We have been talking to a few of our clients who have expressed interest in changing industries after this pandemic dies down. Some have also expressed interest in changing industries even in the midst of the pandemic. Whichever way, we think a lot will change following this global pandemic – which is why we have made this listicle to help those who want to change industries, so they can make informed decisions.

A March 2020 Executive briefing from McKinsey & Company paints a perfect picture of the economic impact of Coronavirus;

“Large-scale quarantines, travel restrictions, and social-distancing measures drive a sharp fall in consumer and business spending until the end of Q2, producing a recession.

“Although the outbreak comes under control in most parts of the world by late in Q2, the self-reinforcing dynamics of a recession kick in and prolong the slump until the end of Q3.

“Consumers stay home, businesses lose revenue and lay off workers, and unemployment levels rise sharply. Business investment contracts and corporate bankruptcies soar, putting significant pressure on the banking and financial system.”

It has been established that the Coronavirus pandemic has taken a lot away from businesses around the world particularly tourism and travel as well as outdoor entertainment. However, there are some industries that anyone who wants to stay afloat in the midst of a global recession, would want to invest in;

The Food Industry – Yes, it is true that a lot of restaurants have gone out of business, but that is because they did not migrate on time to food deliveries. If you want to start a food business while the Coronavirus pandemic is still very active, you will need to reduce human contact when delivering food to your customers, maybe incorporate food deliveries or run specialized foodservice probably making only snacks or only smoothies or only African soups. You would still make lots of profit as people will always need food and drinks.

Baby Products – People will keep having babies and right now in-person stores are not as active due to the Coronavirus pandemic. So, a viable business would be selling baby essentials at the market cost and give buyers the option of picking them up at your location. Or charging just a little for delivery costs and take the products to their locations. Advertise on Instagram and build your reputation through excellent customer service and tips for motherhood (you can seek advice from mothers and read books on the subject to keep your content flowing).

Educational Technology (EdTech) – People will always have the need to pursue education, regardless of age or social status. You can design an internet-based learning platform and charge a fee for learners. We found that this is easier when the entrepreneur takes the needs of his/her immediate community into consideration before launching the learning platform.

Cleaning Services – Whether there is a recession or not, places and stuff need to be cleaned and more people are outsourcing these services so they can get more work done – this is where you come in. whether you are doing laundry services or cleaning out apartments or public offices, you can create a business and record your first set of clientele within the first month, as long as you leverage social media to create awareness.

Fast Moving Consumer Goods (FMCG) – These are everyday products that people cannot do without. They all have their classifications and if you want to start a business selling FMCG, you will need to understand the demands of your target market. A client of ours recently started dealing in condoms for a high-end target market in one part of Nigeria. He acted based on demand. His condoms are delivered to his customers in the comfort of their homes, alongside other little gift items. To succeed in the market, you need to figure out what works for you. Other FMCG includes – beverages, toiletries, packaged food, personal care goods, and consumer electronics.

Source - https://lingoafrica.com/coronavirus-pandemic-these-are-the-industries-that-are-still-active/

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