How Covid-Trend is Creating Business Opportunities
How Covid-Trend is Creating Business Opportunities
While people are crying some set of people are exceedingly happy. When others are experiencing economic misfortune, others are experiencing economic fortunes. The world functions through what they call trends.
In our economic society, the coffin maker is very happy when people die regularly. This is because the death of many people means increase in sales, revenue and profitability for the coffin business. Why won't they be happy when it is their turn to smile to the banks to cash out.
The mechanic (an expert who fixes cars) is in business when he has broken cars to fix. That means the pain of car owners is a great joy to the mechanic business. What an ironic world. But these guys are there to fix economic frictions. They solve great problems and provide great value.
The same economic trend is currently happening to the global economy caused by the coronavirus pandemic. While some are smiling others are wailing. Let us see the businesses that are smiling. In this article we shall also see what to do to plan to adapt in this period.
How The Covid-19 Is Creating Sectoral Opportunities.
The global economic trends created by the covid-19 pandemic has open unusual business opportunities for the following sectors.
- The health or Medical Sector.
The most important discussion currently is around the health sector. It is a very critical sector at the moment because health is now the prioritized pursuit of everybody.
This period, health products have massive demands and there might be a shortage in supply which will create a great market gap for entrepreneurs.
The most important information in the media, either social or the press, is how to discover vaccines to cure the pandemic. This will make the health sector firm boom. Pharmaceutical companies, hospitals and other health related businesses will flourish this time.
- The Essential Goods Sector.
The next consideration after health and safety is survival or food. How do we survive without food? We need food at this critical time. This is why governments all over the world have ordered a close down of businesses except the essential goods industry.
This trend affects the supermarket businesses, filling stations, groceries businesses and some aspects of food related businesses. If there is restriction of movement that means people must eat. This will create high demand for these businesses.
- The Logistics Sector.
This sector is a very important industry that the global trend has positively affected. The aspect of the logistics industry is in the domestic transportation of goods. There must be vehicles that will take care of the transportation of food products and health products to the above sectors in order to keep supply constants.
So, the logistics industry is in the supply equation of these businesses. So, this means that the logistics business will experience a boom in demand due to this trend.
- Market Friction Opportunities.
Surely, the pandemic has created frictions in the market. Friction is simply the problems in the market that must be solved economically or entrepreneurially. Some of such opportunities are the demand for hand sanitizers. Some entrepreneurs have started manufacturing hand sanitizers and nose masks
The greatest of the friction is the need to discover a vaccine to covid-19 that is causing economic and financial crisis all over the world. What opportunities are you seeing? Comment below;
What about the people and business affected negatively, what should they do?
I know that this trend has caused many businesses to close, due to the shutdown of businesses by the order of the governments. This is the right time to rethink and adapt in order to strive and thrive in this storm. If your job and your business is affected then do the following;
- Job Rethinking Strategy.
I have been an advocate that one source of income is good but not suitable for employees. It is like a stool that has one stand, it will collapse when the stand is cut.
If you have lost your job, you need to strategize your career by ensuring you have what to fall back to anytime. That means, it is time to plan to learn a skill. Learn a skill that you can use as a side hustle. Alternatively, you can have an investment that generates a passive source of income.
2. Business Model Rethinking Strategy.
How can you remain in your business in this period? It will be a disaster for you, your employees, investor and family if your business folds. It means the unemployment in your country will rise and investors' funds will go down the drain.
Rethinking your business model is adjusting and improving the way your business creates value in order to adapt to the trend.
As I advise a friend that he can leverage technology to digitize some part of his business and adhere to health measures in other aspects of his business he can not automate. Do the same in your business. In case, you need a digital platform, my company Codecitty can handle that for your business professionally. Reach me now
It is not the strongest species that survives in a habitat but it is the one that can adapt. The eagles learn how to hunt in the storm. It has become relevant to learn how to hunt in the storm too. What do you think? Comment below as we discuss. Don’t forget to subscribe to the weekly newsletter.
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