Business Opportunities Arising due to COVID-19
04

Sep 2020

The pandemic caused due to the spread of the Coronavirus has had a huge impact on businesses all over the world. Nobody could have thought that the whole world would come to a literal standstill. The situation may be gradually returning back to normal, but there is still fear among the hearts of the people. People nowadays prefer to work from their home or stay on leave for as long as they can, and this is having an adverse effect on the economies.

Many global events, such as the World Expo, which was to be held in Dubai in the year 2020, had to be postponed due to the threat of COVID-19. The whole world has been affected by the virus, and Governments all around the world are taking steps to tackle the situation as the economies are facing problems. There is also a recession coming in, which adds to the problems being faced by the whole world.

It is agreed that there have been job losses, and many businesses had to file for bankruptcy, but many new sectors have also come up due to the spread of the virus. The new business opportunities that are coming up in the world are as follows:

1.Hand Sanitizers and PPE kits

There has been almost an increase of 200% in demand for hand sanitizers. Similar is the story with the Personal Protection Kits (PPE kits). It is known that with proper sanitization of our hands and body, the chances of infection with the virus ae dramatically less. Prior to the pandemic, the demand for both the hand sanitizers as well as the PPE kits was less, but now the demand, as well as the prices of them, have gone up, which has given rise to a new kind of sector.

2.Healthcare

Taking care of our health is one of the biggest things right now. If your body is weak in any sort of way, it becomes susceptible to the virus. Thus there is a great demand for healthcare products. These health care products comprise of things such as immunity boosters, body shapers, gym equipment, etc.

The boost in demand for health care products has also been caused due to the fact that people are not allowed to go to the gym. This is the reason people are making their own gyms at home and taking care of their health.

3.Pharmaceuticals

People are scared of the virus and want to be ready for any kind of health-related situation. People are stocking up on simple over the counter medicines as even the smallest ailment scares them. People take medicines just to make sure that it is not a major disease. 

4.E-Commerce

People are unable to go out and are confined to their homes. In some areas of the world, the markets and shops are gradually opening up, but there is a fear among people, which is preventing them from venturing out much. This situation has acted as a boon for E-Commerce platforms. The people can just order a particular commodity over the internet and can expect its delivery in the coming days. This brings us to our next business opportunity during the pandemic.

5.Delivery

The delivery comprises not only of food delivery but of delivery of groceries or other commodities. The delivery and logistics sector has seen a sharp rise as without a robust delivery system, and the world would not able to function in the present situation. As the people are unable to move much, they get the necessary commodities delivered to their houses. 

6.Freelancing and Tech-based jobs

As people could not go to work, the trend of work from home got really popular. A job that requires physical work and physical presence could not be performed, but Tech-Based jobs could be easily performed from home. thus these jobs saw a rapid increase as more and more people wanted such jobs.

To know more about how the Covid-19 outbreak has affected the small businesses worldwide, read our blog -  Guide for a Small Business Affected by COVID-19 Outbreak.

Moreover, companies understood that businesses could be run by paying less to the workers and making them work from home. His was a suitable model as both the pay of the workers as well as the costs for the offices were being saved. The people also had a choice to work as freelancers for different companies making the opportunity to work for both the company as well as the worker.

The above mentioned six business opportunities are only some of the opportunities in the present scenario. There are many more upcoming businesses such as

  • Web Application and Mobile Application Development
  • Online reviewing
  • Traditional medicine
  • Online classes, etc.

There has been a decrease in business opportunities, but they're also has been a rise in new business opportunities. It is up to the people to adjust to the new business environment and take advantage of the situation available to them.

No matter what business you choose or is being conducted by you, there are certain activities that every business should perform. Theses business activities include accounting, Auditing, and other tax and VAT related activities. If you are on a look-out for a third party, which will help you in maintaining the financial aspect of the business, then you should have a look at the services provided by JAXA Chartered Accountants. For any details on the services provided by JAXA Chartered Accountants, Contact Us. We will be happy to answer all your questions.