As of this writing – mid April – there is a sense that the country wants to get back to work. The national quarantine may last another month. What can you do that would be proactive? Come out of this with a plan. It’s tieme to consider your next move.
If business ownership is on your radar, I have three industries for you to look into that show signs of being strong post virus. In fact, they have also shown strength during the virus. This means that they are proving to be recession proof…or at least virus proof. This means they will have an optimistic outlook as well when the next virus comes.
Let’s take a look at the tutoring industry, the pet industry and the senior care industry.
1. The Online Learning and Tutoring Industry
Covid-19 has forced schools and tutoring programs to turn to online platforms very quickly. Many tutoring franchises have already offered online tutoring. Now, however, the industry is poised for more growth as education enters a new frontier. Research and Markets.com shares that…”COVID-19 threatens to collapse the increasingly expensive model of traditional colleges and leave the market wide open for video streaming, educational software, home-schooling, game-based learning and other remote-learning innovations.” Owning a franchise in this space is not only lucrative, but exciting.
2. The Pet Industry
People love their pets. Whether it’s specialty pet food stores, mobile groomers, standalone grooming salons or pet daycare – if it’s for your pet, people will spend money on it, even in a recession. In 2019 American pet spending continued to rise. In fact, it’s risen every single year since 1994 – even during the 2007-2009 recession – reaching an estimated $72.13 billion in 2018 and now projected to hit almost $100 billion by the end of this decade.
This industry is one that has plenty of research to back the fact that it’s not going anywhere – during or after the pandemic.
3. Senior and Disabled Assistive Devices Market
The Senior and Disabled Assistive Devices Market is comprised of rehabilitative devices. These are devices that provide additional accessibility to people with cognitive disabilities, impairments and physical disabilities. According to the Elderly and Disabled Assistive Device Market by Type: Global Opportunity Analysis and Industry Forecast, the global elderly and disabled market size is expected to increase from $23,009 million in 2019 to $35,599 million in 2026. The elderly population in the United States is growing. The secondary market, those that find it difficult to walk 1.97 of a mile, is growing as well – thanks to trends in obesity. Assistive devices help add to the quality of life for these individuals. Wheelchairs, scooters, canes and crutches combat the limitations of mobility limitations. This is a market is riding a long wave, and it’s a good time to get in.
Use this time. Plan ahead. There is no doubt that this is a time of change. It can also be a time of opportunity for those that have the foresight and self discipline map out a plan for the future.