Experts say that the COVID-19 recession in the United States only lasted two months, but this doesn’t mean we can go back to being laid-back about where we invest our resources on. No matter the state of the U.S. economy, we still need to be smart about where and how we spend our money, and we need to be strategic about the moves we make to grow our wealth.
If the pandemic has taught us anything, it’s that not all businesses are created equal. During the first year of the pandemic, about 200,000 American establishments have had to close up shop, with many small businesses continuing to struggle to stay afloat. Now more than ever, aspiring entrepreneurs and business people need to choose crisis-resistant ventures, if not wholly crisis-proof. If you are thinking of starting a business, here are some practical ones you should consider.
Supermarket or grocery store
When the pandemic reached a fever pitch in early 2020, businesses of all stripes were categorized into two: essential and non-essential. Those that were considered non-essential included leisure-related businesses like shopping malls, cinemas, and even public gyms. But those that remained open no matter how high the number of infections got were supermarkets, grocery stores, and some restaurants that offered delivery services.
If you are thinking of starting a business, create one that consumers will always flock to no matter the state or the health of the country. If you don’t want to start something from scratch, look into franchising businesses such as grocery store franchises for sale. Opting for a franchise is so much more convenient because you no longer have to worry about creating a brand from the ground up. You will work with a name that consumers trust if you choose right, and the marketing plan and business model are already laid out for you.
Another business you can look into is home care or an assisted living facility for seniors. According to a study by the Population Reference Bureau, there will be 95 million seniors in the United States by the year 2060—almost double its current number now. This means that if you start an elderly care business now, your kids and grandchildren could potentially inherit it, and there will be a massive demand for it when that time comes, even more than now.
Many families want their elderly loved ones to be safe from the virus now, and aging populations always need proper care regardless of the state of the economy. Because of this, there will always be a market for this type of business.
Another essential service that did not have to lock its doors at the height of the pandemic is the pet care industry. If you love animals and have a knack for pet care, in particular, you can turn your passion and skill into something that can provide you with some income during the crisis. Having a pet care business does not have to be just one thing: You don’t have to limit your services to dog walking or sitting; you can also learn how to groom pets to give their owners rest from doing it themselves.
And the best part? Pet ownership continues to grow every year thanks to millennials and Generation Z, who have embraced the pet lifestyle, which means there will always be a demand for more pet groomers and sitters as time goes on. Just give your service a killer brand identity so that you can make your mark on the younger pet owners in your area.
If you have a background in family life and child development, or if you have a teacher who had to give up your job during the pandemic, consider going into child care. This is another business that is needed regardless of the condition of the economy since there will always be families in need of qualified nannies and tutors for their kids.
This demand is also driven by the trend of more mothers being empowered to go on with their jobs and careers even after childbirth, so you would be doing families a valuable service by helping raise their children and supporting them in their education.
Not all business ideas and concepts are created equal. If you are a first-time business owner, it’s more pragmatic to invest in something that you know will pay off in the end. Once you find financial success in your first business, you can explore your passion projects. Hopefully, the economy will be better by then, too. Believe in your business acumen and stay up to the minute on market trends, and you might find success as an entrepreneur.