The unspeakable truth about 2020 is that the pandemic has truly affected many small businessmen around the world. Around 6 % of all small businesses have closed down due to irregular quarantine lockdowns and lack of foot traffic as a consequence thereof. A good number of these closures eventually became temporary by the end of the third quarter of 2020. As people kept their own money as reserves to survive, cash flow became slower than usual as a result. Businesses simply starved to death and died out in the process. Some are claiming that the closures we are seeing are somewhat similar to the Great Depression numbers.
While the vaccine hopes are not too far off, many are still terrified of venturing their money forth toward a new business. The uncertainty about the vaccination efforts and the digitalization of many businesses still have many small players gripping their cash and waiting for the next perfect opportunity. It is understandable, given that most of the small businessmen will likely devote a large portion of their capital and/or savings in order to finance their planned new venture. No one faults them for doing so. Uncertainty in both public policy and health can throw even the experienced investors away.
For those who are willing to risk and live a little, however, there are multiple options with regard to going into business. What are the businesses predicted to make it big in 2021 and beyond?
Real estate has always been a stable investment to put inside your portfolio. Ownership of real, tangible, and usable properties will never go away. All types of spaces will always be put to use, either for rent or for sale. Fortunately for most who go into the business of holding and developing real estate, apart from a few hiccups, the venture always nets them a positive. The value of the real estate is less vulnerable and susceptible to economic crashes. Land and structures will always have a use. Real estate value has always been competitive when compared to other types of investments. Becoming a landlord and holding real estate for passive income or for flipping value is always a smart investment. The constant stream of income is always reassuring.
In the aftermath of the COVID 19 pandemic, healthcare-related businesses will likely be one of the best paths to success in the coming years. A lot of people will likely be doing most of the transactions online or through digital means. A business involving e-consulting or telemedicine (telephone medical care) is predicted to be one of the better investments to look at. Medical transcription services and digitization of medical records are also two of the most underappreciated types of healthcare services available.
Aside from that, e-therapy shall also be one of the most profitable services due to the lack of physical access to hospitals currently (due to the health risks). Services like family therapy, personal counseling, and routine checkups will likely be brought to the digital field in the foreseeable future.
General services such as legal services and accounting services will likely be through online means. E-services, or virtual general services, will be the likely transition of services providers. In the aftermath of the pandemic, people have realized the convenience and the possibilities opened by being forced to go working from home. Now, people have realized that it is actually possible to do things through email and other online setups. E-services will likely see a surge in the near future. Modeling a small agency or small service provider with these types of services will take you to unbelievable heights.
Businesses relating to creating the digital infrastructure for different companies, big and small, will surely be successful beyond 2021. Almost all businesses now must have some sort of digital presence to be in the know and connected. Digital infrastructure and information technology services will always be in demand. A business with these kinds of services is predicted to be in the success circle even beyond these troubling times.
Lastly, any business involving any type of need will always be prosperous. The food industry, in general, has not taken a noticeable hit even with the pandemic in tow. It is mainly because food, in general, will always be in demand no matter what the disaster is. Even those engaged in the foodservice industry have been able to withstand the different lockdown treatments thanks to the still on-going online food delivery services that connected most restaurants to the customers. Anything involving food will still be a hit even beyond 2021.
There is no accurate prediction of the future for all businesses. However, these business models enumerated will have a high chance of succeeding even beyond 2021 for they have sustained themselves despite the pandemic.