How to Capitalize On Business Opportunities
As we all know, the coronavirus outbreak forced the temporary closure of millions of “nonessential” businesses throughout the country. We had hoped that they would only stay closed for a couple of weeks, but unfortunately, many have not fully reopened to this day. This has resulted in numerous businesses that have had to shut their doors for good.
No one likes to see so many businesses fold, and this is a sad unintended consequence of the widespread efforts to mitigate the effects of COVID-19. But all of that said, with any disruption as massive as the one we are experiencing, there are always numerous opportunities to serve others as we work toward rebuilding.
If you have an entrepreneurial spirit, you can find a way to turn even the most damaged lemons into lemonade. Here is just one example. When the business closures began, a lot of restaurants were caught flat-footed. But those who were on top of things quickly changed their business models to provide curbside pickup and contactless delivery (along with drive-through service if that was feasible) in order to keep serving their customers.
Knowing that many of these businesses would be struggling during the pandemic, consumers in communities across the country responded with an outpouring of support, often going out of their way to patronize them. This type of innovation and adaptability helped many of these places survive (and even thrive) while all of this was ongoing.
Looking Ahead to a Post-COVID-19 World: Although the coronavirus outbreak is still hitting some areas of the country especially hard, it will not last forever. Whether the virus goes away on its own or a vaccine is approved for widescale use, there will come a day (hopefully in the not-too-distant future) when this global nightmare will be over. When that happens, the opportunities for aspiring entrepreneurs could be greater than they have been in a long time.
Think about the void that will be created by all of these business closures. Take restaurants, for example. People are still going to want to eat out, and they will still want a wide variety of choices. This means that for every restaurant that was profitable before the pandemic but is closed now, there could be an opportunity for something new to open up.
There are also emerging opportunities that have been created by the pandemic that will endure even after it is over. Professional cleaning, for example, will be more in demand for both residential and commercial clienteles. Everybody wants their places to be clean and sanitized now, and in the commercial realm, this is also a matter of workplace safety and making sure that employees are not exposed to illnesses on the job.
Of course, online products will continue to be more in demand, and most traditional brick-and-mortar businesses will most likely need to offer an online component to remain viable. But someone has to help them get set up and operating effectively and efficiently in the digital space, and this is another opportunity particularly for entrepreneurs who are tech savvy.
One thing that all of these new businesses coming on the scene are going to need is an accountant. The world of payroll, taxes, and regulatory compliance is extremely complicated, and the majority of new businesses will be turning to CPAs to help them navigate the complexities of this area. This of course will create opportunities for those who are qualified to open an accounting practice or purchase an existing one.
Looking for a New Business Opportunity? Start by Speaking with a Business Intermediary: There are countless new business opportunities for entrepreneurs to capitalize on, especially as we come out of the coronavirus pandemic. You could start your own business and do all of that heavy lifting yourself to get it off the ground, or if you have access to capital and financing, you could purchase an existing business and bypass the grueling and tedious startup phase.
If you are looking for a business to purchase, the best place to start is to contact a reputable business broker. Business brokers have access to a wide range of available listings and other resources, and they can work closely with you to match you with the right opportunity to fit your passion, skills, and budget.