Throughout history more millionaires are made after recession or economic crisis than any other time
By Eddison Shumba
Throughout history more millionaires are made after recession or economic crisis than any other time. The global economy will this year likely to suffer the worst financial crisis since the great depression due to covid-19 pandemic. The world is uncertain as to when will this crisis end.
The SARS pandemic of 2002-2004 worked as a catalyst to the growth of small e-commerce businesses like Alibaba. The global economy will this year likely suffer the worst financial crisis since the great depression due to covid-19 pandemic.
The biggest question is what business opportunities lies ahead of us?
It’s no surprise that professional cleaning services are on demand with regards to sanitizing offices as organizations try by all means to create a germ free environment.
Demand for cleaning services has increased substantially for commercial buildings and medical facilities. A lot of people are counting on professional cleaning services to keep their environment Covid-19 free. This trend is likely continuing even post Covid-19 period.
The Covid-19 pandemic outbreak has caused primary, secondary and tertiary institutions to shut down and there are still uncertainties with regards to when they will re-open. Even though the traditional education system will not be completely shattered there is a likelihood of an increase in the adoption of Online education tools and systems.
We have so far witnessed that most education institutions world over are currently on an experimental spree to adopt online learning. This means businesses within these spaces are likely to benefit immensely. A good example will be offering online short courses.
Most business have closed down, some are operating slowly and some has experienced very reduced cash inflows. It is highly likely that even though business have since reduced their digital marketing expenditures there is high likelihood of a boost when businesses re-opens to find alternative innovative ways to boost their businesses.
This is the area you might want to position yourself in and take the lockdown as an opportunity to learn a digital skill that you can then turn as a service provision.
A good example will be learning mobile app development or website building and all these skills can be acquired in the comfort of your home.
Stock market Investing
This is probably the best time to invest in stocks. Due to the Covid-19 pandemic most stocks have fallen down which depicts an opportunity to invest in stocks. The future is however uncertain as some stocks will never get to rise and some companies will go bankrupt. To this end, before you invest in a stock make sure you understand what you are investing or consult an expert. They are no guarantees that every stock will recover after a recession some companies will even go bankrupt.
Online collaboration tools
Covid-19 pandemic has accelerated the need for organizations to moves towards remote/home based working. We have already seen an increase in the need and demand of remote online collaboration such as zoom platforms, Microsoft teams and google hangouts.
In addition, we have also seen growth in digital media and entertainment including Facebook live streams, gaming as people seek to release boredom and socializing.
Opportunities are likely to arise in organizing and promoting live events, host watch parties and other collaboration techniques.
The Covid-19 pandemic is quickly pushing us to quickly adopt e-commerce. Due to the pandemic people who normally visit shops physically are increasingly adopting online shops.
E-commerce may well become permanent if people continue to become worry of mingling in real life and this may increasingly replace physical shop visits with online purchases.
In most parts of Africa e-commerce has not really taken off and it’s only a fraction of the population who have bought online. Even though there are still many skeptics e-commerce is now likely to gain more acceptance.
For any business start-up Advice contact Mr Eddison 0719109576 (Head of Projects and business ZiMSN). Eddison Shumba (summa cum laude), Entrepreneur and Head of Project and Business ZiMSN
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