This unprecedented Coronavirus (Covid-19) virus is affecting millions of lives, killed thousands and thousands of people, threaten to collapse the world’s economy and stock markets around the world has all plummeted to 10 year lows.
While it’s easy to be a pessimist and pull the plugs on any business plans you have had during this period. The Coronavirus (Covid-19) while not to be taken lightly, is also increasingly giving rise to unique business opportunities even as it threatens a total collapse of the global markets. Entrepreneurs are coming up with unique ways of benefiting from this once in a lifetime pandemic.
Starting a business during this time also doesnt have to be the buying/selling/marking up of any Sanitization products such as sanitizers or face masks etc to make a profit, because I for one do not think its morally right or ethical to benefit/create a business out of such healthcare needs during such desperate times. Instead, there are still plenty of ways how we are still able to start a business yet do right by the people and our ethical codes.
Below are some of potentially how the coronavirus can prove to be a great opportunity.
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[BUSINESS IDEA DURING A PANDEMIC] Start a tshirt business selling Covid 19 related themes such as “Sinus not virus”, “Don’t cough on me” or “Sick go home” – quotes that you wish you could say but social norms dictate you not to. Target it at the niche group of people who worries about the pandemic, but don’t take themselves too seriously. Find local quirky influencers who are known to be different to wear and market your product. Because the product is so easy to understand, there would not be a need to build a prior tshirt brand and your audience would still get it. On the contrary, you now have a group of audience who loves such quirky tshirts that you can sell more quirky quotes to, even after the pandemic blows over. Check out our link in bio for more business ideas you can start during this period, and no it doesn’t include selling sanitisers or face masks. #asiaentrepreneurs #entrepreneur #businessideas #businessidea www.theparttimeentrepreneur.net
Even as the COVID-19 virus continues to cause havoc around the world, one of the the most obvious business idea, in my opinion, entails manufacturing and developing coronavirus-themed products.
While the world grapples with the devastating effects of the virus, there is a niche group of people who, while takes the virus seriously, have also learnt to live with it and innately makes light of the situation, at least on the surface.
Marketing T-shirts with reminders such as ‘wash your hands’ or “Please don’t cough in my face” would easily relate to this specific niche group.
T-shirts that come with imprints of reminders that you wish to tell the person next to you on the train but can’t (because of social norms), or mugs and lunch boxes that are related to the coronavirus such as “This is not a time to share”. These messages are immediately understood without a further need for explanation. And because the message and idea is so easily understood by your niche, there would be no need for prior brand awareness i.e you would not have to have a tshirt brand prior to your launch and people will still purchase from you. In fact, on the contrary, upon the success of rolling out successful coronavirus themed tshirts, you would have created an audience that is open and receptive of such unpopular opinion quotes, creating the pathway to future trendjacking tshirts.
While the world falls into panic, those with engineering or coding background are well poised to make use of technological advancements to create helpful businesses to tide over these situation and solve gaps in the overall system.
For example (also saying this as a proud singaporean), Singapore recently launched a contact tracing app called “Tracetogether”, that easily tracks and backtracks the movement of users. This would allow for easily backward contact tracing in the event when an affected individual may have moved around without knowledge that he is infected. This, along with push notifications to the the phone, allows for easy and quick communication for individuals to quarantine themselves before the wider spread of the virus.
Other use of technology to combat the spread of the coronavirus is also becoming increasingly common. Likewise, some robot companies have found a way to lend a helping hand as healthcare practitioners try to combat the virus.
Robots are increasingly being used to enable conversations between the infected persons and hospital staff in addition to delivering the much-needed necessities such as medication to coronavirus isolation facilities. Likewise, some people are programming their robots to answer declaration questions as well as quiz people about their health as part of the control mechanism, without putting any of their own internal staff at risk.
In New York and Philadelphia Promobot, the robot was used to quiz people to find out if they have any coronavirus symptoms. The robot was also used to hand over facemasks as part of the ways of controlling the further spread.
The use of robots in production processes in Industry is also becoming increasingly common as large companies seek to maintain production operations even as staff remains at home.
Thermal Scanning Devices
The development of thermal scanning devices is gaining momentum as some companies seek to enhance the testing of people. Such technologies make it possible to scan people from afar and estimate their temperature in a bid to find whether they are infected.
The integration of thermal scanners in facial recognition cameras is already gaining traction in China as one of the ways of keeping ahead of the virus when it comes to early detection. Similarly, the use of augmented reality glasses could also come into play as a way of making the testing process as seamless as possible. ThirdEye Company has already received more than 2,000 orders related to the coronavirus outbreak.
Governments across the world has instructed, and in some cases – enforce, the stay home notice rule/laws, especially for individuals who have been traveling. As people are increasingly inclined to stay at home, home services such as food delivery has seen an immediate spike in general demand. While the idea is not to go directly against major players such as Grab (For South East Asia) or Uber, it should instead spark the thought process on what other Home services can be provided to the large amount of people staying at home. Could it be laundry services, delivery of groceries, home entertainment systems, personalised home consultation services instead of getting people to visit your store/showroom, home fitness equipments etc to name a few.
As the situation becomes dire, so are interesting products cropping up as people seek to provide unique ways of preventing people from contracting the virus. For instance, baseball hats with screens are becoming a common phenomenon in e-commerce platforms, as some people resort to low tech products to combat the virus.
Such hats with screens designed to prevent people from sneezing or spitting into other people’s faces are also cropping up, providing yet another way for people to benefit from the coronavirus outbreak. The device is designed with the promise that they will be able to prevent people from contracting droplets from infected persons.
Social Media Branding – Entertainment
As people are confined to the limits of their home, these people at home too are seeking entertainment and things to do to pass time. This Covid 19 virus period hence prove to be the most opportune time to start entertainment businesses, including social media branding and content.
Make use of this time that people are at home and looking for entertainment to entertain, intrigue and capture the attention of the public. The time that most would have otherwise been out at malls etc. For our own entrepreneurs in Singapore and Asia, we have in fact increased our content production by 3x across all platforms and social media.
In a covid-19 free normal world, we would be fighting for audience’s attention, trying to get them to look at your content. Here, we have audiences that are stuck at home and literally craving to be entertained.
Purchasing Company Stocks and Shares
While this is not exactly starting a business per say, but with Covid 19 causing the world’s stock market to plunge into all time lows, this too prove as an opportune time to buy into businesses as a stock/shareholder. While there is a definite amount of risk involved in any investments, huge cap companies around the world are also now available for purchase at a discounted price. And if you are one to believe that the company would be able to ride out the storm, this is a good time as any to buy into their stocks/shares.
Disclaimer: The information provided by ThePartTimeEntrepreneur serves as an educational piece and is not intended to be personalised investment advice. Readers should always do their own due diligence and consider their financial goals before investing in any stock.
Most people are always looking for the “best” time to start a business or to finally do what they always wanted to do. But then they meet stumble blocks like a world pandemic that stops them in their tracks and tell them that maybe this isnt the best time to do it. They would then hold it out for decades before eventually regretting not to start earlier.
While this article is not meant to encourage the start of any of the above business ideas and some of the ideas does require certain amount of technical expertise that might be too late to learn before the virus blows over; the point was one purely to emphasise that even in desperate times like this, there are business opportunities for entrepreneurs if you choose to see it.
While the world sees panic, entrepreneurs find opportunities in every situation including these. The theory of the yellow cab, that it is easy to spot a yellow cab when you are looking for a yellow cab, is the same as business ideas where if you are out looking for opportunities, you will find them. There will never be a perfect time to do anything, you just have to be desperate enough to want to do it either way.