The coronavirus pandemic is taking its toll on people all over the world. It has created devastation on the global economy. In the United States, the unemployment rate is 14.7%.
Fortunately, the situation is not totally hopeless. There are still plenty of ways that smart people can make a good living and even find promising business opportunities during the crisis.
Many experts have found that the pandemic is offering new opportunities for entrepreneurs. Some entrepreneurs are doing better than others. It really boils down to how well they understand the crisis and are willing to take steps to improve on it.
What does it really take to create a thriving business during the coronavirus pandemic? The most important thing is to identify the right business opportunities.
Some businesses are suffering tremendously, while others are thriving. Nonessential businesses that can’t deliver their services or products remotely are having the hardest time. Restaurants and hair stylists are struggling the most. This means that is not the best time to start a nonessential business that doesn’t have a strong online presence, unless you are planning on buying a depressed or failing business at a discount.
On the other hand, some businesses seem to be doing really well. You might build a thriving business model if you know the types of businesses that are likely to boom during the pandemic.
Most promising businesses during the COVID-19 crisis
What are some of the most promising business opportunities during this unprecedented pandemic? Some of the best are listed below.
Products to help with social distancing
A number of businesses are looking for ways to promote social distancing. They use things like social distancing stickers. You can benefit by selling these types of products.
Technology for remote employees
The coronavirus crisis has made it very difficult for people to work at their traditional place of employment. Most businesses were deemed nonessential, so they were not allowed to allow their employees to go into work.
Fortunately, advances in technology have made it easier for people to work remotely than ever before. This is an economic advantage that we have over the people that were alive during the Spanish Flu pandemic when computers were still half a century from being developed. Many businesses continue to operate but simply had their employees work from home.
Unfortunately, remote working has still been a learning curve for even some of the most tech-savvy employees. They needed additional guidance and many of them left the tools they needed to do their jobs effectively.
This is a need that savvy entrepreneurs might be able to fill. They can find out what challenges remote workers are struggling with and develop new technology that can assist them.
CBD and other alternative health products
CBD sales have increased significantly during the pandemic. Some CBD retailers have said that online sales have increased by over 30%.
Why are CBD sales rising so significantly? There are a number of reasons.
One of the biggest reasons is that CBD treats some of the problems that have specifically been caused by the COVID-19 pandemic. Anxiety is a prime example. Anxiety levels have increased significantly, which can be treated with CBD products.
Insomnia is another problem that has become far more prevalent during the pandemic. CBD can treat insomnia as well. One study found that 67% of people using CBD were able to sleep better.
Entrepreneurs that create CBD products should benefit considerably. This is probably one of the best times to create a product in this industry.
Around one out of seven people in the workforce are currently unemployed right now. That is a depressing figure for many people. However, there is one group that should see this as a major opportunity.
Recruiters can make a decent amount of money matching people looking for work with the right job opportunities. You might want to consider starting a recruiting business during the pandemic.