The Covid19 pandemic has completely upended our entire economy and lives in a way that would have seemed unimaginable just a couple months ago. Most stores are closed, the travel industry has been idled and the unemployment rate is frightening. The prospects for small businesses both on and offline seem absolutely dire.
Yet, at the same time that we are experiencing such economic upheaval, there are business categories that are receiving unprecedented interest beyond the obvious ones like healthcare and critical food needs. Now might appear to be the worst possible time to start a new venture, but if you have found yourself suddenly unemployed these are the categories with lots of potential.
- Consulting on web marketing. With many online businesses struggling with a new reality on how to reach their customers who are suddenly homebound, there is a lot to be offered if you have a background in digital marketing. Additionally, the pandemic has obliterated many acquisition models that have worked for years and without warning paid marketing channels aren’t performing as they have in the past. This can leave business owners unclear whether they should be investing in advertising at all or at what levels it can still be profitable.
- Meditation, yoga, therapy and similar mental support efforts. The fear and uncertainty around the Coronavirus pandemic has many people resorting to anything that will calm them. Search terms like meditation and yoga are reaching new highs on Google Trends indicating that interest in this category is quite literally off the charts. If there is a service you can offer in this category it will be welcomed during this time.
- Pet services. Many people living alone are suddenly finding themselves spending more time with themselves than they ever have in the past. This is driving newfound interest in adopting pets and the need for services for these new pets. If there is a service or product you can offer in this space, now is the time to bring it to market. Search volume for all pet related terms shows the massive increase in searches for this category.
- Financial advice. Covid19 has both a micro and macro impact on the global economy with stock markets behaving in ways many people alive today have never seen. This market has given rise to “experts” on both the bear and bull side, and we will have no idea who is really right until the end of the pandemic fueled uncertainty. More than anything, investors desire a confident and calming voice to help guide them through these turbulent times. If you have skills around investing and navigating complicated markets, hang up your shingle and start helping people.
- Entertainment. With the historic shuttering of live sports, movie theaters, Broadway shows, concerts, and every form of live entertainment, people are flocking online to find ways to fill their seemingly endless hours of alone time. There’s only so many hours of Netflix or TV one can watch, and there’s a distinct advantage to engaging with a live performer. There may not be huge profits in providing an online show of whatever type you can offer, but now is a great time to build awareness and a brand. If you have any skill, be it magic, dancing, juggling, singing DJ’ing etc, share that skill with the world on Zoom, YouTube, Twitch at live scheduled times.
In every cloud there is a silver lining. There is no sugarcoating the horrible impacts of Covid19 and the pandemic, but we still have to persevere and push forward. Eventually this pandemic will end, hopefully sooner rather than later, but instead of sitting back and watching TV use this time to build something everlasting. Who knows, this time could be the best thing that ever happened to you!