How this self-made billionaire built a pandemic-proof business

Here’s a list of small business types that are seeing strong demand during the coronavirus pandemic. Just like virtual assistants, copywriters are hired when companies don’t have the budget or demand for a full-time writer on the team, or when they have a particular project that requires extra work. There is continuously increasing demand for care workers as an ever-higher percentage of the US population gets older and lives longer.

• All you need is a 10th pass certificate and the willingness to learn new skills, so you can sell insurance policies and products to your clients.
• Thanks to eBay, Poshmark and thredUP, it’s easy for anyone to resell items online and ship the products to consumers.
• As online learning has been shown to increase retention of information and take less time, the online tutoring websites that grew due to the coronavirus pandemic might be here to stay.
• That gives you some time to start your cleaning business and work out any kinks before your customer base surges.
• In all, 30.6% of these businesses reported having more than three months worth of cash on hand—a comfortable number.
• What’s more, the pandemic has served to highlight the importance of infectious disease prevention, treatment and research, with the drug discovery market predicted to be valued at a remarkable $71bn by 2050.

With the COVID-19 pandemic not projected to end anytime soon and the vaccine yet to reach billions of people, these work-at-home business ideas will have many takers for years to come. So, how can you leverage the growth in online learning to start an online tutoring business or ed-tech startup from home? These examples of entrepreneurs who did just that will inspire you to start your own online tutoring or ed-tech business. Whether you’re a beautician whose business was affected by the lockdown or want to start a new beauty salon business, you can register your beauty services on these salon-at-home apps. Paytm First Games reported an almost 200% increase in their user base during the pandemic. Even now, the trend shows no signs of dropping off and game developers are benefiting from public health efforts to enforce effective social distancing during the pandemic.

Top 5 ways that the finance industry can prepare for AI

Airbnb reports that long-term stays are at an all-time high in 2022, with Airbnb guests already booking stays in over 72,000 cities and towns during the summer. Short-term rentals like Airbnb are popular, especially in times of inflation. Whether you’re now working from your dining room or built-in home office, you know that home is where the heart, family — and now work — are. Telecom giant Verizon reported a 75% increase in video game usage since the outbreak emerged in the U.S. Meanwhile, the week of March 22 saw 1.2 billion downloads of mobile games — the biggest week ever for downloads, according to App Annie. “In recent times, with the whole COVID situation, we could see gamer activity just skyrocket,” said Tan.

In-house dining has also had a makeover, with some businesses gravitating towards a set price ‘sitting model’, whereby customers pay a set base fee for an ‘experience’ within the time-frame of a sitting. “Mental health demand is absolutely through the roof, so a lot of businesses focused on mental health are seeing their demand increasing really significantly.” “Technology-enabled businesses that can adapt to online and offline services, businesses with low overheads, those are all business that find it easier to deal with lockdowns,” Ms Kelareva said. According to an article published by Reuters, Kroger, the nations leading grocery retailer, saw a 127% surge in digital sales for the quarter ending August 15, 2020.

Information technology (IT) support

While some comfort items and vices can do well in a recession, services that people need usually perform the best. That’s why utility services historically continue to do well, no matter the economic situation. In fact, according to the Economic Policy Institute, parents in 2020 were paying $42 billion for early child care and education, such as preschool programs. Last summer, a survey of childcare providers found that 80 percent of respondents reported staffing shortages — and the majority cited low wages as the reason. Fitness and health/wellness services include anything from gyms and yoga studios to wellness centers, teletherapy, and massage services.

Understanding what makes a business recession-proof is invaluable, whether you’re looking to start something new or just see your current company through an economic downturn. When business is booming, business owners can set aside funds to be used only for emergencies, one of them being slumped sales. The amount may vary depending on your business needs, but a good starting point may be enough to cover three to six months of operating expenses. Pause and consult with financial experts, your accountant, or mentors before making any big business moves that could increase monthly expenditures.

Start an Amazon FBA business

Car and RV trips have been on the rise, as have budget travel stays like Airbnbs, Home Away, and Vrbo. RV rental interest stayed steady at 13 percent from 2020 to 2021, and it’s becoming popular among younger demographics, with 25 percent of travelers aged having taken an RV trip in the last year. But while the consumer demand for auto repair and maintenance remains strong, the industry is facing supply chain problems on top of rising costs.

According to the lipstick effect, people tend to spend money on small indulgences like hair salons and nails to compensate for the bigger sacrifices they make. The e-learning industry is projected to grow from $197 billion in 2020 to $840.11 billion by pandemic proof businesses 2030. If you have a marketable skill and a healthy dose of charisma—then you’ll be able to teach anything online. No need for a PhD or teaching qualifications to offer lessons on photography, yoga, dance, and crafts from the comfort of your own home.

According to the World Economic Forum, ecommerce has the potential to level the economic playing field for women in developing countries and can become one of the driving forces in women’s economic empowerment. Digital content producers are in high demand in India and freelancers are being employed as Content Coordinators, Bloggers, YouTubers, and Podcasters. Many people turned to blogs and podcasts to find help or advice on the issues of managing remote work, home organisation, boosting their health and immunity, and finding new recipes to cook for their families. On the other hand, a crisis for some businesses can mean opportunity for others. While some businesses are downing their shutters, many work-from-home businesses are thriving. Learn to use ROBS financing while employed to start your business using 401(k) funds — without quitting your day job.