We have recently had a question from a client who is looking for new business opportunities: “I run a furniture business and business has been abysmal for the last few months. I don’t see it improving further. So I want to pivot and start something new. What are the trends in the current market, what are the businesses that are doing well?”
In this blog post, we will give you some ideas on industries you may have a look at when building a new business during Covid-19.
What Are The Fastest Growing Industries During the Pandemic?
- Food and drink industry
Food and drink is a phenomenal business to be in at the moment. Everyone needs food and drink and can enjoy it from the comforts of their own home. Customers have always preferred better quality stuff, such as locally sourced ingredients. If you can launch your food and drink business online, build a bit of a reputation, then you’re likely to build a successful business. Please note though, that food and drink market is becoming quite swamped with providers so you need to move fast to be able to compete with them. Companies we’re seeing do the absolute best at the moment are the ones that have pivoted from high street to online and are pushing their products across all platforms. For example, online wine, whiskey, gin tastings are becoming more and more popular – all done through Zoom and other online platforms.
- Introducing online sales to your existing business
While setting up a successful business during a pandemic can be very geographically specific, online businesses can run literally from anywhere. Food and drink online sales, where you can get things delivered out to customers are doing really well, especially if it was a food and drink company that just had a small shop. For example, one of our clients has a retail shop. He’s just launched his website where he will sell his products online. That’s going to potentially open him up to the whole of the UK, if not Europe, US and the rest of the world. However, it does take time to build your online presence so you’ve got to act fast to ensure you are set up and running as soon as possible.
- Painting, decorating and DIY
Although the furniture business has been negatively affected by Covid-19, customers are spending a lot of money on painting and decorating and DIY tools. Many of our clients and friends who are in this business got incredibly busy because at the moment people spend so much more time at home and they’re wanting their homes improved.
If you’re thinking about opening a new business during Covid-19, we predict food and drink, DIY industries will be facing the biggest demand over the next couple of months. Another option is to try and turn your existing business into online one where customers can order your products from home.