3 New Entrepreneur-Ready Industries Created by COVID-19
There’s never been a better time to break into a new industry. Here are a few ideas to get you started.
Are you an entrepreneur looking to launch your first business or pivot into a new industry? Well, first it’s important to acknowledge that the COVID-19 pandemic has turned our world upside down, causing a shift in the marketplace. The silver lining? New opportunities. Here’s a look at three industries trending upward since the pandemic hit.
The shift to a socially distant world
When it comes to picking a business that will flourish after COVID-19 and beyond, you have to think about products and services that work well when people have to keep their distance from each other. For example, take Zoom and Slack— they took off as they help people stay connected online, especially all the new remote workers and learners.
Further, delivery services like Amazon, UberEats, InstaCart, and Grubhub were in high demand as people wanted to minimize their trips to stores. Pandemic-proof business ideas are going to be those that help to serve, entertain, connect, or support people without direct physical contact. Here are three industries that we recommend.
Online fitness
As gyms, beaches, and public areas closed down in 2020, people needed a new way to stay fit. Many bought fitness equipment and began home workouts. The Peloton stock alone soared by more than 400 percent in 2020. Further, gym memberships tanked as fitness app downloads skyrocketed.
Now that many people have made an investment into their at-home workout setup and have gotten into a routine, will they abandon it for the gym as soon as they can? Experts say no. Those fitness companies with brick-and-mortar locations will also need to have online offerings to safeguard their business. You can tap into this new online fitness audience with a variety of products and services. Here are some ideas:
Virtual personal trainer
App with workouts/meal plans/goal tracking/etc.
Fitness YouTube, Blog, or Instagram
Fitness journey mentor
Create video fitness classes
Create virtual fitness events
Sell exercise and fitness equipment for homes
Meal planning/meal boxes for fitness-minded individuals
Online teaching
The shift to remote work and remote learning were hard adjustments for many people. However, in time, many actually learned to like it more than going into a physical office or classroom. When you can work or learn from anywhere, it gives you more freedom to do so on your terms. As a result, many remote workers don’t want to go back to the office full-time and many people want to continue to learn online.
As a teacher, you can take advantage of this new trend by transitioning into teaching online classes. And this isn’t restricted to traditional teachers. Experts of all types can create educational content online and charge students to attend your courses. Further, higher-level business entrepreneurs can create platforms to help support the increased adoption of online learning. As we saw in the pandemic, Zoom had some serious shortfalls, leaving space for a new player to come in.
Delivery service
When looking at companies that are thriving during the pandemic, delivery services have to be mentioned. The delivery share of the restaurant market, for example, saw an increase from 9 percent up to 13 percent in 2020. That share is expected to increase to 21 percent by 2025. Entrepreneurs would be wise to get in on this trend and take advantage of the growing number of people who are in the habit of ordering in. Whether you want to open a restaurant with a delivery service or a standalone delivery service, there’s likely going to be market share up for grabs!
How to get started in a new industry
Ready to embark on a new business venture in a growing industry? The first step is to create your business plan. You’ll want to analyze your idea, the market, and your profit projections to ensure that it will be a venture worth your time and energy. Once you validate the idea and ensure you have the necessary resources, you can begin on the path to launching a pandemic-proof business! In the process, it’s important to keep an ear to the market. If there’s one thing 2020 taught us it’s to always be ready to adapt and evolve in response to current events.
Jessica is a freelance writer and the co-founder of Performex Media. You can find her work featured on outlets including MSN Money, Simple Dollar, Fundbox, and many more.