During a pandemic, finding an additional source of income is an advantage. It can help you stay afloat during these trying times. It can also be a means for you to make ends meet while coping with joblessness. However, not all businesses will thrive. Without the right research and planning, you may fail in your venture.
Starting a business at the height of a pandemic can be hit or miss. If you want to start one, you need to research your options well to identify the best business ideas that can cater to the needs of the majority during a global crisis. Listed below are some of the business ideas that you can try.
6 pandemic-proof business ideas
1. Professional services
While professional service firms have been tested during the COVID-19 crisis, these companies are also among those that managed to survive the impact of the pandemic. Certain services consistently remain to be in demand — particularly those that help other companies. The boom of online selling also resulted to a high demand for professional services related to online marketing.
If you want to grow your income by offering professional services, here are some options that thrive despite the pandemic:
- Legal advice
- Digital marketing
- Web and app development
- Graphic design and editing
- Writing and editorial services
- Online event hosting
- Virtual tutoring
- Fitness and wellness programs
- Financial consultation
There are short courses that you can take to gain the proficiency you need to specialize in a particular service. On the other hand, if you want to become a financial consultant, you can apply to become a Sun Life advisor via this link. Being a Sun Life advisor enables you to help people plan their finances, prepare for a better future, take care of themselves and their loved ones, and eventually reach their goals.
2. Box subscription service
If you are not into providing professional services, a box subscription service is a good business idea that you can look into
The concept of a box subscription service is the recurring delivery of a certain niche of products for a length of time depending on a customer’s subscription. The most popular examples for these are meal prep and beauty box subscriptions.
This box subscription service usually addresses the need for nutritious food. At the same time, it takes away the need to worry about food preparation especially when a lot of people are now working from home. This service has been thriving for some time and their success can be attributed to several factors. First, its target markets are millennials and Gen X who have purchasing capacity. Second, its consumers usually have higher than average income that lets them sustain this lifestyle
Before the pandemic, the Philippine beauty industry is estimated to be worth over $3 billion. It was also expected to grow at a 4.9% annual growth rate to reach $4.2 billion by 2023. But the pandemic happened and the beauty industry was among those hardest hit especially with mall closures and the shift to prioritize essentials.
Still, the demand for beauty products remain. The pandemic has become a period when consumers have been inclined to enjoy retail and entertainment experiences from the comforts of their homes. Beauty box subscription became a thriving business as it answers the need to get supplies for personal care while minimizing outdoor exposure and risks.
3. Pre-order food and drink business
The pandemic has taught people the importance of time. With so many things happening and with people getting busier, the popularity of pre-order food and drink businesses increased..
Ordering meals are convenient for people and it affords us time that would have been spent on traveling and waiting when dining outside.
4. Delivery or online “pasabuy” service
Delivery or a ‘pasabuy’ service addresses the need of consumers who prefer to have someone purchase for them and deliver it to their doorstep so they won’t have to leave their homes, especially in the middle of a pandemic. Because of the lockdown and restrictions implemented, delivery services, particularly food delivery, thrived.
5. Online store / Live online selling
A study shows that around 31% of Filipinos purchase “several times a month” from online stores during the pandemic. The most popular products in online stores last year included:
- Fitness and wellness
- Indoor leisure
- Tech gadgets
Starting your venture as an online seller is now easy. There are mobile apps, websites, and online marketplaces that can serve as your platforms to sell your products online.
6. E-loading service
If you want to start a business with a small capital, you can try e-loading. It is one of the cheapest businesses that you can start. You’ll need no more than ₱2,000.00 to get your e-loading business running.
E-loading service is a business for everyone. It can be a side hustle for those employed and can be a source of extra income for people who stay at home. Even students can start an e-loading service.
Despite the negative effects of the COVID-19 pandemic, new business ideas emerged out of the growing needs of consumers that created opportunities for those who want to earn a living.
If you want to grow your money, there are several options that you can try. It will also help to get professional financial advice to be properly guided on how to handle your finances once your business is up. Leave your details here today to get connected with one of our financial advisors.