Business Opportunities Coming Out of the COVID-19 Pandemic
By Space Coast Daily // May 19, 2020
As the COVID-19 pandemic continues to impact almost every part of our lives, we’re going to see new and hidden opportunities for new startup companies and existing brands that will either leverage opportunistic short-term opportunities or long-term opportunities.
Even for companies still operating, most of them will not function the same way they did prior to this pandemic.
Here are some insights you should know as an entrepreneur looking to take advantage of new opportunities or an existing business owner looking for ways to adapt to the evolving disruptive changes.
Emerging Opportunities
Small business experts say that these unsettling times have created great opportunities for emerging entrepreneurs and business owners to develop new business strategies that focus more on new customer behavior, their needs, and potential scenarios. There are new and unique needs that must be met.
• Short term opportunities include janitorial services that have seen a nationwide demand, medical screening services, stylish and quality face mask protection, and business startup help and solutions.
• Long-term opportunities include niche-focused delivery services, remote working applications, and streamlined solutions, remote fitness amid the demand for virtual classes, cybersecurity, e-commerce, and big entertainment online.
According to Salesforce, having a well throughout and thorough business plan and strategy will increase your chances of staying afloat during difficult times. Entrepreneurs who take advantage of these emerging opportunities available today have a chance to succeed.
Turning Opportunity Into Profits
A closer look at businesses that are still thriving during this pandemic shows one thing – that those who adapt and expand their service or product offering will stay ahead of the completion.
Take, for instance, a retail janitorial service that’s experiencing a boom in clients thus far. What else can they offer to clients to take advantage of the growing opportunities?
They can expand their offering in terms of sanitization services – that’s turning opportunity into profits. From shelving and store sanitization to cart sanitization, these services are not just vital now, but can still thrive even after the pandemic. Most businesses are thinking of such services as temporary.
But smart business owners convince their clients that this is the new normal – it’s what customers expect. Such opportunities can mean a permanent boost to your business.
The Time for Change is Now
If you ask most business owners, the pandemic has disrupted operations in major ways. Still, one thing is clear – it offers an opportunity and time to finish other projects that have been on the side for a while, refine business plans, upgrade systems, and do some training. It’s the perfect time to embrace transformative change.
The way we do business will likely change in the coming months and years, but if you look for ways to stay relevant and meet the evolving needs of your customers, you can still be ahead of the game.
Take schools, for instance, where an occupational therapy company held sessions on school grounds. By changing their teaching model, they can start offering remote services to school districts via distance learning.
Changes in Recruiting and Prospecting
Another emerging opportunity for business owners is more refined recruitment and prospecting. Is there a talent that you could finally recruit for your business?
Take, for instance, the growing need for freelancers. More business owners are looking to save costs and streamline their operations by hiring flexible freelancers who they can work with on a need-to-need basis.
When it comes to prospecting for your small business, ask yourself – is there a customer or target market that you could go for that has emerged during the pandemic? If there is, now is the time to prospect more.
What matters most is identifying the right opportunities, having a workable business plan, creating value, and serving your customers the best way you can.
Conclusion
So, what opportunities are emerging for you with the COVID-19 pandemic? How can you seize these opportunities and offer solutions to customers? Go ahead and prepare your business for change and opportunities.
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