What Small Businesses Are Thriving During COVID-19?
Many small businesses as well as large global corporations have found themselves at the mercy of our recent pandemic. Unfortunately, for some, coronavirus has spelled the end. For others? Well, there are a surprising number of small businesses that have not only survived COVID-19 but also thrived because of it.
Here are several small business types that seem to be uniquely suited to our new normal.
It may not offer the same experience as a night out with friends, but enjoying your favourite alcoholic drink at home is becoming increasingly popular. This has made bottleshops increasingly popular as well. These businesses have seen a significant increase in purchases. The Commonwealth Bank found spending on alcohol goods for 2020 – effectively what is sold through bottle shops – soared to be 86 per cent higher compared to the same period the previous year.
Cafes and Restaurants
Even with cafes and restaurants reopening, some Australians don’t want to risk a sit-down eatery experience as much as they used to. However, they still love their food and don’t want to miss out on the delicious food experience of dining out. Luckily, many cafes and restaurants have risen to the occasion, pivoting their business model to adopt a more ready-to-go approach with services such as take-away windows, kerbside pickup, delivery options and more, ensuring that business doesn’t dry up and they don’t lose their loyal customers.
What was once merely a convenience has become – for some – a necessity. Lockdown, self-quarantine, and the need to protect vulnerable and at-risk individuals has given birth to a new age of delivery service. These days, customers can find a delivery service for just about everything from the necessities (groceries and medications) to fast food, alcohol, office supplies, furniture and much, much more. This is one service industry that has definitely found its stride due to COVID-19.
While manufacturing jobs took a hit at the beginning of the pandemic, data now suggests that the manufacturing industry is picking up speed again, especially in areas such as personal health care products, cleaning chemicals, cleaning products and toiletries. Even more interesting, due to the delays and difficulties arising from international shipping practices, more and more manufacturing businesses are returning to producing their items right here in Australia.
Supermarkets and groceries have seen a drastic increase in purchases as more families skip dining out in favour of a home-cooked meal. And with more and more Australians spending great amounts of time at home, hobbies such as baking and cooking have become extremely popular, adding to the success of both independent and big-name supermarkets.
Professional cleaning and sanitation services have seen an uptake in requests for their services, especially in regard to commercial cleaning and sanitisation. Many business clients rely on cleaning services to keep their own premises safe and open for business during a time when all consumers are hyper-aware of their health and safety.
Gym & Fitness Equipment
Before the pandemic, exercise was as easy as heading over to the nearest workout studio. But now with gyms either closed or regarded as a risk, fitness-savvy Australians still manage to get their steps and reps in by turning to at-home fitness equipment. Home gyms have definitely become more popular since the pandemic began, not only for fitness reasons but also to help combat boredom and deteriorating mental health. Fitness equipment companies are making use of this uptake in orders by providing clients with everything from yoga mats to free weights and state-of-the-art fitness machines.
While it’s safe to say that ecommerce has been a rising star in the business world since its conception, it’s also safe to say that now – more than ever – consumers are turning to online shopping to fill their needs. As Australians attempt to limit their external shopping trips, online shopping is becoming a natural replacement.
The pandemic has been just as hard on children as it has on adults. And this is especially true when it comes to education. As online schooling becomes more prevalent, concerned parents have turned to professional tutoring services to supplement their children’s learning.
It’s true that the effects of the coronavirus aren’t just limited to small business. In fact, you’d be hard-pressed to find someone that hasn’t been impacted by this pandemic. Yet looking at these examples, we can see that even during the toughest of times, there is still a potential for growth, an opportunity for development and the ability to thrive.
Contact us if you have any questions or are looking to buy a business or sell a business, JBB would love to chat. Our industry leading and experienced brokers are just a click or call away. Contact us today on email@example.com or 0409 965 540.