In business as in life, one door closes and another opens. While the coronavirus pandemic has shut down many companies, it also paves the way for new opportunities that will thrive even after this crisis is over.
If you want to pivot, expand your company, or explore a new product or service, here are three businesses to try:
If there’s one thing this pandemic couldn’t emphasize enough, it’s hygiene. There’s a good chance that businesses will continue to practice the health protocols today:
- Regular deep cleaning and disinfection
- Accessibility of hand-washing stations
- Availability of hand sanitizers and soaps
This makes a commercial cleaning services franchise a profitable idea. It will allow you to serve different establishments from healthcare facilities to schools with the guidance and support of a well-experienced team of experts. You need not start from scratch, and you can rely on their expertise to position your brand well to your intended market.
2. Food Deliveries
Humans desire physical or social contact. You can expect them to spend a lot of time outdoors as soon as the pandemic is over. However, they will also learn a lesson: they also have the option to stay indoors and have everything they need delivered, especially food.
According to a Forter study, the pandemic caused the rapid growth of food delivery services, particularly through online transitions. Restaurants noted a significant jump of online orders up to 134%. Meanwhile, food chains posted an increase of over 220%.
In its forecast, Technavio revealed that on-demand food delivery could earn at least $104 billion from 2019 to 2023. Within this period, the compound annual growth rate will be a whopping 15%.
Offering food delivery services can be an excellent pivot for any existing food business. If you are starting, you can run your business at home to further minimize the operations costs. You can then pass on the savings to their consumers, giving you a competitive advantage.
3. Coworking Spaces
First, the bad news: the coronavirus pandemic will shrink the demand and, consequently, the revenues of coworking spaces. The decline could be as much as $8.24 billion this year from nearly $10 billion in 2019.
However, it will recover. By 2023, the compound annual growth rate would have hit 11.8% while the market value would reach almost $12 billion.
Coworking Resources also shared the same optimism. According to its recent reports, the available spaces globally could reach around 20,000 in 2020. By 2024, the quantity would have doubled. From 2021 and onward, the CAGR could be over 20%.
More businesses will learn to appreciate the advantages of coworking spaces:
- They offer good value for money since they pay only for the seats or space they occupy.
- They are attractive to hundreds of workers who might desire to continue to work from home at least on certain days.
- They help businesses who like to reset or startups by reducing their operations costs. They spend less on rent, for instance.
No doubt that starting or pivoting your business these days is tough. However, you can also look at your glass half-full: it can be a good time to try something new but equally lucrative.