If you want to come out ahead (rather than just okay) after the covid 19 pandemic, focus on businesses that will be created (or changed) in response to the problems that have arisen and the new ways in which we’ll have to live. Here are a few examples of industries that could change in a big way.
- When farmers harvest their crops approximately half goes to grocery stores and the other half goes to restaurants. Because restaurants were closed or doin significantly less via take out, the half that went to them ended up rotting in the fields. Were there people that could use/eat that food? Yes, but there was no way to get the food to them. Simply sending it to grocery stores wouldn’t have worked as stores can only hold so much at a time and the food was not packaged in a manner that would allow it to be sold to consumers (for instance, eggs wouldn’t be in containers and flour would be in 30lb bags or drums). Unfortunately many of those restaurants will not open again, so what to do with all of that product? What are some possible solutions? Perhaps one option could be locations (like massive warehouses) where the products are available in bulk and consumers bring their own containers to pack out the food they purchase. This would also cut down on the excess packaging we currently have that ends up choking landfills and oceans. What else could be done?
- What about higher education? Students are graduating with debt in the tens to hundreds of thousands. Tuition has grown exponentially in the past 30 years but the education they receive has not improved or increased in the same way. Now that students have had to do their schooling online (with no reduction in cost) people are asking “Why should I pay so much for this education when I could take classes online from a less expensive school?” Parents have spent the past 3 months watching their children do school from home and are undoubtedly asking, “why are we paying $50k a year for my kid to get this education when they can do it from home”. Higher Ed is going to have to make some major changes if they want to have a reasonable argument for their inflated prices. So what is a better way? Those asking and working on the answers will be the ones that come out ahead after this pandemic.
- What about restaurant designs? Venues that hold sporting, music and other events are going to have to create/design ways to keep attendees safe. Commercial property that is no longer needed for office space will have to be converted, what could that look like? The list (and opportunities) goes on and on.
Like it or not this is our world now and if you want to get a head start on being part of what makes it work in a safe manner and reaping the rewards that come with it, pay attention to where the puck is going.