Posted on: December 1, 2020 |
If you’ve been laid off, unemployed or underemployed during the COVID-19 outbreak, you’ve probably considered other opportunities. Maybe you’ve decided it’s time to become your own boss and be a business owner. But your time and energy are limited, so how do you choose the right business opportunity? How do you know what businesses are stable or how to stay safe? Consider the following things to look for in a post-COVID business opportunity. Use these factors to narrow your list and choose an opportunity that makes sense for you.
5 Things to Look for in a Post-COVID Business Opportunity
1. Stable Industry
At this point no one knows for sure what will happen with COVID-19, how the economy will react, or exactly how public health and well-being will be affected. There are a lot of unknown elements here. To mitigate this, one of the important things to look for in a post-COVID business opportunity is stability. Some industries are more stable than others in recessions and uncertain times. Businesses that supply affordable alternatives to popular products or services, or those that provide for essential needs tend to remain stable during recessions.
2. Low Interpersonal Contact
COVID-19 is highly infectious and spreads easily through interpersonal contact. For this reason, it’s important to consider how much contact you’ll have with customers, clients, or patrons in your business. In some cases, you may be able to reduce interpersonal contact by simply rearranging your operations a bit. This can also be an opportunity for investing in disruptive technology or alternatives. For example, the valuation of online delivery and ordering apps are sky-rocketing. The demand for automated or touchless purchasing machines are also rising across industries. Low interpersonal contact is an important thing to look for in a post-COVID business opportunity.
When markets are uncertain and public health concerns are unstable, you want to have flexibility. If you have the ability to change aspects of your business quickly and make adjustments, you’ll be able to adapt. If your business or industry is restricted by heavy regulations, it’s difficult to change your process, or your labor or skill demands are high, it may be difficult to make quick changes. In your business opportunity, consider how quickly you can make adjustments if needed.
4. Low Start-Up Costs
You’ll want to consider investment money that you have and what you’ll need, including equipment, staff, products, and materials. However, start-up costs can also encompass time, training and education you’ll need. Some industries have higher barriers to entry than others. Consider what skills or experience you need compared to what you have, special equipment you’ll need, the experience or skills of your staff, and other start-up costs.
There are many different types of business opportunities available. Some will give you more control and decision-making power than others. In an uncertain situation like a pandemic, a good business opportunity will give you the power to make decisions and adaptations as you need. For example, investing in someone else’s business requires less energy and time, but gives you much less control. Starting your own business gives you complete control over operations. Starting a business with a partner will give you partial control, but it can also help you mitigate risk or start-up costs.
Consider these five things to look for in a post-COVID business opportunity. Whether you’re starting your own business, investing, starting a business with a partner, or expanding a business you’ve already started, these considerations will be important. With the right business opportunity and consideration, you can thrive during uncertain times.
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