Identify the right product or niche for your business to ensure you profit from the pandemic.
Do you know those movie villains who threaten to destroy the world as we know it but don’t actually get to? As it turns out, we don’t need to live in a James Bond universe to go through this experience.
2020 is the year that turned the world upside down and forced people everywhere to change their ways maybe for good. The pandemic is changing the way we do business but it’s also affecting consumer behavior, shopping trends, and overall habits. People are mostly indoors now, working from home, shopping online, and endlessly browsing Netflix.
As it’s easy to imagine, this sudden change and the restrictions that followed caught many business owners and employees off guard. However, there are some people who managed to adapt and even make the best of a bad situation.
How to Have a Profitable Business in 2020?
It all starts with identifying the right niche for your product or service.
For instance, with so many people trying to adapt to life inside, the market registered an increase in demand for fast delivery services. Also, businesses that do your local grocery shopping and help you maintain a clean and hygienic environment are performing well at the moment.
As such, it helps to quickly and accurately identify problems that need solving and focus your efforts on delivering the best solution for this. In the world of business, this is a technique called niching down and it’s vital for business success in the long-term. It’s vital to identify your most loyal and profitable customer segment and dedicate your time to their needs.
Of course, once you identify your target niche, you have to fully grasp your audience’s needs and how to provide the simplest of solutions.
Top 3 Niches to Try in 2020
From online streaming services to online fitness classes, this year proved the power of creativity and innovation for a successful business! It also shoed entrepreneurs everywhere there are still rich niches to tap into (like the three ones mentioned below).
#1: Delivery Services
As the authorities continue to promote social distancing, delivery services became the right solution for lots of people all over the world. And it’s not just about big corporations like Amazon; small businesses also have a great chance to grow in this niche as well.
While big guys like FedEx and USPS are busier than ever, we also see a surge in local businesses that deliver groceries, food, medications, or run personal errands.
#2: Family Farms
The current health crisis and the fact that restaurants were closed for a while, pushed people into home cooking. This changed the focus towards more nutritional and healthy ingredients, with more consumers paying attention to the source.
As a result, family farms with farm-to-door delivery started getting more orders, which helped them turn quite a nice profit. Furthermore, now that people rediscovered the pleasure of cooking at home, the trend is most likely to maintain its ascending course.
#3: Cleaning Services
In a world where every surface can be a way to transmit the virus, professional cleaning services are in extremely high demand. Big and small businesses in this niche have lots of work from cleaning and sanitizing offices to rubbing clean public access areas.
The COVID-19 pandemic has affected many customer service industries, but there are many success stories that show there is a way to move forward. Even if the world as we knew it ended, we still have the challenge of discovering this new order. In the end, we are the ones who decide if this change will be positive of negative.