How Entrepreneurs Are Thriving During The Pandemic.

The Covid19 pandemic has affected the traditional world of work in many ways, causing a great deal of discomfort while exposing the extreme vulnerability of millions of people and hundreds of companies. To mitigate the speed of contagion from the pandemic, the vast majority of governments implemented policies to globally restrict mobility. Said restrictions are varied and include generalized or partial quarantines where few exceptions for workers in specific economic sectors are allowed. 

As a result, such limitations have propelled a massive surge in the business of entrepreneurship. Last year alone, there were 3.2 million applications for EIN´s or employer identification numbers in the United States alone, representing an increase of almost 25% when compared to statistics from 2019.

Why start a business during a pandemic?

The pandemic has caused an unprecedented economic crisis. Numerous businesses have had to close down permanently, leaving thousands of workers unemployed. However, some have managed to emerge stronger from this situation. Start-ups have been born with innovative ideas, while a number of existing companies have adapted to make the most of the crisis.

In times of need, people´s ingenuity is almost naturally sharpened as they face more adversities and have less money.  Therefore, the overall resourcefulness of individuals and corporations usually becomes more optimized. As Plato rightly said: “Necessity is the mother of invention” because it forces people to have a more open mind, which presents them with new opportunities while they become more observant to try and solve real, concrete problems.

Consequently, many people have dedicated themselves to launching startups during this pandemic, proving that not even a global health crisis is able to deter different kinds of entrepreneurs from going after their dream of becoming business owners. In fact, new businesses have been starting in record breaking numbers since the pandemic began, especially online. Using the internet as a means to start new ventures has become so successful because it allows direct-to-consumer selling and a greater control of entrepreneur´s time, while at the same time a lot of capital may not be required.

Although getting into an unconventional line of work online might have been advantageous for entrepreneurs since the pandemic began, other types of businesses that are not solely functional on the web have also had an increase in startups. Some companies with physical locations like stores or restaurants have been successfully opening for business during the Covid19 pandemic as well, according to The New York Times.

What kinds of careers are entrepreneurs starting during the pandemic?             

Some of the sectors that seem to have had the most potential to grow during the current sanitary crisis are online education, health and wellness, remote work, e-Commerce, social media platforms, diners, and delivery services. Nevertheless, any startup is sure to find certain barriers or requirements, especially because of the overall restrictions that are attached to the pandemic.

In addition, there are other issues that start-ups have frequently had to deal with whenever launching a new venture or project in the past year. Money is one of the most typical issues many of the newer entrepreneurs have reported as a concern during the pandemic. Even though it could be relatively cheap for some businesses to get started, finding the necessary funds to do so might be intimidating for those with more ambitious goals. 

Currently, finding new customers is probably the most concerning particular for all types of businesses, regardless of their age. Keeping existing clientele, making or obtaining enough liquidity to expand, and self-doubt are other aspects that could represent some sort of obstacle for anyone who is willing to venture themselves into nontraditional projects that could also be very profitable, especially during the epidemic that is presently taking place all around the globe.   

Below you will find a list of several businesses that entrepreneurs have been starting throughout the pandemic and some of their requirements to achieve financial success: 

  • Selling handmade products (Apart from skills, a paid platform to promote products is always advisable to get more sales)
  • Culinary classes (This could be done in person or online, in any case courses should be well planned and didactic) 
  • Pet services (Proper facilities and tools to host and attend pets, permits, tax registration, and business insurance depending on the specific type of service to be offered )
  • Transcription services (Clear programming and organization to meet deadlines and clients´ needs)
  • Virtual life coaching services (There are various types of certifications available that would be quite useful to establish credibility and gain more clients)
  • Commercial cleaning services (Having the right machinery and supplies is essential to successfully run this type of business) 
  • Delivery services (shipping and customer service personnel, as well as some form of advertising are fundamental) 
  • Social media services (Having a large portfolio, proper software or devices, knowledge about different social media platforms and how to integrate them) 
  • Online reselling (business registration, research state laws and regulations, and resale permit could be required)
  • Popup coffee shop (Adequate structure to set the coffee shop, proper resources and permits might be mandatory depending on the location and type of coffee shop)