The world’s economy is struggling to recover this year due to the pandemic. Last year the US economy shrank by a staggering 3.5%. If you put that in proper context, that’s about a couple of billion dollars in Global Domestic Product (GDP) lost and down the drain. It was the worst year for the US economy since 1946. The worse part of it all is that by the end of 2020, the economy only rose by 1%, showing the great struggle that the country is currently experiencing.
Many businesses are trying to get back to their former greatness. Many companies are finding ways to regain the revenue they used to have years ago. However, they are all struggling. But some are doing better than most. Some companies are just in the right industry this year. There are some industries and business models that are designed mainly for the pandemic. And no one knew this until now. If you’re planning to start a business this year, consider being part of these industries as they yield the highest chance of success for you.
Real Estate Industry
The real estate industry is one of the sectors that weren’t entirely affected by the pandemic. When other sectors lost billions of dollars in revenue last year, this particular industry started to recover earlier than others, making it a prime choice for any interested entrepreneur or investor this year.
Things had to go wrong first before they can recover. This is the theme for every market in the US last year, which is the same for the real estate market. It received a massive downturn during the pandemic’s start, but it recovered just a few months later, making it one of the fastest industries that recovered from the pandemic. However, there are a couple of things that are affecting the industry indirectly.
Currently, mortgage rates are low. Many in the industry were anticipating that no one was willing to buy a property because of the current state of the economy last year. But that wasn’t entirely the case. People were looking for a place to stay due to quarantine protocols. However, since the industry already braced itself, there was nothing anyone can do about it. There is a negative and positive side to when mortgage rates are low. The negative side is that you’re not going to get as much revenue as you would when you’re selling a property. The positive side is that everyone right now is getting a mortgage to buy a home. This is more significant for you because there are many avenues to approach the current market right now. You can consider going online to sell properties so you can leverage all mediums to sell as many houses as you can.
There is no better time to join the real estate market. The market will be booming this year because it recovered at such a fast rate last year. If you’re planning to build a company this year, this particular industry is the best choice for you.
Digital Business
Almost every traditional business right now is joining the digital world. This is because digital businesses aren’t affected by the pandemic’s damage to the economy.
If you have been reading or watching the news last year, you might have seen the huge number of retail and brick-and-mortar stores forced to close down due to the pandemic. Some of these businesses were closed down permanently by fall last year. It was devastating for people who were part of this. However, one way they learned to recover was by creating a digital business.
Whatever digital business you start this year, may it be marketing, e-commerce, or a tutorial business, there is a huge chance that you can get a couple of thousand dollars from it. The world is digitally transforming due to the pandemic, and there’s not much anyone can do about it. We’ve learned to embrace it this year. Take delivery services, for example. Years ago, no one would invest a ridiculous amount of money in this particular service. But when restaurants and fast food chains prohibited dining in this particular service, it became one of the fastest-growing services globally. It’s not the norm to order online. It’s now a norm to do groceries online.
Think of any online business you’ve always wanted to do. Start that online business right now and flourish.
Cleaning Services
Years ago, no one would have thought that cleaning services would be at the top of the food chain. Before, it was an overlooked service that businesses get once in a while. However, cleaning services received a ridiculous growth spurt this year because almost every business requires their physical stores and offices to be sanitised almost every day. Making it one of the best industries right now to participate in.
It’s not that hard to join this billion-dollar industry. You have to invest in a couple of people and a couple of cleaning materials, and you’re good to go. As stated earlier, online businesses are booming, so it’s in your best interest to have your website ready for customers. This will ensure that you have the highest reach possible.
Here are some of the best industries you should join right now during the pandemic. By joining these industries, you have a high chance of succeeding in your business. Furthermore, you can ensure that you can get a couple of thousand dollars in revenue by the end of the year.
