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Coronavirus

The Economy is Going to Get Worse – “Whatever it Takes Economics”

The Economy is Going to Get Worse - Whatever it Takes Economics

The coronavirus has put massive pressure on an already broken financial system. Things are going to get worse before they get better.

While many are suffering, there is always massive opportunity in disruption. Get your spending in order, but keep an eye on new business directions.

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21 Recession-Proof Businesses That Thrive in Hard Times

21 Recession-Proof Businesses That Thrive in Hard Times

With hotels, airlines, restaurants, and so many other industries devasted from the coronavirus it is pretty clear that we are in for some hard economic times. SideHustleNation has a list of businesses that will likely do well during a recession. While there are not many unique ideas here, the list might help you to think about potential opportunities.

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The COVID Effect: Are Cities Dead?, The State of Digital Nomads

The COVID Effect: Are Cities Dead?, The State of Digital Nomads

Good conversations on The Tropical MBA podcast this week. They talked about James Altucher’s NYC is Dead post, how digital nomads are fairing with COVID, and how work has become much more globally competitive.

There are difficult times ahead for many, but there are also opportunities.

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Don’t Wait for the World to Return to Normal

Don't Wait for the World to Return to Normal

$100k per month blogger, Jon Morrow, gives ideas on how to take advantage of opportunities now that the pandemic has transformed our lives.

Remote work and globalization are going to become increasingly common.

What skills can you learn that are difficult to outsource to cheaper countries?

Jon suggests writing content and SEO because they are difficult to outsource without the cultural understanding. Marketing and security are other areas he sees with potential.

What industries are booming now and will continue to do well into the future?

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Remote Work Is Killing the Hidden Trillion-Dollar Office Economy

Remote Work Is Killing the Hidden Trillion-Dollar Office Economy

“As companies in cities across the U.S. postpone and even scrap plans to reopen their offices, they have transformed once-teeming city business districts into commercial ghost towns comprised of essentially vacant skyscrapers and upscale complexes. A result has been the paralysis of the rarely remarked-upon business ecosystem centering on white-collar workers, who, when you include the enterprises reliant on them, account for a pre-pandemic labor force approaching 100 million workers.”

Business Opportunity: While this article focuses on the devastation caused by the pandemic, there are always new business opportunities in times of chaos.

With large numbers of restaurant closures, delivery companies are taking up the slack. Maybe it’s time to shift to cloud kitchens to reduce leasing costs? I recently listened to a podcast where they talked about a food truck that drives around with pre-made meals so you can receive your food 10 minutes after ordering. (Sorry, I can’t find the podcast link.)

With many moving out of expensive urban centers to smaller rural towns, there will be new services needed in those locations. How about a mobile tech support business that spends a day a week in a different town to help remote workers with their tech issues?

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Prediction: Existentialism

Prediction: Existentialism

“Prediction: The global pandemic will trigger an existentialist movement. Over the next couple years, people will more question their existence and the meaning of life. People will think more about their purpose.”

Business Idea: I completely agree with this prediction. Some have already been leading this transformation with minimalism, meditation, spirituality, social entrepreneurship, etc. Think about what happens as this gets more mainstream.

More people will discover the value of living for now. They will want to work less to spend more time with their young children. They will consume less to reduce debt obligations. More money will be invested in hobbies and personal development. People will value flexibility at work.

It won’t be everyone, but enough will change to open real opportunities. More thought leaders and services will emerge. This is a good time to start building your business.

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Meet the Next-Normal Consumer

Meet the next-normal consumer
Here is a comprehensive analysis of how the pandemic has affected the world and what to expect moving forward from McKinsey, the large business consulting firm.

“As the world begins its slow pivot from managing the COVID-19 crisis to recovery and the reopening of economies, it’s clear that the lockdown has had a profound impact on how people live. The period of contagion, self-isolation, and economic uncertainty will change the way consumers behave, in some cases for years to come.”
 
mckinsey.com

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Business Opportunities in the Recession

Business Opportunities in the Recession
“An in-depth guide to finding opportunities, researching customers, and staying sane in a downturn. Stories from Rand Fishkin, Amy Hoy, and more.”

“A poor economy actually presents many opportunities…if you know where to look.”

Opportunity #1
Recessions create new and stronger needs

“Hiten says the key during times like these is delivering on needs—not desires”

Opportunity #2
Businesses focus on maximizing their dollars

“Folks are looking to cut budget, so if you provide tools or services that help them save money right now, those opportunities are also growing.”

Opportunity #3
Layoffs mean a large and talented hiring pool

Opportunity #4
Niche markets may expand

“Amy Hoy says the impact of an economic downturn, “depends on who your audience is, and what your product is. Some things shrink, others grow.”

The #1 way to de-risk your startup: customer research

“Every founder we spoke with preaches and practices hands-on customer research. From pre-leap to building beta.”
 
krit.com

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The Event Industry Is Being Confronted By Its Napster Moment

The Event Industry Is Being Confronted By Its Napster Moment
“I won’t bury the headline: the vast, global events industry is going through its Napster moment through this pandemic, and is in denial on what this will do to it.”

“Everything about the underlying economics of this sprawling, diverse, chaotic and highly profitable sector is being undercut by the move to virtual, and 2019 may be the year where the industry’s revenues peaked. This year could be the event industry’s 2000 moment à la what happened to the music industry.”

Business Opportunity: “Connecting people in a business setting will always be a need, in fact, may even be more important in a digitally overloaded world, whether through great editorial in a conference setting or through buyer-and-seller matchmaking in various formats.”

No one knows what the future of events will be, but it’s a good guess that it will be very different than the past. There are opportunities in change.

via theclikk.com

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Startup Perks Go Remote—and Take a More Inclusive Approach

Startup Perks Go Remote—and Take a More Inclusive Approach
This is a good example of how business is changing because of the increase in remote work.

“Tech companies are swapping on-campus gourmet chefs for free snack deliveries, but they’re also stepping up childcare support and mental health services.”

Business Opportunities: There will be a lot of new services helping companies support their remote workers. How about a concierge service to do boring tasks for remote workers in your city? Kind of like a TaskRabbit but more targeted. You could sell to companies rather than individuals.

There will be software needed to manage online subscriptions of remote workers, asset management apps to keep track of who has what equipment at home, etc. 

There is a need for different versions of child care, like on-demand, vetted nannies. Homeschooling tutors, etc.
 
wired.com

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The Ripple Effects of Closed Office Buildings

The Ripple Effects of Closed Office Buildings
“With workers doing their jobs at home, the business ecosystems around office towers are taking a hit – maybe even a fatal blow.’

This is related to the link above.

While stock markets have regained most of their losses, main street is still suffering. Whether or not it will recover is very uncertain. This is obviously a major reorganization of our economy.

There are big opportunities for chasing where those office workers are spending their money now and into the future.

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Box CEO Aaron Levie on Trump, the Tech Giants, and the Stock Market

Box CEO Aaron Levie on Trump, the Tech Giants, and the Stock Market
Interesting interview with the CEO of, enterprise cloud-software company, Box.

“I and many others in tech have been very conflicted because our businesses are doing well because we happen to be digital platforms that are remaining successful during this time because we’re only technology companies. We don’t have much of a physical requirement or presence. And so our businesses are doing well, but at the same time, we know that the economy and the health care crisis are very severe in the country.”

via founderweekly.com
 
onezero.medium.com

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