accommodate the high volume of orders. Papa John’s reported that they would add 20,000 new workers, Domino’s scouted for 1,000 more, and Pizza Hut opened 30,000 new job posts.
4. Food Delivery
As restaurants faced a higher demand, third-party delivery services thrived along with them. DoorDash reported that they would add more than 10,000 independent restaurant partners to DashPas. They also changed their default delivery method to a no-contact one, minimizing risks of viral transmission.
5. Professional Cleaning
Now that commercial establishments have reopened, they immediately executed increased cleaning efforts to make their premises COVID-19-free. Disinfectant fogging machines are used, and deep cleaning took on a new meaning. Before, it was only about clearing out fridges and dusting, but now, it involved thorough disinfecting.
William Blair’s Commercial Services Equities Analyst Tim Mulrooney stated that commercial cleaning grows in line with GDP, but after the pandemic, he thinks that it’ll have a secular tailwind. That means that buying a commercial cleaning franchise will be one of the best decisions you’ll make during the pandemic.
Despite the reduced activity in groceries, they remained open since they are considered “essential businesses.” People started making their own meals when the restaurants closed, and some discovered new hobbies such as baking. Moreover, prices of goods spiked, forcing people to hoard them in fear of shortages.
7. Hand-sanitizing Products
Hand-sanitizing kiosks rose to 90,000 nationwide, and are expected to reach 150,000 by the end of 2020. With people wary and anxious, they felt more secure with wipes on hand, skyrocketing the demand for the product.
Since the U.S. didn’t impose a liquor ban, sales of booze surged during the pandemic. Stressed-out parents consumed alcohol to ease their worries. Others craved for socialization and hosted virtual wine nights. And with work schedules turned flexible, the cocktail hour didn’t have to wait until 5 PM.
It seems like hope isn’t lost at all, with several industries still thriving. As long as you find out what consumers need the most, your startup will face early success, which you can further build up after the pandemic.