Without question, 2020 has been a very difficult year to do business. An unpredictable pandemic has ravaged through whole economies minimising any sort of growth and leading some into the waters of business closure and financial ruin. But the pandemic has also brought to too light several things to think about and from this those crazy business ideas may just work. The world has undergone a complete change in the way businesses operate. Major multinational corporations right to small and medium-sized businesses have all felt the pressure of adapting to a new world where resources are limited, urgency is important and transparent communication matters.
With the help of Real Business, we have identified the significant struggles business owners now face. Existing and emerging businesses are battling to survive in these times, taking monumental losses as a result of the COVID-19 pandemic. Many are looking for relief and seeking more financial assistance, but this could just help many survive for now and does not guarantee any long-term growth.
These are the most prominent issues business owners are facing today in a world facing health and economic crises.
Supply Chains Stalled
No matter how many contingency plans businesses put in place, very few ever planned for a pandemic that would almost annihilate their supply chains. Reliance on suppliers and other stakeholders caused significant distribution issues, resulting in customers simply not finding the product on shelves.
Tightening Up Budgets
Any spare monetary resources quickly dried up and while most businesses did their best to salvage what they could, others just could not work with the difficult conditions. From demand growing and supply slowing down, many business owners had to make difficult decisions. Cutting production lines, losing storing space and adapting their products quickly to become essential to the market.
Losing The Workforce
One of the most devastating effects resulting from the COVID-19 pandemic has been the retrenchment of workers around the world. All businesses had to face the decision of choosing between sustainability, potential losses and retrenching their employees. Some had no choice but to lose their workforce and close their businesses, whereas others had to drastically cut down on theirs.
As detrimental as the Covid-19 pandemic has been in many ways for businesses, it has also brought to light the numerous gaps in economies. Needs became greater and now can be addressed because of these unprecedented times. It hasn’t been all gloom and doom, meaning those crazy business ideas you’ve been holding onto – might be more profitable than you had initially realized. Sometimes the completely outlandish work, because they are dependent on thinking out of the box. While other industry runners may dismiss an idea because of how peculiar it sounds, your unique way of meeting a customer’s needs or want could be advantageous.
These are some of those “crazy ideas” that have proved refreshed thinking can and is lucrative. Strange times breeds creativity and serve as inspiration for new business ideas. Here are some models that have worked and can help motivate you to look at the economy from a new perspective.
General Life Assistants
There have already been several apps designed where an individual can quickly source help with an errand. This allows the customer to choose to pay someone to hang a frame, repaint a room, fetch a parcel or help clean up. Even though there are numerous types of business on the market, they are not specifically designed to serve all customers or even particular tasks. That’s where you come in.
Homework Help Consultants
With parents themselves struggling to make it through this pandemic, they may not have enough time to supervise work. That’s the gap you can use to your advantage. Obviously, credentials are important here, but connecting with retired teachers and university students studying education can be beneficial.
Indoor Plant Paramedics
Not many of us have green fingers and even though indoor plants are generally self-sufficient, they can be quite the effort to look after. Charging a small fee to revive plants can be quite profitable as most are hesitant about just throwing away their decaying plants. There’s also an opportunity to grow fresh herbs and sell planters for kitchens during these tough times.
E-Waste Collection Services
As more people move towards living to declutter lives, they may find themselves with an excess of e-waste (mobile phones, computers, smart devices). These are generally no longer in use, but just lying around. The business opportunity to incentivise here is to organise a pick-up and drop off at e-waste recyclers.
Create a marketplace for virtual assistants that can take advantage of remote working in the pandemic. Even though these unprecedented times have taken away any sort of normalcy, it has also reworked how we operate daily. And that’s why remote working may be here to stay long into the future. Virtual assistants can help several other businesses without the overhead costs of hiring someone physically.
Pet Play People
Although many of us have been confined to our homes, we may find that we now have less time to do the things we love and in this case, give our pets any additional attention. And even though dog-walking and pet-sitting businesses are already established, there is a gap for pets to have complete undivided attention and playtime. Here’s one way you can monetize the need.
This is by no means a comprehensive list of crazy business ideas, but it can get you thinking about the economic gaps in your area that you can profit off. Though the COVID-19 pandemic has taken over our lives, destroyed many livelihoods and affected economies for long to come, it has also bred new opportunities to take. Entrepreneurs can quickly grow in these different industries and that in turn may create new supply chains, meaning more suppliers and providers can enter the market. Once you have an idea that could just work, put it into action. Starting small can help prove that your business model may be sustainable enough for long-term growth.