Since the novel Coronavirus first emerged in Wuhan, China, in late 2019, it has wreaked havoc around the world and caused untold suffering. However, beyond the medical and health damage of the virus, the financial implications of COVID-19 are only now coming home to roost, and industry experts predict we could be on the verge of economic disaster.
With increasing numbers of businesses going bust in all sectors and unemployment reaching record levels, many people are being forced to consider career changes or retraining to bolster their chances of employment in the “new normal” created by COVID-19.
Creative thinking could present opportunities for self-employment
Rather than just thinking about working for someone else, Coronavirus might actually present opportunities for starting a new business. While it might seem a little counter-intuitive to launch an enterprise during a depression, in truth, now might be the perfect moment to do it alone.
After all, as Einstein once famously said, “In the middle of difficulty lies opportunity” and life post-COVID may well open unforeseen prospects. Here are just a few business ideas that are expected to thrive in a virus-free world:
Delivery services: Coronavirus brought world-wide lockdowns, forcing populations to change their shopping habits and move online for everything from groceries to larger purchases such as TVs and even cars. Our thirst for online shopping is unlikely to disappear in a post-COVID world and it’s expected that e-commerce will continue to thrive. With so much business moving online, the demand for delivery companies to transport goods from producers to consumers has never been higher.
Cleaning and hygiene-oriented firms: The virus has made us more hygiene-aware than ever and the demand for clean and disinfected environments is huge everywhere, from the workplace to shops and public spaces. Even with the return to relative normality offered by the mass roll-out of vaccines, it’s highly likely that our awareness of cleanliness will persist long after the virus has passed. Starting a cleaning business could offer long-lasting prospects for the future. There are firms, for example, that collect covid tests and PPE, such as WasteManaged.
Freelancing: Just because your previous job might have disappeared, that doesn’t mean there isn’t an enduring need for your skills in the workplace. The world of work has changed considerably because the virus, with companies adopting remote working as a result of lockdowns, meaning the freelancing opportunities are better now than at any time in history. Firms have been forced to adapt to the idea of employees working outside the traditional office environment and have increasingly implemented external networks to allow for home-working; the same networks you could use on a freelance basis. There’s never been a better time to be a freelancer.
Start your own e-commerce business: Setting up a website used to involve hiring the services of expensive web design agencies but these days, there is a huge range of cheap, affordable and quick solutions to getting online. If you have a business idea that you think could work in the online environment, there’s never been a better time to try it out and test your entrepreneurial prowess.
If you have faced unemployment as a result of the COVID-19 pandemic, you may want to consider the above options in order to avoid being further affected by what some believe may be the greatest global financial recession since the Great Depression of the 1930s.