The Coronavirus (COVID-19) Pandemic has hit the world economy like a ton of bricks. Several businesses across various industries have practically shut down or only operating with a fraction of their capacities due to restrictions of movement imposed by governments around the world to curtail the spread of the virulent COVID-19.
The International Monetary Fund (IMF), through its Managing Director, Kristalina Georgieva, on March 27 confirmed that the global economy has already slipped into a recession.
However, not every business has been negatively impacted by the global pandemic. Businesses in certain industries are actually thriving amidst the COVID-19-induced economic downturn.
Below are 10 peculiar industries that are currently witnessing uncommon growth in a recession-hit global economy that you can join.
1. Social Media Marketing: Build up a following on your social media account and you could quickly be approached by major brands, gear companies, and other relevant businesses that sell products or services related to the type of content you share on Instagram—creating multiple potential side business ideas that’ll come to you. If you have the right marketing skills and hundreds of thousands of followers, you can easily charge anywhere between $500 to $5,000 per post (or more)—which makes for very profitable side business ideas.
2. Blogging: Think blogging is no longer a viable source of income? Think again. Recent blogging statistics show that tens of thousands of bloggers (including yours truly) are creating profitable content on topics as diverse as scrapbooking, home cooking, travel, film, lifestyle, business, personal finance, and more. The best part? It doesn’t cost much to blog—about $65/year.
3. Online Coaching: If you have something you’re skilled at and very passionate about, you can turn that winning combination into offering your services with one-on-one online coaching as one of the most dependable side business ideas that leverage your skills. Skills like cooking, makeup, fashion design, public speaking, etc
4. Social Media Manager: Lots of companies, especially startups or those in retail and travel—even influencers have heavy social media presence and are constantly in need of people to help build their brands online. You can find these types of opportunities on sites.
5. Telecommuting: Organizations, including businesses, government agencies, and religious bodies, have been forced to modify the way they operate in order to simultaneously keep their employees safe and ensure that their operations do not grind to a halt during the pandemic. More people than ever before are now working remotely. This phenomenon has elevated telecommuting platforms once considered luxuries to bare essentials of the work setting.
While stock markets have crashed and sent shares of travel and logistics companies like Uber and Lyft plummeting, the valuations of telecommuting companies like the video calling app Zoom have skyrocketed. The estimated net worth of Zoom’s founder, Eric Yuan, has increased by more than $4 billion since the start of the coronavirus crisis. Many people want to do things on Zoom, Skype, etc and yet they can’t operate them, you can help them do it and then get paid.
6. Healthcare: It is no longer news that this is a boom period for businesses in the healthcare industry and its value chain. A lot of medical products and services are in high demand, such as surgical masks, hand sanitizers, disinfectants, vitamins and supplements, home healthcare, and medical supplies, with many healthcare companies struggling to meet demands. Though saving lives is paramount in times like this, that has not stopped healthcare companies from smiling to the bank.
7. Gaming: The entertainment industry generally is among the worst-hit industries in the coronavirus crisis. Movie studios have suspended production, sporting events have been canceled, cinemas are shut. But the surge in demand for home entertainment has particularly benefited one niche business in the entertainment industry: online video gaming. US telco, Verizon, revealed in a recent report that video gaming traffic on its internet network during peak hours has spiked by as much as 75% since the shutdown in the United States began, and similar figures have been reported by other sources across other gaming hubs around the world.
8. Developing of APPs: Sometimes it seems like there’s an app for everything. Yet somehow, new ones keep popping up and selling for lots of money, all the time. If you spot a niche that hasn’t been filled to its potential just yet, and you can learn the coding skills (or know someone who already has them), you could be on to something with this side business idea.
9. Online News Correspondent: You don’t need to have a degree in journalism to be a reporter these days (and pursue this business idea as a work from home job). Plus, there are many news websites that can always use a bit of help on getting local coverage. So you get paid by the blog you are working for.
10. Every website owner hires copywriters to write content for things like about pages, FAQ’s, or blog posts. Hourly wages for novice copywriters are not very high, but with some experience and a growing portfolio, you can become a freelance writer today and soon be charging more than you make at your full-time job if you find the right clients and brand yourself as an expert with this side business idea.
So start making your money now, don’t wait until after Covid19, Covid19 might not go.
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