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The pandemic has changed the way business works. While the economic effects caused many businesses to fail, it also paved the way for many emerging business opportunities. Returning to pre-pandemic is no longer an option, and companies see this as a time to make real change and create new success. Taking the initiative to cater to some of these new markets now will pay dividends in the future.
If you’re an entrepreneur looking for some inspiration, we’ve rounded up our top eight ideas to get you started. From ways to cater to the growing remote work sector to pet products and even helping businesses plan for the next crisis, there’s a lot of potential out there.
Hybrid event company
With many in-person events being canceled during the pandemic’s peak, virtual events quickly became a popular alternative. Now though, it’s possible to blend the best of both in-person and virtual events into one hybrid event. This type of event allows both in-person and virtual audiences to attend the same event and interact with each other.
Individual businesses may want to run hybrid events but won’t necessarily have the software or technical know-how to do this themselves. Hybrid event platforms typically include features like:
- A blend of live and on-demand content.
- Chat function.
- Q&A feature.
- Breakout rooms .
Offering a platform that can provide all this and support for the in-person event itself is an untapped opportunity for a market that continues to grow.
On-demand delivery services are booming. Many consumers now prefer to shop online, but they still expect their purchases within a short time frame. Eating out wasn’t always possible during the pandemic, and many households have discovered that even now they would rather have contactless delivery from their favorite restaurants than dine out. So whether you choose to launch a delivery service aimed at retail or hospitality, there are plenty of possibilities within this sector.
The pandemic created significant supply chain issues, which resulted in many businesses having to rethink their operations. For example, an overreliance on supply chains from overseas led many companies to consider ways to diversify their sources of goods. Over time, this may lead to an increase in businesses choosing to source everything from raw materials to finished goods closer to home.
Launching a logistics business designed to quickly and efficiently distribute these products across the country could be a good opportunity. Of course, a new supplier infrastructure will have to be created to ensure timely delivery. Still, as businesses struggle to control their inventory, there does seem to be a gap in the market for the reliable distribution of locally produced goods.
New ways to find talent
Remote work opened up a huge number of possibilities for both businesses and employees. Not least, the ability to find new talent from all over the world. For many roles, it’s no longer necessary for a new employee to relocate to be near a physical office. However, that does mean that the talent pool applying for jobs can be from a much wider area—which creates a new challenge for hiring companies.
There are opportunities here for platforms that help businesses streamline their hiring process. Whether that’s through video interviews, candidate screening or sharing candidate lists across hiring managers who may work remotely, the need for innovative hiring software looks set for continued, healthy growth.
Project management software
With remote work on the rise, more and more businesses fuel the demand for effective project management software. Building a remote team that can still work collaboratively needs tools to help everyone communicate effectively. For example, sending messages within one platform helps to reduce the chance of important information getting lost in multiple emails threads.
Video communication software
Another possibility that’s linked to the rise in remote work is video communication software. Many remote teams use a majority of asynchronous communication to have conversations at a time to suit them. Weekly update meetings in real time may not be convenient for businesses if their teams are spread out over multiple time zones. Many are turning to video communication as a way to send updates that employees can watch in their own time. This allows for better communication across teams and companies.
Using an online video editor can help make videos engaging and accessible by adding subtitles, including branding or annotations. Videos can be added to whichever communication platform a company uses and can take the place of time-consuming meetings.
Pet products or services
During pandemic lockdowns around the world, there was a huge uptick in pet ownership. While some people took the opportunity to add a puppy to their family, knowing they would be at home to care for them, others adopted older pets from shelters. As a result, pet ownership has increased by 10% from May to December in 2020. New pet parents are looking for advice, treats and toys. Finding a way to tap into this market could create a lot of business.
Whether that’s online training sessions, recipes for homemade treats or individual products, there’s a lot of potential within this market. Many people who had a side hustle within this industry are taking the plunge and turning their pet-related part-time business into a full-time success.
Crisis planning consultancy
Many businesses might be breathing a sigh of relief as the world starts to return to a new type of normal, but now isn’t the time for complacency. In fact, the best time for businesses to consider how they might plan for a crisis in the future is actually now. Offering a detailed crisis planning consultancy service is an emerging opportunity that’s well worth exploring.
CEOs and leaders might know they need to consider how to approach issues in the future, but not precisely how to go about it. Taking the lessons learned from the pandemic and using them to future-proof their business will help increase the likelihood that their company succeeds, whatever the future holds.
Take advantage of untapped opportunities
Many of the emerging business opportunities we’ve covered are linked to the growth in digital technology. Others are focused on providing new services or products as the ways people live and work change. Looking toward the future and plugging into one of these growing markets is an exciting opportunity for entrepreneurs looking for a new challenge.
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The post 8 Emerging Business Opportunities in the Post-Pandemic World appeared first on StartupNation.