Thinking of Starting a Business? 3 Industries Rife with Opportunities Even During the Pandemic
With most businesses already struggling, you might think the pandemic isn’t the best time to start one of your own. While there’s some truth to your assumption, you’d find that there are industries that are thriving now more than ever.
Building a business that offers solutions to the problems brought on by COVID-19 would give you a fighting chance of succeeding in your venture. Here are three industries that are rife with opportunities for entrepreneurs looking to open a new business.
Limited person-to-person contact is one of the most talked-about effects of the coronavirus pandemic on society. With the virus spreading easily, social distancing has been a go-to for curbing its transmission.
Many grocery stores and other businesses have adapted to this by upgrading their operations to include contactless technology. This includes the introduction of ‘cashierless’ systems, voice-enabled kiosks, and smart vending machines.
While these technologies have existed and have been in use before, the pandemic accelerated their use. Retailers are predicted to embrace these even more as they find more ways for customers to buy their goods.
The telehealth industry is another one which growth was expedited by the new needs created by the pandemic. As hospitals become overburdened by the number of COVID-19 cases, telehealth companies have made it possible for people to continue getting non-essential healthcare services during the pandemic lockdown.
Startups offering telehealth products and services raised $190 million between February and April of this year alone. The industry has reported revenues of $3.2 billion and is predicted to grow 8.3% per year in the coming years.
Forecasts also see telehealth becoming standard practice for healthcare providers in the future making now a good time to enter it before it gets oversaturated with competition.
While schools have opened up again in some places, it seems like the new norm for education these days is virtual learning. Companies in the education technology space are certainly benefiting from a spike in the demand for their services as physical schools have been forced to close down.
According to a Rootstrap report, businesses in this industry saw a 300% spike in their revenue from March to July. Some of the services offered by these companies are platforms for teachers to track their students’ progress, supplemental learning materials, and online tutoring services.
Outschool, a company that offers online classes for kids ages three to 18, said that it signed up 37,000 new students in the last weeks of March alone.
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