For most of us, 2020 will go down as a year that was out of control. Everything we had come to expect from daily living was pretty much turned upside down as the pandemic swept the globe.
Airline revenues went into freefall, vacation plans were thwarted by lockdowns and casinos suddenly closed and sent their hotel guests away. Our homes turned into a multi-functional space, serving as isolation ward, office and even multi-grade school. Amidst this sea of change businesses were flung about like uncertain ships in a tsunami wave.
Employees were furloughed and once profitable enterprises had to close suddenly and declare bankruptcy. And yet, in the middle of it all, certain business models emerged to flourish even as chaos reigned.
Savvy entrepreneurs retooled existing ventures or launched new products and services to take advantage of 2020’s new reality.
Funding Your Venture by Saving Money at Home
One of the first thing that solo entrepreneurs and business owners needed to address was where to cut costs and generate extra cash. Fortunately, as the economy was affected by the pandemic, so were interest rates.
Rates have now plummeted to near historic lows. By refinancing their student loans, entrepreneurs and owners have been able to dramatically cut their monthly payments. Existing student loans can be combined into a single, new loan at today’s great rates.
When refinancing, you can choose your own loan term. Some lenders even have a client happiness team that can answer any questions and guide you through the refinancing process.
Consumers Crave Comfort in These Uncertain Times
As people across the world have been buffeted by a sea of change, consumers are increasingly seeking things that bring them comfort. Sales of bread machines skyrocketed and bread recipe searches on Google soared.
Enterprising cottage businesses began baking and delivering fresh, hot loaves of sourdough bread to bring in new revenues. There is incredible opportunity for new, local players to step in and satisfy the desire for comfort during these times.
Offering kits for creating old-fashioned, home cooked meals would be a great opportunity for local cooks or restaurants still seeking to replace lost revenue.
Delivery Is the New Shopping
Shopping used to be a fun, almost recreational, activity that so many people enjoyed. Now, it’s a risk factor and the fun of a leisurely shopping trip is long gone. Going online and ordering items for delivery is now the new norm.
This once in a lifetime change has opened the door for new business ventures. Many areas don’t have delivery available, but really need the service.
Local ventures that offer contactless delivery for much needed items could really profit from everything going on now. Shopping for the same product every week online is also incredibly boring.
Consumers crave variety now, more than ever. Offering artisan food products delivered at affordable prices would be a great moneymaker now.
A Return to Things We Can Count on in Life
As the world we’ve come to know was simply swept away, we’ve seen humanity reach back in time for traditions and ways of being that mirror a simpler time.
One of the top trends in the pandemic is the soaring sales of seeds and starter plants for growing your own food. There is something comforting in a return to the soil, in watching a plant grow and produce beautiful produce you can use for a homemade meal, canning or in a delicious soup. Garden stores were routinely sold out of seeds.
A new venture that delivers everything you need for your backyard food garden would thrive in our current environment.