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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.
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.
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.
$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?
“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?
“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.
