Businesses involved in financial transactions and underwriting risk make up the finance and insurance industry. On top of this, 87.4% of these businesses said they had missed no payments or bills since March 13, 2020—a sign of steadiness despite big-picture upheaval. Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, before making any business decision, you should consult a professional who can advise you based on your individual situation. Monique Danao is a highly experienced journalist, editor, and copywriter with an extensive background in B2B SaaS technology. Her work has been published in Forbes Advisor, Decential, Canva, 99Designs, Social Media Today and the South China Morning Post.
Fitness equipment companies
A company can shape its new business model to target any of its profit segments, although it’s extremely difficult to engage more than one. The following companies have generated high sustained profits by targeting specific profit segments with innovative business models that either increased customer value or reduced cost to serve. 4 – e-CommerceThe world of retail has been completely transformed by the pandemic. Government-mandated lockdowns, social distancing measures and COVID-19-related anxieties have seen footfall at traditional bricks-and-mortar stores dwindle down to record lows. Unsurprisingly, while physical stores have suffered, e-commerce operations have boomed, with data from the Office of National Statistics showing that online sales grew by a remarkable 24 percent in the UK in 2020. To put that figure into perspective, before the pandemic, online shopping was growing at an estimated rate of 4.5 percent globally, showing just how profound the pandemic has been in ushering in the age of e-commerce.
Plan for remote work
From tax preparation to bookkeeping services, accounting is definitely a recession-proof business. There are certain recession-proof industries that have particularly consistent consumer demand. When everything gets more expensive—due to inflation, economic downturn, or otherwise— consumer demand tends to decline because people either tighten their purse strings or can’t afford the things they usually buy. Recession-proof businesses tend to retain a relatively high demand, even when prices rise. Flexibility and a willingness to adapt to prevailing conditions are essential in getting the best out of an unpredictable economy. Taking customer feedback and changing market demands into consideration is important, especially for small business owners.
Digital marketing companies
By keeping a steady focus on targeting the right segment with the right business model, you’ll create years of profitable growth. Above all, you have to choose your customers, saying no to those who don’t fit. And you have to create an innovative, high-profit business model based on providing your target customers with more customer value or lower cost to serve (or both). Not only is https://www.instagram.com/bookstime_inc digitization future-proof, but it provides scope for niche businesses to expand their markets. If you’re a store owner who has just opened online shopping, think how much you’ve already increased your customer reach.
To get all of HBR’s content delivered to your inbox, sign up for the Daily Alert newsletter. With many gyms closed across the U.S., Americans have turned to home gyms in order to help them stay fit during the coronavirus crisis. While yoga mat purchases are likely the number one purchase for many working out at home, other fitness products are seeing success. One of the most peculiar small business categories that have recently seen success in the coronavirus era is drive-in https://www.bookstime.com/articles/recording-transactions movie theaters. Madeline Sandlin, director of business development for GrubSouth, told WAFF 48 News that the company had recently hired 30 new drivers and added many new restaurants. They also said they are still looking for more drivers to help meet rising demand.
- By keeping a steady focus on targeting the right segment with the right business model, you’ll create years of profitable growth.
- Many managers who rose through the ranks in the previous era simply assumed that their age-old, tried-and-true, broad-market business models were still effective.
- In 2019, an Ipsos poll showed that 30% of Americans had more than one tattoo, up from 21% in 2012.
- Take the new trends and see how you can optimize them to drive revenue for the foreseeable future.
- As a result, the rental market is particularly important and can take off during this time.
- Even as the world enters what is set to be a long and slow recovery from the COVID-19 crisis, estate agents predict that house prices will continue to rise, with no end in sight for the real estate boom.
Tech services
Thanks to eBay, Poshmark and thredUP, it’s easy for anyone to resell items online and ship the products to consumers. According to Forbes, around 33 million consumers purchased pre-owned clothes for the first time in 2020. pandemic proof businesses This industry is also projected to double in the next 5 years, reaching $77 billion.
- If you have that expertise, now is a great time to launch a social media management company.
- Here’s a list of small business types that are seeing strong demand during the coronavirus pandemic.
- JD Phelps, store manager at New York City’s Vintage Grape Wines & Spirits, told Bloomberg that it’s been difficult to keep up with demand in the past few weeks with people wanting to stock up at home.
- With the introduction of a blog and a newsletter, the company’s new online community will continue well after the store reopens, serving its offline strategy simultaneously.
- For example, Seattle-based reusable gift-wrap company Tokki has pivoted its company and redirected all of its cloth inventory to masks.
Small-but-growing tech startups that offer internet-connected fitness equipment are thriving, such as Ergatta, FightCamp, Mirror and Tonal. These services allow users to receive live or recorded instruction from experts that are then paired with proprietary equipment designed to fit into your home gym or spare room. With many people wanting to stock up on canned and jarred food, small businesses that manufacture these goods are seeing more business.
COVID-proof businesses: Food trucks, exclusive ‘appointment’ dining, tech support and self care
If you don’t have the resources to accommodate a lot of customers, you can offer these services within your network first. Admittedly, people stayed away from cafes and restaurants but at-home consumption continued to soar. Thanks to food delivery services like UberEats, Grubhub or DoorDash, home bakers can easily sell confections online and deliver them to people’s doorstep.