Identifying Opportunities During A Pandemic- Ideas For Budding Entrepreneurs

There is no doubt that the Covid-19 crisis has brought hardship for many businesses, but the pandemic has also created opportunities. While the future looks uncertain, there is still a chance for startups to blossom and new markets and trends to emerge. If you’re a budding entrepreneur looking for ideas for a new venture, here are some tips to help you identify opportunities. 

Health and wellness

You only had to spend a couple of minutes on social media or take a walk during the lockdown to see how important exercise became. With facilities closed, freedom of movement restricted and most of us advised to stay at home as much as possible, there was a noticeable shift towards working out at home and utilizing spare hours in the day to get fit. Many people were inspired to try and be more active after seeing others working out on the TV or online, and months of news headlines devoted to health stories may have also encouraged some to adopt healthier lifestyles. As an aspiring entrepreneur, growing consumer interest in health and wellness opens doors. The demand for wearable technology is increasing, as highlighted by this article https://www.intellectsoft.net/blog/wearable-technology-in-healthcare/ and people are looking for simple, accessible ways to monitor and improve their health. There has also been a surge in sales of home gym equipment and activewear and more and more people are talking openly about mental health and wellbeing. Developing new apps, coming up with ingenious product designs for home workouts, and exploring ideas for new technology that connects individuals with health experts and trainers could be lucrative. 

Working from home

Just 10 months ago, many of us were accustomed to a routine that involved getting up, showering, jumping in the car or taking the bus or train to work, and completing a shift before returning home around 8 hours later. Today, the world is very different, and for most, a working day now revolves around phone calls, virtual meetings, and sitting in a home office, dining room, or kitchen. Working from home is the new norm for millions of adults all around the world, and this is a trend that will continue to dominate in the future, with several businesses indicating that they will retain remote teams even when it’s safe to reopen offices, stores, and call centers. With more people working from home, there is scope to capitalize on the shift to remote working. From functional, versatile modular furniture designed to save space and new technology to make it possible to connect with multiple colleagues at the same time to entertainment products and home office organization systems, there are all kinds of avenues you can explore. Analyze data, carry out market research, and speak to people who work from home to identify possibilities and conjure up ideas that make life easier, increase productivity, and enhance wellbeing. Studies like this could be really useful https://www.forbes.com/sites/joefolkman/2020/09/01/survey-shows-how-employees-really-feel-about-working-from-home/#624c094d184a. 

Cleanliness and hygiene

The pandemic triggered a huge increase in demand for cleaning services and products designed to reduce the risk of infection and facilitate better hygiene. Moving forward, both homeowners and business managers will be spending more on cleaning services and hygiene products than in the days before the crisis. Tapping into this growing market could be an excellent idea if you’re keen to launch a new business imminently. 

The pandemic has caused widespread disruption for businesses, but it has also created opportunities for aspiring entrepreneurs and business owners who are willing to be flexible and agile.