Stock markets are collapsing! In economic terms, many of us have never seen a downfall like this. Although some businesses are booming. In times like these, what are some of the business ideas which can make one a millionaire?
So far there is one thing that is absolutely clear, people are spending lot more time online. So any business that requires an online subscription and is packaged well is going to be on-demand. Online video games, dating apps and online tutorials are all part of the race.
Yeah! Netflix just had its' highest ever traffic recorded. As people spend more time online and have higher screen time, their health will need to be taken care of as well. It is expected that online workout tutorials and fitness apps are going to see a rise in demand. The Mental health care industry is going to be busier as well. The attitude of people towards hygiene is changing. Even after the pandemic subsides, the trend is expected to continue. As a result, Professional cleaning services, who can sanitize offices, restaurants, apartment complexes, and homes would definitely be in demand.
E-commerce stores are seeing a massive surge in India. Grocery & food supply chains are already under pressure due to high demand in the market. Courier services are being sought after too. Similar trends can be seen in The United States where companies like Amazon & Walmart are hiring thousands of new employees.
All items related to wellness and health are already witnessing a rise in demand and it's obvious, this would be more of a permanent trend even after the dire situation recedes. Such a scenario opens the market to a wide range of products and services from immunity boosting supplements and herbal products to sanitizers, masks and disinfectants, the possibilities are endless.
The Pharma industry is definitely on the better side of the market. Companies that produce medical equipment or involved anyway in the development of medical instruments are already sweeping high sales.
As people spend more time at home, gadget usage increases, resulting in a spike of demand in the market for home appliances and electronic gadgets. In particular, many would prefer to cook while working from home, So appliances that can help in smart cooking would be an obvious choice.
Automation is expected to expand as no contact delivery became a new norm. Production, development or sales of products related to drone deliveries may also see a jump.
At this stage, no one knows how long the current situation may last. Though one thing we know for sure is, our world will be a different one after this pandemic. What do you think of this? Indeed, the current situation is signaling a massive transition as many businesses are seeing losses and many employees are losing jobs. Something must be done to protect the economy.
What opportunities do you see?
How can you play your role in improving the situation?
What is your business idea?