There is no question that the world is changing. The expression “new normal” has been exhausted in the last few months. While we will spare you the trouble of using this phrase, we know this much: The business world is facing massive change and those entrepreneurs who are willing to embrace it will make great profits.
The changing face of business
Even after this virus is neutralized and COVID-19 becomes a painful chapter in the history books, the effects of the pandemic will continue to affect the consumer market. It can take years for many Americans to regain the confidence to resume normal life activities, such as walking around. For example, shaking a stranger’s hand or going to a concert and sitting shoulder to shoulder in a long line of people. And for young Americans who have been hit by this virus at a very impressive point in their development, there may be no turning back.
Companies need to recognize this shift and avoid pushing back. Instead, they will do well to embrace the development and develop companies that address these new norms. Here are some possibilities we see:
1. E-learning
If there is an industry that is shaken to the core, education would certainly qualify. From preschool to colleges and universities, we’ve seen a huge change in the way classes are taught and the way students learn. In particular, we’ve turned the e-learning scale from a small part of the industry into a powerful counterpart.
While many students and parents initially pushed back on e-learning because of some of the challenges it faced (such as lack of personal engagement and attention), much of the friction has subsided and more people are now familiar with the idea of virtual learning. This gives entrepreneurs the opportunity to get into businesses and start businesses that benefit from distance learning.
2. Fitness at home
Unfortunately, gyms are a hot spot for germs. You always have been and always will be. And while many major fitness chains and local fitness centers have done a phenomenal job improving hygiene practices and doing everything they can to keep members safe, many people are unwilling to enter these environments during sickness season.
This creates a great opportunity for home fitness companies. Whether virtual trainers, fitness-based YouTube channels, fitness products for the home or a whole new class of products and services – exciting innovations will emerge from these unfortunate circumstances. It’s up to you to figure out where you will fit in this new layer.
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3. Bar alternatives
Bars and restaurants were among the hardest hit companies during the COVID crisis. And even after the pandemic ends, many people will hesitate to spend time in confined spaces and crowded bars. This creates an opportunity for the next development of bars.
One possibility are pedal bikes. With the Pedal Pub Party Bike, for example, people can enjoy good drinks with friends while being outside in an open and airy environment. Look for more momentum in this niche that is evolving.
4. Box subscription services
Even before the pandemic, we saw subscription box companies grow massively. You can buy anything from beauty items to wine. And in the coming months, this niche will catch even more wind under its sails.
In addition to the obvious benefit of bringing products right to your doorstep without leaving your home, box subscription services address consumer desire for customization. You can get exactly what you want, when you want it.
Position your company for success
If you already own a business, now is the time to start thinking about change. How can you pan or change something you’re already doing to make it more conducive to a post-COVID world? You might be adding a product, replacing a service, changing your branding, or rethinking how you use security protocols. There is no right or wrong answer, but action is required. Standing idle is a recipe for disaster.
Identify an area or two for improvement and address them. With the right optimizations, you can position your company successfully for years to come.
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