The world rejoiced at the discovery of multiple successful vaccines against Coronavirus, and the news sent pharmaceutical shares soaring in the latter half of 2020. What’s more, the pandemic has served to highlight the importance of infectious disease prevention, treatment and research, with the drug discovery market predicted to be valued at a remarkable $71bn by 2050. Once companies can turn the remote working routines into cultural values and principles, teams will have the ability to operate efficiently even when they are split physically. The ultimate goal should be creating efficient teams working harmoniously in normal times and in times of distraction. Having high dependence on a single revenue stream makes them vulnerable when things hit the fan.
- But where some industries have struggled, others have thrived, with repeated lockdowns proving no barrier to their success.
- Please keep in mind that it is not a financial institution’s responsibility to ensure all posts and questions are answered.
- In other words, some industries have historically done well in economic downshifts and recessionary periods.
- This pandemic-proof business is a great idea because it enables busy, on-the-go people to save time, energy, and money.
- Lockdown plans and provisions need to be in place with everything from staffing to stock.
- Working in this field will enlarge your contacts and after having a good experience approach for the multi-business holder person.
- One of the most peculiar small business categories that have recently seen success in the coronavirus era is drive-in movie theaters.
Our Company
Most notably used in the medical field, transcription services are an interesting remote business. The best transcription services have high-quality transcriptions edited by native English speakers for accuracy, spelling, grammar and data. COVID-19 brought cleanliness to the forefront of everyone’s minds, in addition to a significant increased reliance on technology to stay connected. By combining the two demands—technology and sanitizing high-traffic items—entrepreneurs can dominate a niche market with fast turnaround and excellent customer service.
Virtual workout classes and personal training
She has written feature stories, articles, and how-to guides on various personal finance and trending lifestyle topics. Before that, she briefly worked in banking and was a licensed life insurance advisor. When not writing, Rouselle likes to read books and binge-watch films and series. Palawan Express, Bayad Center, M Lhuillier, Western Union, and Expresspay offer franchise packages that are already fully set up and ready to operate. The franchise fee can range between ₱99,000 to ₱600,000, depending on what’s included in Food Truck Accounting the package and which franchise it is.
Growing Business Setup Ideas During Covid-19
Additionally, small video game makers that work on creative titles for children are seeing an uptick in demand with many kids unable to attend school. In an era of growing uncertainty, building operational resilience is essential for US firms to ensure continuity, protect stakeholder interests and stay competitive. It is imperative that firms develop a robust strategy around operational resilience.
For more business ideas
Look at the following graph and see Cloud Index composed by Bessemer Venture Partners, to apprehend how some tech companies outscore others. Companies such as Paypal, Salesforce, Shopify, Zoom, Workday, Slack, and Wix are included in the index. They are also affected by the downturn in pandemic proof businesses some ways but benefit the most given their unique abilities. A record number of businesses were formed in July 2020, according to data from the Census Bureau. Since then, inflation surged to its highest in nearly four decades, and the Federal Reserve worked to tame it by raising its influential federal funds rate to the highest since 2001.
- Additionally, 20,000 shops on the e-commerce marketplace Etsy are now selling masks, showing how fast this market is heating up.
- In the US, meanwhile, 2020 saw home sales reach their highest level since 2006, showing a spike in demand on both sides of the Atlantic.
- Over the past five years, public health initiatives have bolstered the industry, resulting in a U.S. market size of $35 billion and over 109,000 businesses.
- In October 2020, UK house prices rose at their fastest rate in four years, with mortgage lender Halifax confirming that the average price of a home had reached £250,000 for the first time in history.
- The sudden outbreak of Covid-19 in 2020 brought a major setback on the livelihood of people all across the world.
Car and RV trips have been on the rise, as have budget travel stays like Airbnbs, Home Away, QuickBooks and Vrbo. RV rental interest stayed steady at 13 percent from 2020 to 2021, and it’s becoming popular among younger demographics, with 25 percent of travelers aged having taken an RV trip in the last year. Start planning to get your business recession-ready with the top 5 Tried and True Strategies for a Recession Proof Business. Rouselle has over eight years of writing experience in the personal finance niche.