For most persons, COVID-19 has presented risks and uncertainties that have challenged their normal day-to-day operations as well as their general financial stability. In a time when many persons are losing jobs and when many others are taking pay cuts, people are growing increasingly frustrated with the financial hardships the pandemic has caused them. But is this the case for everyone? For a few persons in certain sectors, the pandemic has brought with it numerous golden economic opportunities.
Many employees have been able to save time that would have ordinarily been spent commuting to work and have been able to spend less time making tangible preparations for work such as preparing lunch and work uniforms. As some have posited, “Time is money”, and this seems to be a reasonable perspective since all the time saved can now be invested in other money-making activities. This is certainly a consideration many who have fallen on hard times can use to their advantage.
Nevertheless, there are many business owners and operators who are now reaping increased success due to the various changes in our social climate and functioning brought on by the pandemic. Here are five sectors and sub-sectors that are thriving now amidst all the changes that have taken place:
Amidst the COVID-19 scare, many persons have become more health conscious and are starting to look more seriously at prioritizing their health. This has given both conventional and alternative medicine practitioners greater scope for earnings. With many young entrepreneurs finding ways of tapping into the demand for masks, ventilators and other tools that are critical to the medical services industry now, some small businesses in the health sector are doing particularly well.
- Online Video Conferencing
More and more persons are learning how to Zoom their way through business meetings, family meet-ups and other online engagements using technology. With the arrival of COVID-19, many work spaces have transitioned online using Skype, Zoom, Google’s suite of products, and other online video conferencing platforms. So many persons have been forced to allow colleagues and other associates into their homes due to their involvement in various online seminars and conferences. With so many persons now using these online platforms on a regular basis, online conferencing platforms are generating revenues on unprecedented and unexpected levels.
- Remote Learning
Given the immediate transitioning of schools online, remote learning platforms have undoubtedly gotten their fair share of consumer time and attention. With school administrators trying hard to find the best online platforms that can facilitate fulsome interaction between teacher and student, many schools have taken an increased interest in remote learning platforms. Whereas before, many schools had employed the use of Edmodo, Schoology and other online learning tools as accessories to the physical school arrangements, online learning has now become a staple part of school life.
- Car Insurance & Retail
Interestingly, not only are car insurance companies in many countries making increased profits due to the decline in road accidents but automobile companies in some countries are also doing rather well. Persons are concerned about taking public transportation due to the uncertainty of who they may end up rubbing shoulders with. There is an increased feeling of safety driving in one’s own vehicle and not having to depend on public transportation systems.
- Grocery Stores
It is not very much of a surprise that grocers and supermarkets are doing well now, with so many persons getting caught in the shopping craze. Some element of hysteria has had many persons stockpiling grocery items in their homes for the uncertain times ahead and with many Jamaicans becoming uncertain about what actions the government will take, there is a desire to stay prepared.
A number of business opportunities have emerged from the changes brought on by COVID-19. Some entrepreneurs have pivoted from their initial product and service offerings in order to meet the emerging needs and wants. Still, with circumstances changing constantly, new opportunities will continue to surface. Are you in search of economic opportunity? Some sectors are thriving now more than ever before.