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What are the best business ideas in 2020?

Long-Term effects of Global Pandemic to business

  • Forced to operate remotely
  • Accelerated adoption of Technology
  • Enhanced Focus on direct to customer strategies
  • Reassessment of real estate investments and costs
  • Potential for Long-term Operational enhancements

BUSINESSES IDEAS IN 2020:

  • Restaurants: People will stop dining out. Opportunity: The cloud kitchens will increase the demand for online food ordering.
  • Travel & Tourism + Aviation: People will spend less on travel because of safety due to which Air travel will decrease. Even after air travel resumes, there are large amounts of vacancy with limited travel. There would be an increase in strict healthy testing at airports and other places. Travel insurance prices will increase. Opportunity: Virtual travel.
  • Commercial Real Estate + Hospitality: Millions of hotel owners are going and will go out of business. Office space demand plummets as companies realize the number of people that can work from home. Open-floor plans become less popular. More real-estate is needed per workspace. Opportunity: Reinventing the usage of properties such as affordable (sustainable) housing & student (School Hostels, College Hostels) housing and health care (medical care, old people care house spaces) services for Hospitals.
  • Retail Real Estate: Due to Covid-19, small retailers will hardly have money to pay the rents. Mall traffic will be less or no traffic. A large percentage of retailers will go out of business. Demand will decrease, debt will increase. In the end, landlords will provide lower commercial rents to the tenants. Millions of workers permanently out of jobs. Opportunity: Self-checkout becomes more common. A few years ago, Amazon launched its checkout product where people don’t have to even do a checkout and now will goes mainstream. Virtual offering, virtual product tours, and selection. Virtual commerce will BOOM!
  • Manufacturing & Supply Chains: Massive reduction in just-in-time inventory practices. Thousands of factories are closed or have less demand. Opportunity:Certain products suddenly have astronomical-demand:

i) Digital: Cloud services, Zoom/Google Meeting, Slack.

ii) Consumer: Toilet paper, Puzzles, Board games, Game consoles, Non-Perishable food items.

iii) Health: ICU beds, Ventilators, Masks, Gowns, Medical equipments.

  • Deliveries: Opportunity: Astronomical growth of grocery delivery, farm-to-home delivery. Growth of Amazon, Zomato, Uber Eats, etc.
  • Consumer Behaviour: Increase consumption of Sanitizers, and Disinfectant. Opportunity: Supply chain of sanitizers and disinfectant products at better prices.
  • Events & Entertainment + OTT (Over-the-top media services): No more one-on-one meetings. No more in-person events/gatherings. No movie theatres. Opportunity : Boom in subscription bases business, Netflix, Disney+HotStar, HULU, Quibi. Increase in Telemedicine, Webcam dating, Virtual birthday parties, Virtual museum tours, Virtual funerals, Virtual summits, Virtual concerts, Virtual dance parties, Virtual happy hours, Virtual wine tasting.
  • Advertising: Not so good. Opportunity: Placing ads for your business, now is the time to do it. Facebook ads, Google ads, etc. are all offering big discounts.
  • Entrepreneurship: Small companies are folding their business due to huge losses. No instant revenue. To survive, companies will increase the length of trial periods or offer their products for free or improve the functionality of their free products. Opportunity: Aligning business interest in business opportunities that are less impacted by pandemics and grow.
  • Energy: Less demand for gas. Low oil prices. The lower price of gas. Many big, small companies in the oil industry take on massive debt, get sold, or go out of business. Opportunity: Due to more energy consumed at home. Alternative energy demand for the home increase.
  • Education: Less attendance in Schools, Colleges, and Universities. Opportunity: Rise in Homeschooling and online education platforms.
  • Employment: Millions of immediate layoffs and furlough of employees. Due to less disposable income, bankruptcies will increase. Opportunity: Increase in contract workers, and temps workers or those that facilitate outsourcing.
  • Food: Outside dine out decreases or will be 2–3%. Opportunity: Online cooking classes (YouTube, Instagram Live, Facebook Live). Home-made recipes and cooking books will have explosive growth.
  • Technology: Opportunity: BOOM in drones, robotics, AI, storage, Big Data, cybersecurity, chips, phones, bandwidth, gaming, etc.

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