Overcoming the financial challenges amid the COVID-19 pandemic is a paramount task. But if you are looking to take the bull by its horns, we have got your back. Now is the time to become an innovator because opportunities await.
Most Demanded Business during COVID-19
Many experts claim that social interactions may never be the same again. It is why countries are moving towards contactless economies where each task is undertaken online. Resultantly, the following businesses are in demand during COVID-19.
1. Online entertainment
Due to lockdown in many countries, entertainment places like cinemas remain closed. People have realized the need to keep the masses entertained in these tough times. As a result, online movie premieres have increased in the Hollywood and Bollywood industries. We have seen many artists performing virtually. It is why social media is flooded with millions of short videos (vines) these days.
2. Online Grocery applications
People are wary of the fact that coronavirus is a highly infectious disease. It can transmit from one to the other. They are feeling reluctant to visit grocery stores physically, so online grocery has picked up the pace. The download of these applications has skyrocketed. However, the stores that did not adjust to the change by not going online have struggled to survive.
3. Online Food services
The countries affected by COVID-19 have banned public dining in restaurants and hotels. It had a severe impact on the foodservice industry. However, many restaurants have opted to go online to cope with the pandemic. It has worked well for them as customers are ordering online. It has also contributed to society by giving livelihood to the previously out-of-favor delivery guys.
Some innovators have come up with the concept of “contactless self-served food cabinets.” In this service, people order food online. It is prepared and then placed on a cabinet for the person to pick it up from there.
4. Online Health Consulting
This pandemic has made health professionals offer services online. Entrepreneurs have come up with online health care applications that may stay post-COVID.
5. Online Education
Educational Institutes have moved towards online learning. The demand for Zoom Cloud Meeting has surged many folds due to this. The future of education is undoubtedly e-learning. But it came sooner than expected. Application developers are coming up with new apps to fill in the vacuum in the market.
6. Online Meetings
The pandemic has forced most people to work from home to avoid the spread of COVID-19. It is why the demand for online meeting applications has soared significantly. A business that has been able to capture a large market is ‘Zoom Cloud Meetings’. There are many other alternatives to it as well like Google Meet, Microsoft Team, and now WhatsApp.
7. FinTech Applications
We have noticed a steep surge in the demand for online payments, transfers, and deposits. Another major contributor towards a contactless economy, E-Wallets are here to stay because of the convenience they bring. This virtual money or digitization has also facilitated other businesses, for instance, online shopping.
Enterprising during the pandemic
Entrepreneurs, with successful ideas, have taken the utmost care of four basic principles. They are:
Addressing Long-term problem
COVID-19 made us realize the importance of some services. These services have been a talk of the town for some time. But not much work had been done up till the pandemic. As an innovator, entrepreneurs have come up with solutions to pre-existing but underrated problems. For example, companies have started to work on software that uses Artificial Intelligence (AI) and data science to forecast the number of cases in the future. A student at MIT has come up with a model that tracks the national distribution of critical medical supplies for hospitals in the highest need with AI.
Identifying Long-term Market
Entrepreneurs have undertaken ventures that will sustain demand, even post COVID. Such enterprises include FinTech applications that allow you to transfer petty cash to a friend or family even without a bank account. It is essential to design your product in a user-oriented manner. It allows you to build something that fits into their world.
Pivoting proactively if needed
Many businesspersons have pivoted their business models to adjust to the post COVID world. A strategic pivot must be proactive and thoughtful. However, it must not look desperate surviving measure on the face of it.
Revisiting the business model
The ongoing pandemic has made business persons shift or build their business models closer to those of social entrepreneurs. A social entrepreneur conducts business activity to achieve profit as well as contribute to society. Business in the United Kingdom is seen marketing “buy one; give one.” Such business models and related research was conducted even during the Subprime Mortgage Crisis. Entrepreneurs are using these models to redefine their company’s customer value proposition (CVP), profit formula, and processes. They are foreseeing a future that is likely to demand novel solutions in times to come.
In a nutshell, crises always present you with an opportunity to outshine with innovative enterprising. We, at Oak Business Consultant, are specialized in providing consultation on these matters. We have helped several companies in building a robust financial model and business plan along with Pitch Deck. Therefore, you can visit our website Oak Business Consultant to consult with us for free.