The middle of a pandemic, with a deep recession looming, might not seem like a good time to start something new — but there are good reasons to launch now if you are in the right industry. It is often noted that companies such as Airbnb, Netflix and Microsoft were started in recessions. But you do not have to be a future Microsoft to launch now; timing is important for both large and small enterprises.
Recessions equal layoffs, and there will be many people seeking a source of income after their unemployment benefits run out. The rise of the gig economy in a web-based world has made that second (or primary) income easier to access. Almost anyone can sell their services or digital products peer to peer via readily available apps. Ideally, you would want to be prepared to turn your side hustle into your main business when needed.
In terms of businesses to start, out of chaos has come opportunity. Online training and learning businesses have been doing well. The medical technology market is also booming, especially in areas such as digital health. Food safety is a concern, as are delivery services and many others. With most of the country housebound, online shopping has seen a steep increase as consumers spend most of their time online. It takes little imagination to see new needs and new markets.
Excerpted from San Francisco Business Times. To read the full article, click here. (Subscription required)