By: Rilind Elezaj, Life Coach, Animas
COVID-19 has taken the global economy into a sudden and, to some extent, an unprecedented recession. Consumer behaviors have changed significantly, customers have had their sources of livelihood jeopardized, and governments don’t seem to know how to revive their economies post-coronavirus. The changes we are witnessing right now will most likely catalyze bigger and more permanent changes in how businesses are formed and structured going forward. Some businesses will be removed entirely as the number of positive cases of COVID- 19 keeps growing.
Multinational businesses will have a better chance of survival than domestic businesses. This is primarily because whereas local businesses have only their local markets to look up to for post-coronavirus clients, multinationals have a bigger client base to depend on. Of course, different economies have been hit differently by the virus, plus different governments have different recovery plans, so we can expect some economies to recover sooner than others.
Local businesses that are unlucky to operate in economies that have been paralyzed completely by the pandemic will have to expand internationally or relocate in order to survive. In Asia, for example, businesses will need to expand to Korea in order to benefit from the country’s solid recovery plan. Setting up a business in South Korea will necessitate the assistance of a South Korea EOR, especially when hiring domestic employees as well as handling most legal, financial, and administrative responsibilities.
If you are looking for investment opportunities after coronavirus, here are 6 sustainable ideas for you:
1. Hyperlocal delivery business
The online delivery business has been one of the biggest winners during the pandemic. Customers now prefer online shopping mode over in-store shopping, not just because it is convenient but also because in-store shopping is unsafe right now. Chances of this trend surviving the COVID-19 are growing higher by the day. After all, lockdowns are being lifted around the world, but people are still avoiding crowded shops. This is the best time for you to establish a hyperlocal delivery business. You can start making pharmaceutical deliveries for people living with chronic diseases, groceries, food, and other essential deliveries. And because a delivery business is a low-overhead business, the risk you will be taking is inconsequential compared to its impressive ROI potential.
2. Service provider platforms
Homeowners need help with their small day to day chores, especially cleaning and cooking, as well as professional plumbers, handymen, exterminators, and other home improvements/management service providers. Now that people have tasted the convenience of ordering online, you can make a good business connecting service providers with clients through a digital platform. Hire a coding expert (or do it yourself if you are an expert) to create an ecosystem that’s reputed by quality and reliability. There are many service providers out there with no websites or platforms to reach clients- they could use your platform at a small fee.
3. Online fitness and wellness business
People have turned to digital platforms for inspiration in their fitness and wellness journey. Gyms were closed in order to curb the coronavirus outbreak, but chances are that most of them will remain closed post-coronavirus.
After all, gyms cannot exist without people sharing workout equipment and touching other people’s body fluids. The world is likely to be skeptical about touching public surfaces even after coronavirus. Investing in a yoga or meditation app, or online workout tutorials can be a worthy business investment for fitness experts.
4. Sales and marketing
Almost every business has been forced to go online. That means that online marketing is about to boom at the expense of offline sales and marketing jobs. If you have what it takes to convince online audiences to buy a product or products, an online marketing platform would be a great investment for you.
5. Remote health
Remote healthcare consultation has become very popular during the pandemic. If you are a healthcare professional, you don’t have to open a physical clinic post-coronavirus. Invest in a branded online healthcare app that enables you to meet clients digitally.
With at-home deliveries growing exponentially, plastic waste might become a bigger challenge in the new normal than it already is. Do you know of cost-effective ways of enhancing the circularity of the plastic material? If you do, you can make a sustainable source of livelihood in the recycling business.
The key to surviving the coronavirus pandemic is being optimistic for the future. The world is facing downturns right now, but progressive ideas will always defeat crises.