There’s no question that the world is changing. The phrase “new normal” has been exhausted over the past few months. So while we’ll spare you from using this phraseology, this much we do know: the business world is about to make a massive shift, and the entrepreneurs who are ready to embrace it will win big.
The changing face of business
Even after this virus is neutralized and COVID-19 becomes a painful chapter in the history books, the effects of the pandemic will continue to influence the consumer marketplace. It may take years for many Americans to regain the confidence to resume normal life activities, such as shaking a stranger’s hand or going to a concert and sitting shoulder to shoulder in a long row of people. And for young Americans, who’ve been touched by this virus at a very impressionable period in their development, there may be no turning back.
Businesses have to recognize this shift and avoid pushing back. Instead, they’ll do well to embrace the evolution and develop businesses that appeal to this new set of norms. Here are a few opportunities that we see:
1. E-learning
If there’s one industry that’s been rocked to its core, education would certainly qualify. From preschool all the way up to colleges and universities, we’ve seen a monumental shift in how classes are taught and how students learn. More specifically, we’ve seen e-learning scale from a small segment of the industry into a powerful counterpart.
While many students and parents have initially pushed back on e-learning over some of the challenges that it presents (like the lack of face-to-face engagement and one-on-one attention), much of the friction has subsided and more people are now comfortable with the idea of virtual learning. This creates an opportunity for entrepreneurs to step in and create business ventures that capitalize on distance learning.
2. At-home fitness
Unfortunately, gyms are a hot spot for germs. They always have been and always will be. And while many major gym chains and local fitness centers have done a phenomenal job of increasing sanitation practices and doing everything possible to protect members, many people are unwilling to enter into these environments during seasons of sickness.
This creates a huge opportunity for at-home fitness companies. Whether it’s virtual trainers, fitness-based YouTube channels, at-home fitness products, or a completely new class of products and services, exciting innovations will come out of these unfortunate circumstances. It’s up to you to figure out where you fit into this new shift.
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3. Bar alternatives
Bars and restaurants have been among the hardest hit businesses during the COVID crisis. And even after the pandemic passes, many people will be hesitant to spend timed cooped up in confined spaces and crowded bars. This creates an opportunity for the next evolution of bars.
One opportunity can be found in pedal bikes. For example, the Pedal Pub Party Bike allows people to enjoy good drinks with friends while still being outside in an open and airy environment. Look for more momentum in this niche moving forward.
4. Box subscription services
Even before the pandemic hit, we’ve seen subscription box companies undergo massive growth. You can buy everything from beauty supplies to wine. And in the coming months this niche will catch even more wind beneath its sails.
In addition to the obvious advantage of having products brought straight to your doorstep without having to leave the house, box subscription services appeal to the consumers’ desire for customization. They can get exactly what they want, when they want it.
Positioning your business for success
If you already own a business, now is the time to begin thinking about shifts. How can you pivot or change something you’re already doing to make it more conducive to a post-COVID world? It could be adding a product, replacing a service, changing your branding, or rethinking how you handle safety protocols. There’s no right or wrong answer, but action is required. Standing idle is a recipe for disaster.
Identify one or two areas for improvement and zero in on them. With the right tweaks, you can position your business for success for years to come.
RELATED: Business Lessons From a Bar That Shut Down Because of the Pandemic—Here’s How It Bounced Back
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