The COVID-19 pandemic has swept the globe and has had a devastating impact on the world economy. In fact, in the United States alone, over 40 million people have lost their jobs. Many people are turning to entrepreneurship in order to try to generate some income during the virus, and many others will do so soon after the strain of the virus is relaxed.
The need for entrepreneurship is compounded by the fact that over 100,000 small businesses have already gone bankrupt due to the pandemic and will not reemerge. Luckily, there are many creative and talented people out there who are willing to start their own businesses.
Here is a list of some great business ideas that could work very well during and after COVID-19. If you are thinking of starting your own business, one of these ideas could be perfect for you!
Thanks to e-commerce platforms such as Shopify and WooCommerce, creating an e-commerce business has never been easier. With the help of these platforms, it is possible to set up a high-quality e-commerce business and start selling goods to people around the world in a matter of days, or even hours in some cases. Many e-commerce business owners use a drop-shipping model in which they do not buy or store any inventory. They simply generate sales on behalf of a third-party company, and the third party ships the products directly to the consumer once the sale is made. The business model is both highly scalable and highly profitable when done correctly.
By creating a virtual storefront platform, you can help other businesses get free virtual access to stores online. Many retail businesses are suffering tremendously right now and are desperately looking for ways to continue generating revenue during the pandemic. Thus retailers are generally very receptive to any app, platform, or other technology that can help them reach their customers remotely. If you can find a way to help retailers sell their products through a virtual store, you could have a great business on your hands.
Streaming businesses have shown strong potential for success throughout the pandemic. This business model involves live streaming some sort of event for a specific amount of time in order to generate sales directly or to build a large audience to which you can directly market. Some examples of such a business include a 72-hour product-launch company, or a virtual fashion show via Zoom — almost any type of event can be made into a streaming business.
For the foreseeable future, the delivery industry’s customer base is going to surge, due to the simple fact that during a global pandemic, people would rather have their products come to them than risk-getting exposed to the virus. In fact, demand for delivered products is so strong that Amazon was forced to hire over 100,000 workers just to keep up with orders during this period.
In an economy that is rapidly becoming more digital, augmented reality businesses are going to rise in popularity and importance as well, and now is a great time to take advantage of these innovations. There are many different kinds of AR businesses that you could start, one example beingYouCam Makeup Magic, which has seen great results since the start of the COVID-19 pandemic. YouCam Makeup Magic allows people to virtually try on a huge variety of makeup through a smart cosmetic kit using the latest facial-mapping technology. AR reality can be highly appealing to customers, especially when they want to know how certain products will look on them.
If you have the capital to finance your own business— you can start as soon as you have your business plan set up. However, if you don’t have the funds just yet, you’ll have to negotiate with investors and try to secure an investment.
If you find yourself in this position, then you'll need to present your potential investors with a pre-money valuation, which can be difficult if you don’t have the tools to do so. We offer a valuation calculator tool to help startups identify their pre-money valuation. Knowing what the startup might be worth before any investments come in to play is crucial for entrepreneurs, as it helps give them leverage in negotiations with investors.