How to tap into new markets created by the COVID-19 pandemic.

The COVID-19 pandemic shocked our economy in ways we couldn’t imagine a year ago. Despite the toll it’s had on businesses that bring people in close contact with each other, other businesses have gotten a boost.

High-demand services

The U.S. Chamber of Commerce says seven service-based businesses will be in high demand as we continue to social distance:

• box subscriptions
• commercial cleaning
• errand services
• freelance copywriting and design
• IT and cybersecurity consulting
• teletherapy
• virtual personal training

How can you tap into these trends?

Forward-thinking entrepreneurs will look at this list as a launchpad for where they might expand or pivot their business. Find your next opportunity with question like these:

• Is our organization in a position to provide any of the services on the Chamber’s list?
• Could we adapt to provide one or more of these in-demand services?
• Who could we partner with who provides these services?
• How might we support the businesses that will be in high demand?
• What do people need right now to stay safe at work and home?

What other opportunities exist?

The U.S. Chamber list only covers service-based businesses. Since the beginning of the pandemic, many product providers have seen increased demand. For example, bedding producers and wood floor suppliers see a strong year ahead in 2021 as people spend more time than ever at home. And, Winnebago expects a boom in RV sales.

Identify trends in your industry and industries related to yours to see where you might expand the market for your product—like Clyra Medical Technologies, which found a new use for its wound-care disinfectant. They determined that their solution could also be used as a spray to disinfect masks and other PPE. They now supply the product to frontline medical workers.

Get more inspiration

There are certainly more opportunities than the ones outlined here. To explore more, check out Entrepreneur’s tips for discovering a great business idea during the pandemic.

Business:

Do you have business banking questions? Contact our knowledgeable commercial loan officers online or call 800-991-2221. We’re also available to help in person at your local office.

Federally insured by NCUA