It’s 2020, and no one wants to say “disruptive” anymore, but COVID-19 is an exception.
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The pandemic is disrupting schools, careers, the economy, healthcare systems, and people’s overall lifestyles.
Combined with a recession and people holding off on their purchases and just buying the essentials, it’s a difficult, uncertain time for small and big businesses alike.
But there are winners and losers too. While all travel-related and luxury goods are significantly down, the wellness industry is crushing COVID-19.
Make money during the Coronavirus crisis with these 7 profitable niches
The coming months (perhaps years) will be a bust for businesses who fail to adapt while it’ll be a boon for business owners who are quick to adjust their sails to survive the storm.
In this guide, we’ll share seven profitable niches during the coronavirus pandemic.
Whether you’re a complete newbie to creating businesses or want to shift focus, these niches include products and services that will flourish during a pandemic.
This infographic was made with one of Easelly’s free infographic templates.
#1. Retail cleaning and sanitation service
According to AK Building Services, there was no appreciation of value when it comes to commercial cleaning services before the coronavirus.
With COVID-19, this has changed.
Retail businesses are now looking at cleaning and sanitation services as trusted partners on their stores and restaurants’ disinfection and sanitation. Some cleaning services are also offering cart sanitation.
Pro tip: If you want to try out this niche, specialize further, and cater to a specific commercial industry (e.g. restaurants, grocery stores, dental clinics).
#2. Eco-friendly cleaning supplies
Next to frequent handwashing, residential customers are also washing household surfaces more frequently.
During the first few weeks of the pandemic, grocery shelves were stripped bare of surface cleaners and paper towels. This has contributed to an unprecedented surge of orders for eco-friendly, sustainable cleaning supplies for alternative cleaning supply providers.
If you’re looking to start a business in 2020, you might want to consider this niche because it seems the coronavirus pandemic isn’t going to end soon.
Selling directly to the people in your community or city is also a good opportunity because most consumers may have trouble ordering from eCommerce giants due to supply chain disruptions.
#3. Specialty food
The pandemic has undoubtedly made more households conscious of their personal finance leading to tightened monthly budgets.
However, consumers are still willing to spend on specialty food like pastries, salad dressing, and chocolate sauce.
According to the U.S. Chamber of Commerce, the sudden boost in demand for specialty foods results from several factors – people have more time to cook, or perhaps they are looking for ways to spice up their monotonous quarantine lives.
According to Technavio’s latest research report, the specialty food ingredients market is expected to register a CAGR (Compound annual growth rate) of over 6 percent in the next five years. The report also highlighted that North America would likely account for the highest growth during the same period due to the wide adoption of specialty foods and ingredients.
Startup costs for specialty food is estimated at $2,000 – $10,000.
#4. Garden supplies
Gardening is one of the most productive things while under quarantine or self-isolation.
Apart from the relaxing nature of tending to one’s gardens, people are also considering growing their food because of disruptions in the supply chain. Plus, some produce like winter squash, spinach, and herbs are cheaper to grow.
In many areas, gardening and horticulture supply stores are considered essential goods.
As a result, demand for the niche has also skyrocketed. For example, seed companies have reported an “unprecedented” surge in orders as pandemic gardens become a trend. Seed companies Suttons and Marshalls admitted that they stopped answering their customer hotlines.
Meanwhile, hardware shops are seeing a sudden rise in demand for DIY tools and gardening hardware supplies.
Pro tip: Consider starting a business in this niche if you’re a green thumb. Aside from selling seeds, pots, herbs, and garden equipment, you can also share your gardening knowledge with your customers, particularly if you’ve been gardening for a long time.
#5. Sewing materials
Besides essential goods and gardening supplies, people rushed to get their sewing machines ready when the pandemic started.
Glimpse’s trend-tracking service revealed that “sewing tutorials” had a 222 percent increase in interest on the Internet when the pandemic started.
Aside from helping people cope with boredom due to limited movements, demand for sewing supplies also skyrocketed when face mask supplies were running out.
Owners Amanda Weaver and Dorothy Showalter of Sew Classic Fabrics in Virginia thought that their niche wasn’t essential when shelter-in-place measures started. They were planning to close their shop and thought it would be an excellent time to complete projects that they’ve meant to do around the store. It turns out that the store has been busier than they were expecting.
#6. Yoga mats
The exercise equipment niche saw a significant uplift in sales the moment shelter-in-place started, and quarantine measures were implemented worldwide.
If you want to dip your toes into this profitable niche, get more specific with your inventory by selling yoga mats.
Yoga mats are one of Amazon’s best selling products to date. Another good reason to sell yoga mats is the fact that anyone can do yoga. Some people do yoga for pain relief while others do it because it can provide a good workout.
#7. Pool business
Who would have thought that the coronavirus would last months? Travel is halted, municipal pools are closed, and hotels are encouraged to limit their visitors. Meanwhile, parents at home are going crazy while the kids are bored.
Enter pools at home.
In northern California, Trademark Pool and Spa in San Joaquin County has installed more than 250 pools or spas in homes since COVID-19 began. They also had to add 30 more employees to keep up with the demand in installation.
Next to pool installation, pool renting is also turning out to be another lucrative business as people are looking for a refreshing diversion to the coronavirus pandemic.
What can business owners expect for the rest of the year?
It’s clear that a lot of businesses won’t survive the coronavirus crisis. The good news is there are also opportunities to discover and startup ideas that COVID-19 can’t stop.
The end of the coronavirus pandemic remains uncertain. While you can’t change the wind’s direction, you can adjust the sails to where your business is heading by launching your global eCommerce business.
Guest author: Kai Tomboc is currently taking care of content at Piktochart, an easy-to-use design tool that helps you tell your story with the visual impact it deserves. She has written for various SaaS brands and publications like G2. When not engrossed in a book, she’s most likely taming tardigrades.