While many companies and businesses are being thrown off their gamebecause of the coronavirus pandemic, there are some businesses that are still maintaining operations at the center of all the uncertainty and panic. From supermarkets to liquor stores, there are still a select few industries that are at an advantage from the limitations stemming from COVID-19. If your business cannot operate at the moment or you recently got laid off work but still plan to quench your entrepreneurial thirst while hunkered down at home, here are some business ideas that can thrive in a pandemic that you can look into:
Obviously, with the spread of coronavirus fears all around the globe, it should come as no surprise that the demands for professional cleaning services are skyrocketing. Cleaning companies that sanitize homes, stores, restaurants, offices, and other public places are needed now more than ever. So, if you are looking to offer this delicate but highly in-demand service, you will need to obtain the following:
You will need to shell out more than a couple of hundred bucks to start your cleaning business. It helps to have readily available cash on hand (or online access to your funds) – so you do not have to head out and do your transactions in a bank. It is possible to start a cleaning business for less than $1,000.
Make sure you have enough money and savings from your previous employment or your retirement fund to cover your personal expenses in the next few months. Remember, the money you are using to invest in this business should be extra money that you do not need right away.
Meal Prep Delivery Services
With all kinds of businesses learning to get creative to adapt to the current situation, some have seen success in this “new normal” as well. Meal preparation and delivery services are such examples. It helps people “social distance” themselves from others while still getting their gastronomic cravings or nutritional requirements satisfied.
If you already own a restaurant or a food joint and have not yet delved into the delivery landscape, take advantage of this trend and offer home-prepped meals that are ready for delivery.
However, if you are passionate about cooking, and have nothing else to do with the skill to whip up nice meals at home, then this could be a good money-making idea you can venture on.
As with any legitimate business, you will need to see through to getting registered officially. Contact your local internal revenue and food safety department to know what permits and licenses you will need to obtain. Here are some more tips on starting a meal prep delivery business.
Retail Delivery Services
People around the world are anxious to see everything come back to the way it was where going outside doesn’t cause an uproar on social media. Another business that could thrive amid all these home confinement is professional delivery services.
Professional delivery services have stepped up to make sure goods can be delivered to homes, hospitals, and places of business. While aggregators in online retail deliveries have an edge and are benefiting from the surge in demand, there will always be more consumer demands that need to be met.
There are two ways to look at this from a business perspective: if you are a retail business owner, you might be inspired to offer delivery services (if you haven’t done so already) to your customers.
On the other hand, if you are tech-savvy, you might set the bar higher and develop an app/website for local delivery service to cater to the rising demand in the delivery of retail merchandise like grocery items, supplies, etc.
Did you know? The CARES Act has been passed by the U.S. Congress to alleviate the sudden downturn of the small business sector in the U.S. Learn more about it here.
Being a digital freelancer while on quarantine at home will definitely make a good residual income. Freelancing platforms such as Upwork, Freelancer, and Fiverr are tailored for freelancers and independent contractors.
If you have decent working experience in fields like graphic designing, digital marketing, copywriting, or web development – chances are, there will be work available for you.
Companies big and small utilize these platforms to get a quick turnaround on one-off projects, or to be able to lower their overhead expense.
Just sign up with any (or all) of these freelancing platforms, craft a compelling profile to stand out, and you might just be on your way to establishing your new stream of income even after the current COVID-19 situation settles down: a freelancing business.
Online Trading and Investing
Pandemics are phases that the market goes through in waves, so it might take time for the market to recover completely. But among all this uncertainty, one thing is for sure – the market will recover, as it always has.
Now that the market is on a downturn, investing during this time in a low-cost stock index, a mutual fund is considered a low-risk investment.
In this post, we elaborate on the reasons why investing and trading is still one of the best streams of income you can look into while we all wait out until the virus has run its course. ETFs do offer good investments in the form of derivative ETFs.
The good thing about this is that they require very little capital to create a hedge on the rest of your portfolio. If you are a novice investor, you might be curious if you can buy this for your portfolio?
And just as we always recommend, it is always a good idea to diversify your portfolio.
The U.S. business landscape drastically changed in the past few weeks due to COVID-19. Some businesses either closed temporarily or entirely; others have laid-off workers.
However, some small businesses are uniquely suited to the COVID-19 crisis and will see a continuous rise in demand for a good unforeseeable future.
Any business that helps people “social distance” themselves from others is most likely to click.
That said, it is now up to you to get up, adapt, and use your business acumen to do the legwork and be on your journey to setting up (or stepping up your current business) to thrive in this challenging circumstance.